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  "fact-509": {
   "value": "1300000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-510": {
   "value": "-11000000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-511": {
   "value": "-3800000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-512": {
   "value": "3800000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-513": {
   "value": "36300000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2023-07-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-514": {
   "value": "38800000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-515": {
   "value": "<div class=\"t m0 h5 ff1 fs3 fc2 sc0 ls41 ws3c gs43\">NOT<span class=\"_ _1\"></span>ES TO THE GROUP<span class=\"_ _2\"></span> FINANCIAL ST<span class=\"_ _17\"></span>A<span class=\"_ _17\"></span>TEM<span class=\"_ _2\"></span>ENTS<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1c ff6 fs3 fc2 sc0 ls122 ws3 gs44\">FOR THE YEAR ENDE<span class=\"_ _1\"></span>D 30 JU<span class=\"_ _2\"></span>NE 2<span class=\"_ _1\"></span>023<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 ws5 gs45\">1. REPO<span class=\"_ _2\"></span>RTING ENTIT<span class=\"_ _2\"></span>Y<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs46\">Ge<span class=\"_ _2\"></span>nus p<span class=\"_ _2\"></span>lc (the \u2018C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any<span class=\"_ _2\"></span>\u2019) is a pub<span class=\"_ _2\"></span>lic c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any li<span class=\"_ _2\"></span>mite<span class=\"_ _2\"></span>d by sha<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>orpo<span class=\"_ _2\"></span>rated in E<span class=\"_ _2\"></span>ngl<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gd<span class=\"_ _2\"></span>om un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>es </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs47\">Act 20<span class=\"_ _2\"></span>06. I<span class=\"_ _2\"></span>ts com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r is 02972325 a<span class=\"_ _2\"></span>nd it<span class=\"_ _2\"></span>s regis<span class=\"_ _2\"></span>tered of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice i<span class=\"_ _2\"></span>s Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Bas<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g View, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire RG21 4DZ. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs48\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p Fina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial Statem<span class=\"_ _2\"></span>ents f<span class=\"_ _2\"></span>or the ye<span class=\"_ _2\"></span>ar e<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>d 30 Ju<span class=\"_ _2\"></span>ne 2023 c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny and i<span class=\"_ _2\"></span>ts sub<span class=\"_ _2\"></span>sidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es (togeth<span class=\"_ _2\"></span>er refe<span class=\"_ _2\"></span>rred to as </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs49\">the \u2018G<span class=\"_ _2\"></span>roup\u2019). We have us<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e equ<span class=\"_ _2\"></span>ity m<span class=\"_ _2\"></span>etho<span class=\"_ _2\"></span>d to acco<span class=\"_ _2\"></span>unt fo<span class=\"_ _2\"></span>r the G<span class=\"_ _2\"></span>roup\u2019s intere<span class=\"_ _2\"></span>sts in j<span class=\"_ _2\"></span>oint ve<span class=\"_ _2\"></span>nture<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates<span class=\"_ _2\"></span>. Ou<span class=\"_ _2\"></span>r bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss mo<span class=\"_ _2\"></span>del </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs4a\">on p<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s 12 to 13 expla<span class=\"_ _2\"></span>ins th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019s opera<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s and p<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>al ac<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls13 ws3 gs4b\">2<span class=\"_ _2\"></span>. BAS<span class=\"_ _2\"></span>IS OF P<span class=\"_ _2\"></span>RE<span class=\"_ _2\"></span>PAR<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>TI<span class=\"_ _2\"></span>ON<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs4c\">We have p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>red the G<span class=\"_ _2\"></span>roup F<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordan<span class=\"_ _2\"></span>ce wi<span class=\"_ _2\"></span>th intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l acco<span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>ng sta<span class=\"_ _2\"></span>nda<span class=\"_ _2\"></span>rds in co<span class=\"_ _2\"></span>nfor<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>y with th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs4d\">req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts of the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>ani<span class=\"_ _2\"></span>es Ac<span class=\"_ _2\"></span>t 2006<span class=\"_ _2\"></span>. The G<span class=\"_ _2\"></span>roup Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Stateme<span class=\"_ _2\"></span>nts h<span class=\"_ _2\"></span>ave al<span class=\"_ _2\"></span>so bee<span class=\"_ _2\"></span>n pre<span class=\"_ _2\"></span>pare<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>corda<span class=\"_ _2\"></span>nce w<span class=\"_ _2\"></span>ith Inter<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs4e\">Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l Rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting Stan<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>rds (\u2018IFRS<span class=\"_ _2\"></span>\u2019) as iss<span class=\"_ _2\"></span>ued by th<span class=\"_ _2\"></span>e Inter<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l Acco<span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>ng Stand<span class=\"_ _2\"></span>ards B<span class=\"_ _2\"></span>oard (\u2018<span class=\"_ _2\"></span>IASB\u2019).<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs4f\">Un<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>s other<span class=\"_ _2\"></span>wis<span class=\"_ _2\"></span>e stated, we h<span class=\"_ _2\"></span>ave co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>stentl<span class=\"_ _2\"></span>y app<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>d the si<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>ant ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es set o<span class=\"_ _2\"></span>ut be<span class=\"_ _2\"></span>low to all p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ods p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d in the<span class=\"_ _2\"></span>se </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls8 ws8 gs50\">Group<span class=\"_ _1\"></span> Financial St<span class=\"_ _1\"></span>atements.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs51\">Th<span class=\"_ _2\"></span>e goi<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>rn statem<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e Strategi<span class=\"_ _2\"></span>c Rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t on pa<span class=\"_ _2\"></span>ge 6<span class=\"_ _2\"></span>5 and fo<span class=\"_ _2\"></span>rms p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of thes<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gs52\">Functional<span class=\"_ _8\"></span> and pres<span class=\"_ _8\"></span>entational<span class=\"_ _1\"></span> currency<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs53\">We prese<span class=\"_ _2\"></span>nt the G<span class=\"_ _2\"></span>roup Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents in Ste<span class=\"_ _2\"></span>rlin<span class=\"_ _2\"></span>g, wh<span class=\"_ _2\"></span>ich i<span class=\"_ _2\"></span>s the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s fu<span class=\"_ _2\"></span>ncti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al an<span class=\"_ _2\"></span>d prese<span class=\"_ _2\"></span>ntatio<span class=\"_ _2\"></span>nal c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy. All f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs54\">inf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ation p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nted in Ster<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g has b<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>n roun<span class=\"_ _2\"></span>ded to th<span class=\"_ _2\"></span>e nea<span class=\"_ _2\"></span>rest \u00a30.1m.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls3 ws3 gs55\">Use o<span class=\"_ _2\"></span>f est<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>tes<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs56\">Prep<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al state<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts requ<span class=\"_ _2\"></span>ires m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t to make jud<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts, est<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>tes and a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns th<span class=\"_ _2\"></span>at af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t our a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>lica<span class=\"_ _2\"></span>tion </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs57\">of ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icie<span class=\"_ _2\"></span>s and o<span class=\"_ _2\"></span>ur re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets, l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es, i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>s. Ou<span class=\"_ _2\"></span>r act<span class=\"_ _2\"></span>ual res<span class=\"_ _2\"></span>ults m<span class=\"_ _2\"></span>ay d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fer f<span class=\"_ _2\"></span>rom the<span class=\"_ _2\"></span>se esti<span class=\"_ _2\"></span>mates<span class=\"_ _2\"></span>. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs58\">We review o<span class=\"_ _2\"></span>ur est<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>tes and u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>erly<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g assu<span class=\"_ _2\"></span>mpti<span class=\"_ _2\"></span>ons o<span class=\"_ _2\"></span>n an on<span class=\"_ _2\"></span>goi<span class=\"_ _2\"></span>ng ba<span class=\"_ _2\"></span>sis, a<span class=\"_ _2\"></span>nd re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise rev<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>ns to acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ting e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ates in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs59\">pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d in whi<span class=\"_ _2\"></span>ch we revi<span class=\"_ _2\"></span>se the es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ate and i<span class=\"_ _2\"></span>n any f<span class=\"_ _2\"></span>uture p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>ds af<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs5a\">Note 4 prov<span class=\"_ _2\"></span>ides i<span class=\"_ _2\"></span>nfor<span class=\"_ _2\"></span>mati<span class=\"_ _2\"></span>on ab<span class=\"_ _2\"></span>out s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant a<span class=\"_ _2\"></span>reas of e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n unc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d the c<span class=\"_ _2\"></span>ritic<span class=\"_ _2\"></span>al ju<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts we ma<span class=\"_ _2\"></span>de in a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs5b\">ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s that h<span class=\"_ _2\"></span>ave th<span class=\"_ _2\"></span>e mos<span class=\"_ _2\"></span>t eff<span class=\"_ _2\"></span>ect o<span class=\"_ _2\"></span>n the a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nts rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in the F<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gs5c\">Alternativ<span class=\"_ _1\"></span>e Performance<span class=\"_ _8\"></span> Measures<span class=\"_ _8\"></span> (<span class=\"_ _8\"></span>\u2018<span class=\"_ _1\"></span>APMs\u2019<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs5d\">In re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g \ufb01na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, the G<span class=\"_ _2\"></span>roup p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nts APMs<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h are not d<span class=\"_ _2\"></span>e\ufb01n<span class=\"_ _2\"></span>ed or s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>ci\ufb01e<span class=\"_ _2\"></span>d un<span class=\"_ _2\"></span>der th<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts of IFRS a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs5e\">whi<span class=\"_ _2\"></span>ch are n<span class=\"_ _2\"></span>ot con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ered to be a s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>titute fo<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, or s<span class=\"_ _2\"></span>upe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>r to<span class=\"_ _8\"></span>, IFRS m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sures<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs5f\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p bel<span class=\"_ _2\"></span>ieves th<span class=\"_ _2\"></span>at the<span class=\"_ _2\"></span>se APMs p<span class=\"_ _2\"></span>rovid<span class=\"_ _2\"></span>e stakeho<span class=\"_ _2\"></span>ld<span class=\"_ _2\"></span>ers wi<span class=\"_ _2\"></span>th add<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>nal h<span class=\"_ _2\"></span>elpf<span class=\"_ _2\"></span>ul i<span class=\"_ _2\"></span>nfor<span class=\"_ _2\"></span>mati<span class=\"_ _2\"></span>on on th<span class=\"_ _2\"></span>e per<span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce of th<span class=\"_ _2\"></span>e bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs60\">Th<span class=\"_ _2\"></span>e APMs are c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>istent w<span class=\"_ _2\"></span>ith how we p<span class=\"_ _2\"></span>lan o<span class=\"_ _2\"></span>ur bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d repo<span class=\"_ _2\"></span>rt o<span class=\"_ _2\"></span>n it in o<span class=\"_ _2\"></span>ur inte<span class=\"_ _2\"></span>rna<span class=\"_ _2\"></span>l man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting to th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs61\">Bo<span class=\"_ _2\"></span>ard an<span class=\"_ _2\"></span>d GEL<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>. S<span class=\"_ _2\"></span>ome of t<span class=\"_ _2\"></span>hese m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sures a<span class=\"_ _2\"></span>re als<span class=\"_ _2\"></span>o used f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>ose of set<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g remu<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ration ta<span class=\"_ _2\"></span>rgets.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs62\">For a f<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>l list o<span class=\"_ _2\"></span>f all APM<span class=\"_ _2\"></span>s ple<span class=\"_ _2\"></span>ase s<span class=\"_ _2\"></span>ee the A<span class=\"_ _2\"></span>ltern<span class=\"_ _2\"></span>ative Pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce M<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sures s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on of th<span class=\"_ _2\"></span>e Ann<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>l Rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t on pa<span class=\"_ _2\"></span>ges 20<span class=\"_ _2\"></span>0 to 20<span class=\"_ _8\"></span>7<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gs63\">Change<span class=\"_ _8\"></span> in trade<span class=\"_ _1\"></span> and other recei<span class=\"_ _8\"></span>vables<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs64\">It was i<span class=\"_ _2\"></span>dent<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed tha<span class=\"_ _2\"></span>t cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets were prev<span class=\"_ _2\"></span>iou<span class=\"_ _2\"></span>sly i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>rrec<span class=\"_ _2\"></span>tly cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed as c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t trade re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>ds ha<span class=\"_ _2\"></span>ve </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs65\">be<span class=\"_ _2\"></span>en res<span class=\"_ _2\"></span>tated, red<span class=\"_ _2\"></span>uci<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t trade rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s by \u00a39<span class=\"_ _1\"></span>.6<span class=\"_ _2\"></span>m in J<span class=\"_ _2\"></span>une 2022, w<span class=\"_ _2\"></span>ith a cor<span class=\"_ _2\"></span>respo<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>ncre<span class=\"_ _2\"></span>ase i<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>rent co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>ssets<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls13 ws3 gs66\">3. S<span class=\"_ _2\"></span>IG<span class=\"_ _2\"></span>NI<span class=\"_ _2\"></span>FI<span class=\"_ _2\"></span>CAN<span class=\"_ _2\"></span>T ACCOU<span class=\"_ _2\"></span>NTI<span class=\"_ _2\"></span>NG P<span class=\"_ _2\"></span>OLI<span class=\"_ _2\"></span>CI<span class=\"_ _2\"></span>ES A<span class=\"_ _2\"></span>PPLI<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>D IN T<span class=\"_ _2\"></span>HE CU<span class=\"_ _2\"></span>RR<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NT R<span class=\"_ _2\"></span>EP<span class=\"_ _2\"></span>ORT<span class=\"_ _2\"></span>IN<span class=\"_ _2\"></span>G PE<span class=\"_ _2\"></span>RI<span class=\"_ _2\"></span>OD TH<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>T R<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>LATE TO TH<span class=\"_ _2\"></span>E FI<span class=\"_ _2\"></span>NAN<span class=\"_ _2\"></span>CI<span class=\"_ _2\"></span>AL STA<span class=\"_ _1\"></span>TE<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>TS </div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls13 ws3 gs67\">AS A WH<span class=\"_ _2\"></span>OL<span class=\"_ _2\"></span>E<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs68\">Th<span class=\"_ _2\"></span>is sec<span class=\"_ _2\"></span>tion s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t our s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es th<span class=\"_ _2\"></span>at rela<span class=\"_ _2\"></span>te t<span class=\"_ _8\"></span>o the Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>s a whol<span class=\"_ _2\"></span>e. Whe<span class=\"_ _2\"></span>re an ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g pol<span class=\"_ _2\"></span>icy </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs69\">is g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>rall<span class=\"_ _2\"></span>y app<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e to a spec<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ic note to the Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents, th<span class=\"_ _2\"></span>e po<span class=\"_ _2\"></span>licy h<span class=\"_ _2\"></span>as b<span class=\"_ _2\"></span>een d<span class=\"_ _2\"></span>esc<span class=\"_ _2\"></span>ribe<span class=\"_ _2\"></span>d in th<span class=\"_ _2\"></span>at note. We ha<span class=\"_ _2\"></span>ve also d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs6a\">be<span class=\"_ _2\"></span>low the n<span class=\"_ _2\"></span>ew ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>rono<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>cem<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at we wi<span class=\"_ _2\"></span>ll ad<span class=\"_ _2\"></span>opt in f<span class=\"_ _2\"></span>uture ye<span class=\"_ _2\"></span>ars a<span class=\"_ _2\"></span>nd o<span class=\"_ _2\"></span>ur cu<span class=\"_ _2\"></span>rrent v<span class=\"_ _2\"></span>iew of the i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ct th<span class=\"_ _2\"></span>ey will h<span class=\"_ _2\"></span>ave o<span class=\"_ _2\"></span>n our </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls5 wsb gs6b\">financial r<span class=\"_ _8\"></span>eporting.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls9 ws9 gs6c\">Accounting<span class=\"_ _8\"></span> conv<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ntion<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs6d\">We prep<span class=\"_ _2\"></span>are the G<span class=\"_ _2\"></span>roup Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r the h<span class=\"_ _2\"></span>istor<span class=\"_ _2\"></span>ical c<span class=\"_ _2\"></span>ost c<span class=\"_ _2\"></span>onventi<span class=\"_ _2\"></span>on, exce<span class=\"_ _2\"></span>pt for o<span class=\"_ _2\"></span>ur bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets, sh<span class=\"_ _2\"></span>are-ba<span class=\"_ _2\"></span>sed </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs6e\">pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nt expe<span class=\"_ _2\"></span>nse, p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In ac<span class=\"_ _2\"></span>cord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with IFRS<span class=\"_ _2\"></span>, we mea<span class=\"_ _2\"></span>sure b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal a<span class=\"_ _2\"></span>ssets at f<span class=\"_ _2\"></span>air </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs6f\">val<span class=\"_ _2\"></span>ue le<span class=\"_ _2\"></span>ss po<span class=\"_ _2\"></span>int<span class=\"_ _1\"></span>-of-<span class=\"_ _8\"></span>sal<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts, whi<span class=\"_ _2\"></span>ch rep<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nt dis<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>n costs a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>ing exp<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ses, a<span class=\"_ _2\"></span>nd sh<span class=\"_ _2\"></span>are-ba<span class=\"_ _2\"></span>sed p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e, pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls9 ws9 gs70\">liabilities<span class=\"_ _8\"></span>, and<span class=\"_ _8\"></span> certain financial inst<span class=\"_ _8\"></span>ruments<span class=\"_ _8\"></span> at fair<span class=\"_ _1\"></span> value.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls9 ws9 gs71\">Basis of<span class=\"_ _8\"></span> consolidation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs72\">Su<span class=\"_ _2\"></span>bsid<span class=\"_ _2\"></span>iar<span class=\"_ _2\"></span>ies are e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup co<span class=\"_ _2\"></span>ntrols<span class=\"_ _2\"></span>. We have co<span class=\"_ _2\"></span>ntrol of a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>n we are exp<span class=\"_ _2\"></span>osed<span class=\"_ _2\"></span>, or ha<span class=\"_ _2\"></span>ve the ri<span class=\"_ _2\"></span>ghts, to var<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>le retur<span class=\"_ _2\"></span>ns </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs73\">fro<span class=\"_ _2\"></span>m the ent<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>nd h<span class=\"_ _2\"></span>ave the a<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity to af<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ct th<span class=\"_ _2\"></span>e return<span class=\"_ _2\"></span>s throu<span class=\"_ _2\"></span>gh powe<span class=\"_ _2\"></span>r over th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>. In as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g contro<span class=\"_ _2\"></span>l, we take into acco<span class=\"_ _2\"></span>unt </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs74\">poten<span class=\"_ _2\"></span>tial votin<span class=\"_ _2\"></span>g rig<span class=\"_ _2\"></span>hts tha<span class=\"_ _2\"></span>t we can c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ntly exerci<span class=\"_ _2\"></span>se or c<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>t. We fu<span class=\"_ _2\"></span>lly c<span class=\"_ _2\"></span>onso<span class=\"_ _2\"></span>lid<span class=\"_ _2\"></span>ate the res<span class=\"_ _2\"></span>ults of s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>idia<span class=\"_ _2\"></span>rie<span class=\"_ _2\"></span>s we acq<span class=\"_ _2\"></span>uire f<span class=\"_ _2\"></span>rom the d<span class=\"_ _2\"></span>ate </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs75\">tha<span class=\"_ _2\"></span>t contro<span class=\"_ _2\"></span>l transf<span class=\"_ _2\"></span>ers to the G<span class=\"_ _2\"></span>roup. We ce<span class=\"_ _2\"></span>ase c<span class=\"_ _2\"></span>onso<span class=\"_ _2\"></span>lid<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g the res<span class=\"_ _2\"></span>ults of s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>idia<span class=\"_ _2\"></span>rie<span class=\"_ _2\"></span>s that we c<span class=\"_ _2\"></span>ease to co<span class=\"_ _2\"></span>ntrol f<span class=\"_ _2\"></span>rom the d<span class=\"_ _2\"></span>ate that </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls5 wsb gs76\">cont<span class=\"_ _8\"></span>rol<span class=\"_ _1\"></span> passes.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs77\">In p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the Gro<span class=\"_ _2\"></span>up Fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l Stateme<span class=\"_ _2\"></span>nts, we e<span class=\"_ _2\"></span>lim<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>te intra-Gro<span class=\"_ _2\"></span>up ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ces a<span class=\"_ _2\"></span>nd any u<span class=\"_ _2\"></span>nrea<span class=\"_ _2\"></span>lis<span class=\"_ _2\"></span>ed in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>nses a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng f<span class=\"_ _2\"></span>rom </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls9 ws9 gs78\">intr<span class=\"_ _1\"></span>a-Group<span class=\"_ _8\"></span> tr<span class=\"_ _1\"></span>ansactions. Unrealised<span class=\"_ _8\"></span> gains arising<span class=\"_ _1\"></span> f<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>om transact<span class=\"_ _1\"></span>ions with<span class=\"_ _8\"></span> equity-<span class=\"_ _8\"></span>account<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _8\"></span> inv<span class=\"_ _8\"></span>estees<span class=\"_ _1\"></span> are eliminat<span class=\"_ _8\"></span>ed against t<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _8\"></span> </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs79\">inve<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt, to the ex<span class=\"_ _2\"></span>tent of ou<span class=\"_ _2\"></span>r interes<span class=\"_ _2\"></span>t in th<span class=\"_ _2\"></span>e inves<span class=\"_ _2\"></span>tee. We eli<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ate un<span class=\"_ _2\"></span>real<span class=\"_ _2\"></span>ised l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s in th<span class=\"_ _2\"></span>e sam<span class=\"_ _2\"></span>e way as un<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>lise<span class=\"_ _2\"></span>d gai<span class=\"_ _2\"></span>ns, b<span class=\"_ _2\"></span>ut on<span class=\"_ _2\"></span>ly </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7a\">to the ex<span class=\"_ _2\"></span>tent tha<span class=\"_ _2\"></span>t there i<span class=\"_ _2\"></span>s no evi<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>nce of i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gs7b\">Foreign<span class=\"_ _1\"></span> currencies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c\">We record fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>n the rel<span class=\"_ _2\"></span>evant G<span class=\"_ _2\"></span>roup e<span class=\"_ _2\"></span>ntity<span class=\"_ _2\"></span>\u2019s fun<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, at th<span class=\"_ _2\"></span>e excha<span class=\"_ _2\"></span>nge ra<span class=\"_ _2\"></span>te on the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7d\">At eac<span class=\"_ _2\"></span>h bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet da<span class=\"_ _2\"></span>te, we retr<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>slate m<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span>tary a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es de<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ated in f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cies a<span class=\"_ _2\"></span>t the exch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e rate on </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7e\">the b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>et date. We reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se the fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>nge d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s aris<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>n retrans<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on in th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p Inc<span class=\"_ _2\"></span>ome State<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t.<span class=\"_ _35c\"> </span></div>Whe<span class=\"_ _2\"></span>n no<span class=\"_ _2\"></span>n-mon<span class=\"_ _2\"></span>etar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>re mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at hi<span class=\"_ _2\"></span>stori<span class=\"_ _2\"></span>cal co<span class=\"_ _2\"></span>st in a fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, we tran<span class=\"_ _2\"></span>sla<span class=\"_ _2\"></span>te them a<span class=\"_ _2\"></span>t the exch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e rate at th<span class=\"_ _2\"></span>e transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n date. Wh<span class=\"_ _2\"></span>en n<span class=\"_ _2\"></span>on-mo<span class=\"_ _2\"></span>netar<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are state<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e in a fore<span class=\"_ _2\"></span>ign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy, we transl<span class=\"_ _2\"></span>ate the<span class=\"_ _2\"></span>m at the prevai<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g excha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>e rate on the d<span class=\"_ _2\"></span>ate we deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se the f<span class=\"_ _2\"></span>oreig<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>nge d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s aris<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>n retrans<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on in th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p Stateme<span class=\"_ _2\"></span>nt of Co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>nsive I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s and l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>ies of fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n ope<span class=\"_ _2\"></span>ration<span class=\"_ _2\"></span>s, in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g go<span class=\"_ _2\"></span>odwi<span class=\"_ _2\"></span>ll ari<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g on co<span class=\"_ _2\"></span>nso<span class=\"_ _2\"></span>lid<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>, are tran<span class=\"_ _2\"></span>slate<span class=\"_ _2\"></span>d into Sterli<span class=\"_ _2\"></span>ng at t<span class=\"_ _2\"></span>he preva<span class=\"_ _2\"></span>ilin<span class=\"_ _2\"></span>g excha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>e rates at the b<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e she<span class=\"_ _2\"></span>et date. Th<span class=\"_ _2\"></span>e resu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g excha<span class=\"_ _2\"></span>nge d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>re boo<span class=\"_ _2\"></span>ked into fo<span class=\"_ _2\"></span>reign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy tra<span class=\"_ _2\"></span>nsl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n reser<span class=\"_ _2\"></span>ves an<span class=\"_ _2\"></span>d repo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d in the G<span class=\"_ _2\"></span>roup Statem<span class=\"_ _2\"></span>ent of C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ive In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e. We transl<span class=\"_ _2\"></span>ate thes<span class=\"_ _2\"></span>e ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>ns\u2019 reven<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>nd exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s usi<span class=\"_ _2\"></span>ng an ave<span class=\"_ _2\"></span>rage rate fo<span class=\"_ _2\"></span>r the pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d. Whe<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s ari<span class=\"_ _2\"></span>se from th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e movem<span class=\"_ _2\"></span>ent of re<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>d eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s, we take them to th<span class=\"_ _2\"></span>e forei<span class=\"_ _2\"></span>gn cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy trans<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rese<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ve. Whe<span class=\"_ _2\"></span>n we dis<span class=\"_ _2\"></span>pose of a fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>n, we rel<span class=\"_ _2\"></span>ease t<span class=\"_ _2\"></span>hese d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s to the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt. Exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge move<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts on in<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>-co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>any lo<span class=\"_ _2\"></span>ans co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dere<span class=\"_ _2\"></span>d to be pe<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>nt equ<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y are reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup Statem<span class=\"_ _2\"></span>ent of C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rehe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ve In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e, togeth<span class=\"_ _2\"></span>er with a<span class=\"_ _2\"></span>ny rela<span class=\"_ _2\"></span>ted taxatio<span class=\"_ _2\"></span>n. Th<span class=\"_ _2\"></span>e prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge rates we<span class=\"_ _2\"></span>re as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _35c\"> </span>Av<span class=\"_ _8\"></span>erage<span class=\"_ _4b\"> </span><span class=\"ls6c ws61\">Closing<span class=\"_ _35c\"> </span></span>2023<span class=\"_ _5e\"> </span><span class=\"ff6 ls71 ws2e\">202<span class=\"_ _2\"></span>2<span class=\"_ _76\"> </span>202<span class=\"_ _2\"></span>1<span class=\"_ _5b\"> </span></span>2023<span class=\"_ _13e\"> </span><span class=\"ff6 ls71 ws2e\">2022<span class=\"_ _71\"> </span>2021<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>S<span class=\"_ _6\"></span> D<span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r/\u00a3<span class=\"_ _1e9\"> </span><span class=\"ff2 lsc wsc\">1.<span class=\"_ _2\"></span>21<span class=\"_ _73\"> </span></span><span class=\"ls5c ws56\">1<span class=\"_ _2\"></span>.32<span class=\"_ _73\"> </span><span class=\"lsd ws5\">1.36<span class=\"_ _5e\"> </span><span class=\"ff2 ls6 ws6\">1.<span class=\"_ _2\"></span>27<span class=\"_ _73\"> </span></span><span class=\"lse wsd\">1.22<span class=\"_ _13e\"> </span><span class=\"ls19 ws6a\">1.38<span class=\"_ _35c\"> </span></span></span></span></span>E<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>o/\u00a3<span class=\"_ _1ea\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>5<span class=\"_ _64\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>8<span class=\"_ _6c\"> </span>1<span class=\"_ _2\"></span>.13<span class=\"_ _71\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>6<span class=\"_ _11f\"> </span></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>6<span class=\"_ _6c\"> </span>1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>7<span class=\"_ _35c\"> </span></span>Bra<span class=\"_ _8\"></span>zilian<span class=\"_ _8\"></span> Real/<span class=\"_ _17\"></span>\u00a3<span class=\"_ _1d5\"> </span><span class=\"ff2 ls1b ws1f\">6.20<span class=\"_ _6b\"> </span></span><span class=\"ls3e ws38\">6<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>4<span class=\"_ _13e\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>3<span class=\"_ _48\"> </span></span></span><span class=\"ff2\">6.<span class=\"_ _8\"></span>08<span class=\"_ _69\"> </span><span class=\"ff6 ls75 ws69\">6.<span class=\"_ _2\"></span>39<span class=\"_ _5b\"> </span><span class=\"ls19 ws6a\">6.8<span class=\"_ _1\"></span>7<span class=\"_ _35c\"> </span></span></span></span>Mexican Peso<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>\u00a3<span class=\"_ _1eb\"> </span><span class=\"ff2 ls21 ws5e\">22.<span class=\"_ _2\"></span>84<span class=\"_ _67\"> </span></span><span class=\"ls3e ws38\">2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>7<span class=\"_ _26\"> </span><span class=\"ls8a wsad\">28<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>5<span class=\"_ _c4\"> </span><span class=\"ff2 ls18 ws18\">21<span class=\"_ _2\"></span>.74<span class=\"_ _19f\"> </span></span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>45<span class=\"_ _c4\"> </span><span class=\"lsba wsaa\">2<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>7<span class=\"_ _35c\"> </span></span></span></span></span>C<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _2\"></span> Y<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n<span class=\"_ _2\"></span>/\u00a3<span class=\"_ _1ec\"> </span><span class=\"ff2 ls28 ws27\">8.44<span class=\"_ _69\"> </span></span><span class=\"ls43 ws68\">8.55<span class=\"_ _6b\"> </span><span class=\"ls3e ws38\">8<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>4<span class=\"_ _13e\"> </span><span class=\"ff2 lsa3 ws96\">9.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _76\"> </span></span><span class=\"ls8a wsad\">8<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>5<span class=\"_ _5b\"> </span></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Russian Rouble/<span class=\"_ _17\"></span>\u00a3<span class=\"_ _1e7\"> </span><span class=\"ff2 ls13 ws13\">86.29<span class=\"_ _67\"> </span></span><span class=\"lsb9 wsa9\">9<span class=\"_ _2\"></span>8.75<span class=\"_ _4e\"> </span><span class=\"ls9c wsb7\">102<span class=\"_ _2\"></span>.04<span class=\"_ _cb\"> </span><span class=\"ff2 ls77 ws5c\">112<span class=\"_ _2\"></span>.79<span class=\"_ _67\"> </span></span></span>6<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>3<span class=\"_ _45\"> </span><span class=\"lsd ws5\">101.<span class=\"_ _1\"></span>10<span class=\"_ _35c\"> </span></span></span>Research<span class=\"_ _1\"></span> and devel<span class=\"_ _8\"></span>opment<span class=\"_ _35c\"> </span>We und<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>take resea<span class=\"_ _2\"></span>rch with th<span class=\"_ _2\"></span>e aim of g<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g new sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>c or tech<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>cal kn<span class=\"_ _2\"></span>owle<span class=\"_ _2\"></span>dge, a<span class=\"_ _2\"></span>nd rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise th<span class=\"_ _2\"></span>is exp<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>iture i<span class=\"_ _2\"></span>n the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt as it i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p cons<span class=\"_ _2\"></span>tantly m<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>itors its re<span class=\"_ _2\"></span>sea<span class=\"_ _2\"></span>rch ac<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>ies. W<span class=\"_ _2\"></span>hen re<span class=\"_ _2\"></span>sea<span class=\"_ _2\"></span>rch proje<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>chi<span class=\"_ _2\"></span>eve tech<span class=\"_ _2\"></span>nic<span class=\"_ _2\"></span>al fe<span class=\"_ _2\"></span>asib<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nd are c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>erci<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y via<span class=\"_ _2\"></span>ble, ou<span class=\"_ _2\"></span>r pol<span class=\"_ _2\"></span>icy i<span class=\"_ _2\"></span>s t<span class=\"_ _8\"></span>o ca<span class=\"_ _2\"></span>pitali<span class=\"_ _2\"></span>se fu<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>her d<span class=\"_ _2\"></span>evelo<span class=\"_ _2\"></span>pm<span class=\"_ _2\"></span>ent co<span class=\"_ _2\"></span>sts with<span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>ntang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s, in ac<span class=\"_ _2\"></span>cord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with IAS 3<span class=\"_ _2\"></span>8.<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>r deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t acti<span class=\"_ _2\"></span>vitie<span class=\"_ _2\"></span>s in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de deve<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>pin<span class=\"_ _2\"></span>g and m<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>ntaini<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>ur po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e gen<span class=\"_ _2\"></span>etic n<span class=\"_ _2\"></span>ucl<span class=\"_ _2\"></span>eu<span class=\"_ _2\"></span>s herd a<span class=\"_ _2\"></span>nd ou<span class=\"_ _2\"></span>r bovi<span class=\"_ _2\"></span>ne p<span class=\"_ _2\"></span>re-stud h<span class=\"_ _2\"></span>erds. We do not c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>lise d<span class=\"_ _2\"></span>evelo<span class=\"_ _2\"></span>pm<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ditu<span class=\"_ _2\"></span>re sepa<span class=\"_ _2\"></span>rately f<span class=\"_ _2\"></span>or the<span class=\"_ _2\"></span>se he<span class=\"_ _2\"></span>rds, as th<span class=\"_ _2\"></span>eir f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of the G<span class=\"_ _2\"></span>roup\u2019s bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets, in a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>rdan<span class=\"_ _2\"></span>ce with IAS 41.<span class=\"_ _35c\"> </span>We disc<span class=\"_ _2\"></span>lose t<span class=\"_ _2\"></span>he cos<span class=\"_ _2\"></span>ts of rese<span class=\"_ _2\"></span>arch a<span class=\"_ _2\"></span>nd de<span class=\"_ _2\"></span>velo<span class=\"_ _2\"></span>pme<span class=\"_ _2\"></span>nt ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties, a<span class=\"_ _2\"></span>s requ<span class=\"_ _2\"></span>ired by IA<span class=\"_ _2\"></span>S 38 (see n<span class=\"_ _2\"></span>ote 8)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Other income<span class=\"_ _1\"></span> and deferred inc<span class=\"_ _8\"></span>ome<span class=\"_ _35c\"> </span>Du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar en<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d 30 Ju<span class=\"_ _2\"></span>ne 2019<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny entere<span class=\"_ _2\"></span>d into a strateg<span class=\"_ _2\"></span>ic co<span class=\"_ _2\"></span>lla<span class=\"_ _2\"></span>bora<span class=\"_ _2\"></span>tion wi<span class=\"_ _2\"></span>th Bei<span class=\"_ _2\"></span>jin<span class=\"_ _2\"></span>g Cap<span class=\"_ _2\"></span>ital Agr<span class=\"_ _2\"></span>ibu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess (\u2018B<span class=\"_ _2\"></span>CA<span class=\"_ _1\"></span>\u2019) un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r whi<span class=\"_ _2\"></span>ch BCA w<span class=\"_ _2\"></span>ill e<span class=\"_ _2\"></span>stabl<span class=\"_ _2\"></span>ish a<span class=\"_ _2\"></span>nd f<span class=\"_ _2\"></span>und a c<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>abo<span class=\"_ _2\"></span>ration s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ic enti<span class=\"_ _2\"></span>ty (\u2018B<span class=\"_ _2\"></span>CA Futu<span class=\"_ _2\"></span>re Bio-<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ch\u2019) whi<span class=\"_ _2\"></span>ch wil<span class=\"_ _2\"></span>l use G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s\u2019<span class=\"_ _8\"></span>s intel<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nd kn<span class=\"_ _2\"></span>ow<span class=\"_ _8\"></span>-how to pu<span class=\"_ _2\"></span>rsu<span class=\"_ _2\"></span>e the PR<span class=\"_ _2\"></span>RSv resis<span class=\"_ _2\"></span>tance re<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>lator<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt work i<span class=\"_ _2\"></span>n Chin<span class=\"_ _2\"></span>a. G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s will re<span class=\"_ _2\"></span>cei<span class=\"_ _2\"></span>ve con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n af<span class=\"_ _2\"></span>ter me<span class=\"_ _2\"></span>etin<span class=\"_ _2\"></span>g certain<span class=\"_ _8\"></span> milest<span class=\"_ _8\"></span>ones in<span class=\"_ _8\"></span> the<span class=\"_ _8\"></span> dev<span class=\"_ _8\"></span>elopment pr<span class=\"_ _1\"></span>ogramme.<span class=\"_ _35c\"> </span>Eac<span class=\"_ _2\"></span>h mil<span class=\"_ _2\"></span>eston<span class=\"_ _2\"></span>e is co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dere<span class=\"_ _2\"></span>d to be eith<span class=\"_ _2\"></span>er a se<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>rate per<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, or a s<span class=\"_ _2\"></span>et of grou<span class=\"_ _2\"></span>ps of sep<span class=\"_ _2\"></span>arate pe<span class=\"_ _2\"></span>rf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s, un<span class=\"_ _2\"></span>der th<span class=\"_ _2\"></span>is ag<span class=\"_ _2\"></span>ree<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t and a<span class=\"_ _2\"></span>re unb<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>l arran<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t as if they a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>tinc<span class=\"_ _2\"></span>t from o<span class=\"_ _2\"></span>ne a<span class=\"_ _2\"></span>nothe<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. We asse<span class=\"_ _2\"></span>ss ea<span class=\"_ _2\"></span>ch se<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>te per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n relati<span class=\"_ _2\"></span>ng to the m<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>eston<span class=\"_ _2\"></span>e pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts, an<span class=\"_ _2\"></span>d upo<span class=\"_ _2\"></span>n com<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>etion of th<span class=\"_ _2\"></span>ose p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ise the f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue of a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts e<span class=\"_ _2\"></span>arn<span class=\"_ _2\"></span>ed in oth<span class=\"_ _2\"></span>er in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e. So<span class=\"_ _2\"></span>me pe<span class=\"_ _2\"></span>rf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as th<span class=\"_ _2\"></span>e transf<span class=\"_ _2\"></span>er of kn<span class=\"_ _2\"></span>ow-<span class=\"_ _35c\"> </span>how, are rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>t a poi<span class=\"_ _2\"></span>nt in ti<span class=\"_ _2\"></span>me wh<span class=\"_ _2\"></span>erea<span class=\"_ _2\"></span>s other<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as th<span class=\"_ _2\"></span>e provis<span class=\"_ _2\"></span>ion of tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed over ti<span class=\"_ _2\"></span>me. We rec<span class=\"_ _8\"></span>ognise<span class=\"_ _1\"></span> any r<span class=\"_ _1\"></span>eceived<span class=\"_ _1\"></span> but unearned<span class=\"_ _8\"></span> consid<span class=\"_ _8\"></span>era<span class=\"_ _8\"></span>tion<span class=\"_ _1\"></span> as def<span class=\"_ _1\"></span>erred inc<span class=\"_ _8\"></span>ome.<span class=\"_ _35c\"> </span>We will a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>y the sa<span class=\"_ _2\"></span>me a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g pol<span class=\"_ _2\"></span>icy to any oth<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>arab<span class=\"_ _2\"></span>le ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Rev<span class=\"_ _1\"></span>ersals of<span class=\"_ _8\"></span> impairment<span class=\"_ _35c\"> </span>We reverse a<span class=\"_ _2\"></span>n imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt loss i<span class=\"_ _2\"></span>n resp<span class=\"_ _2\"></span>ect o<span class=\"_ _2\"></span>f asset<span class=\"_ _2\"></span>s other th<span class=\"_ _2\"></span>an g<span class=\"_ _2\"></span>oodwi<span class=\"_ _2\"></span>ll wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t loss m<span class=\"_ _2\"></span>ay n<span class=\"_ _2\"></span>o lon<span class=\"_ _2\"></span>ger ex<span class=\"_ _2\"></span>ist a<span class=\"_ _2\"></span>nd we ha<span class=\"_ _2\"></span>ve ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e esti<span class=\"_ _2\"></span>mates we u<span class=\"_ _2\"></span>sed to d<span class=\"_ _2\"></span>etermi<span class=\"_ _2\"></span>ne th<span class=\"_ _2\"></span>e recove<span class=\"_ _2\"></span>rable a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt.<span class=\"_ _35c\"> </span>We onl<span class=\"_ _2\"></span>y reverse a<span class=\"_ _2\"></span>n im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt los<span class=\"_ _2\"></span>s to the exten<span class=\"_ _2\"></span>t that th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et\u2019s car<span class=\"_ _2\"></span>ry<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g amo<span class=\"_ _2\"></span>unt d<span class=\"_ _2\"></span>oes n<span class=\"_ _2\"></span>ot exceed th<span class=\"_ _2\"></span>e car<span class=\"_ _2\"></span>ry<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g amo<span class=\"_ _2\"></span>unt it wo<span class=\"_ _2\"></span>uld h<span class=\"_ _2\"></span>ave ha<span class=\"_ _2\"></span>d, net of d<span class=\"_ _2\"></span>epre<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>r amo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on, if we h<span class=\"_ _2\"></span>ad n<span class=\"_ _2\"></span>ot recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed the i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>ment l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>. Climate<span class=\"_ _1\"></span> change<span class=\"_ _35c\"> </span>In p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g thes<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>dated f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents we h<span class=\"_ _2\"></span>ave co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered t<span class=\"_ _2\"></span>he im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t of both p<span class=\"_ _2\"></span>hysic<span class=\"_ _2\"></span>al an<span class=\"_ _2\"></span>d trans<span class=\"_ _2\"></span>ition c<span class=\"_ _2\"></span>lim<span class=\"_ _2\"></span>ate ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e ris<span class=\"_ _2\"></span>ks on the c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nt valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n of ou<span class=\"_ _2\"></span>r asset<span class=\"_ _2\"></span>s and l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es. We do n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>lieve th<span class=\"_ _2\"></span>at the<span class=\"_ _2\"></span>re is a ma<span class=\"_ _2\"></span>teria<span class=\"_ _2\"></span>l imp<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>t on the f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g ju<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts an<span class=\"_ _2\"></span>d esti<span class=\"_ _2\"></span>mates a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng f<span class=\"_ _2\"></span>rom ou<span class=\"_ _2\"></span>r con<span class=\"_ _2\"></span>side<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d as a res<span class=\"_ _2\"></span>ult th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>s of ou<span class=\"_ _2\"></span>r asset<span class=\"_ _2\"></span>s or li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>ntly i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>cted by th<span class=\"_ _2\"></span>ese ri<span class=\"_ _2\"></span>sks as at 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2023. I<span class=\"_ _2\"></span>n con<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g, we sp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ered th<span class=\"_ _2\"></span>e im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t of cli<span class=\"_ _2\"></span>mate c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge o<span class=\"_ _2\"></span>n the grow<span class=\"_ _2\"></span>th rates an<span class=\"_ _2\"></span>d proje<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>lows as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of our g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>will i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>airm<span class=\"_ _2\"></span>ent tes<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g (see note 14). As gove<span class=\"_ _2\"></span>rnm<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s evolve as a re<span class=\"_ _2\"></span>sult of co<span class=\"_ _2\"></span>mmi<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts to lim<span class=\"_ _2\"></span>it gl<span class=\"_ _2\"></span>oba<span class=\"_ _2\"></span>l warm<span class=\"_ _2\"></span>ing to 1.<span class=\"_ _2\"></span>5\u00b0C, we wil<span class=\"_ _2\"></span>l conti<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e to mon<span class=\"_ _2\"></span>itor im<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>ons o<span class=\"_ _2\"></span>n the val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>ons of o<span class=\"_ _2\"></span>ur as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d li<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>t cou<span class=\"_ _2\"></span>ld ar<span class=\"_ _2\"></span>ise in f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re years<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gsbc\">New<span class=\"_ _8\"></span> standards<span class=\"_ _8\"></span> and int<span class=\"_ _8\"></span>erpret<span class=\"_ _8\"></span>ations<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsbd\">In th<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>rent yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d a num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r of ame<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s to IFRS iss<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>d by the Inte<span class=\"_ _2\"></span>rnati<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al Acc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng Stan<span class=\"_ _2\"></span>dard<span class=\"_ _2\"></span>s Boa<span class=\"_ _2\"></span>rd </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsbe\">tha<span class=\"_ _2\"></span>t are ma<span class=\"_ _2\"></span>nda<span class=\"_ _2\"></span>toril<span class=\"_ _2\"></span>y ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive for a<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d that b<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>ins af<span class=\"_ _2\"></span>ter 1 J<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2022 a<span class=\"_ _2\"></span>nd ha<span class=\"_ _2\"></span>ve be<span class=\"_ _2\"></span>en im<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nted with e<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>ct f<span class=\"_ _2\"></span>rom </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsbf\">1 Ju<span class=\"_ _2\"></span>ly 2022. T<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e are:<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc0\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to I<span class=\"_ _2\"></span>FRS 3 \u2013 \u2018B<span class=\"_ _2\"></span>usin<span class=\"_ _2\"></span>ess C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>bin<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns\u2019 \u2013 Refe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>es to the Co<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>ptua<span class=\"_ _2\"></span>l Framewo<span class=\"_ _2\"></span>rk;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc1\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 12 \u2013 \u2018In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e T<span class=\"_ _1\"></span>axes\u2019 \u2013 I<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal tax refo<span class=\"_ _2\"></span>rm \u2013 Pil<span class=\"_ _2\"></span>lar t<span class=\"_ _2\"></span>wo mo<span class=\"_ _2\"></span>del r<span class=\"_ _2\"></span>ule<span class=\"_ _2\"></span>s;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc2\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 16 \u2013 \u2018Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty, Plant a<span class=\"_ _2\"></span>nd Eq<span class=\"_ _2\"></span>uip<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t\u2019 \u2013 Proc<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ds befo<span class=\"_ _2\"></span>re Inten<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d Use;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc3\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 37 \u2013 \u2018On<span class=\"_ _2\"></span>erou<span class=\"_ _2\"></span>s Contra<span class=\"_ _2\"></span>cts\u2019 \u2014 Co<span class=\"_ _2\"></span>st of Ful<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g a Con<span class=\"_ _2\"></span>tract; a<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc4\">\u2022 <span class=\"_ _13\"> </span>Ann<span class=\"_ _2\"></span>ual I<span class=\"_ _2\"></span>mprove<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts 2018-<span class=\"_ _1\"></span>2020 Cyc<span class=\"_ _2\"></span>le.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc5\">Th<span class=\"_ _2\"></span>eir a<span class=\"_ _2\"></span>ddit<span class=\"_ _2\"></span>ion h<span class=\"_ _2\"></span>as not h<span class=\"_ _2\"></span>ad any m<span class=\"_ _2\"></span>ateri<span class=\"_ _2\"></span>al im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ct on th<span class=\"_ _2\"></span>e dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>sures<span class=\"_ _2\"></span>, or am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts repo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d in the G<span class=\"_ _2\"></span>roup F<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gsc6\">New<span class=\"_ _8\"></span> standards<span class=\"_ _8\"></span> and int<span class=\"_ _8\"></span>erpret<span class=\"_ _8\"></span>ations<span class=\"_ _8\"></span> not y<span class=\"_ _1\"></span>et adopted<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc7\">At the da<span class=\"_ _2\"></span>te of the An<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>al Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t, the f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>owing s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards a<span class=\"_ _2\"></span>nd inte<span class=\"_ _2\"></span>rpretatio<span class=\"_ _2\"></span>ns wh<span class=\"_ _2\"></span>ich h<span class=\"_ _2\"></span>ave n<span class=\"_ _2\"></span>ot bee<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>d in th<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rt we<span class=\"_ _2\"></span>re in iss<span class=\"_ _2\"></span>ue </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc8\">bu<span class=\"_ _2\"></span>t not yet ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive (an<span class=\"_ _2\"></span>d in so<span class=\"_ _2\"></span>me ca<span class=\"_ _2\"></span>ses ha<span class=\"_ _2\"></span>d not yet b<span class=\"_ _2\"></span>een a<span class=\"_ _2\"></span>dopte<span class=\"_ _2\"></span>d by the UK<span class=\"_ _2\"></span>). The Gro<span class=\"_ _2\"></span>up wi<span class=\"_ _2\"></span>ll con<span class=\"_ _2\"></span>tinu<span class=\"_ _2\"></span>e to asse<span class=\"_ _2\"></span>ss the i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>act of th<span class=\"_ _2\"></span>ese </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsc9\">am<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>dme<span class=\"_ _2\"></span>nts pr<span class=\"_ _2\"></span>ior to the<span class=\"_ _2\"></span>ir ad<span class=\"_ _2\"></span>optio<span class=\"_ _2\"></span>n. Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>re:<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsca\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to I<span class=\"_ _2\"></span>FRS 16 \u2013 \u2018Le<span class=\"_ _2\"></span>ase Li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y in a Sa<span class=\"_ _2\"></span>le an<span class=\"_ _2\"></span>d Lea<span class=\"_ _2\"></span>seb<span class=\"_ _2\"></span>ack<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gscb\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 1 \u2013 \u2018Clas<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>icati<span class=\"_ _2\"></span>on of Li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s as Cu<span class=\"_ _2\"></span>rrent o<span class=\"_ _2\"></span>r Non-<span class=\"_ _2\"></span>Curre<span class=\"_ _2\"></span>nt\u2019;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gscc\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 1 and I<span class=\"_ _2\"></span>FRS Pract<span class=\"_ _2\"></span>ice Statem<span class=\"_ _2\"></span>ent 2 \u2013 \u2018D<span class=\"_ _2\"></span>isc<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>ure of Acc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng Pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es\u2019<span class=\"_ _1\"></span>;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gscd\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 7 and I<span class=\"_ _2\"></span>FRS 7 \u2013 \u2018D<span class=\"_ _2\"></span>iscl<span class=\"_ _2\"></span>osu<span class=\"_ _2\"></span>res: Sup<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>ier Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nce A<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ents\u2019;<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsce\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 8 \u2013 \u2018Def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n of Acco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g Esti<span class=\"_ _2\"></span>mate<span class=\"_ _2\"></span>s\u2019<span class=\"_ _1\"></span>; an<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gscf\">\u2022 <span class=\"_ _13\"> </span>Ame<span class=\"_ _2\"></span>ndm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 12 \u2013 \u2018Def<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ax rel<span class=\"_ _2\"></span>ated to As<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d Lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng f<span class=\"_ _2\"></span>rom a Sin<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>e T<span class=\"_ _1\"></span>rans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on\u2019<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls13 ws3 gsd0\">4. C<span class=\"_ _2\"></span>RIT<span class=\"_ _2\"></span>IC<span class=\"_ _2\"></span>AL ACCOU<span class=\"_ _2\"></span>NT<span class=\"_ _2\"></span>IN<span class=\"_ _2\"></span>G JU<span class=\"_ _2\"></span>DG<span class=\"_ _2\"></span>EM<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NTS A<span class=\"_ _2\"></span>ND K<span class=\"_ _2\"></span>EY SO<span class=\"_ _2\"></span>U<span class=\"_ _2\"></span>RCE<span class=\"_ _2\"></span>S OF E<span class=\"_ _2\"></span>STI<span class=\"_ _2\"></span>MATIO<span class=\"_ _2\"></span>N UN<span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>RT<span class=\"_ _8\"></span>AI<span class=\"_ _2\"></span>NT<span class=\"_ _2\"></span>Y<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd1\">Th<span class=\"_ _2\"></span>e prep<span class=\"_ _2\"></span>aratio<span class=\"_ _2\"></span>n of Con<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial State<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts requ<span class=\"_ _2\"></span>ires th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p to make es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes and j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at af<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ct the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls5 wsb gsd2\">applicat<span class=\"_ _8\"></span>ion o<span class=\"_ _1\"></span>f policies and<span class=\"_ _1\"></span> reported amoun<span class=\"_ _8\"></span>ts.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd3\">Criti<span class=\"_ _2\"></span>cal j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ents re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nt key dec<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>ns m<span class=\"_ _2\"></span>ade by m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t in the a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>icat<span class=\"_ _2\"></span>ion of th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _8\"></span>s acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s, whe<span class=\"_ _2\"></span>re a </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd4\">sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt ris<span class=\"_ _2\"></span>k of mate<span class=\"_ _2\"></span>rial<span class=\"_ _2\"></span>ly di<span class=\"_ _2\"></span>ff<span class=\"_ _2\"></span>erent o<span class=\"_ _2\"></span>utcom<span class=\"_ _2\"></span>es exi<span class=\"_ _2\"></span>sts du<span class=\"_ _2\"></span>e to man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt as<span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s or so<span class=\"_ _2\"></span>urces of e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n unc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>. Esti<span class=\"_ _2\"></span>mate<span class=\"_ _2\"></span>s </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd5\">an<span class=\"_ _2\"></span>d jud<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s are con<span class=\"_ _2\"></span>tinu<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y evalu<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>nd are b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on hi<span class=\"_ _2\"></span>stori<span class=\"_ _2\"></span>cal exp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e and oth<span class=\"_ _2\"></span>er fa<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g expe<span class=\"_ _2\"></span>ctatio<span class=\"_ _2\"></span>ns of f<span class=\"_ _2\"></span>uture </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd6\">event<span class=\"_ _2\"></span>s that a<span class=\"_ _2\"></span>re bel<span class=\"_ _2\"></span>ieved to be re<span class=\"_ _2\"></span>aso<span class=\"_ _2\"></span>nab<span class=\"_ _2\"></span>le u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>ircum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. Actu<span class=\"_ _2\"></span>al resu<span class=\"_ _2\"></span>lts m<span class=\"_ _2\"></span>ay dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>r from th<span class=\"_ _2\"></span>ese e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ates.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd7\">Th<span class=\"_ _2\"></span>e esti<span class=\"_ _2\"></span>mates wh<span class=\"_ _2\"></span>ich h<span class=\"_ _2\"></span>ave a si<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span>ant ri<span class=\"_ _2\"></span>sk of ca<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>ng a ma<span class=\"_ _2\"></span>teria<span class=\"_ _2\"></span>l adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent to th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt of ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities w<span class=\"_ _2\"></span>ithi<span class=\"_ _2\"></span>n the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsd8\">nex<span class=\"_ _2\"></span>t 12 mo<span class=\"_ _2\"></span>nths a<span class=\"_ _2\"></span>re disc<span class=\"_ _2\"></span>usse<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>low.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gsd9\">Criti<span class=\"_ _8\"></span>cal ac<span class=\"_ _8\"></span>counting<span class=\"_ _1\"></span> judgements<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls8 ws8 gsda\">Adjust<span class=\"_ _8\"></span>ing it<span class=\"_ _1\"></span>ems<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsdb\">Th<span class=\"_ _2\"></span>e Dire<span class=\"_ _2\"></span>ctors b<span class=\"_ _2\"></span>eli<span class=\"_ _2\"></span>eve that t<span class=\"_ _2\"></span>he adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d profi<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>arn<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gs pe<span class=\"_ _2\"></span>r sha<span class=\"_ _2\"></span>re me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>s provid<span class=\"_ _2\"></span>e ad<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l infor<span class=\"_ _2\"></span>mati<span class=\"_ _2\"></span>on to sh<span class=\"_ _2\"></span>areh<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ers o<span class=\"_ _2\"></span>n the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsdc\">pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce o<span class=\"_ _2\"></span>f the bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>res are co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>tent with h<span class=\"_ _2\"></span>ow bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e is me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>red in<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>lly by th<span class=\"_ _2\"></span>e Boa<span class=\"_ _2\"></span>rd </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls119 ws106 gsdd\">a<span class=\"_ _6\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> G<span class=\"_ _6\"></span>E<span class=\"_ _2\"></span>LT.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsde\">Th<span class=\"_ _2\"></span>e profi<span class=\"_ _2\"></span>t before tax a<span class=\"_ _2\"></span>nd a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g items m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ures a<span class=\"_ _2\"></span>re not reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised p<span class=\"_ _2\"></span>rofit m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sures u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er IFRS a<span class=\"_ _2\"></span>nd m<span class=\"_ _2\"></span>ay not b<span class=\"_ _2\"></span>e dire<span class=\"_ _2\"></span>ctly c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>ble </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gsdf\">with a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted prof<span class=\"_ _2\"></span>it me<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ures us<span class=\"_ _2\"></span>ed by othe<span class=\"_ _2\"></span>r com<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>icati<span class=\"_ _2\"></span>on of a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g items re<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>res sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt ju<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt, af<span class=\"_ _2\"></span>ter </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gse0\">co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e natu<span class=\"_ _2\"></span>re and i<span class=\"_ _2\"></span>ntenti<span class=\"_ _2\"></span>ons of a tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e Group\u2019s def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>ns of ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>ting i<span class=\"_ _2\"></span>tems are o<span class=\"_ _2\"></span>utli<span class=\"_ _2\"></span>ned w<span class=\"_ _2\"></span>ithi<span class=\"_ _2\"></span>n the Gro<span class=\"_ _2\"></span>up </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gse1\">ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s and h<span class=\"_ _2\"></span>ave b<span class=\"_ _2\"></span>een a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>ied c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>tly yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>-on-yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls19 ws6a gse2\">K<span class=\"_ _8\"></span>ey sources of<span class=\"_ _1\"></span> es<span class=\"_ _2\"></span>timation uncerta<span class=\"_ _2\"></span>inty<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls3 ws3 gse3\">De<span class=\"_ _2\"></span>termi<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>on of th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>ose he<span class=\"_ _2\"></span>ld in e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity-a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nted i<span class=\"_ _2\"></span>nveste<span class=\"_ _2\"></span>es (note 1<span class=\"_ _2\"></span>6) and (no<span class=\"_ _2\"></span>te 18)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls20 ws3 gse4\">Dete<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ues of o<span class=\"_ _2\"></span>ur bov<span class=\"_ _2\"></span>ine a<span class=\"_ _2\"></span>nd p<span class=\"_ _2\"></span>orci<span class=\"_ _2\"></span>ne bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets req<span class=\"_ _2\"></span>uires th<span class=\"_ _2\"></span>e ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>catio<span class=\"_ _2\"></span>n of a nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes and a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns.<span class=\"_ _2\"></span> </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gse5\">Be<span class=\"_ _2\"></span>low is a l<span class=\"_ _2\"></span>ist of th<span class=\"_ _2\"></span>ese e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>, show<span class=\"_ _2\"></span>ing wh<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r we con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>er the<span class=\"_ _2\"></span>m to be ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vab<span class=\"_ _2\"></span>le or u<span class=\"_ _2\"></span>nob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vab<span class=\"_ _2\"></span>le in<span class=\"_ _2\"></span>put<span class=\"_ _2\"></span>s t<span class=\"_ _8\"></span>o the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gse6\">fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n. In a<span class=\"_ _2\"></span>ddi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>, we ide<span class=\"_ _2\"></span>ntif<span class=\"_ _2\"></span>y tho<span class=\"_ _2\"></span>se in<span class=\"_ _2\"></span>puts th<span class=\"_ _2\"></span>at are \u2018rea<span class=\"_ _2\"></span>dil<span class=\"_ _2\"></span>y obtain<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>le\u2019 tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>al da<span class=\"_ _2\"></span>ta or \u2018<span class=\"_ _8\"></span>op<span class=\"_ _2\"></span>en ma<span class=\"_ _2\"></span>rket pri<span class=\"_ _2\"></span>ces\u2019<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gse7\">Se<span class=\"_ _2\"></span>nsiti<span class=\"_ _2\"></span>viti<span class=\"_ _2\"></span>es of the e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s give<span class=\"_ _2\"></span>n bel<span class=\"_ _2\"></span>ow are di<span class=\"_ _2\"></span>sclo<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>n note 16.<span class=\"_ _35c\"> </span></div>Estimates and<span class=\"_ _8\"></span> assumptions<span class=\"_ _9a\"> </span><span class=\"lsa0 ws93\">Observable<span class=\"_ _1\"></span>/<span class=\"_ _8\"></span>unobservable<span class=\"_ _14a\"> </span><span class=\"lsa wsa\">Source<span class=\"_ _35c\"> </span></span></span>Bovine<span class=\"_ _d2\"> </span><span class=\"ff6 ls3 ws3\">Lon<span class=\"_ _2\"></span>g-<span class=\"_ _1\"></span>term da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y volu<span class=\"_ _2\"></span>me grow<span class=\"_ _2\"></span>th r<span class=\"_ _8\"></span>ate <span class=\"_ _1ed\"> </span><span class=\"ls28 ws27\">Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span></span></span>Sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _17\"></span>-term dai<span class=\"_ _2\"></span>ry vo<span class=\"_ _2\"></span>lum<span class=\"_ _2\"></span>e growth rate<span class=\"_ _129\"> </span><span class=\"ls28 ws27\">Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span></span>Value a<span class=\"_ _2\"></span>t point of p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ction<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span>Cur<span class=\"_ _2\"></span>rent unit p<span class=\"_ _2\"></span>rice<span class=\"_ _2\"></span>s<span class=\"_ _1ee\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span></span>Grow<span class=\"_ _2\"></span>th in uni<span class=\"_ _2\"></span>t pric<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span>Animals\u2019 use<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>ul lif<span class=\"_ _1\"></span>espan<span class=\"_ _1ef\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span></span>Percentag<span class=\"_ _2\"></span>e of new da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y bul<span class=\"_ _2\"></span>ls to be prod<span class=\"_ _2\"></span>uced i<span class=\"_ _2\"></span>nterna<span class=\"_ _2\"></span>lly ea<span class=\"_ _2\"></span>ch yea<span class=\"_ _2\"></span>r<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span>Age p<span class=\"_ _2\"></span>rofil<span class=\"_ _2\"></span>e of bull<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>1 <span class=\"_ _19b\"> </span><span class=\"ls28 ws27\">Unobser<span class=\"_ _2\"></span>v<span class=\"_ _8\"></span>able<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span></span>Risk<span class=\"_ _1\"></span>-adjust<span class=\"_ _8\"></span>ed discount r<span class=\"_ _1\"></span>ate<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span>Porcine<span class=\"_ _8\"></span> (non<span class=\"_ _1\"></span> pure line herds<span class=\"_ _1\"></span>)<span class=\"_ _a\"> </span><span class=\"ff6 lsd ws5\">Animals\u2019 useful li<span class=\"_ _8\"></span>fespan<span class=\"_ _1f0\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span></span></span>Th<span class=\"_ _2\"></span>e propo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>on of ani<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>s that g<span class=\"_ _2\"></span>o t<span class=\"_ _8\"></span>o sla<span class=\"_ _2\"></span>ughter<span class=\"_ _1f1\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e mix of bo<span class=\"_ _2\"></span>ars an<span class=\"_ _2\"></span>d gil<span class=\"_ _2\"></span>ts<span class=\"_ _1f2\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span></span>Risk<span class=\"_ _1\"></span>-adjust<span class=\"_ _8\"></span>ed discount r<span class=\"_ _1\"></span>ate<span class=\"_ _1f3\"> </span><span class=\"ls28 ws27\">Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span></span>Porcine<span class=\"_ _8\"></span> (pure<span class=\"_ _8\"></span> line herds<span class=\"_ _1\"></span>)<span class=\"_ _99\"> </span><span class=\"ff6 ls3 ws3\">Num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r of futu<span class=\"_ _2\"></span>re gene<span class=\"_ _2\"></span>ration<span class=\"_ _2\"></span>s attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to the cur<span class=\"_ _2\"></span>rent herds<span class=\"_ _84\"> </span><span class=\"ls28 ws27\">Obser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>able<span class=\"_ _11d\"> </span><span class=\"ls3d ws20\">Readily ob<span class=\"_ _1\"></span>tainable<span class=\"_ _35c\"> </span></span></span></span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e pric<span class=\"_ _2\"></span>es ach<span class=\"_ _2\"></span>ieved o<span class=\"_ _2\"></span>n sale<span class=\"_ _2\"></span>s<span class=\"_ _1f4\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span></span>O<span class=\"_ _2\"></span>pen m<span class=\"_ _2\"></span>arket pric<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span>An<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls\u2019 expec<span class=\"_ _2\"></span>ted usef<span class=\"_ _2\"></span>ul life<span class=\"_ _2\"></span>span a<span class=\"_ _2\"></span>nd pro<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>vit<span class=\"_ _2\"></span>y<span class=\"_ _187\"> </span><span class=\"ls28 ws27\">Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e propo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>on of ani<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>s that g<span class=\"_ _2\"></span>o t<span class=\"_ _8\"></span>o bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g sale<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Observable<span class=\"_ _a6\"> </span><span class=\"ls3d ws20\">Readily obt<span class=\"_ _1\"></span>ainable<span class=\"_ _35c\"> </span></span>Risk<span class=\"_ _1\"></span>-adjust<span class=\"_ _8\"></span>ed discount r<span class=\"_ _1\"></span>ate<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Unobservable<span class=\"_ _1a\"> </span><span class=\"lsed wse3\">n<span class=\"_ _2\"></span>/a<span class=\"_ _35c\"> </span></span>1 <span class=\"_ _d9\"> </span>Key s<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>rces of es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ty<span class=\"_ _35c\"> </span>Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t of R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian S<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has t<span class=\"_ _2\"></span>wo grou<span class=\"_ _2\"></span>p ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g com<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies th<span class=\"_ _2\"></span>at are i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>rpo<span class=\"_ _2\"></span>rated in R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia \u2013 Lim<span class=\"_ _2\"></span>ited Li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y Co. Ge<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>s ABS Ru<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>a and PI<span class=\"_ _2\"></span>C Ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s LLC (\u2018Rus<span class=\"_ _2\"></span>sian<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d sub<span class=\"_ _2\"></span>sidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es/<span class=\"_ _17\"></span>en<span class=\"_ _2\"></span>tities\u2019). Fol<span class=\"_ _2\"></span>lowin<span class=\"_ _2\"></span>g the s<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s that h<span class=\"_ _2\"></span>ave b<span class=\"_ _2\"></span>een p<span class=\"_ _2\"></span>ut in p<span class=\"_ _2\"></span>lac<span class=\"_ _2\"></span>e by the UK a<span class=\"_ _2\"></span>nd oth<span class=\"_ _2\"></span>er gove<span class=\"_ _2\"></span>rnm<span class=\"_ _2\"></span>ents, t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up im<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nted a co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>nsive s<span class=\"_ _2\"></span>cree<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g proc<span class=\"_ _2\"></span>ess wi<span class=\"_ _2\"></span>th exter<span class=\"_ _2\"></span>nal c<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>sel to en<span class=\"_ _2\"></span>sure th<span class=\"_ _2\"></span>at its R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s  do n<span class=\"_ _2\"></span>ot trade wi<span class=\"_ _2\"></span>th san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ind<span class=\"_ _2\"></span>ivi<span class=\"_ _2\"></span>dua<span class=\"_ _2\"></span>ls or e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s contro<span class=\"_ _2\"></span>lle<span class=\"_ _2\"></span>d by the<span class=\"_ _2\"></span>m. Th<span class=\"_ _2\"></span>e mai<span class=\"_ _2\"></span>n imp<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>t of the sa<span class=\"_ _2\"></span>nct<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>s regi<span class=\"_ _2\"></span>me on o<span class=\"_ _2\"></span>ur bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en to cate<span class=\"_ _2\"></span>gori<span class=\"_ _2\"></span>se the b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ks in Rus<span class=\"_ _2\"></span>sia i<span class=\"_ _2\"></span>nto san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ned a<span class=\"_ _2\"></span>nd n<span class=\"_ _2\"></span>on-san<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span>d ban<span class=\"_ _2\"></span>ks. Wh<span class=\"_ _2\"></span>ere we rec<span class=\"_ _2\"></span>eive m<span class=\"_ _2\"></span>oney f<span class=\"_ _2\"></span>rom sa<span class=\"_ _2\"></span>ncti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>nks we are un<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>le to use th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>h witho<span class=\"_ _2\"></span>ut a li<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>ce fro<span class=\"_ _2\"></span>m His M<span class=\"_ _2\"></span>ajes<span class=\"_ _2\"></span>ty<span class=\"_ _2\"></span>\u2019s T<span class=\"_ _17\"></span>re<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>ry (\u2018<span class=\"_ _2\"></span>HMT\u2019). For ca<span class=\"_ _2\"></span>sh rec<span class=\"_ _2\"></span>eipts f<span class=\"_ _2\"></span>rom n<span class=\"_ _2\"></span>on-san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ban<span class=\"_ _2\"></span>ks into the enti<span class=\"_ _2\"></span>ties\u2019 n<span class=\"_ _2\"></span>on-san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ban<span class=\"_ _2\"></span>ks we are ab<span class=\"_ _2\"></span>le to use th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>h in Ru<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>a for da<span class=\"_ _2\"></span>y-<span class=\"_ _1\"></span>to-da<span class=\"_ _2\"></span>y ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>ns. Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p app<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>d to HMT for a l<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>nce o<span class=\"_ _2\"></span>n 25 Apr<span class=\"_ _2\"></span>il 2022, to al<span class=\"_ _2\"></span>low the u<span class=\"_ _2\"></span>se of pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts fro<span class=\"_ _2\"></span>m san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ban<span class=\"_ _2\"></span>ks by non-sa<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed Ru<span class=\"_ _2\"></span>ssia<span class=\"_ _2\"></span>n cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>rs for th<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>live<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f porci<span class=\"_ _2\"></span>ne a<span class=\"_ _2\"></span>nd bov<span class=\"_ _2\"></span>ine g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>etics; to al<span class=\"_ _2\"></span>low the u<span class=\"_ _2\"></span>se of mo<span class=\"_ _2\"></span>ney i<span class=\"_ _2\"></span>n a non-sa<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed Ru<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>an ba<span class=\"_ _2\"></span>nk ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt in th<span class=\"_ _2\"></span>e nam<span class=\"_ _2\"></span>e of Ge<span class=\"_ _2\"></span>nus R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia to pay R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian s<span class=\"_ _2\"></span>upp<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>rs who c<span class=\"_ _2\"></span>onti<span class=\"_ _2\"></span>nue to us<span class=\"_ _2\"></span>e san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d Rus<span class=\"_ _2\"></span>sian b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>k acco<span class=\"_ _2\"></span>unts; a<span class=\"_ _2\"></span>nd to rem<span class=\"_ _2\"></span>it any exces<span class=\"_ _2\"></span>s mo<span class=\"_ _2\"></span>ney in G<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>us Ru<span class=\"_ _2\"></span>ssia<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s no<span class=\"_ _2\"></span>n-sanc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ned R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian b<span class=\"_ _2\"></span>ank a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unt (reg<span class=\"_ _2\"></span>ardl<span class=\"_ _2\"></span>ess of wh<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r it was rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d from a s<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed o<span class=\"_ _2\"></span>r non-<span class=\"_ _35c\"> </span>san<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span>d Rus<span class=\"_ _2\"></span>sia<span class=\"_ _2\"></span>n ban<span class=\"_ _2\"></span>k acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t) to other G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s Grou<span class=\"_ _2\"></span>p com<span class=\"_ _2\"></span>pany U<span class=\"_ _2\"></span>K ba<span class=\"_ _2\"></span>nk ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nts. Th<span class=\"_ _2\"></span>e UK Of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice of Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Sa<span class=\"_ _2\"></span>nct<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>s Imp<span class=\"_ _2\"></span>lem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on (\u2018OFSI<span class=\"_ _2\"></span>\u2019) issu<span class=\"_ _2\"></span>ed a g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>ral li<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>ce for t<span class=\"_ _2\"></span>radin<span class=\"_ _2\"></span>g in a<span class=\"_ _2\"></span>gric<span class=\"_ _2\"></span>ultu<span class=\"_ _2\"></span>ral co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>oditi<span class=\"_ _2\"></span>es in R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive on th<span class=\"_ _2\"></span>e 4 Nove<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2022 wh<span class=\"_ _2\"></span>ich p<span class=\"_ _2\"></span>rovide<span class=\"_ _2\"></span>s exempti<span class=\"_ _2\"></span>ons to the s<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns reg<span class=\"_ _2\"></span>ime i<span class=\"_ _2\"></span>n con<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n with the ex<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t, pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>nd trans<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>rt of a<span class=\"_ _2\"></span>gric<span class=\"_ _2\"></span>ult<span class=\"_ _2\"></span>ural co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>odit<span class=\"_ _2\"></span>ies. T<span class=\"_ _2\"></span>his d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des re<span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ive mate<span class=\"_ _2\"></span>ria<span class=\"_ _2\"></span>ls suc<span class=\"_ _2\"></span>h as are s<span class=\"_ _2\"></span>upp<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>d by Gen<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>. Und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>is ge<span class=\"_ _2\"></span>nera<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>ce, rece<span class=\"_ _2\"></span>ipts f<span class=\"_ _2\"></span>rom no<span class=\"_ _2\"></span>n-sanc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>s recei<span class=\"_ _2\"></span>ved f<span class=\"_ _2\"></span>rom an<span class=\"_ _2\"></span>d before 4 N<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ber 2022 f<span class=\"_ _2\"></span>rom sa<span class=\"_ _2\"></span>nct<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>nks n<span class=\"_ _2\"></span>o lon<span class=\"_ _2\"></span>ger n<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>d to be f<span class=\"_ _2\"></span>ro<span class=\"_ _8\"></span>zen an<span class=\"_ _2\"></span>d can b<span class=\"_ _2\"></span>e free<span class=\"_ _2\"></span>ly us<span class=\"_ _2\"></span>ed. A<span class=\"_ _2\"></span>lso re<span class=\"_ _2\"></span>ceipt<span class=\"_ _2\"></span>s from a sa<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>er<span class=\"_ _8\"></span>, if ma<span class=\"_ _2\"></span>de th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h a non-sa<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>ank, n<span class=\"_ _2\"></span>o lo<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>r ne<span class=\"_ _2\"></span>ed to be f<span class=\"_ _2\"></span>ro<span class=\"_ _8\"></span>zen an<span class=\"_ _2\"></span>d can b<span class=\"_ _2\"></span>e free<span class=\"_ _2\"></span>ly us<span class=\"_ _2\"></span>ed. I<span class=\"_ _2\"></span>f any cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>r is or b<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ome<span class=\"_ _2\"></span>s san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ned a<span class=\"_ _2\"></span>nd p<span class=\"_ _2\"></span>ays th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h a san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>k, thes<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>nds wo<span class=\"_ _2\"></span>uld s<span class=\"_ _2\"></span>till ne<span class=\"_ _2\"></span>ed to be f<span class=\"_ _2\"></span>ro<span class=\"_ _8\"></span>zen even a<span class=\"_ _2\"></span>fte<span class=\"_ _2\"></span>r 4 Novem<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r 2022.<span class=\"_ _35c\"> </span>Un<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>he req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts of IAS 7<span class=\"_ _1\"></span>, wh<span class=\"_ _2\"></span>ere the<span class=\"_ _2\"></span>re is cas<span class=\"_ _2\"></span>h that i<span class=\"_ _2\"></span>s not ava<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>ble to b<span class=\"_ _2\"></span>e use<span class=\"_ _2\"></span>d by the rest of th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up thi<span class=\"_ _2\"></span>s nee<span class=\"_ _2\"></span>ds to be d<span class=\"_ _2\"></span>iscl<span class=\"_ _2\"></span>ose<span class=\"_ _2\"></span>d. On 24 Fe<span class=\"_ _2\"></span>bru<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2023, th<span class=\"_ _2\"></span>e UralS<span class=\"_ _2\"></span>ib ba<span class=\"_ _2\"></span>nk was p<span class=\"_ _2\"></span>ut on t<span class=\"_ _2\"></span>he UK f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s lis<span class=\"_ _2\"></span>t an<span class=\"_ _2\"></span>d as suc<span class=\"_ _2\"></span>h ABS a<span class=\"_ _2\"></span>nd PIC R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia su<span class=\"_ _2\"></span>bseq<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>ntly op<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ed new b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>k acco<span class=\"_ _2\"></span>unts w<span class=\"_ _2\"></span>ith the OTP Ba<span class=\"_ _2\"></span>nk on 2<span class=\"_ _2\"></span>1 Marc<span class=\"_ _2\"></span>h 2023 and o<span class=\"_ _2\"></span>n 16 Ma<span class=\"_ _2\"></span>y 2023 resp<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>vely. Any rece<span class=\"_ _2\"></span>ipts f<span class=\"_ _2\"></span>rom san<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span>d ba<span class=\"_ _2\"></span>nks into th<span class=\"_ _2\"></span>e san<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span>d Ural<span class=\"_ _2\"></span>Sib a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unt ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n frozen an<span class=\"_ _2\"></span>d are not u<span class=\"_ _2\"></span>sed fo<span class=\"_ _2\"></span>r bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss di<span class=\"_ _2\"></span>sbu<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts. As at 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2023, we h<span class=\"_ _2\"></span>ad a cas<span class=\"_ _2\"></span>h bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce of \u00a33<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>m (30 Ju<span class=\"_ _2\"></span>ne 2022 \u00a34<span class=\"_ _2\"></span>.5m) i<span class=\"_ _2\"></span>n the Ru<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>an enti<span class=\"_ _2\"></span>ties of wh<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>h \u00a30<span class=\"_ _8\"></span>.8<span class=\"_ _2\"></span>m (30 Ju<span class=\"_ _2\"></span>ne 2022: \u00a30.<span class=\"_ _2\"></span>2m) is not c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ntly ava<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>ble to be u<span class=\"_ _2\"></span>sed by th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p du<span class=\"_ _2\"></span>e to bein<span class=\"_ _2\"></span>g rece<span class=\"_ _2\"></span>ived f<span class=\"_ _2\"></span>rom sa<span class=\"_ _2\"></span>ncti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>nks an<span class=\"_ _2\"></span>d he<span class=\"_ _2\"></span>ld in a s<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>ank<span class=\"_ _2\"></span>. Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>as reviewe<span class=\"_ _2\"></span>d the o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s and c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>low over a p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od of 18 m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s from 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023 to 31 De<span class=\"_ _2\"></span>cem<span class=\"_ _2\"></span>ber 2024, b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d up<span class=\"_ _2\"></span>on the 2024 p<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>s, to determ<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e wheth<span class=\"_ _2\"></span>er the R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s have s<span class=\"_ _2\"></span>uf<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>nt non-sa<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ed ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ow to ena<span class=\"_ _2\"></span>ble th<span class=\"_ _2\"></span>em to co<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>ue da<span class=\"_ _2\"></span>y-<span class=\"_ _1\"></span>to-da<span class=\"_ _2\"></span>y ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d to meet l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es as th<span class=\"_ _2\"></span>ey fal<span class=\"_ _2\"></span>l due. T<span class=\"_ _2\"></span>he an<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>sis in<span class=\"_ _2\"></span>dic<span class=\"_ _2\"></span>ates th<span class=\"_ _2\"></span>ey do ha<span class=\"_ _2\"></span>ve suf<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>nt no<span class=\"_ _2\"></span>n-sanc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ned c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>low to ena<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e them to m<span class=\"_ _2\"></span>eet th<span class=\"_ _2\"></span>eir d<span class=\"_ _2\"></span>ay-<span class=\"_ _1\"></span>to-d<span class=\"_ _2\"></span>ay op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l nee<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>. Crit<span class=\"_ _1\"></span>ical account<span class=\"_ _8\"></span>ing judgement<span class=\"_ _1\"></span> \u2013 ex<span class=\"_ _8\"></span>ercise<span class=\"_ _1\"></span> of control<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>as ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d whe<span class=\"_ _2\"></span>ther th<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s of the U<span class=\"_ _2\"></span>K and R<span class=\"_ _2\"></span>ussi<span class=\"_ _2\"></span>an Gove<span class=\"_ _2\"></span>rnm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s have c<span class=\"_ _2\"></span>ause<span class=\"_ _2\"></span>d the G<span class=\"_ _2\"></span>roup to lo<span class=\"_ _2\"></span>se con<span class=\"_ _2\"></span>trol of the<span class=\"_ _2\"></span>se Russian-based<span class=\"_ _8\"></span> subsidiaries. Ge<span class=\"_ _2\"></span>nus PLC ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ed for a l<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>nce to th<span class=\"_ _2\"></span>e Dep<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt for I<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal Tr<span class=\"_ _8\"></span>ad<span class=\"_ _2\"></span>e (\u2018DIT\u2019) on 2<span class=\"_ _2\"></span>2 Septe<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2022, to all<span class=\"_ _2\"></span>ow for U<span class=\"_ _2\"></span>K<span class=\"_ _17\"></span>-b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es with<span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e Gen<span class=\"_ _2\"></span>us gro<span class=\"_ _2\"></span>up to provi<span class=\"_ _2\"></span>de ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g, bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent co<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces to the R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian-b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d su<span class=\"_ _2\"></span>bsid<span class=\"_ _2\"></span>iari<span class=\"_ _2\"></span>es, fo<span class=\"_ _2\"></span>r the p<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>ose of he<span class=\"_ _2\"></span>lpi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>em ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>y out b<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s ope<span class=\"_ _2\"></span>ration<span class=\"_ _2\"></span>s in Ru<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>a, de<span class=\"_ _2\"></span>liver<span class=\"_ _2\"></span>y of h<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ani<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ari<span class=\"_ _2\"></span>an as<span class=\"_ _2\"></span>sis<span class=\"_ _2\"></span>tance a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d for th<span class=\"_ _2\"></span>e prod<span class=\"_ _2\"></span>ucti<span class=\"_ _2\"></span>on or d<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ibu<span class=\"_ _2\"></span>tion of fo<span class=\"_ _2\"></span>od, p<span class=\"_ _2\"></span>rovide<span class=\"_ _2\"></span>d that i<span class=\"_ _2\"></span>t is for th<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it of the c<span class=\"_ _2\"></span>ivi<span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>n pop<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e lice<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e was auth<span class=\"_ _2\"></span>ori<span class=\"_ _2\"></span>sed by th<span class=\"_ _2\"></span>e DIT a<span class=\"_ _2\"></span>nd ca<span class=\"_ _2\"></span>me into fo<span class=\"_ _2\"></span>rce on 11 J<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2023. I<span class=\"_ _2\"></span>t auth<span class=\"_ _2\"></span>ori<span class=\"_ _2\"></span>ses the f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>owing s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>The f<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>est p<span class=\"_ _2\"></span>ossi<span class=\"_ _2\"></span>ble ra<span class=\"_ _2\"></span>nge of a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>ng se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>, bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent co<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces, to in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude a<span class=\"_ _2\"></span>dvi<span class=\"_ _2\"></span>sor<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, g<span class=\"_ _2\"></span>uid<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>nal a<span class=\"_ _2\"></span>ssis<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces p<span class=\"_ _2\"></span>rovide<span class=\"_ _2\"></span>d for b<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s pol<span class=\"_ _2\"></span>icy an<span class=\"_ _2\"></span>d strate<span class=\"_ _2\"></span>gy<span class=\"_ _1\"></span>, a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e overal<span class=\"_ _2\"></span>l pla<span class=\"_ _2\"></span>nni<span class=\"_ _2\"></span>ng, s<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>ing, a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>ntrol of the o<span class=\"_ _2\"></span>rgani<span class=\"_ _2\"></span>satio<span class=\"_ _2\"></span>n.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>The over<span class=\"_ _2\"></span>sig<span class=\"_ _2\"></span>ht that a p<span class=\"_ _2\"></span>arent c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pany wo<span class=\"_ _2\"></span>uld t<span class=\"_ _2\"></span>yp<span class=\"_ _2\"></span>ical<span class=\"_ _2\"></span>ly provi<span class=\"_ _2\"></span>de to its s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>ries i<span class=\"_ _2\"></span>n the a<span class=\"_ _2\"></span>reas of a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g, fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>ntrols, tax<span class=\"_ _2\"></span>, trea<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d hum<span class=\"_ _2\"></span>an res<span class=\"_ _2\"></span>ource<span class=\"_ _2\"></span>s, al<span class=\"_ _2\"></span>ong wi<span class=\"_ _2\"></span>th sim<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>r overs<span class=\"_ _2\"></span>ight i<span class=\"_ _2\"></span>n the are<span class=\"_ _2\"></span>as of in<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy, sup<span class=\"_ _2\"></span>ply c<span class=\"_ _2\"></span>hai<span class=\"_ _2\"></span>n and oth<span class=\"_ _2\"></span>er types of<span class=\"_ _1\"></span> technology<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e lice<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e expires o<span class=\"_ _2\"></span>n 11 Ja<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2025 and, p<span class=\"_ _2\"></span>rovid<span class=\"_ _2\"></span>ed the f<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and c<span class=\"_ _2\"></span>ircu<span class=\"_ _2\"></span>mstan<span class=\"_ _2\"></span>ces s<span class=\"_ _2\"></span>urro<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e iss<span class=\"_ _2\"></span>uan<span class=\"_ _2\"></span>ce of th<span class=\"_ _2\"></span>e lice<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>rently in p<span class=\"_ _2\"></span>lac<span class=\"_ _2\"></span>e do not c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge m<span class=\"_ _2\"></span>ateri<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y we do not fo<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>e any rea<span class=\"_ _2\"></span>sons w<span class=\"_ _2\"></span>hy the li<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>uld n<span class=\"_ _2\"></span>ot be ren<span class=\"_ _2\"></span>ewed<span class=\"_ _2\"></span>. We have c<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at we do h<span class=\"_ _2\"></span>ave co<span class=\"_ _2\"></span>ntrol over th<span class=\"_ _2\"></span>e Rus<span class=\"_ _2\"></span>sia<span class=\"_ _2\"></span>n-base<span class=\"_ _2\"></span>d su<span class=\"_ _2\"></span>bsid<span class=\"_ _2\"></span>iari<span class=\"_ _2\"></span>es fo<span class=\"_ _2\"></span>r the yea<span class=\"_ _2\"></span>r en<span class=\"_ _2\"></span>ded 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2023, as d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er IFRS 1<span class=\"_ _2\"></span>0 \u2018Con<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>idate<span class=\"_ _2\"></span>d fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents\u2019<span class=\"_ _8\"></span>, an<span class=\"_ _2\"></span>d we are sti<span class=\"_ _2\"></span>ll ab<span class=\"_ _2\"></span>le to con<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>idate th<span class=\"_ _2\"></span>em de<span class=\"_ _2\"></span>spi<span class=\"_ _2\"></span>te shor<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-term res<span class=\"_ _2\"></span>tric<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s on extra<span class=\"_ _2\"></span>ctin<span class=\"_ _2\"></span>g cas<span class=\"_ _2\"></span>h. We have a<span class=\"_ _2\"></span>lso as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed e<span class=\"_ _2\"></span>ach of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et bal<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>es for i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>. The m<span class=\"_ _2\"></span>ateri<span class=\"_ _2\"></span>al are<span class=\"_ _2\"></span>as tha<span class=\"_ _2\"></span>t cou<span class=\"_ _2\"></span>ld gi<span class=\"_ _2\"></span>ve rise to im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent are:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>PIC Rus<span class=\"_ _2\"></span>sia fa<span class=\"_ _2\"></span>rm: \u00a3<span class=\"_ _2\"></span>2.4m (30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022: \u00a33<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>m) \u2013 th<span class=\"_ _2\"></span>e val<span class=\"_ _2\"></span>ue of the f<span class=\"_ _2\"></span>arm is p<span class=\"_ _2\"></span>redi<span class=\"_ _2\"></span>cated o<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>uture e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>ic be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it of the a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>t are be<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>ared th<span class=\"_ _2\"></span>ere. We wou<span class=\"_ _2\"></span>ld ne<span class=\"_ _2\"></span>ed to ass<span class=\"_ _2\"></span>ess if th<span class=\"_ _2\"></span>e prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty<span class=\"_ _2\"></span>\u2019s ope<span class=\"_ _2\"></span>n mar<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>et pr<span class=\"_ _2\"></span>ice (le<span class=\"_ _2\"></span>ss cos<span class=\"_ _2\"></span>t to sell) wo<span class=\"_ _2\"></span>uld s<span class=\"_ _2\"></span>upp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t the carrying value<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>T<span class=\"_ _1\"></span>rade re<span class=\"_ _2\"></span>cei<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>es: \u00a32<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>m (30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022: \u00a36<span class=\"_ _2\"></span>.0m) \u2013 the o<span class=\"_ _2\"></span>ngo<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns ma<span class=\"_ _2\"></span>y af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t our c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s\u2019 abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y to pay us f<span class=\"_ _2\"></span>or the<span class=\"_ _2\"></span>ir go<span class=\"_ _2\"></span>ods<span class=\"_ _2\"></span>. If deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at ou<span class=\"_ _2\"></span>r cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>rs are un<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>k<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ly to rep<span class=\"_ _2\"></span>ay the<span class=\"_ _2\"></span>se am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts, the<span class=\"_ _2\"></span>n they sh<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>ld be p<span class=\"_ _2\"></span>rovide<span class=\"_ _2\"></span>d for. \u2022 <span class=\"_ _13\"> </span>IAS 4<span class=\"_ _1\"></span>1 va<span class=\"_ _2\"></span>lua<span class=\"_ _2\"></span>tion: \u00a3<span class=\"_ _2\"></span>3.<span class=\"_ _8\"></span>9m (30 J<span class=\"_ _2\"></span>une 202<span class=\"_ _2\"></span>2: \u00a32.<span class=\"_ _2\"></span>8m) \u2013 th<span class=\"_ _2\"></span>e ong<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>g im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>ts of both th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>cal e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c outl<span class=\"_ _2\"></span>ook a<span class=\"_ _2\"></span>nd o<span class=\"_ _2\"></span>ur cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs\u2019 ab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty to pay u<span class=\"_ _2\"></span>s cou<span class=\"_ _2\"></span>ld resu<span class=\"_ _2\"></span>lt in a reve<span class=\"_ _2\"></span>rsal of t<span class=\"_ _2\"></span>he fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of the R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets in th<span class=\"_ _2\"></span>e Ju<span class=\"_ _2\"></span>ne val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on. Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>\u2019s imp<span class=\"_ _2\"></span>airm<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ysis i<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>icates th<span class=\"_ _2\"></span>at, un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r the cu<span class=\"_ _2\"></span>rrent b<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s envi<span class=\"_ _2\"></span>ronm<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nd b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>s for th<span class=\"_ _2\"></span>e Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial Y<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ar 2024 no im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent is re<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>red as a<span class=\"_ _2\"></span>t 30 Ju<span class=\"_ _2\"></span>ne 2023.<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent wi<span class=\"_ _2\"></span>ll co<span class=\"_ _2\"></span>ntinu<span class=\"_ _2\"></span>e to mon<span class=\"_ _2\"></span>itor th<span class=\"_ _2\"></span>e situ<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n clos<span class=\"_ _2\"></span>ely to se<span class=\"_ _2\"></span>e if any f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r cha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>es req<span class=\"_ _2\"></span>uire ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l an<span class=\"_ _2\"></span>alys<span class=\"_ _2\"></span>is tha<span class=\"_ _2\"></span>t may re<span class=\"_ _2\"></span>sult in a d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>t con<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n.<span class=\"_ _35c\"> </span>In th<span class=\"_ _2\"></span>e event of c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n le<span class=\"_ _2\"></span>gisl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, su<span class=\"_ _2\"></span>ch as m<span class=\"_ _2\"></span>ore rest<span class=\"_ _2\"></span>ricti<span class=\"_ _2\"></span>ve san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns im<span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>ed by the U<span class=\"_ _2\"></span>K Gove<span class=\"_ _2\"></span>rnm<span class=\"_ _2\"></span>ent or a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons taken by th<span class=\"_ _2\"></span>e Rus<span class=\"_ _2\"></span>sia<span class=\"_ _2\"></span>n Gove<span class=\"_ _2\"></span>rnm<span class=\"_ _2\"></span>ent, we m<span class=\"_ _2\"></span>ay deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>e tha<span class=\"_ _2\"></span>t we do not exe<span class=\"_ _2\"></span>rcise c<span class=\"_ _2\"></span>ontrol, a<span class=\"_ _2\"></span>s def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d un<span class=\"_ _2\"></span>der I<span class=\"_ _2\"></span>FRS 10 \u2018Co<span class=\"_ _2\"></span>nso<span class=\"_ _2\"></span>lid<span class=\"_ _2\"></span>ated f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts\u2019<span class=\"_ _1\"></span>, over th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>ns of the R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ian e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s and we wo<span class=\"_ _2\"></span>uld n<span class=\"_ _2\"></span>ot be a<span class=\"_ _2\"></span>ble to co<span class=\"_ _2\"></span>nso<span class=\"_ _2\"></span>lid<span class=\"_ _2\"></span>ate thes<span class=\"_ _2\"></span>e com<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies i<span class=\"_ _2\"></span>nto the Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l Stateme<span class=\"_ _2\"></span>nts. Th<span class=\"_ _2\"></span>e dec<span class=\"_ _2\"></span>onso<span class=\"_ _2\"></span>lid<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n woul<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>an tha<span class=\"_ _2\"></span>t we woul<span class=\"_ _2\"></span>d rec<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>y the R<span class=\"_ _2\"></span>ussi<span class=\"_ _2\"></span>an en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>s inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts an<span class=\"_ _2\"></span>d we woul<span class=\"_ _2\"></span>d ne<span class=\"_ _2\"></span>ed to ass<span class=\"_ _2\"></span>ess fo<span class=\"_ _2\"></span>r im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt. A ch<span class=\"_ _2\"></span>arge of u<span class=\"_ _2\"></span>p to \u00a311.7m (2022: \u00a31<span class=\"_ _2\"></span>6.6<span class=\"_ _2\"></span>m) may n<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>d to be reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent, rep<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e total net ass<span class=\"_ _2\"></span>ets of the t<span class=\"_ _2\"></span>wo Rus<span class=\"_ _2\"></span>sia<span class=\"_ _2\"></span>n entiti<span class=\"_ _2\"></span>es. D<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n the na<span class=\"_ _2\"></span>ture of th<span class=\"_ _2\"></span>e events l<span class=\"_ _2\"></span>ead<span class=\"_ _2\"></span>ing to th<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>cisi<span class=\"_ _2\"></span>on to de<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>date th<span class=\"_ _2\"></span>e entiti<span class=\"_ _2\"></span>es, th<span class=\"_ _2\"></span>ere ma<span class=\"_ _2\"></span>y be ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l expe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>d whic<span class=\"_ _2\"></span>h we are un<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e to esti<span class=\"_ _2\"></span>mate at th<span class=\"_ _2\"></span>is tim<span class=\"_ _2\"></span>e. In a<span class=\"_ _2\"></span>dditi<span class=\"_ _2\"></span>on, reve<span class=\"_ _2\"></span>nue<span class=\"_ _2\"></span>s woul<span class=\"_ _2\"></span>d not b<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>d into the F<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents f<span class=\"_ _2\"></span>rom the d<span class=\"_ _2\"></span>ate of any d<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>nsol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. Reven<span class=\"_ _2\"></span>ues f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e Russ<span class=\"_ _2\"></span>ian e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s were \u00a3<span class=\"_ _2\"></span>21.7m in the ye<span class=\"_ _2\"></span>ar en<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d 30 J<span class=\"_ _2\"></span>une 2023 (202<span class=\"_ _2\"></span>2: \u00a314<span class=\"_ _2\"></span>.6m).<span class=\"_ _35c\"> </span>5. SEGM<span class=\"_ _2\"></span>ENT<span class=\"_ _1\"></span>AL IN<span class=\"_ _2\"></span>FORMA<span class=\"_ _1\"></span>TI<span class=\"_ _2\"></span>ON<span class=\"_ _35c\"> </span>IFRS 8 \u2018O<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g Seg<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts\u2019 requ<span class=\"_ _2\"></span>ires o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng se<span class=\"_ _2\"></span>gm<span class=\"_ _2\"></span>ents to be i<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>ntifi<span class=\"_ _2\"></span>ed on th<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>sis of in<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l repo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>s abo<span class=\"_ _2\"></span>ut co<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>nts of the Gro<span class=\"_ _2\"></span>up tha<span class=\"_ _2\"></span>t are reg<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>rly revi<span class=\"_ _2\"></span>ewed by the C<span class=\"_ _2\"></span>hief E<span class=\"_ _2\"></span>xec<span class=\"_ _2\"></span>utive an<span class=\"_ _2\"></span>d the B<span class=\"_ _2\"></span>oard, to a<span class=\"_ _2\"></span>llo<span class=\"_ _2\"></span>cate reso<span class=\"_ _2\"></span>urces to th<span class=\"_ _2\"></span>e seg<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts and to a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>s thei<span class=\"_ _2\"></span>r pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>. The G<span class=\"_ _2\"></span>roup\u2019s ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ng str<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ure com<span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>ree op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nts: Ge<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>s PIC, Ge<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>s ABS an<span class=\"_ _2\"></span>d Ge<span class=\"_ _2\"></span>nus Res<span class=\"_ _2\"></span>earc<span class=\"_ _2\"></span>h and D<span class=\"_ _2\"></span>evel<span class=\"_ _2\"></span>opm<span class=\"_ _2\"></span>ent. T<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e segm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s are the b<span class=\"_ _2\"></span>asis o<span class=\"_ _2\"></span>n whi<span class=\"_ _2\"></span>ch the G<span class=\"_ _2\"></span>roup re<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>rts i<span class=\"_ _2\"></span>ts seg<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>tal info<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>al ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties of ea<span class=\"_ _2\"></span>ch se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt are a<span class=\"_ _2\"></span>s foll<span class=\"_ _2\"></span>ows:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Gen<span class=\"_ _2\"></span>us PIC \u2013 o<span class=\"_ _2\"></span>ur gl<span class=\"_ _2\"></span>oba<span class=\"_ _2\"></span>l po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e sale<span class=\"_ _2\"></span>s bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Gen<span class=\"_ _2\"></span>us ABS \u2013 o<span class=\"_ _2\"></span>ur g<span class=\"_ _2\"></span>lob<span class=\"_ _2\"></span>al bov<span class=\"_ _2\"></span>ine s<span class=\"_ _2\"></span>ale<span class=\"_ _2\"></span>s busi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ss; and<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">Genus<span class=\"_ _8\"></span> Resear<span class=\"_ _1\"></span>ch and Dev<span class=\"_ _8\"></span>elopment \u2013<span class=\"_ _8\"></span> our global<span class=\"_ _8\"></span> spend on<span class=\"_ _8\"></span> res<span class=\"_ _8\"></span>earch<span class=\"_ _1\"></span> and development<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span></span>A se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>ntal an<span class=\"_ _2\"></span>alys<span class=\"_ _2\"></span>is of reven<span class=\"_ _2\"></span>ue, op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng p<span class=\"_ _2\"></span>rofit, de<span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>ciati<span class=\"_ _2\"></span>on, a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, no<span class=\"_ _2\"></span>n-cur<span class=\"_ _2\"></span>rent as<span class=\"_ _2\"></span>set ad<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>ns, s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s and g<span class=\"_ _2\"></span>eo<span class=\"_ _2\"></span>graph<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l info<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s provid<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>elow. We do not in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude o<span class=\"_ _2\"></span>ur ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>ting i<span class=\"_ _2\"></span>tems i<span class=\"_ _2\"></span>n the se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nts, a<span class=\"_ _2\"></span>s we bel<span class=\"_ _2\"></span>ieve the<span class=\"_ _2\"></span>se do n<span class=\"_ _2\"></span>ot refle<span class=\"_ _2\"></span>ct th<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>erl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce of th<span class=\"_ _2\"></span>e seg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts. Th<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s of the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tabl<span class=\"_ _2\"></span>e seg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts are th<span class=\"_ _2\"></span>e sam<span class=\"_ _2\"></span>e as the Gro<span class=\"_ _2\"></span>up\u2019s acco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g po<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>ies, a<span class=\"_ _2\"></span>s desc<span class=\"_ _2\"></span>rib<span class=\"_ _2\"></span>ed in t<span class=\"_ _2\"></span>he Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l Stateme<span class=\"_ _2\"></span>nts.<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue<span class=\"_ _35c\"> </span>2023<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2022<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _1f5\"> </span><span class=\"ff2 lsa3 ws96\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>5<span class=\"_ _45\"> </span></span><span class=\"ls19 ws6a\">306.6<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _1f6\"> </span><span class=\"ff2 ls25 ws21\">318.<span class=\"_ _2\"></span>8<span class=\"_ _52\"> </span></span><span class=\"ls20 ws11\">272.0<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt Por<span class=\"_ _1\"></span>cine pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _1\"></span>velopment<span class=\"_ _1f7\"> </span><span class=\"ff2 lsd ws5\">18.5<span class=\"_ _73\"> </span></span><span class=\"ls77 ws5c\">12.4<span class=\"_ _35c\"> </span></span>Bovine<span class=\"_ _8\"></span> pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _8\"></span>velopmen<span class=\"_ _8\"></span>t<span class=\"_ _1bb\"> </span><span class=\"ff2 ls3d ws20\">2.8<span class=\"_ _1c\"> </span></span><span class=\"lsb9 wsa9\">1.7<span class=\"_ _35c\"> </span></span>Gene edit<span class=\"_ _1\"></span>ing<span class=\"_ _1f8\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _d4\"> </span></span><span class=\"lsb9 wsa9\">0.7<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er rese<span class=\"_ _2\"></span>arch an<span class=\"_ _2\"></span>d develo<span class=\"_ _2\"></span>pme<span class=\"_ _2\"></span>nt<span class=\"_ _1f9\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>21.<span class=\"_ _2\"></span>4<span class=\"_ _5e\"> </span><span class=\"ff6 ls50 ws10\">14<span class=\"_ _2\"></span>.8<span class=\"_ _35c\"> </span></span>6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _67\"> </span><span class=\"ff6 ls78 ws6b\">593.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>Adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>rating p<span class=\"_ _2\"></span>rofit by s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>s set out b<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ow and re<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ed to the G<span class=\"_ _2\"></span>roup\u2019s adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g profi<span class=\"_ _2\"></span>t. A reco<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ilia<span class=\"_ _2\"></span>tion of adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g profi<span class=\"_ _2\"></span>t to profit f<span class=\"_ _2\"></span>or the ye<span class=\"_ _2\"></span>ar is s<span class=\"_ _2\"></span>hown o<span class=\"_ _2\"></span>n the fa<span class=\"_ _2\"></span>ce of the G<span class=\"_ _2\"></span>roup I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent.<span class=\"_ _35c\"> </span>Adjusted<span class=\"_ _8\"></span> operating profit<span class=\"_ _35c\"> </span>2023<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2022<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _1fa\"> </span><span class=\"ff2 ls31 ws97\">135<span class=\"_ _2\"></span>.0<span class=\"_ _48\"> </span></span><span class=\"ls3a ws1a\">112.3<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _1fb\"> </span><span class=\"ff2 lse wsd\">43.4<span class=\"_ _48\"> </span></span><span class=\"ls75 ws69\">40.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt Por<span class=\"_ _1\"></span>cine pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _1\"></span>velopment<span class=\"_ _114\"> </span><span class=\"ff2 lsa3 ws96\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _67\"> </span></span><span class=\"ls22 ws22\">(2<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Bovine<span class=\"_ _8\"></span> pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _8\"></span>velopmen<span class=\"_ _8\"></span>t<span class=\"_ _1fc\"> </span><span class=\"ff2 ls76 ws5d\">(2<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>6)<span class=\"_ _58\"> </span></span><span class=\"ls77 ws5c\">(22.<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span>Gene edit<span class=\"_ _1\"></span>ing<span class=\"_ _1fd\"> </span><span class=\"ff2 ls57 ws4f\">(14<span class=\"_ _2\"></span>.3)<span class=\"_ _76\"> </span></span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er rese<span class=\"_ _2\"></span>arch an<span class=\"_ _2\"></span>d develo<span class=\"_ _2\"></span>pme<span class=\"_ _2\"></span>nt<span class=\"_ _18c\"> </span><span class=\"ff2 lsbb wsab\">(1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _142\"> </span></span><span class=\"ls20 ws11\">(14<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span>(87<span class=\"_ _1\"></span>.0)<span class=\"_ _79\"> </span><span class=\"ff6 ls8a wsad\">(<span class=\"_ _2\"></span>67<span class=\"_ _1\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Adjusted<span class=\"_ _8\"></span> segment operating<span class=\"_ _8\"></span> profit<span class=\"_ _18c\"> </span><span class=\"ls21 ws5e\">91.4<span class=\"_ _6b\"> </span><span class=\"ff6 lse wsd\">85.7<span class=\"_ _35c\"> </span></span></span>C<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ral<span class=\"_ _1fe\"> </span><span class=\"ff2 ls77 ws5c\">(16.<span class=\"_ _2\"></span>8)<span class=\"_ _26\"> </span></span><span class=\"ls3e ws38\">(1<span class=\"_ _2\"></span>6<span class=\"_ _6\"></span>.9)<span class=\"_ _35c\"> </span></span>Adjusted<span class=\"_ _8\"></span> operating profit<span class=\"_ _194\"> </span><span class=\"ls18 ws18\">74<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6<span class=\"_ _69\"> </span><span class=\"ff6 ls19 ws6a\">68.8<span class=\"_ _35c\"> </span></span></span>Ou<span class=\"_ _2\"></span>r bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss is n<span class=\"_ _2\"></span>ot hig<span class=\"_ _2\"></span>hly s<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l and o<span class=\"_ _2\"></span>ur c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er b<span class=\"_ _2\"></span>ase is d<span class=\"_ _2\"></span>iver<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ied, wi<span class=\"_ _2\"></span>th no in<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>ual c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g mo<span class=\"_ _2\"></span>re than 2% of revenu<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>Exce<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>nal i<span class=\"_ _2\"></span>tems of \u00a33<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>m net exp<span class=\"_ _2\"></span>ense (<span class=\"_ _2\"></span>2022: \u00a32<span class=\"_ _2\"></span>.0m net exp<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>se) rela<span class=\"_ _2\"></span>te t<span class=\"_ _1\"></span>o G<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>us AB<span class=\"_ _2\"></span>S (\u00a32.7m net exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e) (2022: \u00a34.<span class=\"_ _2\"></span>2m net exp<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>se), Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C (\u00a3n<span class=\"_ _2\"></span>il ) (2022: \u00a30.6<span class=\"_ _2\"></span>m net exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e) and o<span class=\"_ _2\"></span>ur ce<span class=\"_ _2\"></span>ntral se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt (\u00a30.8m n<span class=\"_ _2\"></span>et expe<span class=\"_ _2\"></span>nse) (2022<span class=\"_ _2\"></span>: \u00a32.<span class=\"_ _2\"></span>8m n<span class=\"_ _2\"></span>et cred<span class=\"_ _2\"></span>it). Note 7 provid<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>etails of the<span class=\"_ _2\"></span>se excepti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l items<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>We cons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>r sh<span class=\"_ _2\"></span>are-bas<span class=\"_ _2\"></span>ed pa<span class=\"_ _2\"></span>ym<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>es on a G<span class=\"_ _2\"></span>roup-wid<span class=\"_ _2\"></span>e bas<span class=\"_ _2\"></span>is an<span class=\"_ _2\"></span>d do not a<span class=\"_ _2\"></span>llo<span class=\"_ _2\"></span>cate the<span class=\"_ _2\"></span>m to repo<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>ble se<span class=\"_ _2\"></span>gm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Other segment information<span class=\"_ _35c\"> </span>Depreciation<span class=\"_ _af\"> </span><span class=\"ls6c ws61\">Amor<span class=\"_ _2\"></span>tisation<span class=\"_ _35c\"> </span></span>Additions<span class=\"_ _8\"></span> to<span class=\"_ _8\"></span> non-current<span class=\"_ _1\"></span> assets (<span class=\"_ _1\"></span>excluding de<span class=\"_ _8\"></span>ferred taxation<span class=\"_ _1\"></span> and financial instruments)<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m 2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m 2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _1ff\"> </span><span class=\"ff2 ls31 ws97\">5.0<span class=\"_ _6c\"> </span></span><span class=\"ls3d ws20\">4.5<span class=\"_ _8b\"> </span><span class=\"ff2 lsd ws5\">6.8<span class=\"_ _d7\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _6\"></span>4<span class=\"_ _11f\"> </span><span class=\"ff2 lsd ws5\">6.8<span class=\"_ _79\"> </span></span><span class=\"lse wsd\">45.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _200\"> </span><span class=\"ff2 ls31 ws97\">16.0<span class=\"_ _73\"> </span></span><span class=\"ls50 ws10\">14.<span class=\"_ _2\"></span>3<span class=\"_ _71\"> </span><span class=\"ff2 ls53 ws19\">4.4<span class=\"_ _6c\"> </span></span><span class=\"ls43 ws68\">3.4<span class=\"_ _6b\"> </span><span class=\"ff2 ls3d ws20\">21.8<span class=\"_ _69\"> </span></span><span class=\"ls31 ws97\">25.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt<span class=\"_ _35c\"> </span>Re<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rch<span class=\"_ _201\"> </span><span class=\"ff2 ls3d ws20\">1.3<span class=\"_ _d7\"> </span></span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _4a\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span><span class=\"ff6\">\u2013<span class=\"_ _d4\"> </span></span><span class=\"ls19 ws6a\">1.6<span class=\"_ _6c\"> </span></span></span><span class=\"ls43 ws68\">3.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Por<span class=\"_ _1\"></span>cine pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _1\"></span>velopment<span class=\"_ _202\"> </span><span class=\"ff2 lsa wsa\">4.5<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _d7\"> </span></span><span class=\"ls3d ws20\">1.2<span class=\"_ _49\"> </span></span></span><span class=\"lsd ws5\">1.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Bovine<span class=\"_ _8\"></span> pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _8\"></span>velopmen<span class=\"_ _8\"></span>t<span class=\"_ _1ae\"> </span><span class=\"ff2 ls77 ws5c\">1.7<span class=\"_ _11f\"> </span></span><span class=\"ls20 ws11\">2<span class=\"_ _2\"></span>.0<span class=\"_ _71\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span><span class=\"ff2 lsb8 wsa8\">4<span class=\"_ _2\"></span>.9<span class=\"_ _d7\"> </span></span><span class=\"lsb9 wsa9\">2<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _d4\"> </span><span class=\"ff6 lse wsd\">5.<span class=\"_ _2\"></span>2<span class=\"_ _6f\"> </span></span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _11f\"> </span><span class=\"ff6 ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _d7\"> </span></span></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _49\"> </span><span class=\"ff6 lsba wsaa\">7.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span>Segment t<span class=\"_ _8\"></span>otal<span class=\"_ _203\"> </span><span class=\"ls19 ws6a\">28.5<span class=\"_ _79\"> </span><span class=\"ff6 ls29 ws28\">24.0<span class=\"_ _6e\"> </span></span><span class=\"lsc wsc\">11<span class=\"_ _2\"></span>.6<span class=\"_ _71\"> </span><span class=\"ff6 ls20 ws11\">11<span class=\"_ _2\"></span>.0<span class=\"_ _48\"> </span></span><span class=\"lse wsd\">36.3<span class=\"_ _6e\"> </span><span class=\"ff6 lsba wsaa\">7<span class=\"_ _6\"></span>7.9<span class=\"_ _35c\"> </span></span></span></span></span>C<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ral<span class=\"_ _204\"> </span><span class=\"ff2 ls77 ws5c\">1.7<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>4<span class=\"_ _192\"> </span><span class=\"ff2 ls3d ws20\">1.8<span class=\"_ _5c\"> </span></span><span class=\"ls19 ws6a\">1.6<span class=\"_ _11f\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>0<span class=\"_ _d4\"> </span></span><span class=\"lse wsd\">5.8<span class=\"_ _35c\"> </span></span></span></span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _ff\"> </span><span class=\"ls77 ws5c\">3<span class=\"_ _2\"></span>0.2<span class=\"_ _6b\"> </span><span class=\"ff6 lsb1 wsac\">26.4<span class=\"_ _5b\"> </span></span><span class=\"ls3a ws1a\">13.4<span class=\"_ _6e\"> </span></span><span class=\"ff6\">12.<span class=\"_ _2\"></span>6<span class=\"_ _6a\"> </span></span><span class=\"lse wsd\">4<span class=\"_ _2\"></span>3.3<span class=\"_ _6b\"> </span><span class=\"ff6 lsb9 wsa9\">8<span class=\"_ _2\"></span>3.7<span class=\"_ _35c\"> </span></span></span></span>Segment ass<span class=\"_ _8\"></span>ets<span class=\"_ _c2\"> </span><span class=\"lsa0 ws93\">Segment<span class=\"_ _1\"></span> liabilities<span class=\"_ _35c\"> </span></span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m 2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _205\"> </span><span class=\"ff2 ls13 ws13\">265.4<span class=\"_ _4d\"> </span></span><span class=\"ls6 ws6\">305.4<span class=\"_ _ca\"> </span><span class=\"ff2 lsaf wsb8\">(6<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>0)<span class=\"_ _58\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>73<span class=\"_ _2\"></span>.4)<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _205\"> </span><span class=\"ff2 ls77 ws5c\">281<span class=\"_ _2\"></span>.7<span class=\"_ _c4\"> </span></span><span class=\"lsd1 ws74\">2<span class=\"_ _2\"></span>61.<span class=\"_ _2\"></span>4<span class=\"_ _45\"> </span><span class=\"ff2 ls77 ws5c\">(7<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>5)<span class=\"_ _142\"> </span></span><span class=\"ls3e ws38\">(7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt<span class=\"_ _35c\"> </span>Re<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rch<span class=\"_ _206\"> </span><span class=\"ff2 lsc wsc\">11.<span class=\"_ _2\"></span>4<span class=\"_ _6e\"> </span></span><span class=\"lsb9 wsa9\">14<span class=\"_ _2\"></span>.7<span class=\"_ _6a\"> </span><span class=\"ff2 ls29 ws28\">(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5)<span class=\"_ _69\"> </span></span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span></span>Por<span class=\"_ _1\"></span>cine pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _1\"></span>velopment<span class=\"_ _164\"> </span><span class=\"ff2 lsa3 ws96\">2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9.1<span class=\"_ _67\"> </span></span><span class=\"ls79 ws6c\">275.0<span class=\"_ _4f\"> </span><span class=\"ff2 ls57 ws4f\">(<span class=\"_ _2\"></span>55.<span class=\"_ _2\"></span>3)<span class=\"_ _c4\"> </span></span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>5<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _6\"></span>)<span class=\"_ _35c\"> </span></span></span>Bovine<span class=\"_ _8\"></span> pr<span class=\"_ _8\"></span>oduct de<span class=\"_ _8\"></span>velopmen<span class=\"_ _8\"></span>t<span class=\"_ _207\"> </span><span class=\"ff2 ls31 ws97\">125<span class=\"_ _2\"></span>.0<span class=\"_ _79\"> </span></span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _142\"> </span><span class=\"ff2 lsa3 ws96\">(1<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _26\"> </span></span><span class=\"lsb9 wsa9\">(<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></span>405.5<span class=\"_ _45\"> </span><span class=\"ff6 lsc1 wsb1\">4<span class=\"_ _6\"></span>0<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>3<span class=\"_ _52\"> </span></span><span class=\"lsa3 ws96\">(<span class=\"_ _2\"></span>7<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _67\"> </span><span class=\"ff6 ls76 ws5d\">(<span class=\"_ _2\"></span>78.<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span></span>Segment t<span class=\"_ _8\"></span>otal<span class=\"_ _14b\"> </span><span class=\"ls55 ws3f\">95<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>6<span class=\"_ _26\"> </span><span class=\"ff6 lsfc wsec\">9<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>.1<span class=\"_ _c8\"> </span></span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _19f\"> </span><span class=\"ff6 ls8a wsad\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span></span>Ce<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>al <span class=\"_ _1da\"> </span><span class=\"ff2 lsb8 wsa8\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.9<span class=\"_ _6e\"> </span></span><span class=\"lsd8 wsbd\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _86\"> </span><span class=\"ff2 ls21 ws5e\">(222.<span class=\"_ _2\"></span>4<span class=\"_ _8\"></span>)<span class=\"_ _c8\"> </span><span class=\"ff6 lsb9 wsa9\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>4.7<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _208\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _6\"></span>07.<span class=\"_ _6\"></span>5<span class=\"_ _14d\"> </span><span class=\"ff6 lsba wsaa\">1<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.9<span class=\"_ _8a\"> </span></span><span class=\"ls26 ws25\">(44<span class=\"_ _8\"></span>0.3<span class=\"_ _1\"></span>)<span class=\"_ _59\"> </span><span class=\"ff6 ls16 ws16\">(4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span></span></span>Geographical information<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s reve<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e by geo<span class=\"_ _2\"></span>grap<span class=\"_ _2\"></span>hica<span class=\"_ _2\"></span>l seg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt is an<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>sed b<span class=\"_ _2\"></span>elow. Thi<span class=\"_ _2\"></span>s ana<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s is stated o<span class=\"_ _2\"></span>n the b<span class=\"_ _2\"></span>asis o<span class=\"_ _2\"></span>f whe<span class=\"_ _2\"></span>re the cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>r is lo<span class=\"_ _2\"></span>cate<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>Reven<span class=\"_ _2\"></span>ue 2023<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2022<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>North America<span class=\"_ _1e1\"> </span><span class=\"ff2 ls19 ws6a\">288.5<span class=\"_ _19f\"> </span></span><span class=\"ls3 ws3\">238.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Latin<span class=\"_ _8\"></span> America<span class=\"_ _209\"> </span><span class=\"ff2 ls19 ws6a\">105.6<span class=\"_ _69\"> </span></span><span class=\"ls9d ws92\">94<span class=\"_ _2\"></span>.6<span class=\"_ _35c\"> </span></span>UK<span class=\"_ _20a\"> </span><span class=\"ff2 lsc4 wsa7\">9<span class=\"_ _2\"></span>3.1<span class=\"_ _5b\"> </span></span><span class=\"lsb9 wsa9\">8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Res<span class=\"_ _2\"></span>t of Europe, Mi<span class=\"_ _2\"></span>ddl<span class=\"_ _2\"></span>e East, Ru<span class=\"_ _2\"></span>ssia a<span class=\"_ _2\"></span>nd Af<span class=\"_ _2\"></span>rica<span class=\"_ _20b\"> </span><span class=\"ff2 ls19 ws6a\">109<span class=\"_ _1\"></span>.6<span class=\"_ _79\"> </span><span class=\"ff6 lsd ws5\">88.3<span class=\"_ _35c\"> </span></span></span>Asia<span class=\"_ _20c\"> </span><span class=\"ff2 lsb8 wsa8\">9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9<span class=\"_ _69\"> </span></span><span class=\"ls43 ws68\">83.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal reve<span class=\"_ _2\"></span>nue<span class=\"_ _20d\"> </span><span class=\"lsa3 ws96\">6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _67\"> </span><span class=\"ff6 ls78 ws6b\">593.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>Non-current<span class=\"_ _1\"></span> assets (<span class=\"_ _8\"></span>ex<span class=\"_ _1\"></span>cluding deferred<span class=\"_ _8\"></span> tax<span class=\"_ _8\"></span>ation<span class=\"_ _8\"></span> and financial<span class=\"_ _1\"></span> instruments)<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s n<span class=\"_ _2\"></span>on-c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nt asset<span class=\"_ _2\"></span>s by geo<span class=\"_ _2\"></span>grap<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>al se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt are an<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>sed b<span class=\"_ _2\"></span>elow a<span class=\"_ _2\"></span>nd a<span class=\"_ _2\"></span>re stated on th<span class=\"_ _2\"></span>e bas<span class=\"_ _2\"></span>is of wh<span class=\"_ _2\"></span>ere the a<span class=\"_ _2\"></span>ssets are<span class=\"_ _1\"></span> located.<span class=\"_ _35c\"> </span>2023 \u00a3m 202<span class=\"_ _2\"></span>2 \u00a3m North America<span class=\"_ _20e\"> </span><span class=\"ff2 ls19 ws6a\">508.6<span class=\"_ _67\"> </span></span><span class=\"lsc1 wsb1\">5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6<span class=\"_ _35c\"> </span></span>Latin<span class=\"_ _8\"></span> America<span class=\"_ _20f\"> </span><span class=\"ff2 lsa3 ws96\">6<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _5e\"> </span></span><span class=\"lsb9 wsa9\">5<span class=\"_ _2\"></span>6.7<span class=\"_ _35c\"> </span></span>UK<span class=\"_ _20a\"> </span><span class=\"ff2 lsa wsa\">71.5<span class=\"_ _6b\"> </span></span><span class=\"lsc1 wsb1\">6<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>8<span class=\"_ _35c\"> </span></span>Res<span class=\"_ _2\"></span>t of Europe, Mi<span class=\"_ _2\"></span>ddl<span class=\"_ _2\"></span>e East, Ru<span class=\"_ _2\"></span>ssia a<span class=\"_ _2\"></span>nd Af<span class=\"_ _2\"></span>rica<span class=\"_ _126\"> </span><span class=\"ff2 lse wsd\">43.8<span class=\"_ _6b\"> </span></span><span class=\"lsb9 wsa9\">4<span class=\"_ _2\"></span>5.7<span class=\"_ _35c\"> </span></span>Asia<span class=\"_ _20c\"> </span><span class=\"ff2 ls21 ws5e\">33.6<span class=\"_ _48\"> </span></span><span class=\"ls19 ws6a\">4<span class=\"_ _2\"></span>6.3<span class=\"_ _35c\"> </span></span>Non-current<span class=\"_ _1\"></span> assets (<span class=\"_ _8\"></span>ex<span class=\"_ _1\"></span>cluding deferred<span class=\"_ _8\"></span> tax<span class=\"_ _8\"></span>ation<span class=\"_ _8\"></span> and financial<span class=\"_ _1\"></span> instruments)<span class=\"_ _13c\"> </span><span class=\"lsbb wsab\">7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _26\"> </span><span class=\"ff6 ls8b ws81\">74<span class=\"_ _2\"></span>8<span class=\"_ _6\"></span>.1<span class=\"_ _35c\"> </span></span></span>6.<span class=\"_ _1\"></span> REVENUE<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _1\"></span> policy<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>es reven<span class=\"_ _2\"></span>ue fro<span class=\"_ _2\"></span>m the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng so<span class=\"_ _2\"></span>urce<span class=\"_ _2\"></span>s:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>sale of b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d porc<span class=\"_ _2\"></span>ine se<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>n, po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls, e<span class=\"_ _2\"></span>mbr<span class=\"_ _2\"></span>yos a<span class=\"_ _2\"></span>nd an<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>lla<span class=\"_ _2\"></span>ry p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>cts;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls75 ws69\">royal<span class=\"_ _2\"></span>tie<span class=\"_ _2\"></span>s;<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls9 ws9\">consul<span class=\"_ _8\"></span>ting<span class=\"_ _8\"></span>; </span>\u2022 <span class=\"_ _13\"> </span>t<span class=\"_ _8\"></span>ec<span class=\"_ _2\"></span>hni<span class=\"_ _2\"></span>cal s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d adv<span class=\"_ _2\"></span>ice reve<span class=\"_ _2\"></span>nue<span class=\"_ _2\"></span>s; \u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">inst<span class=\"_ _1\"></span>allation and<span class=\"_ _1\"></span> maintenance o<span class=\"_ _1\"></span>f IntelliGen<span class=\"_ _1\"></span> technology;<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls9 ws9\">licensing<span class=\"_ _1\"></span> of Int<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>lliGen t<span class=\"_ _1\"></span>echnol<span class=\"_ _2\"></span>ogy;<span class=\"_ _1\"></span> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">slaugh<span class=\"_ _8\"></span>ter<span class=\"_ _1\"></span> anim<span class=\"_ _2\"></span>al<span class=\"_ _8\"></span> sales<span class=\"_ _1\"></span>; and<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls5 wsb\">bo<span class=\"_ _1\"></span>vine partnership con<span class=\"_ _1\"></span>tracts.<span class=\"_ _35c\"> </span></span>Reve<span class=\"_ _2\"></span>nue i<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d bas<span class=\"_ _2\"></span>ed on th<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on the G<span class=\"_ _2\"></span>roup ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts to be en<span class=\"_ _2\"></span>title<span class=\"_ _2\"></span>d to unde<span class=\"_ _2\"></span>r a con<span class=\"_ _2\"></span>tract wi<span class=\"_ _2\"></span>th a cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r and exclu<span class=\"_ _2\"></span>des a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts co<span class=\"_ _2\"></span>lle<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d on be<span class=\"_ _2\"></span>hal<span class=\"_ _2\"></span>f of third p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. The G<span class=\"_ _2\"></span>roup re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>s revenu<span class=\"_ _2\"></span>e whe<span class=\"_ _2\"></span>n it tran<span class=\"_ _2\"></span>sfer<span class=\"_ _2\"></span>s contro<span class=\"_ _2\"></span>l of a prod<span class=\"_ _2\"></span>uct o<span class=\"_ _2\"></span>r ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ce to a cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. The sale<span class=\"_ _1\"></span> of bovine and<span class=\"_ _1\"></span> porcine semen, porcine<span class=\"_ _8\"></span> breeding animals,<span class=\"_ _1\"></span> embr<span class=\"_ _2\"></span>yos<span class=\"_ _1\"></span> and ancillar<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span> products<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue f<span class=\"_ _2\"></span>rom the s<span class=\"_ _2\"></span>ale of b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d porc<span class=\"_ _2\"></span>ine s<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>n, po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls, e<span class=\"_ _2\"></span>mbr<span class=\"_ _2\"></span>yos a<span class=\"_ _2\"></span>nd an<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>lla<span class=\"_ _2\"></span>ry p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>cts is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed wh<span class=\"_ _2\"></span>en the co<span class=\"_ _2\"></span>ntrol of the g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>s has tra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rred to th<span class=\"_ _2\"></span>e cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r or di<span class=\"_ _2\"></span>stri<span class=\"_ _2\"></span>butor. This i<span class=\"_ _2\"></span>s eith<span class=\"_ _2\"></span>er wh<span class=\"_ _2\"></span>en we sh<span class=\"_ _2\"></span>ip to cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>ers or o<span class=\"_ _2\"></span>n de<span class=\"_ _2\"></span>live<span class=\"_ _2\"></span>ry, dep<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g on the te<span class=\"_ _2\"></span>rms of sa<span class=\"_ _2\"></span>le. Pay<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>rice i<span class=\"_ _2\"></span>s du<span class=\"_ _2\"></span>e imm<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>iatel<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, or w<span class=\"_ _2\"></span>ithi<span class=\"_ _2\"></span>n a sho<span class=\"_ _2\"></span>rt p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od of tim<span class=\"_ _2\"></span>e, from th<span class=\"_ _2\"></span>e poi<span class=\"_ _2\"></span>nt the c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er o<span class=\"_ _2\"></span>r distribut<span class=\"_ _1\"></span>or contr<span class=\"_ _1\"></span>ols the goods.<span class=\"_ _35c\"> </span>Roya<span class=\"_ _2\"></span>lti<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span>Royalt<span class=\"_ _2\"></span>ies are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d whe<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n is met. We rec<span class=\"_ _2\"></span>eive royal<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents f<span class=\"_ _2\"></span>rom ce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>n porc<span class=\"_ _2\"></span>ine c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on key pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce va<span class=\"_ _2\"></span>ria<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as the n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber o<span class=\"_ _2\"></span>f pigs b<span class=\"_ _2\"></span>orn p<span class=\"_ _2\"></span>er li<span class=\"_ _2\"></span>tter, the nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of li<span class=\"_ _2\"></span>tters b<span class=\"_ _2\"></span>orn p<span class=\"_ _2\"></span>er sow a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e avera<span class=\"_ _2\"></span>ge sl<span class=\"_ _2\"></span>aug<span class=\"_ _2\"></span>hter wei<span class=\"_ _2\"></span>ght of th<span class=\"_ _2\"></span>e ani<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>s bor<span class=\"_ _2\"></span>n. Th<span class=\"_ _2\"></span>is am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t is con<span class=\"_ _2\"></span>fir<span class=\"_ _2\"></span>med d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tly to Ge<span class=\"_ _2\"></span>nus by th<span class=\"_ _2\"></span>e cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. Pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nt of the tra<span class=\"_ _2\"></span>nsa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n pri<span class=\"_ _2\"></span>ce is d<span class=\"_ _2\"></span>ue im<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>diate<span class=\"_ _2\"></span>ly fro<span class=\"_ _2\"></span>m the cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>er<span class=\"_ _1\"></span>, o<span class=\"_ _2\"></span>r with<span class=\"_ _2\"></span>in a sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t per<span class=\"_ _2\"></span>iod of ti<span class=\"_ _2\"></span>me, on<span class=\"_ _2\"></span>ce th<span class=\"_ _2\"></span>e per<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>ce o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n is sa<span class=\"_ _2\"></span>tisf<span class=\"_ _2\"></span>ied<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Consulting<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue f<span class=\"_ _2\"></span>rom co<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s we cha<span class=\"_ _2\"></span>rged fo<span class=\"_ _2\"></span>r ser<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ices we p<span class=\"_ _2\"></span>rovid<span class=\"_ _2\"></span>ed du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _1\"></span>, i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>es. We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>sulti<span class=\"_ _2\"></span>ng se<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s provi<span class=\"_ _2\"></span>ded b<span class=\"_ _2\"></span>ut not yet b<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ed as reve<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e, base<span class=\"_ _2\"></span>d on a fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt of the wor<span class=\"_ _2\"></span>k we have de<span class=\"_ _2\"></span>live<span class=\"_ _2\"></span>red an<span class=\"_ _2\"></span>d ou<span class=\"_ _2\"></span>r contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l rig<span class=\"_ _2\"></span>ht to recei<span class=\"_ _2\"></span>ve pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt. Whe<span class=\"_ _2\"></span>re unb<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ed reven<span class=\"_ _2\"></span>ue i<span class=\"_ _2\"></span>s conti<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>nt on a f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re event, we do n<span class=\"_ _2\"></span>ot reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se any reve<span class=\"_ _2\"></span>nue u<span class=\"_ _2\"></span>ntil th<span class=\"_ _2\"></span>e event o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>echnical services<span class=\"_ _1\"></span> and advice re<span class=\"_ _1\"></span>venues<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue f<span class=\"_ _2\"></span>rom tec<span class=\"_ _2\"></span>hni<span class=\"_ _2\"></span>cal s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d adv<span class=\"_ _2\"></span>ice reven<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>s repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s we cha<span class=\"_ _2\"></span>rged fo<span class=\"_ _2\"></span>r ser<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ices we p<span class=\"_ _2\"></span>rovid<span class=\"_ _2\"></span>ed du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _1\"></span>, in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g recove<span class=\"_ _2\"></span>rabl<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>nses<span class=\"_ _2\"></span>. We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e tech<span class=\"_ _2\"></span>nic<span class=\"_ _2\"></span>al ser<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ices a<span class=\"_ _2\"></span>nd ad<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>e revenu<span class=\"_ _2\"></span>es prov<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>d but n<span class=\"_ _2\"></span>ot yet bil<span class=\"_ _2\"></span>led a<span class=\"_ _2\"></span>s reven<span class=\"_ _2\"></span>ue, bas<span class=\"_ _2\"></span>ed on a fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt of the wo<span class=\"_ _2\"></span>rk we ha<span class=\"_ _2\"></span>ve del<span class=\"_ _2\"></span>ivere<span class=\"_ _2\"></span>d and o<span class=\"_ _2\"></span>ur co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>tual r<span class=\"_ _2\"></span>ight to re<span class=\"_ _2\"></span>ceive p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>. Where u<span class=\"_ _2\"></span>nbi<span class=\"_ _2\"></span>lle<span class=\"_ _2\"></span>d reven<span class=\"_ _2\"></span>ue is co<span class=\"_ _2\"></span>nting<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n a fut<span class=\"_ _2\"></span>ure event, we d<span class=\"_ _2\"></span>o not rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise any reve<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e until th<span class=\"_ _2\"></span>e event o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>rs. T<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>nic<span class=\"_ _2\"></span>al se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices a<span class=\"_ _2\"></span>nd a<span class=\"_ _2\"></span>dvi<span class=\"_ _2\"></span>ce reven<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>re pres<span class=\"_ _2\"></span>ented i<span class=\"_ _2\"></span>n anc<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices i<span class=\"_ _2\"></span>n the tab<span class=\"_ _2\"></span>le on th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowin<span class=\"_ _2\"></span>g pa<span class=\"_ _2\"></span>ge.<span class=\"_ _35c\"> </span>Installat<span class=\"_ _1\"></span>ion and maint<span class=\"_ _8\"></span>enance o<span class=\"_ _8\"></span>f Int<span class=\"_ _1\"></span>elliGen technology<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue f<span class=\"_ _2\"></span>rom the i<span class=\"_ _2\"></span>nsta<span class=\"_ _2\"></span>llat<span class=\"_ _2\"></span>ion of I<span class=\"_ _2\"></span>ntell<span class=\"_ _2\"></span>iGe<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy i<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed by refe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>e to the stag<span class=\"_ _2\"></span>e of com<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>etion of th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>tall<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n and i<span class=\"_ _2\"></span>s ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n mil<span class=\"_ _2\"></span>eston<span class=\"_ _2\"></span>es be<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g met. M<span class=\"_ _2\"></span>ainte<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ce is p<span class=\"_ _2\"></span>rovide<span class=\"_ _2\"></span>d as a di<span class=\"_ _2\"></span>stin<span class=\"_ _2\"></span>ct se<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>vice to c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers a<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed over th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod of th<span class=\"_ _2\"></span>e se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice ag<span class=\"_ _2\"></span>ree<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t. The<span class=\"_ _2\"></span>se reven<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>re prese<span class=\"_ _2\"></span>nted in a<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>lla<span class=\"_ _2\"></span>ry s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es in th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowin<span class=\"_ _2\"></span>g tabl<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>Licensing<span class=\"_ _1\"></span> of IntelliGen<span class=\"_ _1\"></span> technology<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue f<span class=\"_ _2\"></span>rom the l<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ng of In<span class=\"_ _2\"></span>telli<span class=\"_ _2\"></span>Ge<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed at a p<span class=\"_ _2\"></span>oint i<span class=\"_ _2\"></span>n tim<span class=\"_ _2\"></span>e whe<span class=\"_ _2\"></span>n the li<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>ce is g<span class=\"_ _2\"></span>ranted. I<span class=\"_ _2\"></span>n deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>rice, a<span class=\"_ _2\"></span>ny min<span class=\"_ _2\"></span>imu<span class=\"_ _2\"></span>m royaltie<span class=\"_ _2\"></span>s du<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts are i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e ap<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ned to th<span class=\"_ _2\"></span>e grant of t<span class=\"_ _2\"></span>he li<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>ce, exclu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g any royalt<span class=\"_ _2\"></span>ies th<span class=\"_ _2\"></span>at ari<span class=\"_ _2\"></span>se on u<span class=\"_ _2\"></span>nits p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ced i<span class=\"_ _2\"></span>n excess of th<span class=\"_ _2\"></span>e gua<span class=\"_ _2\"></span>rantee<span class=\"_ _2\"></span>d mi<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>ums<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l royaltie<span class=\"_ _2\"></span>s have b<span class=\"_ _2\"></span>een dete<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>ned to be a u<span class=\"_ _2\"></span>sag<span class=\"_ _2\"></span>e-bas<span class=\"_ _2\"></span>ed royalt<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d are rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>s reven<span class=\"_ _2\"></span>ue at th<span class=\"_ _2\"></span>e poi<span class=\"_ _2\"></span>nt in tim<span class=\"_ _2\"></span>e tha<span class=\"_ _2\"></span>t the un<span class=\"_ _2\"></span>its are p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ced<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se reven<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>re prese<span class=\"_ _2\"></span>nted in a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>illa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces in th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowi<span class=\"_ _2\"></span>ng tabl<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>Slaughter<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> animals<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nue f<span class=\"_ _2\"></span>rom the s<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ughte<span class=\"_ _2\"></span>r of ani<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ls is rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d whe<span class=\"_ _2\"></span>n contro<span class=\"_ _2\"></span>l of the go<span class=\"_ _2\"></span>ods h<span class=\"_ _2\"></span>as tran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rred to the s<span class=\"_ _2\"></span>lau<span class=\"_ _2\"></span>ghter<span class=\"_ _2\"></span>hou<span class=\"_ _2\"></span>se, whi<span class=\"_ _2\"></span>ch is g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>erall<span class=\"_ _2\"></span>y on th<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>live<span class=\"_ _2\"></span>ry of a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>als to th<span class=\"_ _2\"></span>e sla<span class=\"_ _2\"></span>ug<span class=\"_ _2\"></span>hterho<span class=\"_ _2\"></span>use. Pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nt of the tra<span class=\"_ _2\"></span>nsa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n pri<span class=\"_ _2\"></span>ce is du<span class=\"_ _2\"></span>e im<span class=\"_ _2\"></span>med<span class=\"_ _2\"></span>iate<span class=\"_ _2\"></span>ly<span class=\"_ _1\"></span>, o<span class=\"_ _2\"></span>r with<span class=\"_ _2\"></span>in a sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t per<span class=\"_ _2\"></span>iod of ti<span class=\"_ _2\"></span>me, fro<span class=\"_ _2\"></span>m the po<span class=\"_ _2\"></span>int th<span class=\"_ _2\"></span>e sla<span class=\"_ _2\"></span>ughte<span class=\"_ _2\"></span>rho<span class=\"_ _2\"></span>use c<span class=\"_ _2\"></span>ontrol<span class=\"_ _2\"></span>s the go<span class=\"_ _2\"></span>ods<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Bovine partnership c<span class=\"_ _8\"></span>ontracts<span class=\"_ _35c\"> </span>Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rsh<span class=\"_ _2\"></span>ip co<span class=\"_ _2\"></span>ntracts i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e the p<span class=\"_ _2\"></span>rovisi<span class=\"_ _2\"></span>on of mu<span class=\"_ _2\"></span>ltip<span class=\"_ _2\"></span>le bov<span class=\"_ _2\"></span>ine p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>s for a si<span class=\"_ _2\"></span>ngl<span class=\"_ _2\"></span>e pri<span class=\"_ _2\"></span>ce. Th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct pr<span class=\"_ _2\"></span>ice is a<span class=\"_ _2\"></span>llo<span class=\"_ _2\"></span>cated to the i<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>ual p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span>ir stan<span class=\"_ _2\"></span>dal<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>e sel<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g pric<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d revenu<span class=\"_ _2\"></span>e is reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces o<span class=\"_ _2\"></span>nce th<span class=\"_ _2\"></span>e ind<span class=\"_ _2\"></span>ivi<span class=\"_ _2\"></span>dua<span class=\"_ _2\"></span>l pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on ha<span class=\"_ _2\"></span>s be<span class=\"_ _2\"></span>en sati<span class=\"_ _2\"></span>sf<span class=\"_ _2\"></span>ied<span class=\"_ _2\"></span>. Reven<span class=\"_ _2\"></span>ues f<span class=\"_ _2\"></span>rom pa<span class=\"_ _2\"></span>rtn<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>hip c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d in sa<span class=\"_ _2\"></span>le of an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls, se<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>n, em<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>yos an<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>lar<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _1fb\"> </span><span class=\"ff2 ls3a ws1a\">173.<span class=\"_ _2\"></span>5<span class=\"_ _11e\"> </span></span><span class=\"ls43 ws68\">158.4<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _210\"> </span><span class=\"ff2 lsbb wsab\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>8<span class=\"_ _67\"> </span></span><span class=\"ls9b ws90\">262.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt<span class=\"_ _211\"> </span><span class=\"ff2 lsc wsc\">21.<span class=\"_ _2\"></span>4<span class=\"_ _5e\"> </span></span><span class=\"ls50 ws10\">14<span class=\"_ _2\"></span>.8<span class=\"_ _35c\"> </span></span>Sale of<span class=\"_ _1\"></span> animals, semen,<span class=\"_ _8\"></span> embryos<span class=\"_ _8\"></span> and ancillary pr<span class=\"_ _8\"></span>oducts and<span class=\"_ _8\"></span> services<span class=\"_ _9a\"> </span><span class=\"ls77 ws5c\">5<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>.7<span class=\"_ _52\"> </span><span class=\"ff6 lsb9 wsa9\">4<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _1fb\"> </span><span class=\"ff2 lsfb wseb\">176<span class=\"_ _2\"></span>.0<span class=\"_ _142\"> </span></span><span class=\"ls50 ws10\">14<span class=\"_ _2\"></span>8.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _212\"> </span><span class=\"ff2 ls3d ws20\">1.4<span class=\"_ _54\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt<span class=\"_ _213\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Roya<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>ies<span class=\"_ _214\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>4<span class=\"_ _26\"> </span><span class=\"ff6 lsc1 wsb1\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _215\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _216\"> </span><span class=\"ff2 lsa3 ws96\">9.<span class=\"_ _2\"></span>6<span class=\"_ _192\"> </span></span><span class=\"ls1b ws1f\">8.4<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt<span class=\"_ _213\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Consulting services<span class=\"_ _217\"> </span><span class=\"lsa3 ws96\">9.<span class=\"_ _2\"></span>6<span class=\"_ _192\"> </span><span class=\"ff6 ls1b ws1f\">8.4<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal reve<span class=\"_ _2\"></span>nue<span class=\"_ _20d\"> </span><span class=\"lsa3 ws96\">6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _67\"> </span><span class=\"ff6 ls78 ws6b\">593.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>Reven<span class=\"_ _2\"></span>ue f<span class=\"_ _2\"></span>rom co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>ts wi<span class=\"_ _2\"></span>th cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s reve<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e is an<span class=\"_ _2\"></span>alys<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>low by the t<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>ng at wh<span class=\"_ _2\"></span>ich i<span class=\"_ _2\"></span>t is reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _1f5\"> </span><span class=\"ff2 ls77 ws5c\">34<span class=\"_ _2\"></span>3.7<span class=\"_ _45\"> </span></span><span class=\"ls9b ws90\">303.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _218\"> </span><span class=\"ff2 ls31 ws97\">293<span class=\"_ _2\"></span>.0<span class=\"_ _142\"> </span></span><span class=\"lsba wsaa\">2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus Re<span class=\"_ _2\"></span>search a<span class=\"_ _2\"></span>nd D<span class=\"_ _2\"></span>evelop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt<span class=\"_ _219\"> </span><span class=\"ff2 lsc wsc\">21.<span class=\"_ _2\"></span>3<span class=\"_ _8b\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d at a po<span class=\"_ _2\"></span>int i<span class=\"_ _2\"></span>n tim<span class=\"_ _2\"></span>e<span class=\"_ _21a\"> </span><span class=\"ls28 ws27\">658.0<span class=\"_ _4f\"> </span><span class=\"ff6 ls3d ws20\">56<span class=\"_ _2\"></span>4.5<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _21b\"> </span><span class=\"ff2 lsd ws5\">5.8<span class=\"_ _11f\"> </span></span><span class=\"ls43 ws68\">3.4<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _21c\"> </span><span class=\"ff2 lse wsd\">25.8<span class=\"_ _79\"> </span></span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span>Genus Resear<span class=\"_ _1\"></span>ch and Dev<span class=\"_ _1\"></span>elop<span class=\"_ _2\"></span>ment<span class=\"_ _1c5\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _d4\"> </span><span class=\"ff6 lsb9 wsa9\">0.7<span class=\"_ _35c\"> </span></span></span>Recognised<span class=\"_ _1\"></span> over<span class=\"_ _8\"></span> time<span class=\"_ _1c0\"> </span><span class=\"ls77 ws5c\">31.7<span class=\"_ _5b\"> </span><span class=\"ff6 ls3e ws38\">2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal reve<span class=\"_ _2\"></span>nue<span class=\"_ _20d\"> </span><span class=\"lsa3 ws96\">6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _67\"> </span><span class=\"ff6 ls78 ws6b\">593.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>An a<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ysis of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d contra<span class=\"_ _2\"></span>ct li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s is provi<span class=\"_ _2\"></span>ded i<span class=\"_ _2\"></span>n note 24.<span class=\"_ _35c\"> </span>7<span class=\"_ _1\"></span>. EXCEPTIO<span class=\"_ _2\"></span>NAL ITEMS<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _1\"></span> policy<span class=\"_ _35c\"> </span>We prese<span class=\"_ _2\"></span>nt excepti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l items s<span class=\"_ _2\"></span>epa<span class=\"_ _2\"></span>rately, as we be<span class=\"_ _2\"></span>lieve it h<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ps to imp<span class=\"_ _2\"></span>rove the un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g of the G<span class=\"_ _2\"></span>roup\u2019s und<span class=\"_ _2\"></span>erl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce. In d<span class=\"_ _2\"></span>etermi<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ng wh<span class=\"_ _2\"></span>ether a<span class=\"_ _2\"></span>n item s<span class=\"_ _2\"></span>hou<span class=\"_ _2\"></span>ld be p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nted as exce<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>al, we co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>der i<span class=\"_ _2\"></span>tems wh<span class=\"_ _2\"></span>ich a<span class=\"_ _2\"></span>re mater<span class=\"_ _2\"></span>ial e<span class=\"_ _2\"></span>ithe<span class=\"_ _2\"></span>r bec<span class=\"_ _2\"></span>aus<span class=\"_ _2\"></span>e of the<span class=\"_ _2\"></span>ir size or th<span class=\"_ _2\"></span>eir n<span class=\"_ _2\"></span>atu<span class=\"_ _2\"></span>re, and th<span class=\"_ _2\"></span>ose wh<span class=\"_ _2\"></span>ich a<span class=\"_ _2\"></span>re non-re<span class=\"_ _2\"></span>curr<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>. For a<span class=\"_ _2\"></span>n item to be co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dere<span class=\"_ _2\"></span>d as excepti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al, it m<span class=\"_ _2\"></span>ust i<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>ally m<span class=\"_ _2\"></span>eet a<span class=\"_ _2\"></span>t lea<span class=\"_ _2\"></span>st on<span class=\"_ _2\"></span>e of the fo<span class=\"_ _2\"></span>llow<span class=\"_ _2\"></span>ing c<span class=\"_ _2\"></span>riter<span class=\"_ _2\"></span>ia:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>it is a on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f mate<span class=\"_ _2\"></span>rial i<span class=\"_ _2\"></span>tem;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>it has b<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>n dire<span class=\"_ _2\"></span>ctly i<span class=\"_ _2\"></span>ncu<span class=\"_ _2\"></span>rred a<span class=\"_ _2\"></span>s the res<span class=\"_ _2\"></span>ult of ei<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r an acq<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n, inte<span class=\"_ _2\"></span>gratio<span class=\"_ _2\"></span>n or othe<span class=\"_ _2\"></span>r maj<span class=\"_ _2\"></span>or res<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>turi<span class=\"_ _2\"></span>ng p<span class=\"_ _2\"></span>rogram<span class=\"_ _2\"></span>me; \u2022 <span class=\"_ _13\"> </span>it has b<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>n previo<span class=\"_ _2\"></span>usl<span class=\"_ _2\"></span>y cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as an exce<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>al ite<span class=\"_ _2\"></span>m, an<span class=\"_ _2\"></span>d as su<span class=\"_ _2\"></span>ch co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>tent ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g treatm<span class=\"_ _2\"></span>ent is b<span class=\"_ _2\"></span>ein<span class=\"_ _2\"></span>g ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ed; or<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>it is un<span class=\"_ _2\"></span>usu<span class=\"_ _2\"></span>al in n<span class=\"_ _2\"></span>ature, e.g<span class=\"_ _2\"></span>. outs<span class=\"_ _2\"></span>ide th<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>l cou<span class=\"_ _2\"></span>rse of bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>If an i<span class=\"_ _2\"></span>tem me<span class=\"_ _2\"></span>ets at le<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>t one of th<span class=\"_ _2\"></span>e cri<span class=\"_ _2\"></span>teria, we th<span class=\"_ _2\"></span>en exerc<span class=\"_ _2\"></span>ise j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt as to wh<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r the item s<span class=\"_ _2\"></span>ho<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as excepti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l. For th<span class=\"_ _2\"></span>e tax an<span class=\"_ _2\"></span>d cas<span class=\"_ _2\"></span>h imp<span class=\"_ _2\"></span>act of exce<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>nal ite<span class=\"_ _2\"></span>ms se<span class=\"_ _2\"></span>e notes 11 a<span class=\"_ _2\"></span>nd 32, resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tivel<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Operating (<span class=\"_ _1\"></span>expense<span class=\"_ _1\"></span>)<span class=\"_ _8\"></span>/<span class=\"_ _17\"></span>credit<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>2022 \u00a3m<span class=\"_ _35c\"> </span>Litig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n<span class=\"_ _216\"> </span><span class=\"ff2 ls29 ws28\">(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5)<span class=\"_ _6e\"> </span></span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>.4)<span class=\"_ _35c\"> </span></span>Acq<span class=\"_ _2\"></span>uisi<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d integrati<span class=\"_ _2\"></span>on<span class=\"_ _21d\"> </span><span class=\"ff2 ls77 ws5c\">(0.4)<span class=\"_ _69\"> </span></span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>Pension<span class=\"_ _1\"></span> relat<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _147\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _79\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Legacy<span class=\"_ _8\"></span> legal claim<span class=\"_ _21e\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _6c\"> </span></span><span class=\"ls43 ws68\">3.3<span class=\"_ _35c\"> </span></span>ABS pr<span class=\"_ _1\"></span>oduction r<span class=\"_ _1\"></span>estructur<span class=\"_ _8\"></span>ing<span class=\"_ _137\"> </span><span class=\"ff2 ls77 ws5c\">1<span class=\"_ _2\"></span>.7<span class=\"_ _6b\"> </span><span class=\"ff6\">(2.8)<span class=\"_ _35c\"> </span></span></span>Oth<span class=\"_ _2\"></span>er<span class=\"_ _21f\"> </span><span class=\"ff2 ls77 ws5c\">(0.3)<span class=\"_ _69\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Net e<span class=\"_ _1\"></span>xceptional<span class=\"_ _8\"></span> items<span class=\"_ _197\"> </span><span class=\"ls20 ws11\">(3.<span class=\"_ _2\"></span>5)<span class=\"_ _69\"> </span><span class=\"ff6\">(2.0)<span class=\"_ _35c\"> </span></span></span>Litigation<span class=\"_ _35c\"> </span>Liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des l<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>al fee<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d relate<span class=\"_ _2\"></span>d cost<span class=\"_ _2\"></span>s of \u00a34.5<span class=\"_ _2\"></span>m (2022: \u00a31<span class=\"_ _2\"></span>.4m) re<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>d to the ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s betwe<span class=\"_ _2\"></span>en AB<span class=\"_ _2\"></span>S Glo<span class=\"_ _2\"></span>ba<span class=\"_ _2\"></span>l, Inc<span class=\"_ _2\"></span>. and c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain af<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>tes (\u2018<span class=\"_ _1\"></span>ABS<span class=\"_ _2\"></span>\u2019) and In<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>ran, LLC and c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain af<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ates (als<span class=\"_ _2\"></span>o known a<span class=\"_ _2\"></span>s ST<span class=\"_ _1\"></span>ge<span class=\"_ _2\"></span>neti<span class=\"_ _2\"></span>cs (\u2018ST\u2019)). The n<span class=\"_ _2\"></span>et expe<span class=\"_ _2\"></span>nse co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rises \u00a3<span class=\"_ _2\"></span>5.4<span class=\"_ _2\"></span>m of le<span class=\"_ _2\"></span>gal c<span class=\"_ _2\"></span>osts an<span class=\"_ _2\"></span>d a \u00a30.<span class=\"_ _1\"></span>9m set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t cred<span class=\"_ _2\"></span>it (see b<span class=\"_ _2\"></span>elow fo<span class=\"_ _2\"></span>r fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er d<span class=\"_ _2\"></span>etails).<span class=\"_ _35c\"> </span>Material liti<span class=\"_ _8\"></span>gation activities<span class=\"_ _8\"></span> to 3<span class=\"_ _8\"></span>1 August<span class=\"_ _8\"></span> 2023<span class=\"_ _35c\"> </span>In J<span class=\"_ _2\"></span>uly 2014<span class=\"_ _2\"></span>, ABS l<span class=\"_ _2\"></span>aun<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>d a le<span class=\"_ _2\"></span>gal a<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st ST in th<span class=\"_ _2\"></span>e US Di<span class=\"_ _2\"></span>stric<span class=\"_ _2\"></span>t Co<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>t for the Wes<span class=\"_ _2\"></span>tern D<span class=\"_ _2\"></span>istri<span class=\"_ _2\"></span>ct of Wi<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>nsin a<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>ted anti-trus<span class=\"_ _2\"></span>t pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>gs, wh<span class=\"_ _2\"></span>ich u<span class=\"_ _2\"></span>ltim<span class=\"_ _2\"></span>ately e<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>d the l<span class=\"_ _2\"></span>aun<span class=\"_ _2\"></span>ch of AB<span class=\"_ _2\"></span>S\u2019s Intell<span class=\"_ _2\"></span>iGe<span class=\"_ _2\"></span>n sexi<span class=\"_ _2\"></span>ng tec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y in th<span class=\"_ _2\"></span>e US ma<span class=\"_ _2\"></span>rket (<span class=\"_ _8\"></span>\u2018<span class=\"_ _1\"></span>AB<span class=\"_ _2\"></span>S I\u2019). In Ju<span class=\"_ _2\"></span>ne 2017<span class=\"_ _1\"></span>, ST f<span class=\"_ _2\"></span>ile<span class=\"_ _2\"></span>d pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>gs ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st AB<span class=\"_ _2\"></span>S in the s<span class=\"_ _2\"></span>ame D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t, wh<span class=\"_ _2\"></span>ere ST al<span class=\"_ _2\"></span>leg<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at ABS i<span class=\"_ _2\"></span>nfri<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ed seve<span class=\"_ _2\"></span>n patent<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>rted t<span class=\"_ _2\"></span>rade se<span class=\"_ _2\"></span>cret an<span class=\"_ _2\"></span>d bre<span class=\"_ _2\"></span>ach of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t cla<span class=\"_ _2\"></span>ims (\u2018<span class=\"_ _8\"></span>ABS I<span class=\"_ _2\"></span>I\u2019). The A<span class=\"_ _2\"></span>BS I an<span class=\"_ _2\"></span>d ABS II p<span class=\"_ _2\"></span>roce<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>s in the p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ods b<span class=\"_ _2\"></span>efore th<span class=\"_ _2\"></span>e year e<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>d 30 J<span class=\"_ _2\"></span>une 2021 a<span class=\"_ _2\"></span>re more f<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ly de<span class=\"_ _2\"></span>scri<span class=\"_ _2\"></span>bed i<span class=\"_ _2\"></span>n the N<span class=\"_ _2\"></span>otes to the Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous A<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>ual Re<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>rts<span class=\"_ _2\"></span>. On 2<span class=\"_ _2\"></span>9 Jan<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>ry 2020, ST fi<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>d a new US co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>nt aga<span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>t ABS (\u2018<span class=\"_ _8\"></span>ABS I<span class=\"_ _2\"></span>II\u2019). ABS h<span class=\"_ _2\"></span>as pre<span class=\"_ _2\"></span>pare<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d fil<span class=\"_ _2\"></span>ed a res<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>se to the AB<span class=\"_ _2\"></span>S III c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>nt, in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g a moti<span class=\"_ _2\"></span>on to dis<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>s, on th<span class=\"_ _2\"></span>e bas<span class=\"_ _2\"></span>is tha<span class=\"_ _2\"></span>t all th<span class=\"_ _2\"></span>ese is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>s were fu<span class=\"_ _2\"></span>lly re<span class=\"_ _2\"></span>solve<span class=\"_ _2\"></span>d in ei<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r the AB<span class=\"_ _2\"></span>S I or ABS I<span class=\"_ _2\"></span>I liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. On 1<span class=\"_ _2\"></span>0 Marc<span class=\"_ _2\"></span>h 2020, the Un<span class=\"_ _2\"></span>ited States Patent a<span class=\"_ _2\"></span>nd T<span class=\"_ _8\"></span>rade<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>rk Of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice (\u2018U<span class=\"_ _2\"></span>SPTO\u2019) issu<span class=\"_ _2\"></span>ed pa<span class=\"_ _2\"></span>tent 10,<span class=\"_ _2\"></span>583,<span class=\"_ _2\"></span>439 (the \u2018<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>439 p<span class=\"_ _2\"></span>atent<span class=\"_ _2\"></span>\u2019), and su<span class=\"_ _2\"></span>bseq<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>ntly ST as<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>ed th<span class=\"_ _2\"></span>e cou<span class=\"_ _2\"></span>rt f<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>ssio<span class=\"_ _2\"></span>n to fil<span class=\"_ _2\"></span>e a sup<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>ntal co<span class=\"_ _2\"></span>mpl<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>t in ABS I<span class=\"_ _2\"></span>II as<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g inf<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e \u2019<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>39 paten<span class=\"_ _2\"></span>t. On 15 A<span class=\"_ _2\"></span>pril 2020, ST f<span class=\"_ _2\"></span>ile<span class=\"_ _2\"></span>d a new co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>nt (\u2018<span class=\"_ _1\"></span>ABS I<span class=\"_ _2\"></span>V\u2019), ass<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e sam<span class=\"_ _2\"></span>e cl<span class=\"_ _2\"></span>aim of i<span class=\"_ _2\"></span>nfri<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt of the \u2019439 pate<span class=\"_ _2\"></span>nt all<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>ed in i<span class=\"_ _2\"></span>ts sup<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>ntal co<span class=\"_ _2\"></span>mpl<span class=\"_ _2\"></span>aint a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>en m<span class=\"_ _2\"></span>oved to con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>date th<span class=\"_ _2\"></span>e ABS IV a<span class=\"_ _2\"></span>nd AB<span class=\"_ _2\"></span>S III l<span class=\"_ _2\"></span>itig<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>. ABS o<span class=\"_ _2\"></span>ppo<span class=\"_ _2\"></span>sed th<span class=\"_ _2\"></span>is ac<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>nd h<span class=\"_ _2\"></span>as fi<span class=\"_ _2\"></span>led a m<span class=\"_ _2\"></span>otio<span class=\"_ _2\"></span>n for su<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y di<span class=\"_ _2\"></span>smis<span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>. On 23 J<span class=\"_ _2\"></span>une 2020, th<span class=\"_ _2\"></span>e USPTO iss<span class=\"_ _2\"></span>ued p<span class=\"_ _2\"></span>atent 1<span class=\"_ _2\"></span>0,689<span class=\"_ _1\"></span>,<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>0 (the \u2018\u201921<span class=\"_ _2\"></span>0 paten<span class=\"_ _2\"></span>t\u2019), an<span class=\"_ _2\"></span>d on 6 Ju<span class=\"_ _2\"></span>ly 2020, ST sou<span class=\"_ _2\"></span>ght a se<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>d sup<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt of ABS I<span class=\"_ _2\"></span>II by ad<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g a cl<span class=\"_ _2\"></span>aim of \u20192<span class=\"_ _2\"></span>10 pa<span class=\"_ _2\"></span>tent inf<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t. ABS o<span class=\"_ _2\"></span>ppos<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>is ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. On 20 Se<span class=\"_ _2\"></span>ptemb<span class=\"_ _2\"></span>er 2022 th<span class=\"_ _2\"></span>e USPTO iss<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>d patent 11,<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>665 (the \u2018<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>66<span class=\"_ _2\"></span>5 pate<span class=\"_ _2\"></span>nt\u2019) a<span class=\"_ _2\"></span>nd ST su<span class=\"_ _2\"></span>bseq<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>ntly so<span class=\"_ _2\"></span>ugh<span class=\"_ _2\"></span>t a third-pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y su<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent of AB<span class=\"_ _2\"></span>S III by a<span class=\"_ _2\"></span>ddi<span class=\"_ _2\"></span>ng a cl<span class=\"_ _2\"></span>aim of i<span class=\"_ _2\"></span>nfr<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e \u2019<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>65 pa<span class=\"_ _2\"></span>tent. AB<span class=\"_ _2\"></span>S has o<span class=\"_ _2\"></span>ppo<span class=\"_ _2\"></span>sed th<span class=\"_ _2\"></span>is ac<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>s well, a<span class=\"_ _2\"></span>nd so<span class=\"_ _2\"></span>ug<span class=\"_ _2\"></span>ht dis<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>sal of a<span class=\"_ _2\"></span>ll inf<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent c<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>ms.<span class=\"_ _35c\"> </span>On 26 O<span class=\"_ _2\"></span>ctob<span class=\"_ _2\"></span>er 2020 an<span class=\"_ _2\"></span>d 10 De<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2020, ABS fi<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>d Inter Par<span class=\"_ _2\"></span>tes Rev<span class=\"_ _2\"></span>iews (\u2018I<span class=\"_ _2\"></span>PR\u2019) ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st the \u2019439 an<span class=\"_ _2\"></span>d \u2019210 p<span class=\"_ _2\"></span>atent<span class=\"_ _2\"></span>s with the U<span class=\"_ _2\"></span>SPTO<span class=\"_ _1\"></span>. O<span class=\"_ _2\"></span>n 4 Ma<span class=\"_ _2\"></span>y 2021, the Pate<span class=\"_ _2\"></span>nt T<span class=\"_ _1\"></span>ri<span class=\"_ _2\"></span>al an<span class=\"_ _2\"></span>d App<span class=\"_ _2\"></span>eal B<span class=\"_ _2\"></span>oa<span class=\"_ _2\"></span>rd (\u2018PT<span class=\"_ _1\"></span>AB\u2019) i<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>uted the \u2019439 pa<span class=\"_ _2\"></span>tent IPR<span class=\"_ _2\"></span>, and th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng was c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>leted o<span class=\"_ _2\"></span>n 2 Feb<span class=\"_ _2\"></span>rua<span class=\"_ _2\"></span>ry 202<span class=\"_ _2\"></span>2. On 7 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2021, PT<span class=\"_ _1\"></span>AB d<span class=\"_ _2\"></span>ecl<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed to ins<span class=\"_ _2\"></span>titute th<span class=\"_ _2\"></span>e \u2019210 p<span class=\"_ _2\"></span>atent I<span class=\"_ _2\"></span>PR and o<span class=\"_ _2\"></span>n 28 Ap<span class=\"_ _2\"></span>ril 2022, PT<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>B iss<span class=\"_ _2\"></span>ued it<span class=\"_ _2\"></span>s dec<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d de<span class=\"_ _2\"></span>cli<span class=\"_ _2\"></span>ned to in<span class=\"_ _2\"></span>valid<span class=\"_ _2\"></span>ate the c<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>ms of th<span class=\"_ _2\"></span>e \u2019<span class=\"_ _1\"></span>439 p<span class=\"_ _2\"></span>atent. A<span class=\"_ _2\"></span>BS ha<span class=\"_ _2\"></span>s app<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>led th<span class=\"_ _2\"></span>e \u2019<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>39 paten<span class=\"_ _2\"></span>t dec<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n (the \u2018\u2019<span class=\"_ _8\"></span>439 A<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al\u2019).<span class=\"_ _35c\"> </span>On 20 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er 2021, th<span class=\"_ _2\"></span>e Wisc<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>in Fe<span class=\"_ _2\"></span>dera<span class=\"_ _2\"></span>l Cou<span class=\"_ _2\"></span>rt re<span class=\"_ _2\"></span>ach<span class=\"_ _2\"></span>ed a d<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>sion o<span class=\"_ _2\"></span>n the AB<span class=\"_ _2\"></span>S III a<span class=\"_ _2\"></span>nd IV m<span class=\"_ _2\"></span>otion<span class=\"_ _2\"></span>s, gra<span class=\"_ _2\"></span>nting A<span class=\"_ _2\"></span>BS\u2019s motio<span class=\"_ _2\"></span>n to dis<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>s al<span class=\"_ _2\"></span>l cla<span class=\"_ _2\"></span>ims re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ng to US pa<span class=\"_ _2\"></span>tent 8,<span class=\"_ _2\"></span>206,987 (the \u2018\u2019<span class=\"_ _2\"></span>987 pate<span class=\"_ _2\"></span>nt\u2019), an<span class=\"_ _2\"></span>d deny<span class=\"_ _2\"></span>ing ST<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>s m<span class=\"_ _2\"></span>otio<span class=\"_ _2\"></span>n to ame<span class=\"_ _2\"></span>nd ABS I<span class=\"_ _2\"></span>II to ad<span class=\"_ _2\"></span>d the \u2019<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>39 an<span class=\"_ _2\"></span>d \u2019210 p<span class=\"_ _2\"></span>atents<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e cou<span class=\"_ _2\"></span>rt d<span class=\"_ _2\"></span>ism<span class=\"_ _2\"></span>isse<span class=\"_ _2\"></span>d ABS I<span class=\"_ _2\"></span>II in it<span class=\"_ _2\"></span>s entiret<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d entere<span class=\"_ _2\"></span>d jud<span class=\"_ _2\"></span>gm<span class=\"_ _2\"></span>ent in f<span class=\"_ _2\"></span>avou<span class=\"_ _2\"></span>r of ABS<span class=\"_ _2\"></span>. ST app<span class=\"_ _2\"></span>eal<span class=\"_ _2\"></span>ed ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in as<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts of the d<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>ting to tech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy tra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>r to third p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties, o<span class=\"_ _2\"></span>ne of th<span class=\"_ _2\"></span>e thre<span class=\"_ _2\"></span>e argu<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts put fo<span class=\"_ _2\"></span>rwa<span class=\"_ _2\"></span>rd by ST in ABS I<span class=\"_ _2\"></span>II (the \u2018<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>BS II<span class=\"_ _2\"></span>I App<span class=\"_ _2\"></span>eal<span class=\"_ _2\"></span>\u2019). On 5 Ju<span class=\"_ _2\"></span>ly 2023, the C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t of Ap<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>als a<span class=\"_ _2\"></span>ccepte<span class=\"_ _2\"></span>d ST\u2019s argum<span class=\"_ _2\"></span>ent th<span class=\"_ _2\"></span>at cl<span class=\"_ _2\"></span>aim p<span class=\"_ _2\"></span>recl<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>on fro<span class=\"_ _2\"></span>m the AB<span class=\"_ _2\"></span>S I dec<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>on di<span class=\"_ _2\"></span>d not ap<span class=\"_ _2\"></span>ply a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst A<span class=\"_ _2\"></span>BS II<span class=\"_ _2\"></span>I in rel<span class=\"_ _2\"></span>ation to tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gy tran<span class=\"_ _2\"></span>sfer, and th<span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e Fede<span class=\"_ _2\"></span>ral co<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>t im<span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>erly b<span class=\"_ _2\"></span>road<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ed the s<span class=\"_ _2\"></span>cop<span class=\"_ _2\"></span>e of the AB<span class=\"_ _2\"></span>S I jud<span class=\"_ _2\"></span>gm<span class=\"_ _2\"></span>ent to ad<span class=\"_ _2\"></span>dress induced<span class=\"_ _8\"></span> infri<span class=\"_ _8\"></span>ngement.<span class=\"_ _1\"></span> On 1 J<span class=\"_ _2\"></span>uly 202<span class=\"_ _2\"></span>2, the co<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>t reac<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>d a dec<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>on on th<span class=\"_ _2\"></span>e ABS I<span class=\"_ _2\"></span>I post-<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t motio<span class=\"_ _2\"></span>ns as we<span class=\"_ _2\"></span>ll as th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng moti<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>n ABS I<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>. The c<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t def<span class=\"_ _2\"></span>erred to th<span class=\"_ _2\"></span>e jur<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s verdi<span class=\"_ _2\"></span>ct in A<span class=\"_ _2\"></span>BS II c<span class=\"_ _2\"></span>onf<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e vali<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d infr<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent of US p<span class=\"_ _2\"></span>atents 7<span class=\"_ _1\"></span>,<span class=\"_ _2\"></span>311<span class=\"_ _2\"></span>,47<span class=\"_ _1\"></span>6, a<span class=\"_ _2\"></span>nd 7<span class=\"_ _1\"></span>,611,<span class=\"_ _2\"></span>309 (the \u2018<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>4<span class=\"_ _8\"></span>7<span class=\"_ _1\"></span>6 a<span class=\"_ _2\"></span>nd \u201930<span class=\"_ _2\"></span>9 pa<span class=\"_ _2\"></span>tents\u2019 resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tivel<span class=\"_ _2\"></span>y) and th<span class=\"_ _2\"></span>e \u2019987 p<span class=\"_ _2\"></span>atent, an<span class=\"_ _2\"></span>d fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er c<span class=\"_ _2\"></span>onf<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ed the a<span class=\"_ _2\"></span>ward of cos<span class=\"_ _2\"></span>ts to ABS of $5<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>m in co<span class=\"_ _2\"></span>nne<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>on with A<span class=\"_ _2\"></span>BS I. In re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on to ABS IV<span class=\"_ _8\"></span>, the C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t de<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>d ABS<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s moti<span class=\"_ _2\"></span>on to dis<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>s the \u2019<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>39 an<span class=\"_ _2\"></span>d \u2018210 p<span class=\"_ _2\"></span>atent c<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>ms o<span class=\"_ _2\"></span>n the ba<span class=\"_ _2\"></span>sis th<span class=\"_ _2\"></span>at the c<span class=\"_ _2\"></span>hal<span class=\"_ _2\"></span>len<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>s were too fac<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-<span class=\"_ _35c\"> </span>ba<span class=\"_ _2\"></span>sed to be re<span class=\"_ _2\"></span>solve<span class=\"_ _2\"></span>d at thi<span class=\"_ _2\"></span>s stag<span class=\"_ _2\"></span>e. ABS f<span class=\"_ _2\"></span>ile<span class=\"_ _2\"></span>d cou<span class=\"_ _2\"></span>ntercl<span class=\"_ _2\"></span>aim<span class=\"_ _2\"></span>s all<span class=\"_ _2\"></span>egi<span class=\"_ _2\"></span>ng, a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>ng othe<span class=\"_ _2\"></span>r thi<span class=\"_ _2\"></span>ngs, a<span class=\"_ _2\"></span>nti-com<span class=\"_ _2\"></span>peti<span class=\"_ _2\"></span>tive con<span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>ct an<span class=\"_ _2\"></span>d inf<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent of fou<span class=\"_ _2\"></span>r ABS p<span class=\"_ _2\"></span>atents<span class=\"_ _2\"></span>, later n<span class=\"_ _2\"></span>arrowe<span class=\"_ _2\"></span>d to three AB<span class=\"_ _2\"></span>S pate<span class=\"_ _2\"></span>nts. Th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>arin<span class=\"_ _2\"></span>g date of 1<span class=\"_ _2\"></span>5 Jul<span class=\"_ _2\"></span>y 2024 has b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>onf<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r ABS IV<span class=\"_ _8\"></span>. Ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>ls were f<span class=\"_ _2\"></span>ile<span class=\"_ _2\"></span>d by ABS o<span class=\"_ _2\"></span>n the val<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d inf<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent of t<span class=\"_ _2\"></span>he \u20199<span class=\"_ _2\"></span>87 paten<span class=\"_ _2\"></span>t (<span class=\"_ _8\"></span>the \u2018<span class=\"_ _2\"></span>987 Ap<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>al\u2019), the \u2019<span class=\"_ _8\"></span>4<span class=\"_ _8\"></span>7<span class=\"_ _1\"></span>6 a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e \u2019309 p<span class=\"_ _2\"></span>atents (the \u2018ABS II A<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al\u2019) an<span class=\"_ _2\"></span>d ST has a<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ed the a<span class=\"_ _2\"></span>ward of the $<span class=\"_ _2\"></span>5.3<span class=\"_ _2\"></span>m cos<span class=\"_ _2\"></span>ts (the \u2018Fe<span class=\"_ _2\"></span>e Award Ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>l\u2019). On 27 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er 2022, AB<span class=\"_ _2\"></span>S an<span class=\"_ _2\"></span>d ST settl<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e 987 App<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>l, the Fe<span class=\"_ _2\"></span>e Award App<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>l and th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>n Patent Proc<span class=\"_ _2\"></span>eed<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s (alo<span class=\"_ _2\"></span>ng with re<span class=\"_ _2\"></span>lated pa<span class=\"_ _2\"></span>tent op<span class=\"_ _2\"></span>posi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s in In<span class=\"_ _2\"></span>dia), de<span class=\"_ _2\"></span>live<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g lower p<span class=\"_ _2\"></span>atent royal<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents fo<span class=\"_ _2\"></span>r ABS a<span class=\"_ _2\"></span>nd a set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t exceptio<span class=\"_ _2\"></span>nal c<span class=\"_ _2\"></span>redi<span class=\"_ _2\"></span>t of \u00a30<span class=\"_ _8\"></span>.<span class=\"_ _8\"></span>9m. T<span class=\"_ _2\"></span>he AB<span class=\"_ _2\"></span>S II Ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>l, the AB<span class=\"_ _2\"></span>S III A<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al, th<span class=\"_ _2\"></span>e ABS IV l<span class=\"_ _2\"></span>itig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, the 4<span class=\"_ _2\"></span>39 App<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>l, and th<span class=\"_ _2\"></span>e CCI Ap<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>al rem<span class=\"_ _2\"></span>ain o<span class=\"_ _2\"></span>ngo<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g. Th<span class=\"_ _2\"></span>e 439 Ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>l is sc<span class=\"_ _2\"></span>hed<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ed for he<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng on 5 S<span class=\"_ _2\"></span>eptem<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r 2023 and th<span class=\"_ _2\"></span>e ABS I<span class=\"_ _2\"></span>I app<span class=\"_ _2\"></span>eal i<span class=\"_ _2\"></span>s likel<span class=\"_ _2\"></span>y to be he<span class=\"_ _2\"></span>ard bef<span class=\"_ _2\"></span>ore the e<span class=\"_ _2\"></span>nd of th<span class=\"_ _2\"></span>e year. In<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>n Litig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n: In Se<span class=\"_ _2\"></span>ptemb<span class=\"_ _2\"></span>er 2019<span class=\"_ _1\"></span>, ST a<span class=\"_ _2\"></span>lso f<span class=\"_ _2\"></span>ile<span class=\"_ _2\"></span>d pa<span class=\"_ _2\"></span>ralle<span class=\"_ _2\"></span>l pate<span class=\"_ _2\"></span>nt inf<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>roce<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ngs a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst A<span class=\"_ _2\"></span>BS in I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a, all<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nfri<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt of the I<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ian p<span class=\"_ _2\"></span>atent 240790 (\u2018\u2019<span class=\"_ _2\"></span>790 pate<span class=\"_ _2\"></span>nt\u2019). Th<span class=\"_ _2\"></span>e \u2019790 p<span class=\"_ _2\"></span>atent is th<span class=\"_ _2\"></span>e eq<span class=\"_ _2\"></span>uiva<span class=\"_ _2\"></span>lent of t<span class=\"_ _2\"></span>he US \u2018<span class=\"_ _8\"></span>4<span class=\"_ _1\"></span>76, \u201830<span class=\"_ _2\"></span>9 patent<span class=\"_ _2\"></span>s and U<span class=\"_ _2\"></span>S patent 7<span class=\"_ _1\"></span>, 3<span class=\"_ _2\"></span>11,47<span class=\"_ _1\"></span>6 ass<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ted in A<span class=\"_ _2\"></span>BS II<span class=\"_ _2\"></span>. ABS ha<span class=\"_ _2\"></span>d al<span class=\"_ _2\"></span>read<span class=\"_ _2\"></span>y soug<span class=\"_ _2\"></span>ht the revo<span class=\"_ _2\"></span>catio<span class=\"_ _2\"></span>n of the \u2019<span class=\"_ _2\"></span>790 pa<span class=\"_ _2\"></span>tent in A<span class=\"_ _2\"></span>pril 2017 b<span class=\"_ _2\"></span>efore th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>dian Pa<span class=\"_ _2\"></span>tent Of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice a<span class=\"_ _2\"></span>nd ha<span class=\"_ _2\"></span>s now co<span class=\"_ _2\"></span>nsol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted the revo<span class=\"_ _2\"></span>catio<span class=\"_ _2\"></span>n petiti<span class=\"_ _2\"></span>on as a c<span class=\"_ _2\"></span>ounte<span class=\"_ _2\"></span>rcla<span class=\"_ _2\"></span>im in th<span class=\"_ _2\"></span>e Ind<span class=\"_ _2\"></span>ian c<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>gs (the \u2018<span class=\"_ _2\"></span>Ind<span class=\"_ _2\"></span>ian Pa<span class=\"_ _2\"></span>tent Proce<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s\u2019)<span class=\"_ _1\"></span>. I<span class=\"_ _2\"></span>n Ju<span class=\"_ _2\"></span>ne 2021, ST ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>led t<span class=\"_ _2\"></span>he de<span class=\"_ _2\"></span>cis<span class=\"_ _2\"></span>ion of th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>peti<span class=\"_ _2\"></span>tion C<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ion of I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a (\u2018CCI\u2019) wh<span class=\"_ _2\"></span>ich h<span class=\"_ _2\"></span>ad co<span class=\"_ _2\"></span>nfi<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>d that A<span class=\"_ _2\"></span>BS In<span class=\"_ _2\"></span>dia h<span class=\"_ _2\"></span>ad not b<span class=\"_ _2\"></span>reac<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>d the In<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>n Com<span class=\"_ _2\"></span>petiti<span class=\"_ _2\"></span>on Ac<span class=\"_ _2\"></span>t in rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to its par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>n a sexed se<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>n tend<span class=\"_ _2\"></span>er of<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>d by the Ut<span class=\"_ _2\"></span>ter Prad<span class=\"_ _2\"></span>esh Li<span class=\"_ _2\"></span>vesto<span class=\"_ _2\"></span>ck Deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt Bo<span class=\"_ _2\"></span>ard (the \u2018CCI A<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al\u2019). Th<span class=\"_ _2\"></span>e CCI Ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>l is sch<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ule<span class=\"_ _2\"></span>d for 1<span class=\"_ _2\"></span>1 Octob<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>. NZ liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on: On 1<span class=\"_ _2\"></span>4 Jun<span class=\"_ _2\"></span>e 2023, ST in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>ted proc<span class=\"_ _2\"></span>eed<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gs ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st ABS<span class=\"_ _2\"></span>, Gen<span class=\"_ _2\"></span>us, A<span class=\"_ _2\"></span>BS Ge<span class=\"_ _2\"></span>nus (NZ) L<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>ted, CRV I<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>al BV an<span class=\"_ _2\"></span>d CRV Lim<span class=\"_ _2\"></span>ited (toge<span class=\"_ _2\"></span>ther \u2018C<span class=\"_ _2\"></span>RV\u2019) in N<span class=\"_ _2\"></span>ew Zeal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d, all<span class=\"_ _2\"></span>egi<span class=\"_ _2\"></span>ng p<span class=\"_ _2\"></span>atent in<span class=\"_ _2\"></span>fri<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt and s<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>king a p<span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y in<span class=\"_ _2\"></span>jun<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n. AB<span class=\"_ _2\"></span>S ha<span class=\"_ _2\"></span>d previo<span class=\"_ _2\"></span>usl<span class=\"_ _2\"></span>y be<span class=\"_ _2\"></span>en award<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e sem<span class=\"_ _2\"></span>en sexi<span class=\"_ _2\"></span>ng se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>s for CRV<span class=\"_ _2\"></span>\u2019s bovi<span class=\"_ _2\"></span>ne se<span class=\"_ _2\"></span>men i<span class=\"_ _2\"></span>n New Zea<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nd an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r juri<span class=\"_ _2\"></span>sdi<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns. A<span class=\"_ _2\"></span>BS ha<span class=\"_ _2\"></span>s sou<span class=\"_ _2\"></span>ght a stay of t<span class=\"_ _2\"></span>he New Zea<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>d proc<span class=\"_ _2\"></span>eed<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s whi<span class=\"_ _2\"></span>le the U<span class=\"_ _2\"></span>S cou<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>\u2019s cons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>r wheth<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e sett<span class=\"_ _2\"></span>lem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t betwe<span class=\"_ _2\"></span>en AB<span class=\"_ _2\"></span>S and S<span class=\"_ _2\"></span>T dated 27 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er 2022 pre<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des th<span class=\"_ _2\"></span>e New Ze<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nd pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>gs. T<span class=\"_ _2\"></span>he he<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng of th<span class=\"_ _2\"></span>e ABS\u2019s stay a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>lica<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>nd ST\u2019s prel<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ry i<span class=\"_ _2\"></span>nju<span class=\"_ _2\"></span>ncti<span class=\"_ _2\"></span>on ap<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>icati<span class=\"_ _2\"></span>on is sch<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ule<span class=\"_ _2\"></span>d for 27 N<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>. Acquisitions<span class=\"_ _8\"></span> and integration<span class=\"_ _35c\"> </span>Du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _1\"></span>, \u00a30.4<span class=\"_ _2\"></span>m (2022: \u00a30.3<span class=\"_ _2\"></span>m) of expe<span class=\"_ _2\"></span>nses we<span class=\"_ _2\"></span>re inc<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>d in rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to potentia<span class=\"_ _2\"></span>l acq<span class=\"_ _2\"></span>uis<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>ABS production restructuring<span class=\"_ _35c\"> </span>A on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f cred<span class=\"_ _2\"></span>it of \u00a31<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>m p<span class=\"_ _2\"></span>rim<span class=\"_ _2\"></span>aril<span class=\"_ _2\"></span>y rela<span class=\"_ _2\"></span>ted to the sa<span class=\"_ _2\"></span>le of ou<span class=\"_ _2\"></span>r Can<span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>ian AB<span class=\"_ _2\"></span>S fac<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>ies as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of a prod<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>tion res<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ash in<span class=\"_ _2\"></span>flow of \u00a31<span class=\"_ _2\"></span>.8m i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>ded i<span class=\"_ _2\"></span>n inves<span class=\"_ _2\"></span>ting a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>vitie<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>Other<span class=\"_ _35c\"> </span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in Oth<span class=\"_ _2\"></span>er is a<span class=\"_ _2\"></span>n expe<span class=\"_ _2\"></span>nse of \u00a30.3<span class=\"_ _2\"></span>m rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to the sig<span class=\"_ _2\"></span>n-on bo<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>s of the n<span class=\"_ _2\"></span>ewly ap<span class=\"_ _2\"></span>poi<span class=\"_ _2\"></span>nted CEO, a \u00a30.2m cre<span class=\"_ _2\"></span>dit res<span class=\"_ _2\"></span>ulti<span class=\"_ _2\"></span>ng f<span class=\"_ _2\"></span>rom a sh<span class=\"_ _2\"></span>are for<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>iture exerc<span class=\"_ _2\"></span>ise an<span class=\"_ _2\"></span>d \u00a30.2m in re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on to the p<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>r year IT i<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>nt. In th<span class=\"_ _2\"></span>e prio<span class=\"_ _2\"></span>r yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, a \u00a30.5m ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>se rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to lega<span class=\"_ _2\"></span>l adv<span class=\"_ _2\"></span>ice, IT co<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ltanc<span class=\"_ _2\"></span>y and o<span class=\"_ _2\"></span>ne-time c<span class=\"_ _2\"></span>osts wa<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>d as the d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>t resu<span class=\"_ _2\"></span>lt of an IT s<span class=\"_ _2\"></span>ecu<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>y inc<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>nt in J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022.<span class=\"_ _35c\"> </span>8. OPER<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>TIN<span class=\"_ _2\"></span>G<span class=\"_ _8\"></span> PROFIT<span class=\"_ _35c\"> </span>Operating costs comprise:<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s exclud<span class=\"_ _2\"></span>ing n<span class=\"_ _2\"></span>et IAS 4<span class=\"_ _8\"></span>1 valu<span class=\"_ _2\"></span>ation m<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ent on bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l assets a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of mu<span class=\"_ _2\"></span>ltip<span class=\"_ _2\"></span>lier contrac<span class=\"_ _2\"></span>t intang<span class=\"_ _2\"></span>ible a<span class=\"_ _2\"></span>ssets<span class=\"_ _35c\"> </span>(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _6\"></span>9.0<span class=\"_ _2\"></span>)<span class=\"_ _99\"> </span><span class=\"ff6 lsb9 wsa9\">(<span class=\"_ _2\"></span>252<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _1de\"> </span><span class=\"ff2 lsb8 wsa8\">(<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>.9)<span class=\"_ _5b\"> </span></span><span class=\"ls22 ws22\">(5.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of mu<span class=\"_ _2\"></span>ltipl<span class=\"_ _2\"></span>ier co<span class=\"_ _2\"></span>ntract intan<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e assets<span class=\"_ _d0\"> </span><span class=\"ff2 ls77 ws5c\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _69\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span>Cos<span class=\"_ _2\"></span>t of go<span class=\"_ _2\"></span>ods so<span class=\"_ _2\"></span>ld<span class=\"_ _220\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.1<span class=\"_ _6\"></span>)<span class=\"_ _150\"> </span><span class=\"ff6 lsb9 wsa9\">(2<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></span>Oth<span class=\"_ _2\"></span>er cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s (ex<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisa<span class=\"_ _2\"></span>tion of a<span class=\"_ _2\"></span>cqui<span class=\"_ _2\"></span>red intang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>es)<span class=\"_ _221\"> </span><span class=\"ff2 ls77 ws5c\">(130.1)<span class=\"_ _45\"> </span></span><span class=\"lsb9 wsa9\">(1<span class=\"_ _2\"></span>14<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of cus<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>om<span class=\"_ _2\"></span>er rela<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>hip i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>ang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e assets<span class=\"_ _207\"> </span><span class=\"ff2 ls20 ws11\">(3<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>)<span class=\"_ _69\"> </span></span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Ot<span class=\"_ _2\"></span>her c<span class=\"_ _2\"></span>ost o<span class=\"_ _2\"></span>f sale<span class=\"_ _2\"></span>s<span class=\"_ _1bd\"> </span><span class=\"ls57 ws4f\">(13<span class=\"_ _2\"></span>3.3)<span class=\"_ _52\"> </span><span class=\"ff6 lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d Devel<span class=\"_ _2\"></span>opm<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>iture<span class=\"_ _222\"> </span><span class=\"ff2 ls55 ws3f\">(87<span class=\"_ _1\"></span>.1)<span class=\"_ _c4\"> </span><span class=\"ff6 lsba wsaa\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d imp<span class=\"_ _2\"></span>airm<span class=\"_ _2\"></span>ent of tech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy, sof<span class=\"_ _2\"></span>tware an<span class=\"_ _2\"></span>d lice<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>nd p<span class=\"_ _2\"></span>atents <span class=\"_ _223\"> </span><span class=\"ff2 lsaf wsb8\">(6.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span>Research<span class=\"_ _1\"></span> and Devel<span class=\"_ _8\"></span>opment c<span class=\"_ _8\"></span>osts<span class=\"_ _224\"> </span><span class=\"ls76 ws5d\">(93<span class=\"_ _2\"></span>.3)<span class=\"_ _c4\"> </span><span class=\"ff6 ls3a ws1a\">(72.<span class=\"_ _1\"></span>9)<span class=\"_ _35c\"> </span></span></span>Administr<span class=\"_ _1\"></span>ativ<span class=\"_ _8\"></span>e e<span class=\"_ _1\"></span>xpenses (<span class=\"_ _8\"></span>ex<span class=\"_ _1\"></span>cluding ex<span class=\"_ _1\"></span>ceptional i<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>ems<span class=\"_ _8\"></span>) <span class=\"_ _225\"> </span><span class=\"ff2 lsc4 wsa7\">(9<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1)<span class=\"_ _67\"> </span></span><span class=\"lse wsd\">(85.5<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _213\"> </span><span class=\"ff2 lsaf wsb8\">(6<span class=\"_ _2\"></span>.0)<span class=\"_ _5e\"> </span></span><span class=\"lsb9 wsa9\">(3<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of sof<span class=\"_ _2\"></span>twa<span class=\"_ _2\"></span>re<span class=\"_ _8\"></span>, lic<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>atents<span class=\"_ _1e5\"> </span><span class=\"ff2 lsb8 wsa8\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9)<span class=\"_ _71\"> </span></span><span class=\"lsb9 wsa9\">(1<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span>Net excepti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l items with<span class=\"_ _2\"></span>in adm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>strative expe<span class=\"_ _2\"></span>nses<span class=\"_ _226\"> </span><span class=\"ff2 ls20 ws11\">(3.<span class=\"_ _2\"></span>5)<span class=\"_ _69\"> </span><span class=\"ff6\">(2<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal administrative e<span class=\"_ _1\"></span>xpenses<span class=\"_ _227\"> </span><span class=\"ls77 ws5c\">(105<span class=\"_ _2\"></span>.5)<span class=\"_ _142\"> </span><span class=\"ff6 ls3e ws38\">(9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal operating<span class=\"_ _8\"></span> costs<span class=\"_ _118\"> </span><span class=\"lsa3 ws96\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>)<span class=\"_ _86\"> </span><span class=\"ff6 ls9c wsb7\">(5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4.0)<span class=\"_ _35c\"> </span></span></span>Profi<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e year i<span class=\"_ _2\"></span>s stated af<span class=\"_ _2\"></span>ter c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>ing/(credi<span class=\"_ _2\"></span>ting):<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Net fo<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>eig<span class=\"_ _2\"></span>n exchan<span class=\"_ _2\"></span>ge lo<span class=\"_ _2\"></span>sses<span class=\"_ _21d\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>8<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span>De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation of own<span class=\"_ _2\"></span>ed f<span class=\"_ _2\"></span>ixed as<span class=\"_ _2\"></span>sets (see note 17)<span class=\"_ _228\"> </span><span class=\"ff2 lsd ws5\">18.4<span class=\"_ _13e\"> </span></span><span class=\"ls50 ws10\">14.8<span class=\"_ _35c\"> </span></span>De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation of r<span class=\"_ _2\"></span>ight<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-us<span class=\"_ _2\"></span>e assets (se<span class=\"_ _2\"></span>e note 17)<span class=\"_ _229\"> </span><span class=\"ff2 ls3d ws20\">11.8<span class=\"_ _8b\"> </span></span><span class=\"ls3a ws1a\">11.6<span class=\"_ _35c\"> </span></span>(Profit)/loss o<span class=\"_ _2\"></span>n disp<span class=\"_ _2\"></span>osal of f<span class=\"_ _2\"></span>ixed a<span class=\"_ _2\"></span>ssets an<span class=\"_ _2\"></span>d right<span class=\"_ _1\"></span>-of-<span class=\"_ _8\"></span>use a<span class=\"_ _2\"></span>ssets<span class=\"_ _1e3\"> </span><span class=\"ff2 ls5c ws56\">(1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span>Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rment of own<span class=\"_ _2\"></span>ed f<span class=\"_ _2\"></span>ixed as<span class=\"_ _2\"></span>sets<span class=\"_ _22a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _6c\"> </span></span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Rental exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e for sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _17\"></span>-t<span class=\"_ _8\"></span>erm l<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>s<span class=\"_ _1c6\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Emp<span class=\"_ _2\"></span>loyee co<span class=\"_ _2\"></span>sts (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 9)<span class=\"_ _22b\"> </span><span class=\"ff2 lsbb wsab\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _75\"> </span></span><span class=\"ls19 ws6a\">196.8<span class=\"_ _35c\"> </span></span>Net d<span class=\"_ _2\"></span>ecrea<span class=\"_ _2\"></span>se in expe<span class=\"_ _2\"></span>cted cred<span class=\"_ _2\"></span>it los<span class=\"_ _2\"></span>ses (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 21)<span class=\"_ _22c\"> </span><span class=\"ff2 ls77 ws5c\">(0.5)<span class=\"_ _5b\"> </span></span><span class=\"ls3e ws38\">(0<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>In<span class=\"_ _2\"></span>crease/<span class=\"_ _8\"></span>(relea<span class=\"_ _2\"></span>se) of inventor<span class=\"_ _2\"></span>y imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>ment<span class=\"_ _22d\"> </span><span class=\"ff2 ls77 ws5c\">0.6<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Cos<span class=\"_ _2\"></span>t of inventori<span class=\"_ _2\"></span>es recog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d as an exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _22e\"> </span><span class=\"ff2 ls1b ws1f\">105.8<span class=\"_ _142\"> </span></span><span class=\"lsb9 wsa9\">1<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Auditor\u2019<span class=\"_ _8\"></span>s remuneration<span class=\"_ _8\"></span> is as<span class=\"_ _8\"></span> follows<span class=\"_ _8\"></span>:<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Fee<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble to the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any\u2019s au<span class=\"_ _2\"></span>ditor an<span class=\"_ _2\"></span>d its as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates for the a<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>t of the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s Ann<span class=\"_ _2\"></span>ual R<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt a<span class=\"_ _2\"></span>nd Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial Stateme<span class=\"_ _2\"></span>nts<span class=\"_ _35c\"> </span>0.5<span class=\"_ _11f\"> </span><span class=\"ff6 ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span>Fee<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble to the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any\u2019s au<span class=\"_ _2\"></span>ditor an<span class=\"_ _2\"></span>d its as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates for the a<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>t of the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>aries<span class=\"_ _e4\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>5<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.6<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> audit fees<span class=\"_ _22f\"> </span><span class=\"ls31 ws97\">1.0<span class=\"_ _49\"> </span><span class=\"ff6 ls20 ws11\">1.0<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> fees t<span class=\"_ _8\"></span>o the<span class=\"_ _1\"></span> G<span class=\"_ _2\"></span>roup<span class=\"_ _1\"></span>\u2019s audi<span class=\"_ _8\"></span>tor<span class=\"_ _1f9\"> </span><span class=\"ls31 ws97\">1<span class=\"_ _2\"></span>.0<span class=\"_ _d7\"> </span><span class=\"ff6 ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span>Fees<span class=\"_ _8\"></span> payable<span class=\"_ _1\"></span> to other audi<span class=\"_ _8\"></span>tors<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> Group compani<span class=\"_ _8\"></span>es<span class=\"_ _230\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span>No<span class=\"_ _2\"></span>n-aud<span class=\"_ _2\"></span>it se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>s of \u00a322,0<span class=\"_ _2\"></span>00 (2022<span class=\"_ _2\"></span>: \u00a320,00<span class=\"_ _2\"></span>0) pri<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>pal<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>ise of a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d upo<span class=\"_ _2\"></span>n proc<span class=\"_ _2\"></span>edu<span class=\"_ _2\"></span>res in re<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n to hal<span class=\"_ _2\"></span>f<span class=\"_ _1\"></span>-yea<span class=\"_ _2\"></span>r repo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng. T<span class=\"_ _2\"></span>hese se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices f<span class=\"_ _2\"></span>all wi<span class=\"_ _2\"></span>thin th<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>n-aud<span class=\"_ _2\"></span>it se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icy ap<span class=\"_ _2\"></span>proved by th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny\u2019s Audi<span class=\"_ _2\"></span>t &amp; Ris<span class=\"_ _2\"></span>k Com<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>tee at th<span class=\"_ _2\"></span>e tim<span class=\"_ _2\"></span>e of eng<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt.<span class=\"_ _35c\"> </span>9<span class=\"_ _17\"></span>. EMP<span class=\"_ _1\"></span>LO<span class=\"_ _1\"></span>YEE<span class=\"_ _1\"></span> CO<span class=\"_ _1\"></span>STS<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>is note sh<span class=\"_ _2\"></span>ows the total em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oyme<span class=\"_ _2\"></span>nt cos<span class=\"_ _2\"></span>ts and t<span class=\"_ _2\"></span>he ave<span class=\"_ _2\"></span>rage n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber of p<span class=\"_ _2\"></span>eop<span class=\"_ _2\"></span>le e<span class=\"_ _2\"></span>mpl<span class=\"_ _2\"></span>oyed by se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Emplo<span class=\"_ _1\"></span>yee co<span class=\"_ _8\"></span>sts<span class=\"_ _8\"></span>, includi<span class=\"_ _8\"></span>ng Dir<span class=\"_ _1\"></span>ectors<span class=\"_ _1\"></span>\u2019 remuner<span class=\"_ _1\"></span>ation<span class=\"_ _8\"></span>, amoun<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o:<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>W<span class=\"_ _8\"></span>ages and s<span class=\"_ _8\"></span>alaries (<span class=\"_ _1\"></span>includin<span class=\"_ _2\"></span>g<span class=\"_ _8\"></span> bonuses and sale<span class=\"_ _8\"></span>s commission<span class=\"_ _8\"></span>)<span class=\"_ _203\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _26\"> </span></span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Socia<span class=\"_ _2\"></span>l security costs<span class=\"_ _146\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _73\"> </span></span><span class=\"ls6 ws6\">16<span class=\"_ _2\"></span>.5<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tions to def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>on pl<span class=\"_ _2\"></span>ans<span class=\"_ _231\"> </span><span class=\"ff2 lsbb wsab\">7.1<span class=\"_ _d4\"> </span></span><span class=\"ls19 ws6a\">6.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Share<span class=\"_ _8\"></span>-based<span class=\"_ _1\"></span> paym<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span> expense (<span class=\"_ _1\"></span>excluding Nat<span class=\"_ _1\"></span>ion<span class=\"_ _2\"></span>al Insur<span class=\"_ _1\"></span>ance)<span class=\"_ _232\"> </span><span class=\"ff2 lsd ws5\">6.4<span class=\"_ _6c\"> </span></span><span class=\"ls43 ws68\">3.6<span class=\"_ _35c\"> </span></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _48\"> </span><span class=\"ff6 lsba wsaa\">1<span class=\"_ _2\"></span>9<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span>Th<span class=\"_ _2\"></span>e emp<span class=\"_ _2\"></span>loyee c<span class=\"_ _2\"></span>osts a<span class=\"_ _2\"></span>bove in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude \u00a3<span class=\"_ _2\"></span>1.8<span class=\"_ _2\"></span>m (2022: \u00a30.4m) wh<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>h has b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>api<span class=\"_ _2\"></span>talise<span class=\"_ _2\"></span>d into in<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>gib<span class=\"_ _2\"></span>le as<span class=\"_ _2\"></span>sets as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of the d<span class=\"_ _2\"></span>evelo<span class=\"_ _2\"></span>pm<span class=\"_ _2\"></span>ent of Ge<span class=\"_ _2\"></span>nus<span class=\"_ _2\"></span>On<span class=\"_ _2\"></span>e and oth<span class=\"_ _2\"></span>er di<span class=\"_ _2\"></span>gital p<span class=\"_ _2\"></span>rojec<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e averag<span class=\"_ _2\"></span>e mo<span class=\"_ _2\"></span>nthl<span class=\"_ _2\"></span>y num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r of emp<span class=\"_ _2\"></span>loyee<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d ful<span class=\"_ _2\"></span>l-<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>me e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>vale<span class=\"_ _2\"></span>nt em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es, in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng Di<span class=\"_ _2\"></span>recto<span class=\"_ _2\"></span>rs, was a<span class=\"_ _2\"></span>s foll<span class=\"_ _2\"></span>ows:<span class=\"_ _35c\"> </span>Number of<span class=\"_ _1\"></span> em<span class=\"_ _2\"></span>plo<span class=\"_ _8\"></span>yees<span class=\"_ _48\"> </span><span class=\"ls6c ws61\">Full-time<span class=\"_ _8\"></span> equivalent </span>2023 Number<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 Number<span class=\"_ _35c\"> </span>2023 Number<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 Number<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _233\"> </span><span class=\"ff2 ls9 ws9\">646<span class=\"_ _5e\"> </span></span><span class=\"ls9c wsb7\">6<span class=\"_ _2\"></span>02<span class=\"_ _76\"> </span><span class=\"ff2 ls3a ws1a\">627<span class=\"_ _5e\"> </span></span><span class=\"ls19 ws6a\">580<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _234\"> </span><span class=\"ff2 lse wsd\">2,4<span class=\"_ _2\"></span>30<span class=\"_ _19f\"> </span></span><span class=\"ls9b ws90\">2,<span class=\"_ _2\"></span>362<span class=\"_ _4d\"> </span><span class=\"ff2 ls26 ws25\">2,334<span class=\"_ _19f\"> </span></span><span class=\"lsb1 wsac\">2,<span class=\"_ _2\"></span>255<span class=\"_ _35c\"> </span></span></span>Res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d Devel<span class=\"_ _2\"></span>opm<span class=\"_ _2\"></span>ent<span class=\"_ _1df\"> </span><span class=\"ff2 ls63 wsb5\">47<span class=\"_ _2\"></span>2<span class=\"_ _5e\"> </span></span><span class=\"lsd9 ws43\">446<span class=\"_ _13e\"> </span><span class=\"ff2 ls63 wsb5\">4<span class=\"_ _2\"></span>47<span class=\"_ _76\"> </span></span><span class=\"ls9c wsb7\">422<span class=\"_ _35c\"> </span></span></span>C<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ral<span class=\"_ _235\"> </span><span class=\"ff2 lsd ws5\">80<span class=\"_ _d7\"> </span></span><span class=\"ls28 ws27\">80<span class=\"_ _49\"> </span><span class=\"ff2 lse wsd\">68<span class=\"_ _49\"> </span></span><span class=\"ls9 ws9\">68<span class=\"_ _35c\"> </span></span></span>3,628<span class=\"_ _4f\"> </span><span class=\"ff6 lsb9 wsa9\">3,<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>0<span class=\"_ _19f\"> </span></span><span class=\"lsfb wseb\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>476<span class=\"_ _58\"> </span><span class=\"ff6 ls5c ws56\">3,<span class=\"_ _2\"></span>325<span class=\"_ _35c\"> </span></span></span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>ded i<span class=\"_ _2\"></span>n the tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>ls ab<span class=\"_ _2\"></span>ove<span class=\"_ _8\"></span>:<span class=\"_ _35c\"> </span>UK<span class=\"_ _105\"> </span><span class=\"ff2 ls3a ws1a\">8<span class=\"_ _2\"></span>89<span class=\"_ _5b\"> </span></span><span class=\"ls43 ws68\">909<span class=\"_ _6e\"> </span><span class=\"ff2 ls3a ws1a\">798<span class=\"_ _8b\"> </span></span><span class=\"ls6 ws6\">818<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e Dire<span class=\"_ _2\"></span>ctors\u2019 R<span class=\"_ _2\"></span>emu<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ration R<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt s<span class=\"_ _2\"></span>ets out d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s of the D<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tors\u2019 rem<span class=\"_ _2\"></span>une<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>n, pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d sh<span class=\"_ _2\"></span>are opti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>10. N<span class=\"_ _2\"></span>ET F<span class=\"_ _2\"></span>IN<span class=\"_ _2\"></span>ANC<span class=\"_ _2\"></span>E COST<span class=\"_ _2\"></span>S<span class=\"_ _35c\"> </span>Net f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s mai<span class=\"_ _2\"></span>nly a<span class=\"_ _2\"></span>rise f<span class=\"_ _2\"></span>rom in<span class=\"_ _2\"></span>terest d<span class=\"_ _2\"></span>ue on b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>k loa<span class=\"_ _2\"></span>ns, pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s, am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of d<span class=\"_ _2\"></span>ebt iss<span class=\"_ _2\"></span>ue co<span class=\"_ _2\"></span>sts, u<span class=\"_ _2\"></span>nwin<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g of di<span class=\"_ _2\"></span>scou<span class=\"_ _2\"></span>nts on p<span class=\"_ _2\"></span>ut opti<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts of he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s use<span class=\"_ _2\"></span>d to man<span class=\"_ _2\"></span>age fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>nge a<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>nterest rate m<span class=\"_ _2\"></span>oveme<span class=\"_ _2\"></span>nts. Accounting<span class=\"_ _1\"></span> policy<span class=\"_ _35c\"> </span>We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e and i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t expe<span class=\"_ _2\"></span>nse in th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt, as they a<span class=\"_ _2\"></span>ccr<span class=\"_ _2\"></span>ue, ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te metho<span class=\"_ _2\"></span>d. Inte<span class=\"_ _2\"></span>rest in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me o<span class=\"_ _2\"></span>n cash a<span class=\"_ _2\"></span>nd ca<span class=\"_ _2\"></span>sh eq<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>vale<span class=\"_ _2\"></span>nts, an<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e on othe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets. Fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>sts in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude i<span class=\"_ _2\"></span>nterest cos<span class=\"_ _2\"></span>ts in rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>. Thi<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>es inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>n lea<span class=\"_ _2\"></span>se lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch rep<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ts the un<span class=\"_ _2\"></span>wind<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g of the di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unt rate applied t<span class=\"_ _8\"></span>o lease<span class=\"_ _1\"></span> liabilities.<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Int<span class=\"_ _1\"></span>erest pay<span class=\"_ _1\"></span>ab<span class=\"_ _2\"></span>le<span class=\"_ _8\"></span> on bank loans and<span class=\"_ _1\"></span> over<span class=\"_ _8\"></span>dr<span class=\"_ _8\"></span>afts<span class=\"_ _18f\"> </span><span class=\"ff2 ls57 ws4f\">(12<span class=\"_ _2\"></span>.3)<span class=\"_ _76\"> </span></span><span class=\"ls8a wsad\">(4<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of de<span class=\"_ _2\"></span>bt issue c<span class=\"_ _2\"></span>osts <span class=\"_ _236\"> </span><span class=\"ff2 lsc4 wsa7\">(1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _5b\"> </span></span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>0.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er interest p<span class=\"_ _2\"></span>ayab<span class=\"_ _2\"></span>le<span class=\"_ _116\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _73\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Unwi<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng of dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt on put o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s<span class=\"_ _237\"> </span><span class=\"ff2 ls77 ws5c\">(0.3)<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Net interes<span class=\"_ _2\"></span>t cost in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of pen<span class=\"_ _2\"></span>sion s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me li<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>ities<span class=\"_ _238\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _79\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Interest o<span class=\"_ _2\"></span>n lea<span class=\"_ _2\"></span>se lia<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ties<span class=\"_ _239\"> </span><span class=\"ff2 ls77 ws5c\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _11f\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> interest<span class=\"_ _1\"></span> expense<span class=\"_ _23a\"> </span><span class=\"ls5c ws56\">(15<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _6b\"> </span><span class=\"ff6 ls19 ws6a\">(6.6<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span></span></span>Interest i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me on b<span class=\"_ _2\"></span>ank d<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>sits<span class=\"_ _23b\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>Net interes<span class=\"_ _2\"></span>t inco<span class=\"_ _2\"></span>me o<span class=\"_ _2\"></span>n deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l instr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts<span class=\"_ _23c\"> </span><span class=\"ff2 ls31 ws97\">1.0<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>otal int<span class=\"_ _8\"></span>erest income<span class=\"_ _23d\"> </span><span class=\"lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _11f\"> </span><span class=\"ff6 ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span></span>Net finance<span class=\"_ _1\"></span> costs<span class=\"_ _1b5\"> </span><span class=\"ls57 ws4f\">(14<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3)<span class=\"_ _6b\"> </span><span class=\"ff6 ls63 wsb5\">(6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> TA<span class=\"_ _2\"></span>X<span class=\"_ _6\"></span>AT<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>N A<span class=\"_ _6\"></span>N<span class=\"_ _2\"></span>D<span class=\"_ _2\"></span> D<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>F<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>R<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>D TA<span class=\"_ _6\"></span>X<span class=\"_ _6\"></span>AT<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>N<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>is note exp<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>ns how o<span class=\"_ _2\"></span>ur Gro<span class=\"_ _2\"></span>up tax ch<span class=\"_ _2\"></span>arge a<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e defe<span class=\"_ _2\"></span>rred tax se<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>on of the n<span class=\"_ _2\"></span>ote als<span class=\"_ _2\"></span>o provid<span class=\"_ _2\"></span>es inf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>n ou<span class=\"_ _2\"></span>r expe<span class=\"_ _2\"></span>cted fu<span class=\"_ _2\"></span>ture tax ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>s and s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t the tax as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d acros<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup, togeth<span class=\"_ _2\"></span>er wi<span class=\"_ _2\"></span>th our v<span class=\"_ _2\"></span>iew on wh<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r or n<span class=\"_ _2\"></span>ot we expe<span class=\"_ _2\"></span>ct to be ab<span class=\"_ _2\"></span>le to ma<span class=\"_ _2\"></span>ke use of the<span class=\"_ _2\"></span>m in the f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>ax o<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>rofit o<span class=\"_ _2\"></span>r loss f<span class=\"_ _2\"></span>or the ye<span class=\"_ _2\"></span>ar co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rises c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d defe<span class=\"_ _2\"></span>rred tax. We rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise tax i<span class=\"_ _2\"></span>n the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt, un<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>s:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>it rela<span class=\"_ _2\"></span>tes to items we h<span class=\"_ _2\"></span>ave reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tly in e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity, in whi<span class=\"_ _2\"></span>ch ca<span class=\"_ _2\"></span>se we reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ise it in e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity<span class=\"_ _2\"></span>; or<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>it aris<span class=\"_ _2\"></span>es as a fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt in a bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>omb<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. We provid<span class=\"_ _2\"></span>e for c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t tax, inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g UK co<span class=\"_ _2\"></span>rpo<span class=\"_ _2\"></span>ration tax a<span class=\"_ _2\"></span>nd fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n tax, at the a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts we exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t to pay (or re<span class=\"_ _2\"></span>cover), usin<span class=\"_ _2\"></span>g the tax rates an<span class=\"_ _2\"></span>d the l<span class=\"_ _2\"></span>aws en<span class=\"_ _2\"></span>acte<span class=\"_ _2\"></span>d or su<span class=\"_ _2\"></span>bstanti<span class=\"_ _2\"></span>vely e<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>cted at th<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate, t<span class=\"_ _8\"></span>og<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r with any a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts to tax paya<span class=\"_ _2\"></span>ble i<span class=\"_ _2\"></span>n resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars. Def<span class=\"_ _2\"></span>erred ta<span class=\"_ _2\"></span>x is tax we expe<span class=\"_ _2\"></span>ct to pa<span class=\"_ _2\"></span>y or rec<span class=\"_ _2\"></span>over du<span class=\"_ _2\"></span>e to dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s betwe<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nts of o<span class=\"_ _2\"></span>ur ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities i<span class=\"_ _2\"></span>n our Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e cor<span class=\"_ _2\"></span>respo<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ing tax b<span class=\"_ _2\"></span>ases u<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>n cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g our taxa<span class=\"_ _2\"></span>ble p<span class=\"_ _2\"></span>rofit. We ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt for d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>red tax usi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y meth<span class=\"_ _2\"></span>od. We gen<span class=\"_ _2\"></span>eral<span class=\"_ _2\"></span>ly rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise de<span class=\"_ _2\"></span>ferre<span class=\"_ _2\"></span>d tax lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities f<span class=\"_ _2\"></span>or al<span class=\"_ _2\"></span>l taxable te<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>es, an<span class=\"_ _2\"></span>d def<span class=\"_ _2\"></span>erred tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s t<span class=\"_ _8\"></span>o the ex<span class=\"_ _2\"></span>tent th<span class=\"_ _2\"></span>at we wil<span class=\"_ _2\"></span>l prob<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>ly ha<span class=\"_ _2\"></span>ve taxabl<span class=\"_ _2\"></span>e profi<span class=\"_ _2\"></span>ts to utili<span class=\"_ _2\"></span>se de<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tib<span class=\"_ _2\"></span>le tem<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>ry d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e do n<span class=\"_ _2\"></span>ot reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se thes<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets and l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties if the te<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>e aris<span class=\"_ _2\"></span>es fro<span class=\"_ _2\"></span>m:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>our i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>will; or<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>our i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of oth<span class=\"_ _2\"></span>er as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s in a tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion (othe<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n a bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>on) tha<span class=\"_ _2\"></span>t af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts ne<span class=\"_ _2\"></span>ithe<span class=\"_ _2\"></span>r our taxabl<span class=\"_ _2\"></span>e prof<span class=\"_ _2\"></span>it no<span class=\"_ _2\"></span>r our a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g prof<span class=\"_ _2\"></span>it.<span class=\"_ _35c\"> </span>We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e defe<span class=\"_ _2\"></span>rred tax l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es for taxa<span class=\"_ _2\"></span>ble te<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>es ari<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g on ou<span class=\"_ _2\"></span>r inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts in s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>ries<span class=\"_ _2\"></span>, and i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>ts in jo<span class=\"_ _2\"></span>int vent<span class=\"_ _2\"></span>ures an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>oci<span class=\"_ _2\"></span>ates, exce<span class=\"_ _2\"></span>pt where we c<span class=\"_ _2\"></span>an co<span class=\"_ _2\"></span>ntrol the reve<span class=\"_ _2\"></span>rsa<span class=\"_ _2\"></span>l of the tem<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>ry d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce a<span class=\"_ _2\"></span>nd it i<span class=\"_ _2\"></span>s proba<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e that it w<span class=\"_ _2\"></span>ill n<span class=\"_ _2\"></span>ot reverse in th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>eea<span class=\"_ _2\"></span>ble f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re.<span class=\"_ _35c\"> </span>We calc<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ate defe<span class=\"_ _2\"></span>rred tax at th<span class=\"_ _2\"></span>e tax rates we exp<span class=\"_ _2\"></span>ect to a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>y in the p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od wh<span class=\"_ _2\"></span>en we set<span class=\"_ _2\"></span>tle th<span class=\"_ _2\"></span>e liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty o<span class=\"_ _2\"></span>r real<span class=\"_ _2\"></span>ise th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e ch<span class=\"_ _2\"></span>arge or c<span class=\"_ _2\"></span>redit d<span class=\"_ _2\"></span>efe<span class=\"_ _2\"></span>rred tax in th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt, except wh<span class=\"_ _2\"></span>en it re<span class=\"_ _2\"></span>lates to item<span class=\"_ _2\"></span>s we have c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>rged o<span class=\"_ _2\"></span>r cred<span class=\"_ _2\"></span>ited di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y to equ<span class=\"_ _2\"></span>ity, in wh<span class=\"_ _2\"></span>ich cas<span class=\"_ _2\"></span>e the d<span class=\"_ _2\"></span>eferre<span class=\"_ _2\"></span>d tax is al<span class=\"_ _2\"></span>so de<span class=\"_ _2\"></span>alt wit<span class=\"_ _2\"></span>h in eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Income tax<span class=\"_ _1\"></span> expense<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Cur<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>t tax exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _35c\"> </span>Cur<span class=\"_ _2\"></span>rent per<span class=\"_ _2\"></span>iod<span class=\"_ _209\"> </span><span class=\"ff2 ls77 ws5c\">2<span class=\"_ _2\"></span>0.6<span class=\"_ _73\"> </span></span><span class=\"lsb1 wsac\">13<span class=\"_ _2\"></span>.6<span class=\"_ _35c\"> </span></span>Adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for pr<span class=\"_ _2\"></span>ior p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>ds<span class=\"_ _23e\"> </span><span class=\"ff2 lsb8 wsa8\">0.9<span class=\"_ _5c\"> </span></span><span class=\"ls19 ws6a\">1.8<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> current<span class=\"_ _1\"></span> tax expens<span class=\"_ _8\"></span>e in<span class=\"_ _1\"></span> the Group Income<span class=\"_ _8\"></span> Stat<span class=\"_ _8\"></span>ement<span class=\"_ _23f\"> </span><span class=\"lsc wsc\">21.<span class=\"_ _2\"></span>5<span class=\"_ _5e\"> </span><span class=\"ff6 ls43 ws68\">15<span class=\"_ _2\"></span>.4<span class=\"_ _35c\"> </span></span></span>Deferred<span class=\"_ _8\"></span> tax<span class=\"_ _8\"></span> expens<span class=\"_ _8\"></span>e<span class=\"_ _35c\"> </span>Or<span class=\"_ _2\"></span>igin<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n and reversa<span class=\"_ _2\"></span>l of tempo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces<span class=\"_ _230\"> </span><span class=\"ff2 lsa3 ws96\">(<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>5)<span class=\"_ _35c\"> </span></span>Adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for pr<span class=\"_ _2\"></span>ior p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>ds<span class=\"_ _1b9\"> </span><span class=\"ff2 ls29 ws28\">(4<span class=\"_ _2\"></span>.7)<span class=\"_ _5b\"> </span></span><span class=\"ls9c wsb7\">(3.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> deferred<span class=\"_ _8\"></span> tax<span class=\"_ _8\"></span> credit<span class=\"_ _8\"></span> in the<span class=\"_ _8\"></span> Group Inc<span class=\"_ _8\"></span>ome S<span class=\"_ _8\"></span>tatement<span class=\"_ _240\"> </span><span class=\"lsb8 wsa8\">(1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9)<span class=\"_ _13e\"> </span><span class=\"ff6 lsb9 wsa9\">(3<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> income t<span class=\"_ _1\"></span>ax expense<span class=\"_ _1\"></span> excluding<span class=\"_ _8\"></span> share o<span class=\"_ _8\"></span>f income<span class=\"_ _1\"></span> tax of<span class=\"_ _8\"></span> equity-ac<span class=\"_ _8\"></span>counted<span class=\"_ _1\"></span> investees<span class=\"_ _182\"> </span><span class=\"lsbb wsab\">7.<span class=\"_ _2\"></span>6<span class=\"_ _6c\"> </span><span class=\"ff6 lsb9 wsa9\">1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span>Sh<span class=\"_ _2\"></span>are of inc<span class=\"_ _2\"></span>ome tax of e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y-acco<span class=\"_ _2\"></span>unted inves<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ees (se<span class=\"_ _2\"></span>e note 18)<span class=\"_ _241\"> </span><span class=\"ff2 lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _192\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e tax ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>se in t<span class=\"_ _2\"></span>he Gr<span class=\"_ _2\"></span>oup I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Sta<span class=\"_ _2\"></span>tem<span class=\"_ _2\"></span>ent<span class=\"_ _1ff\"> </span><span class=\"lsc wsc\">11.<span class=\"_ _2\"></span>5<span class=\"_ _13e\"> </span><span class=\"ff6 ls50 ws10\">14.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Reconciliation o<span class=\"_ _8\"></span>f effective t<span class=\"_ _8\"></span>ax rate<span class=\"_ _35c\"> </span>2023 %<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 %<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Pro<span class=\"_ _2\"></span>fit b<span class=\"_ _2\"></span>efo<span class=\"_ _2\"></span>re tax<span class=\"_ _22b\"> </span><span class=\"lsa3 ws96\">3<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>4<span class=\"_ _242\"> </span><span class=\"ff6 ls1b ws1f\">48.4<span class=\"_ _35c\"> </span></span></span>Add b<span class=\"_ _2\"></span>ack s<span class=\"_ _2\"></span>hare of in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e tax of equ<span class=\"_ _2\"></span>ity-ac<span class=\"_ _2\"></span>counted i<span class=\"_ _2\"></span>nvestees<span class=\"_ _1a8\"> </span><span class=\"ff2 lsb8 wsa8\">3.9<span class=\"_ _f2\"> </span></span><span class=\"ls3a ws1a\">2.6<span class=\"_ _35c\"> </span></span>Profit<span class=\"_ _1\"></span> before tax<span class=\"_ _8\"></span> ex<span class=\"_ _1\"></span>cluding share of<span class=\"_ _1\"></span> income tax<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> equity-acc<span class=\"_ _8\"></span>ounted<span class=\"_ _8\"></span> inv<span class=\"_ _1\"></span>estees<span class=\"_ _96\"> </span><span class=\"lse wsd\">43.3<span class=\"_ _1aa\"> </span><span class=\"ff6 ls20 ws11\">5<span class=\"_ _2\"></span>1.0<span class=\"_ _35c\"> </span></span></span>In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>ax at U<span class=\"_ _2\"></span>K corp<span class=\"_ _2\"></span>oratio<span class=\"_ _2\"></span>n t<span class=\"_ _8\"></span>ax of 20.<span class=\"_ _2\"></span>5% (2022: 19<span class=\"_ _1\"></span>.0%)<span class=\"_ _1ad\"> </span><span class=\"ff2 ls77 ws5c\">20.<span class=\"_ _2\"></span>5<span class=\"_ _11f\"> </span><span class=\"lsb8 wsa8\">8<span class=\"_ _2\"></span>.9<span class=\"_ _6e\"> </span></span></span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>0<span class=\"_ _5c\"> </span>9.<span class=\"_ _2\"></span>7<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of tax rates in forei<span class=\"_ _2\"></span>gn jur<span class=\"_ _2\"></span>isdi<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s<span class=\"_ _243\"> </span><span class=\"ff2 ls3a ws1a\">13.6<span class=\"_ _6c\"> </span><span class=\"lsb8 wsa8\">5<span class=\"_ _2\"></span>.9<span class=\"_ _d7\"> </span></span></span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>2<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">4<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span>Non-<span class=\"_ _1\"></span>deductible<span class=\"_ _8\"></span> ex<span class=\"_ _8\"></span>penses<span class=\"_ _244\"> </span><span class=\"ff2 ls77 ws5c\">6.7<span class=\"_ _6c\"> </span><span class=\"lsb8 wsa8\">2<span class=\"_ _2\"></span>.9<span class=\"_ _6c\"> </span></span></span><span class=\"ls9 ws9\">4.3<span class=\"_ _6c\"> </span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>ax exem<span class=\"_ _2\"></span>pt inco<span class=\"_ _2\"></span>me an<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>centives<span class=\"_ _200\"> </span><span class=\"ff2 ls20 ws11\">(3.<span class=\"_ _2\"></span>0)<span class=\"_ _69\"> </span><span class=\"ls57 ws4f\">(<span class=\"_ _2\"></span>1.3)<span class=\"_ _6e\"> </span></span></span><span class=\"ls77 ws5c\">(1<span class=\"_ _2\"></span>.8)<span class=\"_ _6b\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9)<span class=\"_ _35c\"> </span></span></span>Cha<span class=\"_ _2\"></span>nge i<span class=\"_ _2\"></span>n tax r<span class=\"_ _8\"></span>ate<span class=\"_ _245\"> </span><span class=\"ff2 ls77 ws5c\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>5)<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>5<span class=\"_ _49\"> </span><span class=\"lsd ws5\">1.3<span class=\"_ _35c\"> </span></span></span>Movem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n recogn<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n of t<span class=\"_ _8\"></span>ax lo<span class=\"_ _2\"></span>sses<span class=\"_ _241\"> </span><span class=\"ff2 ls55 ws3f\">(5<span class=\"_ _2\"></span>.0)<span class=\"_ _6a\"> </span><span class=\"lsc wsc\">(2<span class=\"_ _2\"></span>.2)<span class=\"_ _11f\"> </span></span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _49\"> </span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Change in unr<span class=\"_ _1\"></span>ecognised t<span class=\"_ _8\"></span>emporary differences<span class=\"_ _246\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _79\"> </span><span class=\"ls5c ws56\">(3.<span class=\"_ _2\"></span>4)<span class=\"_ _5e\"> </span></span></span><span class=\"lsb9 wsa9\">(3.7<span class=\"_ _2\"></span>)<span class=\"_ _6f\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>ax over / (u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r) provide<span class=\"_ _2\"></span>d in pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod<span class=\"_ _2\"></span>s<span class=\"_ _162\"> </span><span class=\"ff2 ls3d ws20\">1.8<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.8<span class=\"_ _6f\"> </span></span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>2.1<span class=\"_ _2\"></span>)<span class=\"_ _6c\"> </span>(1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Change in pr<span class=\"_ _1\"></span>ovisions<span class=\"_ _1a1\"> </span><span class=\"ff2 ls77 ws5c\">0.5<span class=\"_ _64\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _79\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _6e\"> </span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>ax o<span class=\"_ _2\"></span>n und<span class=\"_ _2\"></span>istrib<span class=\"_ _2\"></span>uted rese<span class=\"_ _2\"></span>rves <span class=\"_ _23c\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>5<span class=\"_ _8b\"> </span>0.2<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>6<span class=\"_ _11f\"> </span>0.3<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e tax ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>se in t<span class=\"_ _2\"></span>he Gr<span class=\"_ _2\"></span>oup I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Sta<span class=\"_ _2\"></span>tem<span class=\"_ _2\"></span>ent<span class=\"_ _db\"> </span><span class=\"ls13 ws13\">26.6<span class=\"_ _6e\"> </span><span class=\"lsc wsc\">11.<span class=\"_ _2\"></span>5<span class=\"_ _79\"> </span><span class=\"ff6 ls20 ws11\">28.0<span class=\"_ _13e\"> </span><span class=\"ls50 ws10\">14<span class=\"_ _2\"></span>.3<span class=\"_ _35c\"> </span></span></span></span></span>Th<span class=\"_ _2\"></span>e tax rate for the ye<span class=\"_ _2\"></span>ar d<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nds o<span class=\"_ _2\"></span>n ou<span class=\"_ _2\"></span>r mix of p<span class=\"_ _2\"></span>rofits by c<span class=\"_ _2\"></span>ountr<span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>nd ou<span class=\"_ _2\"></span>r abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y to recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e defe<span class=\"_ _2\"></span>rred tax a<span class=\"_ _2\"></span>ssets i<span class=\"_ _2\"></span>n respe<span class=\"_ _2\"></span>ct of l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s in so<span class=\"_ _2\"></span>me of o<span class=\"_ _2\"></span>ur sm<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>er ter<span class=\"_ _2\"></span>ritori<span class=\"_ _2\"></span>es. T<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>x is ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lated u<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g prevai<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g tax leg<span class=\"_ _2\"></span>isl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, rel<span class=\"_ _2\"></span>iefs a<span class=\"_ _2\"></span>nd exi<span class=\"_ _2\"></span>stin<span class=\"_ _2\"></span>g inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d prac<span class=\"_ _2\"></span>tice.<span class=\"_ _35c\"> </span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in \u2018M<span class=\"_ _2\"></span>oveme<span class=\"_ _2\"></span>nts in re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>on of tax los<span class=\"_ _2\"></span>ses\u2019 i<span class=\"_ _2\"></span>n the yea<span class=\"_ _2\"></span>r is a cre<span class=\"_ _2\"></span>dit of \u00a34<span class=\"_ _2\"></span>.5m i<span class=\"_ _2\"></span>n resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ition of p<span class=\"_ _2\"></span>revio<span class=\"_ _2\"></span>usl<span class=\"_ _2\"></span>y un<span class=\"_ _2\"></span>reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s in the G<span class=\"_ _2\"></span>roup\u2019s sub<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>iari<span class=\"_ _2\"></span>es in A<span class=\"_ _2\"></span>ustral<span class=\"_ _2\"></span>ia an<span class=\"_ _2\"></span>d Franc<span class=\"_ _2\"></span>e, as the<span class=\"_ _2\"></span>se com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>s have d<span class=\"_ _2\"></span>eli<span class=\"_ _2\"></span>vered p<span class=\"_ _2\"></span>rofit<span class=\"_ _2\"></span>s and u<span class=\"_ _2\"></span>tili<span class=\"_ _2\"></span>sed tax lo<span class=\"_ _2\"></span>sses in e<span class=\"_ _2\"></span>ach of th<span class=\"_ _2\"></span>e las<span class=\"_ _2\"></span>t two ye<span class=\"_ _2\"></span>ars a<span class=\"_ _2\"></span>nd are fo<span class=\"_ _2\"></span>reca<span class=\"_ _2\"></span>st to conti<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e to be prof<span class=\"_ _2\"></span>itabl<span class=\"_ _2\"></span>e in the f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has a<span class=\"_ _2\"></span>lso rea<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sed th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>erred tax a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butes o<span class=\"_ _2\"></span>f its UK s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>ries i<span class=\"_ _2\"></span>n the l<span class=\"_ _2\"></span>ight of u<span class=\"_ _2\"></span>pda<span class=\"_ _2\"></span>ted fore<span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>t info<span class=\"_ _2\"></span>rmati<span class=\"_ _2\"></span>on in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of fu<span class=\"_ _2\"></span>ture prof<span class=\"_ _2\"></span>itab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, re<span class=\"_ _2\"></span>sult<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>n a \u00a32.<span class=\"_ _2\"></span>4m cre<span class=\"_ _2\"></span>dit rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n unre<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d tem<span class=\"_ _2\"></span>porar<span class=\"_ _2\"></span>y d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, from th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnit<span class=\"_ _2\"></span>ion of ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l timi<span class=\"_ _2\"></span>ng d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces i<span class=\"_ _2\"></span>n resp<span class=\"_ _2\"></span>ect of f<span class=\"_ _2\"></span>ixed a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd a \u00a3<span class=\"_ _2\"></span>2.0m c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n movem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of tax l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s, in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of ce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>n com<span class=\"_ _2\"></span>pany s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ic los<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>at are n<span class=\"_ _2\"></span>ot cap<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e of bei<span class=\"_ _2\"></span>ng gro<span class=\"_ _2\"></span>up rel<span class=\"_ _2\"></span>ieved a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>t profi<span class=\"_ _2\"></span>ts in othe<span class=\"_ _2\"></span>r UK e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re tax cha<span class=\"_ _2\"></span>rge an<span class=\"_ _2\"></span>d ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive tax rate cou<span class=\"_ _2\"></span>ld b<span class=\"_ _2\"></span>e af<span class=\"_ _2\"></span>fecte<span class=\"_ _2\"></span>d by facto<span class=\"_ _2\"></span>rs suc<span class=\"_ _2\"></span>h as co<span class=\"_ _2\"></span>untr<span class=\"_ _2\"></span>ies refo<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>ng the<span class=\"_ _2\"></span>ir tax le<span class=\"_ _2\"></span>gis<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on to imp<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t the OEC<span class=\"_ _2\"></span>D\u2019<span class=\"_ _8\"></span>s BEPS re<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nda<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s and by Eu<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>issi<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>tives in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng state a<span class=\"_ _2\"></span>id inve<span class=\"_ _2\"></span>stig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns.<span class=\"_ _35c\"> </span>Du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>ds, the G<span class=\"_ _2\"></span>roup p<span class=\"_ _2\"></span>rovid<span class=\"_ _2\"></span>ed \u00a31<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>m in total for it<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ure to the ch<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>len<span class=\"_ _2\"></span>ge by the Eu<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ion to the U<span class=\"_ _2\"></span>K\u2019s Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny (\u2018Fin<span class=\"_ _2\"></span>Co\u2019) exempti<span class=\"_ _2\"></span>on f<span class=\"_ _2\"></span>rom its Co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ed Fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n Com<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies (\u2018CF<span class=\"_ _2\"></span>C\u2019) taxin<span class=\"_ _2\"></span>g reg<span class=\"_ _2\"></span>ime. A<span class=\"_ _2\"></span>s at 30 J<span class=\"_ _2\"></span>une 2023<span class=\"_ _2\"></span>, Gen<span class=\"_ _2\"></span>us h<span class=\"_ _2\"></span>ad be<span class=\"_ _2\"></span>en ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d pai<span class=\"_ _2\"></span>d \u00a31.<span class=\"_ _2\"></span>4m (30 J<span class=\"_ _2\"></span>une 202<span class=\"_ _2\"></span>2: \u00a31.<span class=\"_ _2\"></span>4m) by HMR<span class=\"_ _2\"></span>C und<span class=\"_ _2\"></span>er va<span class=\"_ _2\"></span>riou<span class=\"_ _2\"></span>s ch<span class=\"_ _2\"></span>argin<span class=\"_ _2\"></span>g noti<span class=\"_ _2\"></span>ces in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of its a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent of o<span class=\"_ _2\"></span>ur li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y un<span class=\"_ _2\"></span>der th<span class=\"_ _2\"></span>is j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t, lea<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g a rema<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>ng p<span class=\"_ _2\"></span>rovisio<span class=\"_ _2\"></span>n ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023 of \u00a30.2m (30 J<span class=\"_ _2\"></span>une 202<span class=\"_ _2\"></span>2: \u00a30.2m).<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has a<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>ale<span class=\"_ _2\"></span>d the a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nts pa<span class=\"_ _2\"></span>id to HM<span class=\"_ _2\"></span>RC on th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g grou<span class=\"_ _2\"></span>nds:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>the am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>s not state a<span class=\"_ _2\"></span>id (i.e. the o<span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>l EU Com<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n dec<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>on is u<span class=\"_ _2\"></span>nsou<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>n law); and<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>the am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>s not wh<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>y attri<span class=\"_ _2\"></span>buta<span class=\"_ _2\"></span>ble to UK s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant p<span class=\"_ _2\"></span>eo<span class=\"_ _2\"></span>ple f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns (an<span class=\"_ _2\"></span>d theref<span class=\"_ _2\"></span>ore eith<span class=\"_ _2\"></span>er p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>tly or wh<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>ly out<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>e the ci<span class=\"_ _2\"></span>rcum<span class=\"_ _2\"></span>stanc<span class=\"_ _2\"></span>es de<span class=\"_ _2\"></span>scri<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>d by the EU Co<span class=\"_ _2\"></span>mmi<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>on as s<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ate ai<span class=\"_ _2\"></span>d)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>HM<span class=\"_ _2\"></span>RC an<span class=\"_ _2\"></span>d several oth<span class=\"_ _2\"></span>er l<span class=\"_ _2\"></span>arge taxp<span class=\"_ _2\"></span>aye<span class=\"_ _2\"></span>rs ha<span class=\"_ _2\"></span>ve also a<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ed ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st the o<span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>l EU Com<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ssio<span class=\"_ _2\"></span>n de<span class=\"_ _2\"></span>cisi<span class=\"_ _2\"></span>on. O<span class=\"_ _2\"></span>n 8 Ju<span class=\"_ _2\"></span>ne 2022, th<span class=\"_ _2\"></span>e EU Ge<span class=\"_ _2\"></span>nera<span class=\"_ _2\"></span>l Cou<span class=\"_ _2\"></span>rt d<span class=\"_ _2\"></span>ism<span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ed HM<span class=\"_ _2\"></span>RC\u2019s ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>catio<span class=\"_ _2\"></span>n to ann<span class=\"_ _2\"></span>ul th<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>ean C<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ion d<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n con<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g the CF<span class=\"_ _2\"></span>C Grou<span class=\"_ _2\"></span>p fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cin<span class=\"_ _2\"></span>g exem<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>d that H<span class=\"_ _2\"></span>MRC h<span class=\"_ _2\"></span>as lo<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d an ap<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>al ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st the j<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt to the Co<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>t of Ju<span class=\"_ _2\"></span>stice o<span class=\"_ _2\"></span>f the Euro<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>n Un<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>. As th<span class=\"_ _2\"></span>ere are m<span class=\"_ _2\"></span>any ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>ls to be co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>red, it m<span class=\"_ _2\"></span>ay be a n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber of ye<span class=\"_ _2\"></span>ars b<span class=\"_ _2\"></span>efore th<span class=\"_ _2\"></span>e ful<span class=\"_ _2\"></span>l cou<span class=\"_ _2\"></span>rt/<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>ppe<span class=\"_ _2\"></span>al pro<span class=\"_ _2\"></span>cess i<span class=\"_ _2\"></span>s exha<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d and th<span class=\"_ _2\"></span>is ma<span class=\"_ _2\"></span>tter i<span class=\"_ _2\"></span>s fin<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y resol<span class=\"_ _2\"></span>ved. Th<span class=\"_ _2\"></span>e tax cred<span class=\"_ _2\"></span>it att<span class=\"_ _2\"></span>ribu<span class=\"_ _2\"></span>tabl<span class=\"_ _2\"></span>e to e<span class=\"_ _8\"></span>xcepti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l item<span class=\"_ _2\"></span>s is a cred<span class=\"_ _2\"></span>it of \u00a30.<span class=\"_ _1\"></span>9m (<span class=\"_ _2\"></span>2022: cred<span class=\"_ _2\"></span>it of \u00a30.8<span class=\"_ _2\"></span>m)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Income t<span class=\"_ _8\"></span>ax rec<span class=\"_ _8\"></span>ognised<span class=\"_ _8\"></span> directly in<span class=\"_ _1\"></span> t<span class=\"_ _2\"></span>he<span class=\"_ _1\"></span> Statement o<span class=\"_ _8\"></span>f Comprehen<span class=\"_ _8\"></span>sive<span class=\"_ _1\"></span> Income and St<span class=\"_ _1\"></span>atement of C<span class=\"_ _1\"></span>hanges in Equity<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Financial instruments<span class=\"_ _247\"> </span><span class=\"ff2 ls77 ws5c\">(0.5)<span class=\"_ _69\"> </span></span><span class=\"ls22 ws22\">(0<span class=\"_ _2\"></span>.5)<span class=\"_ _35c\"> </span></span>Forei<span class=\"_ _2\"></span>gn excha<span class=\"_ _2\"></span>nge d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es on l<span class=\"_ _2\"></span>ong-<span class=\"_ _8\"></span>term intra-Grou<span class=\"_ _2\"></span>p curren<span class=\"_ _2\"></span>cy lo<span class=\"_ _2\"></span>ans a<span class=\"_ _2\"></span>nd ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ces<span class=\"_ _248\"> </span><span class=\"ff2 ls77 ws5c\">0.4<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span>Ga<span class=\"_ _2\"></span>in on eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>red at fai<span class=\"_ _2\"></span>r value<span class=\"_ _249\"> </span><span class=\"ff2 ls31 ws97\">(1.0)<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.5<span class=\"_ _35c\"> </span></span>Actu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l movem<span class=\"_ _2\"></span>ent on retirem<span class=\"_ _2\"></span>ent b<span class=\"_ _2\"></span>enef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>liga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s<span class=\"_ _24a\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _79\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Forei<span class=\"_ _8\"></span>gn e<span class=\"_ _8\"></span>xchange<span class=\"_ _8\"></span> differences<span class=\"_ _8\"></span> on tr<span class=\"_ _1\"></span>anslation o<span class=\"_ _8\"></span>f biological<span class=\"_ _1\"></span> assets, in<span class=\"_ _1\"></span>tangible asse<span class=\"_ _1\"></span>ts and leases<span class=\"_ _24b\"> </span><span class=\"ff2 lse wsd\">3.2<span class=\"_ _13e\"> </span></span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Income t<span class=\"_ _8\"></span>ax rec<span class=\"_ _8\"></span>ognised<span class=\"_ _8\"></span> directly in<span class=\"_ _1\"></span> t<span class=\"_ _2\"></span>he<span class=\"_ _1\"></span> Statement o<span class=\"_ _8\"></span>f Comprehen<span class=\"_ _8\"></span>sive<span class=\"_ _1\"></span> Income and St<span class=\"_ _1\"></span>atement of C<span class=\"_ _1\"></span>hanges in Equit<span class=\"_ _2\"></span>y<span class=\"_ _35c\"> </span>1<span class=\"_ _2\"></span>.9<span class=\"_ _64\"> </span><span class=\"ff6 lsba wsaa\">(<span class=\"_ _6\"></span>7.1<span class=\"_ _6\"></span>)<span class=\"_ _35c\"> </span></span>Income t<span class=\"_ _8\"></span>ax rec<span class=\"_ _8\"></span>ognised<span class=\"_ _8\"></span> directly to<span class=\"_ _1\"></span> the Statemen<span class=\"_ _8\"></span>t of<span class=\"_ _1\"></span> Changes in<span class=\"_ _8\"></span> Equity<span class=\"_ _35c\"> </span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _236\"> </span><span class=\"ff2 ls77 ws5c\">(0.1)<span class=\"_ _79\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Income t<span class=\"_ _8\"></span>ax rec<span class=\"_ _8\"></span>ognised<span class=\"_ _8\"></span> directly to<span class=\"_ _1\"></span> the Statemen<span class=\"_ _8\"></span>t of<span class=\"_ _1\"></span> Changes in<span class=\"_ _8\"></span> Equity<span class=\"_ _24c\"> </span><span class=\"ls77 ws5c\">(0.1)<span class=\"_ _79\"> </span><span class=\"ff6 ls22 ws22\">(0.4)<span class=\"_ _35c\"> </span></span></span>Unrecognised<span class=\"_ _1\"></span> deferred tax<span class=\"_ _8\"></span> assets<span class=\"_ _8\"></span> and liab<span class=\"_ _8\"></span>ilities<span class=\"_ _35c\"> </span>At the ba<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>heet d<span class=\"_ _2\"></span>ate, the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>ad un<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>d tax los<span class=\"_ _2\"></span>ses wh<span class=\"_ _2\"></span>ich we<span class=\"_ _2\"></span>re avail<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>le for of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>set ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st fu<span class=\"_ _2\"></span>ture prof<span class=\"_ _2\"></span>its, w<span class=\"_ _2\"></span>ith a potenti<span class=\"_ _2\"></span>al tax be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it of \u00a31<span class=\"_ _2\"></span>8.1m (2022: \u00a31<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.3<span class=\"_ _2\"></span>m)<span class=\"_ _8\"></span>. We have re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d a defe<span class=\"_ _2\"></span>rred tax a<span class=\"_ _2\"></span>sset i<span class=\"_ _2\"></span>n respe<span class=\"_ _2\"></span>ct of \u00a3<span class=\"_ _2\"></span>12.6<span class=\"_ _2\"></span>m (2022: \u00a311<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>m) of thes<span class=\"_ _2\"></span>e ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ts, as we exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t these l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>es to be of<span class=\"_ _2\"></span>fse<span class=\"_ _2\"></span>t aga<span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>t futu<span class=\"_ _2\"></span>re prof<span class=\"_ _2\"></span>its of the re<span class=\"_ _2\"></span>levant j<span class=\"_ _2\"></span>uri<span class=\"_ _2\"></span>sdic<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns in th<span class=\"_ _2\"></span>e ne<span class=\"_ _2\"></span>ar term<span class=\"_ _2\"></span>. We have not re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed a def<span class=\"_ _2\"></span>erred tax a<span class=\"_ _2\"></span>sset i<span class=\"_ _2\"></span>n resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>e rem<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>ing \u00a3<span class=\"_ _2\"></span>5.5<span class=\"_ _2\"></span>m (2022: \u00a37<span class=\"_ _1\"></span>.7m)<span class=\"_ _8\"></span>, du<span class=\"_ _2\"></span>e to unce<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y abo<span class=\"_ _2\"></span>ut the a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y of fu<span class=\"_ _2\"></span>ture taxab<span class=\"_ _2\"></span>le prof<span class=\"_ _2\"></span>its in th<span class=\"_ _2\"></span>e releva<span class=\"_ _2\"></span>nt jur<span class=\"_ _2\"></span>isd<span class=\"_ _2\"></span>icti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. At 30 Ju<span class=\"_ _2\"></span>ne 2023, th<span class=\"_ _2\"></span>e expi<span class=\"_ _2\"></span>ry d<span class=\"_ _2\"></span>ates of de<span class=\"_ _2\"></span>ferre<span class=\"_ _2\"></span>d tax asse<span class=\"_ _2\"></span>ts in resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of los<span class=\"_ _2\"></span>ses ava<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>ble f<span class=\"_ _2\"></span>or the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>y for<span class=\"_ _2\"></span>ward we<span class=\"_ _2\"></span>re as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _35c\"> </span>Expiring within<span class=\"_ _35c\"> </span>1\u2013<span class=\"_ _8\"></span>10 y<span class=\"_ _8\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>11\u2013<span class=\"_ _1\"></span>20 years<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Unlimited<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Losse<span class=\"_ _2\"></span>s for whi<span class=\"_ _2\"></span>ch a defe<span class=\"_ _2\"></span>rred tax ass<span class=\"_ _2\"></span>et is recog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d<span class=\"_ _24d\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _6b\"> </span><span class=\"ls6 ws6\">12<span class=\"_ _2\"></span>.4<span class=\"_ _6b\"> </span>12<span class=\"_ _2\"></span>.6<span class=\"_ _35c\"> </span></span></span>Losse<span class=\"_ _2\"></span>s for whi<span class=\"_ _2\"></span>ch no d<span class=\"_ _2\"></span>eferred tax as<span class=\"_ _2\"></span>set is reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed<span class=\"_ _24e\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _64\"> </span><span class=\"lsd ws5\">5.<span class=\"_ _2\"></span>3<span class=\"_ _8b\"> </span>5.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal ta<span class=\"_ _2\"></span>x loss<span class=\"_ _2\"></span>es<span class=\"_ _1c7\"> </span><span class=\"ls77 ws5c\">0.4<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _76\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _76\"> </span><span class=\"lsc4 wsa7\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>In a<span class=\"_ _2\"></span>ddit<span class=\"_ _2\"></span>ion, a<span class=\"_ _2\"></span>t the ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate, the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>ad an u<span class=\"_ _2\"></span>nrec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d defe<span class=\"_ _2\"></span>rred tax as<span class=\"_ _2\"></span>set in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of f<span class=\"_ _2\"></span>ixed as<span class=\"_ _2\"></span>set tim<span class=\"_ _2\"></span>ing d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s of ni<span class=\"_ _2\"></span>l (2022: \u00a3<span class=\"_ _2\"></span>2.4m) a<span class=\"_ _2\"></span>nd oth<span class=\"_ _2\"></span>er tim<span class=\"_ _2\"></span>ing d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s of \u00a32.<span class=\"_ _2\"></span>3m (2022<span class=\"_ _2\"></span>: \u00a31.<span class=\"_ _2\"></span>3m). The<span class=\"_ _2\"></span>se un<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>sed tim<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>es ha<span class=\"_ _2\"></span>ve an un<span class=\"_ _2\"></span>lim<span class=\"_ _2\"></span>ited exp<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y date.<span class=\"_ _35c\"> </span>At 30 Ju<span class=\"_ _2\"></span>ne 2022, th<span class=\"_ _2\"></span>e expi<span class=\"_ _2\"></span>ry d<span class=\"_ _2\"></span>ates of def<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d tax asset<span class=\"_ _2\"></span>s in resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of loss<span class=\"_ _2\"></span>es ava<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>r the ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>y for<span class=\"_ _2\"></span>ward we<span class=\"_ _2\"></span>re as fol<span class=\"_ _2\"></span>lows: Expiring within<span class=\"_ _35c\"> </span>1<span class=\"_ _2\"></span>\u20131<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> ye<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>\u20132<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> ye<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Unlimited<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Losse<span class=\"_ _2\"></span>s for whi<span class=\"_ _2\"></span>ch a defe<span class=\"_ _2\"></span>rred tax ass<span class=\"_ _2\"></span>et is recog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d<span class=\"_ _24f\"> </span><span class=\"ls75 ws69\">0.6<span class=\"_ _11f\"> </span>0.4<span class=\"_ _5e\"> </span>1<span class=\"_ _2\"></span>0.6<span class=\"_ _64\"> </span><span class=\"ls3a ws1a\">11.6<span class=\"_ _35c\"> </span></span></span>Losse<span class=\"_ _2\"></span>s for whi<span class=\"_ _2\"></span>ch no d<span class=\"_ _2\"></span>eferred tax as<span class=\"_ _2\"></span>set is reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed<span class=\"_ _250\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _d7\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _6\"></span>6<span class=\"_ _1c\"> </span>7.<span class=\"_ _2\"></span>7<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>tal ta<span class=\"_ _2\"></span>x loss<span class=\"_ _2\"></span>es<span class=\"_ _176\"> </span><span class=\"ff6 lsb9 wsa9\">0.7<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _73\"> </span><span class=\"lsd ws5\">18.<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span></span></span></span>Th<span class=\"_ _2\"></span>e gross va<span class=\"_ _2\"></span>lue of l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s for wh<span class=\"_ _2\"></span>ich d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>red tax as<span class=\"_ _2\"></span>sets are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d is \u00a349<span class=\"_ _1\"></span>.7m (20<span class=\"_ _8\"></span>22: \u00a34<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>2m). The gros<span class=\"_ _2\"></span>s valu<span class=\"_ _2\"></span>e of los<span class=\"_ _2\"></span>ses fo<span class=\"_ _2\"></span>r whi<span class=\"_ _2\"></span>ch def<span class=\"_ _2\"></span>erred tax a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>re not rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d is \u00a319<span class=\"_ _8\"></span>.3<span class=\"_ _2\"></span>m (2022: \u00a3<span class=\"_ _2\"></span>24.8<span class=\"_ _2\"></span>m).<span class=\"_ _35c\"> </span>We have n<span class=\"_ _2\"></span>ot reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed d<span class=\"_ _2\"></span>eferre<span class=\"_ _2\"></span>d tax lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s t<span class=\"_ _8\"></span>otall<span class=\"_ _2\"></span>ing \u00a34<span class=\"_ _2\"></span>.0m (2022<span class=\"_ _2\"></span>: \u00a33.<span class=\"_ _2\"></span>6m) fo<span class=\"_ _2\"></span>r the with<span class=\"_ _2\"></span>ho<span class=\"_ _2\"></span>ldi<span class=\"_ _2\"></span>ng tax an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r taxes tha<span class=\"_ _2\"></span>t woul<span class=\"_ _2\"></span>d be pa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>e on the u<span class=\"_ _2\"></span>nre<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>ted ea<span class=\"_ _2\"></span>rni<span class=\"_ _2\"></span>ngs of c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain over<span class=\"_ _2\"></span>sea<span class=\"_ _2\"></span>s subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>is is b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use we ca<span class=\"_ _2\"></span>n cont<span class=\"_ _2\"></span>rol the ti<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>g an<span class=\"_ _2\"></span>d reversa<span class=\"_ _2\"></span>l of thes<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d it is p<span class=\"_ _2\"></span>roba<span class=\"_ _2\"></span>ble th<span class=\"_ _2\"></span>at the d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s will n<span class=\"_ _2\"></span>ot reverse i<span class=\"_ _2\"></span>n the fo<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>eab<span class=\"_ _2\"></span>le f<span class=\"_ _2\"></span>uture.<span class=\"_ _35c\"> </span>Recognised<span class=\"_ _1\"></span> deferred tax<span class=\"_ _1\"></span> assets and li<span class=\"_ _8\"></span>abilities<span class=\"_ _35c\"> </span>We have of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>set defe<span class=\"_ _2\"></span>rred tax a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, to the ex<span class=\"_ _2\"></span>tent th<span class=\"_ _2\"></span>at they a<span class=\"_ _2\"></span>rise i<span class=\"_ _2\"></span>n the sa<span class=\"_ _2\"></span>me tax ju<span class=\"_ _2\"></span>risd<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e ana<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s of defe<span class=\"_ _2\"></span>rred tax b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s is set o<span class=\"_ _2\"></span>ut be<span class=\"_ _2\"></span>low:<span class=\"_ _35c\"> </span>2023 \u00a3m 202<span class=\"_ _2\"></span>2 \u00a3m Defe<span class=\"_ _2\"></span>rred tax ass<span class=\"_ _2\"></span>ets <span class=\"_ _1bd\"> </span><span class=\"ff2 ls77 ws5c\">(16.5)<span class=\"_ _48\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Deferr<span class=\"_ _1\"></span>ed tax<span class=\"_ _8\"></span> liabilities<span class=\"_ _247\"> </span><span class=\"ff2 ls25 ws21\">51.2<span class=\"_ _79\"> </span></span><span class=\"ls75 ws69\">60.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>Net deferred tax assets<span class=\"_ _193\"> </span><span class=\"ls77 ws5c\">34<span class=\"_ _2\"></span>.7<span class=\"_ _48\"> </span><span class=\"ff6 ls75 ws69\">5<span class=\"_ _2\"></span>0.2<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e UK Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce (No. 2) Ac<span class=\"_ _2\"></span>t 2023, wh<span class=\"_ _2\"></span>ich co<span class=\"_ _2\"></span>ntain<span class=\"_ _2\"></span>s the U<span class=\"_ _2\"></span>K\u2019<span class=\"_ _8\"></span>s provi<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s add<span class=\"_ _2\"></span>ress<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e im<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>ntation of B<span class=\"_ _2\"></span>EPS Pil<span class=\"_ _2\"></span>lar T<span class=\"_ _1\"></span>wo, was s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntivel<span class=\"_ _2\"></span>y en<span class=\"_ _2\"></span>acte<span class=\"_ _2\"></span>d on 20 J<span class=\"_ _2\"></span>une 2023<span class=\"_ _2\"></span>. Thi<span class=\"_ _2\"></span>s leg<span class=\"_ _2\"></span>isl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>lem<span class=\"_ _2\"></span>ents d<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>esti<span class=\"_ _2\"></span>c and m<span class=\"_ _2\"></span>ulti<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al top-up taxe<span class=\"_ _2\"></span>s, des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ed to ac<span class=\"_ _2\"></span>hieve a g<span class=\"_ _2\"></span>lob<span class=\"_ _2\"></span>al m<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>mum ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive tax rate of 15% an<span class=\"_ _2\"></span>d is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to fir<span class=\"_ _2\"></span>st ap<span class=\"_ _2\"></span>ply to Ge<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>s in the ye<span class=\"_ _2\"></span>ar e<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>d 30 Ju<span class=\"_ _2\"></span>ne 2025. I<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t year, the Gro<span class=\"_ _2\"></span>up ha<span class=\"_ _2\"></span>s ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ed the exce<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e relate<span class=\"_ _2\"></span>d IAS 12 am<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>dme<span class=\"_ _2\"></span>nt to reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g and d<span class=\"_ _2\"></span>isc<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n abo<span class=\"_ _2\"></span>ut de<span class=\"_ _2\"></span>ferre<span class=\"_ _2\"></span>d tax asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s rela<span class=\"_ _2\"></span>ted to Pill<span class=\"_ _2\"></span>ar 2 in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e taxes<span class=\"_ _35c\"> </span>Mov<span class=\"_ _1\"></span>ement in net<span class=\"_ _8\"></span> deferred<span class=\"_ _1\"></span> tax liabilitie<span class=\"_ _8\"></span>s during<span class=\"_ _1\"></span> the year<span class=\"_ _35c\"> </span>As a<span class=\"_ _2\"></span>t 1 Ju<span class=\"_ _2\"></span>ly 2022<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Recognised in I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statement<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Changes<span class=\"_ _8\"></span> in ta<span class=\"_ _2\"></span>x rat<span class=\"_ _2\"></span>e recognised in Income Statement<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Pri<span class=\"_ _2\"></span>or ye<span class=\"_ _2\"></span>ar adjustments<span class=\"_ _8\"></span> recognised in Income Statement<span class=\"_ _1\"></span> \u00a3m<span class=\"_ _35c\"> </span>Recognised in equity<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Foreign exchange<span class=\"_ _1\"></span> difference<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>As at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, p<span class=\"_ _2\"></span>lant a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>uip<span class=\"_ _2\"></span>ment<span class=\"_ _251\"> </span><span class=\"ff2 lse wsd\">3.5<span class=\"_ _64\"> </span><span class=\"ls19 ws6a\">2<span class=\"_ _2\"></span>.6<span class=\"_ _6f\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _6a\"> </span><span class=\"ls5c ws56\">(2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _69\"> </span></span>(0.1)<span class=\"_ _26\"> </span>(0.3)<span class=\"_ _192\"> </span>3<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span>Int<span class=\"_ _1\"></span>angible assets<span class=\"_ _252\"> </span><span class=\"ff2 ls77 ws5c\">6.7<span class=\"_ _6a\"> </span>(0.6)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _48\"> </span></span>(0.<span class=\"_ _1\"></span>9)<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>2)<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls31 ws97\">5.0<span class=\"_ _35c\"> </span></span></span></span>Biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _253\"> </span><span class=\"ff2 ls31 ws97\">73.0<span class=\"_ _6a\"> </span><span class=\"ls20 ws11\">(3<span class=\"_ _2\"></span>.0)<span class=\"_ _26\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _d4\"> </span><span class=\"ls19 ws6a\">1.6<span class=\"_ _48\"> </span></span></span>(3.<span class=\"_ _2\"></span>5)<span class=\"_ _26\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _5e\"> </span><span class=\"lsbb wsab\">6<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _35c\"> </span></span></span></span></span>Retirem<span class=\"_ _2\"></span>ent be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>liga<span class=\"_ _2\"></span>tions<span class=\"_ _87\"> </span><span class=\"ff2 ls57 ws4f\">(1.<span class=\"_ _2\"></span>3)<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.2<span class=\"_ _c2\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _75\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _8b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _6b\"> </span><span class=\"ls57 ws4f\">(1.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _29\"> </span><span class=\"ff2 ls5c ws56\">(2.<span class=\"_ _2\"></span>4)<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _8\"></span>1)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _d7\"> </span>0.1<span class=\"_ _d7\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _48\"> </span><span class=\"lsc wsc\">(2.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span></span></span>Short<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>term<span class=\"_ _8\"></span> timing<span class=\"_ _8\"></span> difference<span class=\"_ _8\"></span>s<span class=\"_ _254\"> </span><span class=\"ff2 ls77 ws5c\">(17<span class=\"_ _1\"></span>.7)<span class=\"_ _13e\"> </span><span class=\"lsa3 ws96\">(<span class=\"_ _2\"></span>9.1<span class=\"_ _2\"></span>)<span class=\"_ _6a\"> </span></span>(0.<span class=\"_ _2\"></span>8)<span class=\"_ _26\"> </span>(0.6)<span class=\"_ _d7\"> </span><span class=\"ls3d ws20\">1.8<span class=\"_ _6f\"> </span></span>0.<span class=\"_ _2\"></span>8<span class=\"_ _4f\"> </span><span class=\"ls76 ws5d\">(2<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>ax loss<span class=\"_ _1\"></span> carr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-f<span class=\"_ _8\"></span>orwar<span class=\"_ _8\"></span>ds<span class=\"_ _255\"> </span><span class=\"ff2 ls76 ws5d\">(11<span class=\"_ _2\"></span>.6)<span class=\"_ _d7\"> </span></span><span class=\"ff2\">1.2<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _5b\"> </span>(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _26\"> </span><span class=\"ls77 ws5c\">(0.2)<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">(12<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></span></span></span></span>Ne<span class=\"_ _2\"></span>t def<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts / (lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>iti<span class=\"_ _2\"></span>es)<span class=\"_ _13d\"> </span><span class=\"ls77 ws5c\">50.<span class=\"_ _2\"></span>2<span class=\"_ _26\"> </span><span class=\"ls55 ws3f\">(8<span class=\"_ _2\"></span>.8)<span class=\"_ _26\"> </span></span>(0.<span class=\"_ _2\"></span>5)<span class=\"_ _48\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.7)<span class=\"_ _5e\"> </span></span>(1.7)<span class=\"_ _8b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _79\"> </span>34<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>As a<span class=\"_ _2\"></span>t 1 Jul<span class=\"_ _2\"></span>y 2021<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Recognised<span class=\"_ _1\"></span> in I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me St<span class=\"_ _1\"></span>atement<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in tax rate recogni<span class=\"_ _8\"></span>sed i<span class=\"_ _8\"></span>n In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e St<span class=\"_ _1\"></span>atement<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Pri<span class=\"_ _2\"></span>or ye<span class=\"_ _2\"></span>ar adjustments recogni<span class=\"_ _8\"></span>sed i<span class=\"_ _8\"></span>n In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e St<span class=\"_ _1\"></span>atement \u00a3m<span class=\"_ _35c\"> </span>Recognised<span class=\"_ _1\"></span> in e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n ex<span class=\"_ _8\"></span>change difference<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>As a<span class=\"_ _2\"></span>t 30 Ju<span class=\"_ _2\"></span>ne 2022<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, p<span class=\"_ _2\"></span>lant a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>uip<span class=\"_ _2\"></span>ment<span class=\"_ _256\"> </span><span class=\"ls43 ws68\">3.6<span class=\"_ _6f\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9)<span class=\"_ _6b\"> </span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _49\"> </span><span class=\"ls1b ws1f\">1.4<span class=\"_ _4a\"> </span></span></span></span></span>\u2013<span class=\"_ _6c\"> </span><span class=\"lsb9 wsa9\">0<span class=\"_ _2\"></span>.7<span class=\"_ _6c\"> </span><span class=\"ls43 ws68\">3.5<span class=\"_ _35c\"> </span></span></span>Int<span class=\"_ _1\"></span>angible assets<span class=\"_ _252\"> </span><span class=\"lsd ws5\">8.2<span class=\"_ _79\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>0.6)<span class=\"_ _69\"> </span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _6e\"> </span>(1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3)<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _11f\"> </span>0.<span class=\"_ _2\"></span>3<span class=\"_ _d4\"> </span><span class=\"lsb9 wsa9\">6<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span></span></span>Biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _257\"> </span><span class=\"lsb9 wsa9\">6<span class=\"_ _2\"></span>3.7<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _d4\"> </span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _73\"> </span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>.3)<span class=\"_ _5c\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>9<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _69\"> </span><span class=\"ls20 ws11\">73<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span>Retirem<span class=\"_ _2\"></span>ent be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>liga<span class=\"_ _2\"></span>tions<span class=\"_ _256\"> </span><span class=\"ls8a wsad\">(2<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _64\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _6e\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _6e\"> </span><span class=\"ls9c wsb7\">(<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _dd\"> </span><span class=\"ls16 ws16\">(4.7<span class=\"_ _2\"></span>)<span class=\"_ _79\"> </span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _6c\"> </span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span></span></span></span>\u2013<span class=\"_ _5c\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>.9<span class=\"_ _76\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _5b\"> </span><span class=\"ls22 ws22\">(2.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span></span></span>Short<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>term<span class=\"_ _8\"></span> timing<span class=\"_ _8\"></span> difference<span class=\"_ _8\"></span>s<span class=\"_ _254\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>4)<span class=\"_ _5c\"> </span><span class=\"ls19 ws6a\">1.6<span class=\"_ _6c\"> </span><span class=\"lsb9 wsa9\">0.7<span class=\"_ _5b\"> </span><span class=\"ls3e ws38\">(0<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _76\"> </span></span></span></span>(1<span class=\"_ _2\"></span>.5)<span class=\"_ _76\"> </span><span class=\"ls31 ws97\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _79\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>ax loss<span class=\"_ _1\"></span> carr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-f<span class=\"_ _8\"></span>orwar<span class=\"_ _8\"></span>ds<span class=\"_ _57\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _5b\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>4)<span class=\"_ _69\"> </span>(0.<span class=\"_ _2\"></span>6)<span class=\"_ _11f\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _79\"> </span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _79\"> </span></span></span></span>(11<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></span>Ne<span class=\"_ _2\"></span>t def<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts / (lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>iti<span class=\"_ _2\"></span>es)<span class=\"_ _13d\"> </span><span class=\"ff6 ls20 ws11\">4<span class=\"_ _2\"></span>5.0<span class=\"_ _5b\"> </span><span class=\"ls9c wsb7\">(3.<span class=\"_ _2\"></span>3)<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.8<span class=\"_ _6b\"> </span></span>(3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2)<span class=\"_ _1a\"> </span><span class=\"lsc1 wsb1\">9.1<span class=\"_ _6b\"> </span></span></span>(0.<span class=\"_ _2\"></span>2)<span class=\"_ _79\"> </span><span class=\"ls75 ws69\">50.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>12. EARNINGS PER SHARE<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>sic e<span class=\"_ _2\"></span>arn<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s per s<span class=\"_ _2\"></span>hare i<span class=\"_ _2\"></span>s the prof<span class=\"_ _2\"></span>it ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>rated fo<span class=\"_ _2\"></span>r the fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al yea<span class=\"_ _2\"></span>r att<span class=\"_ _2\"></span>ribu<span class=\"_ _2\"></span>tabl<span class=\"_ _2\"></span>e to equ<span class=\"_ _2\"></span>ity s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>rs, di<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>ed by the we<span class=\"_ _2\"></span>ighte<span class=\"_ _2\"></span>d ave<span class=\"_ _2\"></span>rage n<span class=\"_ _2\"></span>umb<span class=\"_ _2\"></span>er of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s in iss<span class=\"_ _2\"></span>ue d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar.<span class=\"_ _35c\"> </span>Basic earnings per<span class=\"_ _1\"></span> sha<span class=\"_ _2\"></span>re<span class=\"_ _8\"></span> from continuing<span class=\"_ _1\"></span> ope<span class=\"_ _2\"></span>rations<span class=\"_ _35c\"> </span>2023 (pe<span class=\"_ _2\"></span>nce)<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 (pe<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e)<span class=\"_ _35c\"> </span>Basic earni<span class=\"_ _8\"></span>ngs per<span class=\"_ _1\"></span> share<span class=\"_ _258\"> </span><span class=\"ls77 ws5c\">50.<span class=\"_ _2\"></span>8<span class=\"_ _6b\"> </span><span class=\"ff6 ls9b ws90\">62.5<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f basi<span class=\"_ _2\"></span>c ear<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>gs p<span class=\"_ _2\"></span>er sh<span class=\"_ _2\"></span>are fro<span class=\"_ _2\"></span>m conti<span class=\"_ _2\"></span>nui<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>s bas<span class=\"_ _2\"></span>ed on th<span class=\"_ _2\"></span>e net p<span class=\"_ _2\"></span>rofit a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs of th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pany fro<span class=\"_ _2\"></span>m conti<span class=\"_ _2\"></span>nui<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ons of \u00a3<span class=\"_ _2\"></span>33<span class=\"_ _2\"></span>.3m (202<span class=\"_ _2\"></span>2: \u00a340.<span class=\"_ _8\"></span>9m) an<span class=\"_ _2\"></span>d a weig<span class=\"_ _2\"></span>hted ave<span class=\"_ _2\"></span>rage n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber of o<span class=\"_ _2\"></span>rdin<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares o<span class=\"_ _2\"></span>utstan<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng of 65,<span class=\"_ _2\"></span>557<span class=\"_ _1\"></span>,0<span class=\"_ _2\"></span>00 (2022: 6<span class=\"_ _2\"></span>5,395<span class=\"_ _2\"></span>,000), wh<span class=\"_ _2\"></span>ich i<span class=\"_ _2\"></span>s calc<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ated as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>W<span class=\"_ _8\"></span>eighted<span class=\"_ _1\"></span> average number<span class=\"_ _1\"></span> of ordinary shares<span class=\"_ _8\"></span> (bas<span class=\"_ _8\"></span>ic)<span class=\"_ _35c\"> </span>2023 000s<span class=\"_ _35c\"> </span>2022 000s<span class=\"_ _35c\"> </span>Iss<span class=\"_ _2\"></span>ued o<span class=\"_ _2\"></span>rdina<span class=\"_ _2\"></span>ry s<span class=\"_ _2\"></span>hares a<span class=\"_ _2\"></span>t the star<span class=\"_ _2\"></span>t of the ye<span class=\"_ _2\"></span>ar<span class=\"_ _228\"> </span><span class=\"ff2 ls18 ws18\">6<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>74<span class=\"_ _14d\"> </span></span><span class=\"lsfc wsec\">6<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>761<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of own sh<span class=\"_ _2\"></span>ares he<span class=\"_ _2\"></span>ld<span class=\"_ _194\"> </span><span class=\"ff2 ls29 ws28\">(46<span class=\"_ _2\"></span>8)<span class=\"_ _26\"> </span></span><span class=\"ls9c wsb7\">(37<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>Sh<span class=\"_ _2\"></span>ares iss<span class=\"_ _2\"></span>ued o<span class=\"_ _2\"></span>n exercise of stoc<span class=\"_ _2\"></span>k option<span class=\"_ _2\"></span>s<span class=\"_ _259\"> </span><span class=\"ff2\">1<span class=\"_ _2a\"> </span></span>7<span class=\"_ _35c\"> </span>Sh<span class=\"_ _2\"></span>ares iss<span class=\"_ _2\"></span>ued i<span class=\"_ _2\"></span>n relatio<span class=\"_ _2\"></span>n to Empl<span class=\"_ _2\"></span>oyee Be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it T<span class=\"_ _1\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _25a\"> </span><span class=\"ff2 lse wsd\">250<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>W<span class=\"_ _8\"></span>eighted<span class=\"_ _1\"></span> average number<span class=\"_ _1\"></span> of ordinary shares<span class=\"_ _8\"></span> in y<span class=\"_ _1\"></span>ear<span class=\"_ _25b\"> </span><span class=\"ls3a ws1a\">65,5<span class=\"_ _2\"></span>57<span class=\"_ _c5\"> </span><span class=\"ff6 ls75 ws69\">6<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>395<span class=\"_ _35c\"> </span></span></span>Diluted earnings per<span class=\"_ _1\"></span> share from continuing operations<span class=\"_ _35c\"> </span>2023 (pe<span class=\"_ _2\"></span>nce)<span class=\"_ _35c\"> </span>2022 (pe<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e)<span class=\"_ _35c\"> </span>Diluted ear<span class=\"_ _8\"></span>nings per<span class=\"_ _1\"></span> share<span class=\"_ _25c\"> </span><span class=\"ls77 ws5c\">50.<span class=\"_ _2\"></span>5<span class=\"_ _6b\"> </span><span class=\"ff6 ls9b ws90\">62.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f dil<span class=\"_ _2\"></span>uted ea<span class=\"_ _2\"></span>rni<span class=\"_ _2\"></span>ngs p<span class=\"_ _2\"></span>er s<span class=\"_ _2\"></span>hare f<span class=\"_ _2\"></span>rom con<span class=\"_ _2\"></span>tinu<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g ope<span class=\"_ _2\"></span>ration<span class=\"_ _2\"></span>s is ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n the n<span class=\"_ _2\"></span>et profi<span class=\"_ _2\"></span>t attr<span class=\"_ _2\"></span>ibu<span class=\"_ _2\"></span>table to own<span class=\"_ _2\"></span>ers of th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny from c<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>ng op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ons of \u00a3<span class=\"_ _2\"></span>33.<span class=\"_ _2\"></span>3m (2022<span class=\"_ _2\"></span>: \u00a340.<span class=\"_ _1\"></span>9m) a<span class=\"_ _2\"></span>nd a we<span class=\"_ _2\"></span>ighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of ord<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ry s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>, af<span class=\"_ _2\"></span>ter ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>ting f<span class=\"_ _2\"></span>or the e<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>cts of a<span class=\"_ _2\"></span>ll pote<span class=\"_ _2\"></span>ntial d<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>utive ord<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y sha<span class=\"_ _2\"></span>res, of 65,98<span class=\"_ _2\"></span>8,00<span class=\"_ _2\"></span>0 (2022: 65,7<span class=\"_ _2\"></span>14,0<span class=\"_ _2\"></span>00), whi<span class=\"_ _2\"></span>ch is ca<span class=\"_ _2\"></span>lc<span class=\"_ _2\"></span>ulate<span class=\"_ _2\"></span>d as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _35c\"> </span>W<span class=\"_ _8\"></span>eighted<span class=\"_ _1\"></span> average number<span class=\"_ _1\"></span> of ordinary shares<span class=\"_ _8\"></span> (<span class=\"_ _8\"></span>diluted<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>2023 000s<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 000s<span class=\"_ _35c\"> </span>Weighted a<span class=\"_ _2\"></span>verage n<span class=\"_ _2\"></span>umb<span class=\"_ _2\"></span>er of ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares (bas<span class=\"_ _2\"></span>ic)<span class=\"_ _25d\"> </span><span class=\"ff2 ls3a ws1a\">65,5<span class=\"_ _2\"></span>57<span class=\"_ _c5\"> </span></span><span class=\"ls75 ws69\">6<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>395<span class=\"_ _35c\"> </span></span>Di<span class=\"_ _2\"></span>lutive ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ct of sha<span class=\"_ _2\"></span>re awards and o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s<span class=\"_ _25e\"> </span><span class=\"ff2 lsb8 wsa8\">4<span class=\"_ _2\"></span>41<span class=\"_ _64\"> </span></span><span class=\"ls6 ws6\">319<span class=\"_ _35c\"> </span></span>W<span class=\"_ _8\"></span>eighted<span class=\"_ _1\"></span> average number<span class=\"_ _1\"></span> of ordinary shares<span class=\"_ _8\"></span> for the<span class=\"_ _1\"></span> purposes of<span class=\"_ _1\"></span> diluted earnings<span class=\"_ _1\"></span> per share<span class=\"_ _2d\"> </span><span class=\"lsb8 wsa8\">65<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>98<span class=\"_ _c8\"> </span><span class=\"ff6 ls76 ws5d\">6<span class=\"_ _2\"></span>5,7<span class=\"_ _2\"></span>14<span class=\"_ _35c\"> </span></span></span>Adjusted<span class=\"_ _8\"></span> earnings per<span class=\"_ _8\"></span> share from c<span class=\"_ _8\"></span>ontinuing operations<span class=\"_ _35c\"> </span>2023 (pe<span class=\"_ _2\"></span>nce)<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 (pe<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e)<span class=\"_ _35c\"> </span>Adjusted<span class=\"_ _1\"></span> earnings per<span class=\"_ _8\"></span> share<span class=\"_ _1bb\"> </span><span class=\"ls19 ws6a\">84.<span class=\"_ _2\"></span>8<span class=\"_ _5b\"> </span><span class=\"ff6 lsb9 wsa9\">82.7<span class=\"_ _35c\"> </span></span></span>Diluted ad<span class=\"_ _8\"></span>justed<span class=\"_ _8\"></span> earnings<span class=\"_ _8\"></span> per share<span class=\"_ _25f\"> </span><span class=\"ls19 ws6a\">84.<span class=\"_ _2\"></span>2<span class=\"_ _69\"> </span><span class=\"ff6 ls50 ws10\">82.3<span class=\"_ _35c\"> </span></span></span>Adj<span class=\"_ _2\"></span>usted e<span class=\"_ _2\"></span>arn<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gs pe<span class=\"_ _2\"></span>r sha<span class=\"_ _2\"></span>re is cal<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>lated o<span class=\"_ _2\"></span>n prof<span class=\"_ _2\"></span>it befo<span class=\"_ _2\"></span>re the net I<span class=\"_ _2\"></span>AS 4<span class=\"_ _1\"></span>1 va<span class=\"_ _2\"></span>lua<span class=\"_ _2\"></span>tion m<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ent on b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal a<span class=\"_ _2\"></span>ssets, a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>satio<span class=\"_ _2\"></span>n of ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>red intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>ssets<span class=\"_ _2\"></span>, sha<span class=\"_ _2\"></span>re-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt expe<span class=\"_ _2\"></span>nse, oth<span class=\"_ _2\"></span>er ga<span class=\"_ _2\"></span>ins a<span class=\"_ _2\"></span>nd lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>nd exce<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>al item<span class=\"_ _2\"></span>s, af<span class=\"_ _2\"></span>ter c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>ing taxati<span class=\"_ _2\"></span>on ass<span class=\"_ _2\"></span>oci<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th those p<span class=\"_ _2\"></span>rofit<span class=\"_ _2\"></span>s, of \u00a355<span class=\"_ _2\"></span>.6m (<span class=\"_ _2\"></span>2022: \u00a35<span class=\"_ _2\"></span>4.1m)<span class=\"_ _8\"></span>, whi<span class=\"_ _2\"></span>ch is c<span class=\"_ _2\"></span>alc<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>ted as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>2023 \u00a3m 202<span class=\"_ _2\"></span>2 \u00a3m Profit<span class=\"_ _8\"></span> before tax<span class=\"_ _1\"></span> from continuing operations<span class=\"_ _1dc\"> </span><span class=\"lsa3 ws96\">3<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>4<span class=\"_ _69\"> </span><span class=\"ff6 ls1b ws1f\">48.4<span class=\"_ _35c\"> </span></span></span>Add<span class=\"_ _1\"></span>/(<span class=\"_ _1\"></span>deduct):<span class=\"_ _35c\"> </span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets (see n<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span>e 1<span class=\"_ _2\"></span>6)<span class=\"_ _243\"> </span><span class=\"ff2 lsb8 wsa8\">16<span class=\"_ _2\"></span>.9<span class=\"_ _6c\"> </span></span><span class=\"ls1b ws1f\">5.4<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of acq<span class=\"_ _2\"></span>uired i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ote 15)<span class=\"_ _1ea\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _d4\"> </span></span><span class=\"lsd ws5\">8.3<span class=\"_ _35c\"> </span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e (see note 30)<span class=\"_ _260\"> </span><span class=\"ff2 ls31 ws97\">6.0<span class=\"_ _d7\"> </span></span><span class=\"lsb9 wsa9\">3.7<span class=\"_ _35c\"> </span></span>Exce<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>al items (se<span class=\"_ _2\"></span>e note 7)<span class=\"_ _22b\"> </span><span class=\"ff2 lse wsd\">3.5<span class=\"_ _11f\"> </span></span><span class=\"ls20 ws11\">2.0<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er ga<span class=\"_ _2\"></span>ins a<span class=\"_ _2\"></span>nd los<span class=\"_ _2\"></span>ses (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 26)<span class=\"_ _35c\"> </span>(2<span class=\"_ _2\"></span>.7)<span class=\"_ _15b\"> </span><span class=\"ff6 ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets in jo<span class=\"_ _2\"></span>int ventu<span class=\"_ _2\"></span>res (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ote 18)<span class=\"_ _261\"> </span><span class=\"ff2 ls76 ws5d\">(3.<span class=\"_ _2\"></span>6)<span class=\"_ _49\"> </span></span><span class=\"ls1b ws1f\">1.4<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>ax o<span class=\"_ _2\"></span>n joint ve<span class=\"_ _2\"></span>ntures an<span class=\"_ _2\"></span>d asso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>es (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 18)<span class=\"_ _262\"> </span><span class=\"ff2 lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _192\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Attri<span class=\"_ _2\"></span>butabl<span class=\"_ _2\"></span>e to non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interest<span class=\"_ _237\"> </span><span class=\"ff2 ls77 ws5c\">0.4<span class=\"_ _69\"> </span></span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>Adjusted<span class=\"_ _8\"></span> profit before<span class=\"_ _1\"></span> tax<span class=\"_ _194\"> </span><span class=\"lsa wsa\">71.5<span class=\"_ _73\"> </span><span class=\"ff6 lsd ws5\">71.5<span class=\"_ _35c\"> </span></span></span>Adju<span class=\"_ _2\"></span>sted tax cha<span class=\"_ _2\"></span>rge<span class=\"_ _112\"> </span><span class=\"ff2 lsb8 wsa8\">(1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.9)<span class=\"_ _48\"> </span></span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Adjuste<span class=\"_ _2\"></span>d profit af<span class=\"_ _2\"></span>ter tax<span class=\"_ _263\"> </span><span class=\"ls19 ws6a\">55.6<span class=\"_ _13e\"> </span><span class=\"ff6 ls8a wsad\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>ive tax r<span class=\"_ _2\"></span>ate o<span class=\"_ _2\"></span>n adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d pro<span class=\"_ _2\"></span>fit <span class=\"_ _17f\"> </span><span class=\"ls57 ws4f\">2<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2%<span class=\"_ _4f\"> </span><span class=\"ff6 ls16 ws16\">24<span class=\"_ _2\"></span>.3%<span class=\"_ _35c\"> </span></span></span>Reconciliation o<span class=\"_ _8\"></span>f effective t<span class=\"_ _8\"></span>ax rate<span class=\"_ _35c\"> </span>2023<span class=\"_ _35c\"> </span>Pro<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>t \u00a3m<span class=\"_ _35c\"> </span>2023 Ta<span class=\"_ _2\"></span>x \u00a3m<span class=\"_ _35c\"> </span>2023 %<span class=\"_ _35c\"> </span>Profit<span class=\"_ _1\"></span> before tax<span class=\"_ _8\"></span> ex<span class=\"_ _1\"></span>cluding share of<span class=\"_ _1\"></span> income tax<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> equity-acc<span class=\"_ _8\"></span>ounted<span class=\"_ _8\"></span> inv<span class=\"_ _1\"></span>estees<span class=\"_ _96\"> </span><span class=\"lse wsd\">43.3<span class=\"_ _73\"> </span><span class=\"lsc wsc\">11<span class=\"_ _2\"></span>.5<span class=\"_ _79\"> </span><span class=\"ls13 ws13\">26.6<span class=\"_ _35c\"> </span></span></span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _241\"> </span><span class=\"ff2 lsb8 wsa8\">16<span class=\"_ _2\"></span>.9<span class=\"_ _d7\"> </span><span class=\"ls3d ws20\">1.5<span class=\"_ _11f\"> </span></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of acq<span class=\"_ _2\"></span>uired i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets<span class=\"_ _23c\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _49\"> </span><span class=\"lsb8 wsa8\">1<span class=\"_ _2\"></span>.9<span class=\"_ _69\"> </span><span class=\"ls77 ws5c\">24<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _264\"> </span><span class=\"ff2 ls31 ws97\">6.0<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.8<span class=\"_ _6b\"> </span></span>13<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span>Other gains and<span class=\"_ _8\"></span> losses<span class=\"_ _265\"> </span><span class=\"ff2 ls77 ws5c\">(2<span class=\"_ _2\"></span>.7)<span class=\"_ _48\"> </span>(0.7)<span class=\"_ _6a\"> </span><span class=\"ls31 ws97\">2<span class=\"_ _2\"></span>5.0<span class=\"_ _35c\"> </span></span></span>Exce<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>al items (se<span class=\"_ _2\"></span>e note 7)<span class=\"_ _266\"> </span><span class=\"ff2 lse wsd\">3.5<span class=\"_ _64\"> </span><span class=\"lsb8 wsa8\">0.9<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">2<span class=\"_ _2\"></span>5.7<span class=\"_ _35c\"> </span></span></span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets in jo<span class=\"_ _2\"></span>int ventu<span class=\"_ _2\"></span>res<span class=\"_ _267\"> </span><span class=\"ff2 ls76 ws5d\">(3.<span class=\"_ _2\"></span>6)<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Attri<span class=\"_ _2\"></span>butabl<span class=\"_ _2\"></span>e to non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interest<span class=\"_ _25a\"> </span><span class=\"ff2 ls77 ws5c\">0.4<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Adjusted<span class=\"_ _8\"></span> profit before<span class=\"_ _1\"></span> tax<span class=\"_ _111\"> </span><span class=\"lsa wsa\">71.5<span class=\"_ _5b\"> </span><span class=\"lsb8 wsa8\">15<span class=\"_ _2\"></span>.9<span class=\"_ _79\"> </span><span class=\"ls21 ws5e\">22<span class=\"_ _2\"></span>.2<span class=\"_ _35c\"> </span></span></span></span>2022<span class=\"_ _35c\"> </span>Prof<span class=\"_ _2\"></span>it \u00a3m<span class=\"_ _35c\"> </span>2022<span class=\"_ _35c\"> </span>Ta<span class=\"_ _2\"></span>x<span class=\"_ _2\"></span> \u00a3m<span class=\"_ _35c\"> </span>2022 %<span class=\"_ _35c\"> </span>Profit<span class=\"_ _1\"></span> before tax<span class=\"_ _8\"></span> ex<span class=\"_ _1\"></span>cluding share of<span class=\"_ _1\"></span> income tax<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> equity-acc<span class=\"_ _8\"></span>ounted<span class=\"_ _8\"></span> inv<span class=\"_ _1\"></span>estees<span class=\"_ _268\"> </span><span class=\"ff6 ls20 ws11\">51<span class=\"_ _2\"></span>.0<span class=\"_ _13e\"> </span><span class=\"ls50 ws10\">14.<span class=\"_ _2\"></span>3<span class=\"_ _79\"> </span></span>28.0<span class=\"_ _35c\"> </span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _1e3\"> </span><span class=\"ls1b ws1f\">5.4<span class=\"_ _73\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>5)<span class=\"_ _142\"> </span><span class=\"ls77 ws5c\">(27<span class=\"_ _1\"></span>.8)<span class=\"_ _35c\"> </span></span></span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of acq<span class=\"_ _2\"></span>uired i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets<span class=\"_ _269\"> </span><span class=\"lsd ws5\">8.3<span class=\"_ _6c\"> </span><span class=\"ls43 ws68\">3.3<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">3<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span></span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _245\"> </span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>.7<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _6e\"> </span><span class=\"lsb1 wsac\">13.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span></span>Exce<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>al items (se<span class=\"_ _2\"></span>e note 7)<span class=\"_ _266\"> </span><span class=\"ls20 ws11\">2<span class=\"_ _2\"></span>.0<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>8<span class=\"_ _6a\"> </span></span>40.0<span class=\"_ _35c\"> </span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets in jo<span class=\"_ _2\"></span>int ventu<span class=\"_ _2\"></span>res<span class=\"_ _202\"> </span><span class=\"ls1b ws1f\">1.4<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span>Attri<span class=\"_ _2\"></span>butabl<span class=\"_ _2\"></span>e to non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interest<span class=\"_ _26a\"> </span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span>Adjusted<span class=\"_ _8\"></span> profit before<span class=\"_ _1\"></span> tax<span class=\"_ _237\"> </span><span class=\"ff6 lsd ws5\">71.5<span class=\"_ _6f\"> </span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>4<span class=\"_ _5b\"> </span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.3<span class=\"_ _35c\"> </span></span></span></span>13. D<span class=\"_ _2\"></span>IV<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>DE<span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>DS<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>s are on<span class=\"_ _2\"></span>e ty<span class=\"_ _2\"></span>pe of sh<span class=\"_ _2\"></span>areh<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>der retu<span class=\"_ _2\"></span>rn, h<span class=\"_ _2\"></span>istor<span class=\"_ _2\"></span>ical<span class=\"_ _2\"></span>ly pa<span class=\"_ _2\"></span>id to ou<span class=\"_ _2\"></span>r sha<span class=\"_ _2\"></span>reho<span class=\"_ _2\"></span>ld<span class=\"_ _2\"></span>ers in l<span class=\"_ _2\"></span>ate Nove<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>/<span class=\"_ _17\"></span>e<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y Dec<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ber a<span class=\"_ _2\"></span>nd la<span class=\"_ _2\"></span>te March<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Amounts r<span class=\"_ _8\"></span>ecognised<span class=\"_ _1\"></span> as distributions<span class=\"_ _8\"></span> to<span class=\"_ _8\"></span> equity holders<span class=\"_ _1\"></span> in the year<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Final<span class=\"_ _8\"></span> dividend Fin<span class=\"_ _2\"></span>al di<span class=\"_ _2\"></span>vide<span class=\"_ _2\"></span>nd fo<span class=\"_ _2\"></span>r the yea<span class=\"_ _2\"></span>r end<span class=\"_ _2\"></span>ed 30 J<span class=\"_ _2\"></span>une 202<span class=\"_ _2\"></span>2 of 21.7 p<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e per sh<span class=\"_ _2\"></span>are<span class=\"_ _24c\"> </span><span class=\"ff2 ls21 ws5e\">14.3<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Fin<span class=\"_ _2\"></span>al di<span class=\"_ _2\"></span>vide<span class=\"_ _2\"></span>nd fo<span class=\"_ _2\"></span>r the yea<span class=\"_ _2\"></span>r end<span class=\"_ _2\"></span>ed 30 J<span class=\"_ _2\"></span>une 202<span class=\"_ _2\"></span>1 of 21.7 pe<span class=\"_ _2\"></span>nce p<span class=\"_ _2\"></span>er sh<span class=\"_ _2\"></span>are<span class=\"_ _26b\"> </span>\u2013<span class=\"_ _13e\"> </span><span class=\"ls50 ws10\">14.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Interim<span class=\"_ _1\"></span> dividend<span class=\"_ _35c\"> </span>Interi<span class=\"_ _2\"></span>m divi<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>d for the ye<span class=\"_ _2\"></span>ar en<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d 30 Ju<span class=\"_ _2\"></span>ne 2023 of 10.<span class=\"_ _2\"></span>3 pe<span class=\"_ _2\"></span>nce p<span class=\"_ _2\"></span>er sh<span class=\"_ _2\"></span>are<span class=\"_ _1a5\"> </span><span class=\"ff2 ls77 ws5c\">6.7<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Interi<span class=\"_ _2\"></span>m divi<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>d for the ye<span class=\"_ _2\"></span>ar en<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d 30 Ju<span class=\"_ _2\"></span>ne 2022 of 1<span class=\"_ _2\"></span>0.3 p<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e per sh<span class=\"_ _2\"></span>are<span class=\"_ _24c\"> </span>\u2013<span class=\"_ _d4\"> </span><span class=\"lsb9 wsa9\">6<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> dividend<span class=\"_ _26c\"> </span><span class=\"ls31 ws97\">21.0<span class=\"_ _6b\"> </span><span class=\"ff6 ls3e ws38\">2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e Dire<span class=\"_ _2\"></span>ctors h<span class=\"_ _2\"></span>ave pro<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d a fi<span class=\"_ _2\"></span>nal d<span class=\"_ _2\"></span>ivi<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>nd of 21<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>7 pe<span class=\"_ _2\"></span>nce p<span class=\"_ _2\"></span>er sh<span class=\"_ _2\"></span>are fo<span class=\"_ _2\"></span>r 2023. Th<span class=\"_ _2\"></span>is is su<span class=\"_ _2\"></span>bje<span class=\"_ _2\"></span>ct to sha<span class=\"_ _2\"></span>reh<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ers\u2019 ap<span class=\"_ _2\"></span>proval a<span class=\"_ _2\"></span>t the AGM an<span class=\"_ _2\"></span>d we ha<span class=\"_ _2\"></span>ve theref<span class=\"_ _2\"></span>ore not i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>ed it as a l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty in t<span class=\"_ _2\"></span>hese F<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The total p<span class=\"_ _2\"></span>ropos<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d pai<span class=\"_ _2\"></span>d div<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>nd fo<span class=\"_ _2\"></span>r year e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ed 30 J<span class=\"_ _2\"></span>une 2023 i<span class=\"_ _2\"></span>s 32.0 pen<span class=\"_ _2\"></span>ce pe<span class=\"_ _2\"></span>r sh<span class=\"_ _2\"></span>are (2022: 32.0 p<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e per s<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>re<span class=\"_ _8\"></span>). 14. GOODWILL<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Whe<span class=\"_ _2\"></span>n we acq<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>re a subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iate or j<span class=\"_ _2\"></span>oint ve<span class=\"_ _2\"></span>nture, th<span class=\"_ _2\"></span>e goo<span class=\"_ _2\"></span>dwil<span class=\"_ _2\"></span>l aris<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>s the exces<span class=\"_ _2\"></span>s of the a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>isiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t, exclu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>ts, over o<span class=\"_ _2\"></span>ur inte<span class=\"_ _2\"></span>rest i<span class=\"_ _2\"></span>n the net f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>ree\u2019s ide<span class=\"_ _2\"></span>ntifi<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets, li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s and c<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>nt lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s. Id<span class=\"_ _2\"></span>entif<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>le a<span class=\"_ _2\"></span>ssets include int<span class=\"_ _1\"></span>angible asset<span class=\"_ _8\"></span>s which<span class=\"_ _1\"></span> could be sold<span class=\"_ _1\"></span> separately<span class=\"_ _17\"></span>, or which<span class=\"_ _1\"></span> arise from<span class=\"_ _1\"></span> legal rights<span class=\"_ _8\"></span>, r<span class=\"_ _1\"></span>egardless o<span class=\"_ _8\"></span>f whe<span class=\"_ _1\"></span>ther those<span class=\"_ _1\"></span> rights ar<span class=\"_ _1\"></span>e separable<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>We state goo<span class=\"_ _2\"></span>dwil<span class=\"_ _2\"></span>l at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>ted im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt los<span class=\"_ _2\"></span>ses. We al<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>cate goo<span class=\"_ _2\"></span>dwil<span class=\"_ _2\"></span>l to cash-g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng un<span class=\"_ _2\"></span>its (\u2018CGUs\u2019), whi<span class=\"_ _2\"></span>ch are the s<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>t ide<span class=\"_ _2\"></span>ntif<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>le gro<span class=\"_ _2\"></span>up of as<span class=\"_ _2\"></span>sets tha<span class=\"_ _2\"></span>t ge<span class=\"_ _2\"></span>nerate c<span class=\"_ _2\"></span>ash in<span class=\"_ _2\"></span>flows th<span class=\"_ _2\"></span>at are l<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>ly in<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>t of the ca<span class=\"_ _2\"></span>sh inf<span class=\"_ _2\"></span>lows f<span class=\"_ _2\"></span>rom othe<span class=\"_ _2\"></span>r asse<span class=\"_ _2\"></span>ts or g<span class=\"_ _2\"></span>roups of a<span class=\"_ _2\"></span>ssets<span class=\"_ _2\"></span>. We do not a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>e goo<span class=\"_ _2\"></span>dwill b<span class=\"_ _2\"></span>ut we do te<span class=\"_ _2\"></span>st it an<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y for im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent. IAS 21 \u2018<span class=\"_ _2\"></span>The Ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cts of Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in F<span class=\"_ _2\"></span>oreig<span class=\"_ _2\"></span>n Exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge Rate<span class=\"_ _2\"></span>s\u2019 requ<span class=\"_ _2\"></span>ires us to tre<span class=\"_ _2\"></span>at the fo<span class=\"_ _2\"></span>llow<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>s asset<span class=\"_ _2\"></span>s and l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>ies of th<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, rathe<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n of the a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>irin<span class=\"_ _2\"></span>g enti<span class=\"_ _2\"></span>ty<span class=\"_ _2\"></span>:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>good<span class=\"_ _2\"></span>will a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>n acq<span class=\"_ _2\"></span>uisi<span class=\"_ _2\"></span>tion of a f<span class=\"_ _2\"></span>oreig<span class=\"_ _2\"></span>n op<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n; and<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>any fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents we m<span class=\"_ _2\"></span>ake on ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on to the ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s of the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ree\u2019s asse<span class=\"_ _2\"></span>ts and l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties.<span class=\"_ _35c\"> </span>We theref<span class=\"_ _2\"></span>ore expre<span class=\"_ _2\"></span>ss the<span class=\"_ _2\"></span>m in the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn op<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n\u2019s fun<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l curre<span class=\"_ _2\"></span>ncy a<span class=\"_ _2\"></span>nd retran<span class=\"_ _2\"></span>sla<span class=\"_ _2\"></span>te them a<span class=\"_ _2\"></span>t the ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate.<span class=\"_ _35c\"> </span>Impairment<span class=\"_ _35c\"> </span>We review th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nts of ou<span class=\"_ _2\"></span>r tang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d intan<span class=\"_ _2\"></span>gib<span class=\"_ _2\"></span>le as<span class=\"_ _2\"></span>sets at e<span class=\"_ _2\"></span>ach b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>et date, to deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>e wheth<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>ere is a<span class=\"_ _2\"></span>ny in<span class=\"_ _2\"></span>dic<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t. If any in<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>catio<span class=\"_ _2\"></span>n exist<span class=\"_ _2\"></span>s, we esti<span class=\"_ _2\"></span>mate th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et\u2019s recove<span class=\"_ _2\"></span>rabl<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt. For g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>will, a<span class=\"_ _2\"></span>nd tan<span class=\"_ _2\"></span>gib<span class=\"_ _2\"></span>le an<span class=\"_ _2\"></span>d intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>ssets th<span class=\"_ _2\"></span>at are n<span class=\"_ _2\"></span>ot yet avai<span class=\"_ _2\"></span>lab<span class=\"_ _2\"></span>le for u<span class=\"_ _2\"></span>se, we es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>te the recove<span class=\"_ _2\"></span>rabl<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt a<span class=\"_ _2\"></span>t eac<span class=\"_ _2\"></span>h bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet da<span class=\"_ _2\"></span>te. The rec<span class=\"_ _2\"></span>overab<span class=\"_ _2\"></span>le am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt is the g<span class=\"_ _2\"></span>reater o<span class=\"_ _2\"></span>f thei<span class=\"_ _2\"></span>r fair va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e less c<span class=\"_ _2\"></span>ost to se<span class=\"_ _2\"></span>ll an<span class=\"_ _2\"></span>d valu<span class=\"_ _2\"></span>e in us<span class=\"_ _2\"></span>e. In as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue i<span class=\"_ _2\"></span>n use, we d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unt the e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ated f<span class=\"_ _2\"></span>uture c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>lows to the<span class=\"_ _2\"></span>ir pres<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue, us<span class=\"_ _2\"></span>ing a p<span class=\"_ _2\"></span>re-<span class=\"_ _8\"></span>tax dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt rate, whic<span class=\"_ _2\"></span>h is de<span class=\"_ _2\"></span>rive<span class=\"_ _2\"></span>d from th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019s weighte<span class=\"_ _2\"></span>d avera<span class=\"_ _2\"></span>ge cos<span class=\"_ _2\"></span>t of cap<span class=\"_ _2\"></span>ital (\u2018WACC\u2019). For som<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>untri<span class=\"_ _2\"></span>es we ad<span class=\"_ _2\"></span>d a prem<span class=\"_ _2\"></span>ium to th<span class=\"_ _2\"></span>is rate, to refle<span class=\"_ _2\"></span>ct the r<span class=\"_ _2\"></span>isk at<span class=\"_ _2\"></span>tri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to that c<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>try. If the a<span class=\"_ _2\"></span>sset d<span class=\"_ _2\"></span>oes not g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>rate la<span class=\"_ _2\"></span>rgely i<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh inf<span class=\"_ _2\"></span>lows, we d<span class=\"_ _2\"></span>eterm<span class=\"_ _2\"></span>ine th<span class=\"_ _2\"></span>e recove<span class=\"_ _2\"></span>rabl<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt fo<span class=\"_ _2\"></span>r the CG<span class=\"_ _2\"></span>U that th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et bel<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>gs to.<span class=\"_ _35c\"> </span>We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e an im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent lo<span class=\"_ _2\"></span>ss in th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome State<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t when<span class=\"_ _2\"></span>ever th<span class=\"_ _2\"></span>e car<span class=\"_ _2\"></span>ry<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt of an a<span class=\"_ _2\"></span>sset o<span class=\"_ _2\"></span>r its CGU exce<span class=\"_ _2\"></span>eds i<span class=\"_ _2\"></span>ts reco<span class=\"_ _1\"></span>verable<span class=\"_ _8\"></span> amount.<span class=\"_ _8\"></span> Whe<span class=\"_ _2\"></span>n we reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ise an i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>airm<span class=\"_ _2\"></span>ent l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>n respe<span class=\"_ _2\"></span>ct of a CG<span class=\"_ _2\"></span>U, we firs<span class=\"_ _2\"></span>t all<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>te it to redu<span class=\"_ _2\"></span>ce the ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t of any go<span class=\"_ _2\"></span>odwi<span class=\"_ _2\"></span>ll all<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted to the CGU, a<span class=\"_ _2\"></span>nd the<span class=\"_ _2\"></span>n ap<span class=\"_ _2\"></span>ply a<span class=\"_ _2\"></span>ny rema<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>ng l<span class=\"_ _2\"></span>oss to red<span class=\"_ _2\"></span>uce th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt of the u<span class=\"_ _2\"></span>nit<span class=\"_ _2\"></span>\u2019s other a<span class=\"_ _2\"></span>ssets o<span class=\"_ _2\"></span>n a pro rata ba<span class=\"_ _2\"></span>sis.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e agg<span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>te carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nts of goo<span class=\"_ _2\"></span>dwil<span class=\"_ _2\"></span>l all<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted to eac<span class=\"_ _2\"></span>h ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g seg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt are as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>Genus PIC<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Genus ABS<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Cost<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _26d\"> </span><span class=\"ls62 ws4b\">72.5<span class=\"_ _6b\"> </span><span class=\"lsc1 wsb1\">2<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>0<span class=\"_ _48\"> </span><span class=\"lsd ws5\">10<span class=\"_ _1\"></span>1.5<span class=\"_ _35c\"> </span></span></span></span>Business combinations<span class=\"_ _115\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _64\"> </span>0.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _231\"> </span><span class=\"lse wsd\">5.8<span class=\"_ _11f\"> </span><span class=\"ls43 ws68\">3.4<span class=\"_ _d7\"> </span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _25f\"> </span><span class=\"ff6 ls76 ws5d\">78.<span class=\"_ _2\"></span>3<span class=\"_ _5b\"> </span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>2.7<span class=\"_ _6b\"> </span><span class=\"ls3a ws1a\">111.0<span class=\"_ _35c\"> </span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _26e\"> </span><span class=\"ff2 lsc4 wsa7\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1)<span class=\"_ _76\"> </span>(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _79\"> </span><span class=\"ls20 ws11\">(3.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _1d2\"> </span><span class=\"lsfb wseb\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _5e\"> </span><span class=\"ls25 ws21\">31.6<span class=\"_ _67\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _6\"></span>07.<span class=\"_ _6\"></span>8<span class=\"_ _35c\"> </span></span></span></span>Impairment<span class=\"_ _1\"></span> losses<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>y 2021, 3<span class=\"_ _2\"></span>0 Ju<span class=\"_ _2\"></span>ne 202<span class=\"_ _2\"></span>2 and 3<span class=\"_ _2\"></span>0 Ju<span class=\"_ _2\"></span>ne 202<span class=\"_ _2\"></span>3<span class=\"_ _26f\"> </span><span class=\"ff6\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Carrying amounts<span class=\"_ _35c\"> </span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>023<span class=\"_ _1b9\"> </span><span class=\"lsfb wseb\">76.<span class=\"_ _2\"></span>2<span class=\"_ _5e\"> </span><span class=\"ls25 ws21\">31.6<span class=\"_ _67\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _6\"></span>07.<span class=\"_ _6\"></span>8<span class=\"_ _35c\"> </span></span></span></span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>022<span class=\"_ _138\"> </span><span class=\"ff6 ls76 ws5d\">78.<span class=\"_ _2\"></span>3<span class=\"_ _5e\"> </span><span class=\"lsb9 wsa9\">32.7<span class=\"_ _6b\"> </span><span class=\"ls3a ws1a\">111<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>o tes<span class=\"_ _2\"></span>t imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t, we allo<span class=\"_ _2\"></span>cate g<span class=\"_ _2\"></span>oodwi<span class=\"_ _2\"></span>ll to ou<span class=\"_ _2\"></span>r CGUs, wh<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>h are in li<span class=\"_ _2\"></span>ne wi<span class=\"_ _2\"></span>th our o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se are th<span class=\"_ _2\"></span>e lowes<span class=\"_ _2\"></span>t level w<span class=\"_ _2\"></span>ithin the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>t whic<span class=\"_ _2\"></span>h we mo<span class=\"_ _2\"></span>nitor g<span class=\"_ _2\"></span>oodw<span class=\"_ _2\"></span>ill fo<span class=\"_ _2\"></span>r inter<span class=\"_ _2\"></span>nal m<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>We test go<span class=\"_ _2\"></span>odwi<span class=\"_ _2\"></span>ll an<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>ally f<span class=\"_ _2\"></span>or im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt, or m<span class=\"_ _2\"></span>ore fre<span class=\"_ _2\"></span>que<span class=\"_ _2\"></span>ntly if t<span class=\"_ _2\"></span>here a<span class=\"_ _2\"></span>re ind<span class=\"_ _2\"></span>icati<span class=\"_ _2\"></span>ons th<span class=\"_ _2\"></span>at go<span class=\"_ _2\"></span>odwi<span class=\"_ _2\"></span>ll mi<span class=\"_ _2\"></span>ght b<span class=\"_ _2\"></span>e imp<span class=\"_ _2\"></span>aire<span class=\"_ _2\"></span>d. We deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>e the recove<span class=\"_ _2\"></span>rabl<span class=\"_ _2\"></span>e am<span class=\"_ _2\"></span>ount of o<span class=\"_ _2\"></span>ur CGU<span class=\"_ _2\"></span>s by usin<span class=\"_ _2\"></span>g val<span class=\"_ _2\"></span>ue in u<span class=\"_ _2\"></span>se cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns. T<span class=\"_ _2\"></span>he key ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r the<span class=\"_ _2\"></span>se cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns rel<span class=\"_ _2\"></span>ate to disc<span class=\"_ _2\"></span>ount ra<span class=\"_ _2\"></span>tes, lo<span class=\"_ _2\"></span>ng-t<span class=\"_ _8\"></span>erm g<span class=\"_ _2\"></span>rowth rates a<span class=\"_ _2\"></span>nd s<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-term grow<span class=\"_ _2\"></span>th rates (whic<span class=\"_ _2\"></span>h in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>ration of ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges to se<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng pr<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>, cost s<span class=\"_ _2\"></span>avi<span class=\"_ _2\"></span>ngs de<span class=\"_ _2\"></span>rive<span class=\"_ _2\"></span>d from th<span class=\"_ _2\"></span>e Intel<span class=\"_ _2\"></span>liG<span class=\"_ _2\"></span>en tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gies<span class=\"_ _2\"></span>, and c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>t mix<span class=\"_ _2\"></span>)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>We have e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ated th<span class=\"_ _2\"></span>e pre-t<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>x dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt rate usin<span class=\"_ _2\"></span>g the G<span class=\"_ _2\"></span>roup\u2019s W<span class=\"_ _8\"></span>ACC. We risk<span class=\"_ _1\"></span>-a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted the d<span class=\"_ _2\"></span>isc<span class=\"_ _2\"></span>ount ra<span class=\"_ _2\"></span>te for ris<span class=\"_ _2\"></span>ks spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ic to ea<span class=\"_ _2\"></span>ch ma<span class=\"_ _2\"></span>rket, add<span class=\"_ _2\"></span>ing b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en ni<span class=\"_ _2\"></span>l and 2<span class=\"_ _2\"></span>7% (2022: ni<span class=\"_ _2\"></span>l and 1<span class=\"_ _2\"></span>7%<span class=\"_ _8\"></span>) to the WA<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>C as ap<span class=\"_ _2\"></span>propr<span class=\"_ _2\"></span>iate. Th<span class=\"_ _2\"></span>e pre-t<span class=\"_ _8\"></span>ax di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unt rate of 11.9% (2022: 11<span class=\"_ _2\"></span>.2%) we ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ed to ou<span class=\"_ _2\"></span>r cash f<span class=\"_ _2\"></span>low proj<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s equ<span class=\"_ _2\"></span>ates to a pos<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-<span class=\"_ _8\"></span>tax rate of 9<span class=\"_ _1\"></span>.8% (202<span class=\"_ _2\"></span>2: 9<span class=\"_ _1\"></span>.3%). Our e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ates of ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n sell<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g pric<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d di<span class=\"_ _2\"></span>rect c<span class=\"_ _2\"></span>osts a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on p<span class=\"_ _2\"></span>ast exp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e and o<span class=\"_ _2\"></span>ur exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tation<span class=\"_ _2\"></span>s of futu<span class=\"_ _2\"></span>re ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in th<span class=\"_ _2\"></span>e ma<span class=\"_ _2\"></span>rket.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e ann<span class=\"_ _2\"></span>ual i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>ment te<span class=\"_ _2\"></span>st is p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>ed on 3<span class=\"_ _2\"></span>1 Marc<span class=\"_ _2\"></span>h (2022: 31 M<span class=\"_ _2\"></span>arch). Th<span class=\"_ _2\"></span>ere ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n no a<span class=\"_ _2\"></span>dditi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>dic<span class=\"_ _2\"></span>ators of i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent id<span class=\"_ _2\"></span>enti<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d af<span class=\"_ _2\"></span>ter th<span class=\"_ _2\"></span>is date th<span class=\"_ _2\"></span>at wou<span class=\"_ _2\"></span>ld req<span class=\"_ _2\"></span>uire th<span class=\"_ _2\"></span>e im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt test to be re<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>d. It is b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows der<span class=\"_ _2\"></span>ived f<span class=\"_ _2\"></span>rom ou<span class=\"_ _2\"></span>r mos<span class=\"_ _2\"></span>t rece<span class=\"_ _2\"></span>nt fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l an<span class=\"_ _2\"></span>d strateg<span class=\"_ _2\"></span>ic pl<span class=\"_ _2\"></span>ans a<span class=\"_ _2\"></span>pprove<span class=\"_ _2\"></span>d by man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt, over th<span class=\"_ _2\"></span>e nex<span class=\"_ _2\"></span>t five ye<span class=\"_ _2\"></span>ars tak<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt th<span class=\"_ _2\"></span>e im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t of cli<span class=\"_ _2\"></span>mate c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge. A g<span class=\"_ _2\"></span>rowth rate of 2.5% (2022<span class=\"_ _2\"></span>: 2.5%) has b<span class=\"_ _2\"></span>een u<span class=\"_ _2\"></span>sed to ex<span class=\"_ _2\"></span>trapo<span class=\"_ _2\"></span>late ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows beyon<span class=\"_ _2\"></span>d this p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od. S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-term prof<span class=\"_ _2\"></span>itabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d grow<span class=\"_ _2\"></span>th rates are ba<span class=\"_ _2\"></span>sed on p<span class=\"_ _2\"></span>ast exp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ce, cur<span class=\"_ _2\"></span>rent trad<span class=\"_ _2\"></span>ing c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>ns (in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng the i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>act of i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>ation) a<span class=\"_ _2\"></span>nd o<span class=\"_ _2\"></span>ur expe<span class=\"_ _2\"></span>ctati<span class=\"_ _2\"></span>ons of f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in the m<span class=\"_ _2\"></span>arket.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Gen<span class=\"_ _2\"></span>us PIC a<span class=\"_ _2\"></span>nd G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s ABS CG<span class=\"_ _2\"></span>Us are de<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant. T<span class=\"_ _2\"></span>he in<span class=\"_ _2\"></span>div<span class=\"_ _2\"></span>idu<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>untr<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s use<span class=\"_ _2\"></span>d to determ<span class=\"_ _2\"></span>ine va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e in use for th<span class=\"_ _2\"></span>ese CG<span class=\"_ _2\"></span>Us are:<span class=\"_ _35c\"> </span>Ri<span class=\"_ _2\"></span>sk pr<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ium u<span class=\"_ _2\"></span>sed t<span class=\"_ _2\"></span>o adj<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>t discount<span class=\"_ _8\"></span> rate<span class=\"_ _35c\"> </span>Sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t-te<span class=\"_ _2\"></span>rm gr<span class=\"_ _2\"></span>owt<span class=\"_ _2\"></span>h ra<span class=\"_ _2\"></span>tes (CAG<span class=\"_ _2\"></span>R)<span class=\"_ _c7\"> </span><span class=\"lsa0 ws93\">Long-term gr<span class=\"_ _8\"></span>owth rate<span class=\"_ _8\"></span>s<span class=\"_ _35c\"> </span></span>2023<span class=\"_ _5e\"> </span><span class=\"ff6 ls71 ws2e\">202<span class=\"_ _2\"></span>2<span class=\"_ _5b\"> </span></span>2023<span class=\"_ _13e\"> </span><span class=\"ff6 ls71 ws2e\">2022<span class=\"_ _5e\"> </span></span>2023<span class=\"_ _13e\"> </span><span class=\"ff6 ls71 ws2e\">2022<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _270\"> </span><span class=\"ff2 lsd3 wsca\">n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u20131<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _85\"> </span></span><span class=\"lse7 wsdd\">n<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>l\u20131<span class=\"_ _6\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _1b1\"> </span><span class=\"ff2 ls63 wsb5\">n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l\u2013<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4%<span class=\"_ _24\"> </span></span><span class=\"ls9d ws92\">n<span class=\"_ _2\"></span>il\u20134<span class=\"_ _2\"></span>4%<span class=\"_ _271\"> </span><span class=\"ff2 ls76 ws5d\">2<span class=\"_ _2\"></span>.5%<span class=\"_ _48\"> </span></span><span class=\"ls22 ws22\">2.<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span></span></span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _cf\"> </span><span class=\"ff2 lsfc wsec\">n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u20132<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _86\"> </span></span><span class=\"lse7 wsdd\">n<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u20131<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _24\"> </span><span class=\"ff2 ls3a ws1a\">nil\u201352%<span class=\"_ _24\"> </span></span><span class=\"ls66 wsb9\">1<span class=\"_ _2\"></span>%\u20134<span class=\"_ _2\"></span>2%<span class=\"_ _271\"> </span><span class=\"ff2 ls76 ws5d\">2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5%<span class=\"_ _48\"> </span></span><span class=\"ls22 ws22\">2.5%<span class=\"_ _35c\"> </span></span></span></span>Wei<span class=\"_ _8\"></span>ghted av<span class=\"_ _1\"></span>erage risk adj<span class=\"_ _8\"></span>usted pre-tax discount<span class=\"_ _8\"></span> rate<span class=\"_ _35c\"> </span>Wei<span class=\"_ _8\"></span>ghted av<span class=\"_ _1\"></span>erage risk adj<span class=\"_ _8\"></span>usted post-t<span class=\"_ _8\"></span>ax dis<span class=\"_ _8\"></span>count rat<span class=\"_ _8\"></span>e<span class=\"_ _35c\"> </span>Wei<span class=\"_ _8\"></span>ghted av<span class=\"_ _1\"></span>erage short-term<span class=\"_ _1\"></span> growth rate<span class=\"_ _8\"></span>s (<span class=\"_ _1\"></span>CAGR)<span class=\"_ _35c\"> </span>2023<span class=\"_ _5e\"> </span><span class=\"ff6 ls71 ws2e\">202<span class=\"_ _2\"></span>2<span class=\"_ _64\"> </span></span>2023<span class=\"_ _13e\"> </span><span class=\"ff6 ls71 ws2e\">2022<span class=\"_ _11f\"> </span></span>2023<span class=\"_ _13e\"> </span><span class=\"ff6 ls71 ws2e\">2022<span class=\"_ _35c\"> </span></span>Ge<span class=\"_ _2\"></span>nus PI<span class=\"_ _2\"></span>C<span class=\"_ _272\"> </span><span class=\"ff2 ls63 wsb5\">11<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4%<span class=\"_ _142\"> </span></span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>1.0%<span class=\"_ _5e\"> </span><span class=\"ff2 lsa3 ws96\">9.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _48\"> </span></span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _d4\"> </span><span class=\"ff2 ls57 ws4f\">12%<span class=\"_ _6f\"> </span><span class=\"ff6\">12%<span class=\"_ _35c\"> </span></span></span></span></span>Ge<span class=\"_ _2\"></span>nus AB<span class=\"_ _2\"></span>S<span class=\"_ _10d\"> </span><span class=\"ff2 ls63 wsb5\">1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4%<span class=\"_ _75\"> </span></span><span class=\"ls16 ws16\">1<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>3%<span class=\"_ _142\"> </span><span class=\"ff2 ls76 ws5d\">10.<span class=\"_ _2\"></span>3%<span class=\"_ _79\"> </span></span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _d4\"> </span><span class=\"ff2 lsa4 ws98\">1<span class=\"_ _2\"></span>6%<span class=\"_ _5b\"> </span></span><span class=\"ls57 ws4f\">2<span class=\"_ _2\"></span>2%<span class=\"_ _35c\"> </span></span></span></span>Th<span class=\"_ _2\"></span>e rates towards the h<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>her e<span class=\"_ _2\"></span>nd of th<span class=\"_ _2\"></span>e rang<span class=\"_ _2\"></span>e above re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nt tho<span class=\"_ _2\"></span>se whi<span class=\"_ _2\"></span>ch are a<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>ied to o<span class=\"_ _2\"></span>ur sm<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>er en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>ose in e<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rgin<span class=\"_ _2\"></span>g ma<span class=\"_ _2\"></span>rkets and h<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ce ap<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>r hi<span class=\"_ _2\"></span>gh rel<span class=\"_ _2\"></span>ative to othe<span class=\"_ _2\"></span>rs.<span class=\"_ _35c\"> </span>Sensitivity to<span class=\"_ _1\"></span> ch<span class=\"_ _2\"></span>anges<span class=\"_ _8\"></span> in assumptions<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>as pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>d the fo<span class=\"_ _2\"></span>llow<span class=\"_ _2\"></span>ing s<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itivi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ysis:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">changing t<span class=\"_ _1\"></span>he ke<span class=\"_ _1\"></span>y assumpt<span class=\"_ _8\"></span>ions,<span class=\"_ _8\"></span> wit<span class=\"_ _8\"></span>h o<span class=\"_ _1\"></span>ther variable<span class=\"_ _8\"></span>s held c<span class=\"_ _8\"></span>onstan<span class=\"_ _1\"></span>t;<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">simult<span class=\"_ _1\"></span>aneously changing the<span class=\"_ _1\"></span> key<span class=\"_ _1\"></span> assumptions<span class=\"_ _1\"></span>; and </span>\u2022 <span class=\"_ _13\"> </span>inco<span class=\"_ _2\"></span>rpo<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g the pote<span class=\"_ _2\"></span>ntial i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>act of th<span class=\"_ _2\"></span>e pri<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>l risks a<span class=\"_ _2\"></span>nd un<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>nties o<span class=\"_ _2\"></span>utli<span class=\"_ _2\"></span>ned o<span class=\"_ _2\"></span>n pa<span class=\"_ _2\"></span>ges 62 to 6<span class=\"_ _2\"></span>4, in p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ticu<span class=\"_ _2\"></span>lar th<span class=\"_ _2\"></span>e im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>ts of bi<span class=\"_ _2\"></span>osec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>, ma<span class=\"_ _2\"></span>rket downtu<span class=\"_ _2\"></span>rns, c<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y of su<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, in<span class=\"_ _2\"></span>cre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d com<span class=\"_ _2\"></span>petiti<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d the im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ct of a gl<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>al pa<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>c, takin<span class=\"_ _2\"></span>g into ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt the l<span class=\"_ _2\"></span>ikely d<span class=\"_ _2\"></span>egre<span class=\"_ _2\"></span>e of avai<span class=\"_ _2\"></span>lab<span class=\"_ _2\"></span>le m<span class=\"_ _2\"></span>itiga<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g acti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>as con<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d tha<span class=\"_ _2\"></span>t there a<span class=\"_ _2\"></span>re no rea<span class=\"_ _2\"></span>son<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>y poss<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in a<span class=\"_ _2\"></span>ny one of th<span class=\"_ _2\"></span>e key assu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns th<span class=\"_ _2\"></span>at wou<span class=\"_ _2\"></span>ld ca<span class=\"_ _2\"></span>use th<span class=\"_ _2\"></span>e ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g amo<span class=\"_ _2\"></span>unts of g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>will to exce<span class=\"_ _2\"></span>ed the va<span class=\"_ _2\"></span>lue i<span class=\"_ _2\"></span>n use of PI<span class=\"_ _2\"></span>C and A<span class=\"_ _2\"></span>BS.<span class=\"_ _35c\"> </span>15. INT<span class=\"_ _1\"></span>AN<span class=\"_ _2\"></span>GIBLE ASS<span class=\"_ _2\"></span>ETS<span class=\"_ _35c\"> </span>Our Gr<span class=\"_ _8\"></span>oup Balance<span class=\"_ _8\"></span> Sheet con<span class=\"_ _1\"></span>tains signi<span class=\"_ _8\"></span>ficant<span class=\"_ _8\"></span> int<span class=\"_ _1\"></span>angible assets<span class=\"_ _8\"></span>, including ac<span class=\"_ _8\"></span>quired<span class=\"_ _8\"></span> technology<span class=\"_ _17\"></span>, customer r<span class=\"_ _1\"></span>elationships,<span class=\"_ _1\"></span> sof<span class=\"_ _2\"></span>tw<span class=\"_ _8\"></span>are<span class=\"_ _1\"></span> and our In<span class=\"_ _1\"></span>telliGen<span class=\"_ _8\"></span> dev<span class=\"_ _1\"></span>elopment pr<span class=\"_ _1\"></span>oject.<span class=\"_ _1\"></span> Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Id<span class=\"_ _2\"></span>entif<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>ble i<span class=\"_ _2\"></span>ntang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised w<span class=\"_ _2\"></span>hen th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up con<span class=\"_ _2\"></span>trols th<span class=\"_ _2\"></span>e asset, i<span class=\"_ _2\"></span>t is prob<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>le tha<span class=\"_ _2\"></span>t futu<span class=\"_ _2\"></span>re eco<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>ic b<span class=\"_ _2\"></span>enef<span class=\"_ _2\"></span>its a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>bute<span class=\"_ _2\"></span>d to the as<span class=\"_ _2\"></span>set wil<span class=\"_ _2\"></span>l fl<span class=\"_ _2\"></span>ow to the Grou<span class=\"_ _2\"></span>p an<span class=\"_ _2\"></span>d the cos<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>sset ca<span class=\"_ _2\"></span>n be rel<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ly m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>For \u2018<span class=\"_ _2\"></span>Sof<span class=\"_ _2\"></span>twa<span class=\"_ _2\"></span>re as a Se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice\u2018 (\u2018S<span class=\"_ _2\"></span>aaS\u2018) ar<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ents, we d<span class=\"_ _2\"></span>o not ca<span class=\"_ _2\"></span>pital<span class=\"_ _2\"></span>ise co<span class=\"_ _2\"></span>sts rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to the co<span class=\"_ _2\"></span>nfi<span class=\"_ _2\"></span>gura<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>nd cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>isati<span class=\"_ _2\"></span>on of Sa<span class=\"_ _2\"></span>aS arra<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nts as i<span class=\"_ _2\"></span>ntang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets except wh<span class=\"_ _2\"></span>ere co<span class=\"_ _2\"></span>ntrol of the s<span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>tware exi<span class=\"_ _2\"></span>sts. Intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>ssets th<span class=\"_ _2\"></span>at we ha<span class=\"_ _2\"></span>ve acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d in a bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>omb<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ation s<span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>e 1 Apr<span class=\"_ _2\"></span>il 200<span class=\"_ _2\"></span>5 are ide<span class=\"_ _2\"></span>ntif<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>nd re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d sep<span class=\"_ _2\"></span>aratel<span class=\"_ _2\"></span>y from go<span class=\"_ _2\"></span>odwi<span class=\"_ _2\"></span>ll, whe<span class=\"_ _2\"></span>re they m<span class=\"_ _2\"></span>eet th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>init<span class=\"_ _2\"></span>ion of a<span class=\"_ _2\"></span>n intan<span class=\"_ _2\"></span>gib<span class=\"_ _2\"></span>le as<span class=\"_ _2\"></span>set an<span class=\"_ _2\"></span>d we can re<span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>bly m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ure the<span class=\"_ _2\"></span>ir fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>ir cos<span class=\"_ _2\"></span>t is the<span class=\"_ _2\"></span>ir fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue at th<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uisi<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate.<span class=\"_ _35c\"> </span>Af<span class=\"_ _2\"></span>ter the<span class=\"_ _2\"></span>ir in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion, we re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>ese inta<span class=\"_ _2\"></span>ngi<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>t cost l<span class=\"_ _2\"></span>ess a<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>lated a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n and a<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>lated i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>s the sa<span class=\"_ _2\"></span>me b<span class=\"_ _2\"></span>asis a<span class=\"_ _2\"></span>s for in<span class=\"_ _2\"></span>tangi<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d sep<span class=\"_ _2\"></span>aratel<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e esti<span class=\"_ _2\"></span>mated u<span class=\"_ _2\"></span>sef<span class=\"_ _2\"></span>ul live<span class=\"_ _2\"></span>s for i<span class=\"_ _2\"></span>ntang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s are as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Porcin<span class=\"_ _2\"></span>e and b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s tech<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y <span class=\"_ _7b\"> </span>20 ye<span class=\"_ _2\"></span>ars<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Multi<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts <span class=\"_ _45\"> </span> <span class=\"_ _8b\"> </span> <span class=\"_ _11f\"> </span>15 yea<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ws138\">Bran<span class=\"_ _2\"></span>ds <span class=\"_ _273\"></span>    10 <span class=\"_ _274\"></span>to <span class=\"_ _274\"></span>15 <span class=\"_ _275\"></span>yea<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span>Custom<span class=\"_ _2\"></span>er re<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>nsh<span class=\"_ _2\"></span>ips <span class=\"_ _b2\"> </span> <span class=\"_ _8b\"> </span> <span class=\"_ _64\"> </span>10 to 17 ye<span class=\"_ _2\"></span>ars<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ws138\">Intell<span class=\"_ _2\"></span>iGe<span class=\"_ _2\"></span>n <span class=\"_ _276\"></span>   10 <span class=\"_ _274\"></span>yea<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span>Patents an<span class=\"_ _2\"></span>d lic<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>es <span class=\"_ _8d\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span>ter<span class=\"_ _2\"></span>m of agre<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent (4 yea<span class=\"_ _2\"></span>rs)<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Sof<span class=\"_ _2\"></span>tware <span class=\"_ _142\"> </span> <span class=\"_ _8b\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span>2 to 1<span class=\"_ _2\"></span>0 year<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>Intangible<span class=\"_ _8\"></span> assets<span class=\"_ _8\"></span> acquired<span class=\"_ _8\"></span> separately<span class=\"_ _35c\"> </span>We carr<span class=\"_ _2\"></span>y in<span class=\"_ _2\"></span>tangi<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d other th<span class=\"_ _2\"></span>an th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h a bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>on at co<span class=\"_ _2\"></span>st le<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>ted am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d any im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt los<span class=\"_ _2\"></span>s. We cha<span class=\"_ _2\"></span>rge am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>n a strai<span class=\"_ _2\"></span>ght<span class=\"_ _1\"></span>-l<span class=\"_ _2\"></span>ine b<span class=\"_ _2\"></span>asis ove<span class=\"_ _2\"></span>r the<span class=\"_ _2\"></span>ir es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>ted usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ives an<span class=\"_ _2\"></span>d review th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife an<span class=\"_ _2\"></span>d am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on m<span class=\"_ _2\"></span>ethod a<span class=\"_ _2\"></span>t the e<span class=\"_ _2\"></span>nd of ea<span class=\"_ _2\"></span>ch f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial ye<span class=\"_ _2\"></span>ar<span class=\"_ _1\"></span>, a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g for th<span class=\"_ _2\"></span>e ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of any ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n esti<span class=\"_ _2\"></span>mate on a p<span class=\"_ _2\"></span>rospe<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve bas<span class=\"_ _2\"></span>is.<span class=\"_ _35c\"> </span>Porcine<span class=\"_ _8\"></span> an<span class=\"_ _2\"></span>d bov<span class=\"_ _2\"></span>ine genetics technology<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Br<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ds, multiplier contracts an<span class=\"_ _2\"></span>d customer relationships<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Separately identified acquired intangible<span class=\"_ _8\"></span> assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>So<span class=\"_ _2\"></span>ft<span class=\"_ _2\"></span>war<span class=\"_ _2\"></span>e \u00a3m<span class=\"_ _35c\"> </span>Assets under<span class=\"_ _1\"></span> construction<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>IntelliGen<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Pat<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s, licences<span class=\"_ _8\"></span> and other<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Cost<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _88\"> </span><span class=\"lsb9 wsa9\">51<span class=\"_ _2\"></span>.7<span class=\"_ _73\"> </span><span class=\"ls6 ws6\">81.6<span class=\"_ _c4\"> </span><span class=\"ls43 ws68\">133.3<span class=\"_ _48\"> </span><span class=\"ls20 ws11\">20.0<span class=\"_ _d7\"> </span></span></span></span>2.7<span class=\"_ _6b\"> </span></span>23<span class=\"_ _2\"></span>.6<span class=\"_ _11f\"> </span><span class=\"ls9 ws9\">4.3<span class=\"_ _c4\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _6\"></span>.9<span class=\"_ _35c\"> </span></span></span>Additions<span class=\"_ _d5\"> </span><span class=\"ls9 ws9\">4.2<span class=\"_ _5e\"> </span><span class=\"ls75 ws69\">10.<span class=\"_ _2\"></span>3<span class=\"_ _13e\"> </span><span class=\"ls50 ws10\">14<span class=\"_ _2\"></span>.5<span class=\"_ _11f\"> </span></span>0.<span class=\"_ _2\"></span>2<span class=\"_ _6c\"> </span><span class=\"ls19 ws6a\">8.6<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _6b\"> </span>23.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span></span></span>Acquisition <span class=\"_ _1a4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _11f\"> </span>0.<span class=\"_ _2\"></span>4<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ansfers<span class=\"_ _277\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _5c\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>7<span class=\"_ _6f\"> </span>(<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _56\"> </span></span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in ex<span class=\"_ _1\"></span>change r<span class=\"_ _1\"></span>ates<span class=\"_ _278\"> </span><span class=\"ls75 ws69\">0.6<span class=\"_ _5e\"> </span>1<span class=\"_ _2\"></span>0.6<span class=\"_ _64\"> </span><span class=\"ls3a ws1a\">11.<span class=\"_ _2\"></span>2<span class=\"_ _d7\"> </span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _49\"> </span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _192\"> </span><span class=\"ls43 ws68\">3.2<span class=\"_ _49\"> </span></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _6e\"> </span><span class=\"ls43 ws68\">15.6<span class=\"_ _35c\"> </span></span></span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _279\"> </span><span class=\"ff6 ls19 ws6a\">56.5<span class=\"_ _142\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9<span class=\"_ _26\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>4<span class=\"_ _5e\"> </span></span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>.7<span class=\"_ _69\"> </span></span></span>26.8<span class=\"_ _11f\"> </span><span class=\"ls1b ws1f\">4.4<span class=\"_ _52\"> </span><span class=\"ls3 ws3\">223.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span>Additions<span class=\"_ _267\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _6c\"> </span><span class=\"lsa3 ws96\">9.<span class=\"_ _2\"></span>3<span class=\"_ _56\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _6c\"> </span><span class=\"lsa3 ws96\">9.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ansfers<span class=\"_ _277\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _11f\"> </span><span class=\"lsb8 wsa8\">5<span class=\"_ _2\"></span>.9<span class=\"_ _79\"> </span>(<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.9)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in ex<span class=\"_ _1\"></span>change r<span class=\"_ _1\"></span>ates<span class=\"_ _27a\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _75\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.0)<span class=\"_ _48\"> </span>(4<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>)<span class=\"_ _26\"> </span></span>(0.<span class=\"_ _2\"></span>3)<span class=\"_ _69\"> </span>(0.1)<span class=\"_ _73\"> </span><span class=\"lsc4 wsa7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _79\"> </span></span></span>(5.7)<span class=\"_ _35c\"> </span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _c3\"> </span><span class=\"ls19 ws6a\">56<span class=\"_ _2\"></span>.3<span class=\"_ _48\"> </span><span class=\"lsb8 wsa8\">98<span class=\"_ _2\"></span>.9<span class=\"_ _11e\"> </span><span class=\"ls7 ws7\">155.2<span class=\"_ _48\"> </span></span></span>34.5<span class=\"_ _6c\"> </span><span class=\"lsbb wsab\">7.<span class=\"_ _2\"></span>0<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">2<span class=\"_ _2\"></span>5.7<span class=\"_ _8b\"> </span><span class=\"ls53 ws19\">4.4<span class=\"_ _4f\"> </span><span class=\"ls13 ws13\">226.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span></span></span></span></span>Amortisation and impairment<span class=\"_ _8\"></span> losses<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _174\"> </span><span class=\"ls20 ws11\">36<span class=\"_ _2\"></span>.0<span class=\"_ _69\"> </span><span class=\"ls19 ws6a\">66.2<span class=\"_ _142\"> </span><span class=\"ls9c wsb7\">102<span class=\"_ _2\"></span>.2<span class=\"_ _13e\"> </span></span></span>13<span class=\"_ _2\"></span>.0<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _6c\"> </span><span class=\"ls1b ws1f\">8.4<span class=\"_ _8b\"> </span><span class=\"ls20 ws11\">4<span class=\"_ _2\"></span>.0<span class=\"_ _6a\"> </span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>6<span class=\"_ _35c\"> </span></span></span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisatio<span class=\"_ _2\"></span>n for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _177\"> </span><span class=\"ls20 ws11\">3.0<span class=\"_ _6c\"> </span><span class=\"lse wsd\">5.<span class=\"_ _2\"></span>3<span class=\"_ _11f\"> </span><span class=\"lsd ws5\">8.<span class=\"_ _2\"></span>3<span class=\"_ _5c\"> </span><span class=\"lsb9 wsa9\">1<span class=\"_ _2\"></span>.7<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.5<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _76\"> </span><span class=\"ls77 ws5c\">12.6<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in ex<span class=\"_ _1\"></span>change r<span class=\"_ _1\"></span>ates<span class=\"_ _182\"> </span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _6c\"> </span><span class=\"ls19 ws6a\">8.6<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">8.7<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>8<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _49\"> </span><span class=\"ls1b ws1f\">1.4<span class=\"_ _49\"> </span></span></span></span></span></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _8b\"> </span><span class=\"ls20 ws11\">11.0<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _27b\"> </span><span class=\"ff6 lsc1 wsb1\">3<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>1<span class=\"_ _13e\"> </span><span class=\"ls8a wsad\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _69\"> </span></span>1<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _6e\"> </span><span class=\"ls43 ws68\">15.5<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls77 ws5c\">12.<span class=\"_ _2\"></span>3<span class=\"_ _11f\"> </span><span class=\"ls9 ws9\">4.2<span class=\"_ _6a\"> </span></span></span></span>15<span class=\"_ _2\"></span>1.2<span class=\"_ _35c\"> </span></span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisatio<span class=\"_ _2\"></span>n for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _177\"> </span><span class=\"ff2 lse wsd\">3.3<span class=\"_ _71\"> </span><span class=\"ls53 ws19\">4.4<span class=\"_ _d7\"> </span><span class=\"lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _192\"> </span><span class=\"lsb8 wsa8\">2<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _192\"> </span><span class=\"ls77 ws5c\">2<span class=\"_ _2\"></span>.7<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _6b\"> </span><span class=\"ls3a ws1a\">13<span class=\"_ _2\"></span>.4<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in ex<span class=\"_ _1\"></span>change r<span class=\"_ _1\"></span>ates<span class=\"_ _2b\"> </span><span class=\"ff2 lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _48\"> </span><span class=\"ls20 ws11\">(3.<span class=\"_ _2\"></span>3)<span class=\"_ _48\"> </span>(3.<span class=\"_ _2\"></span>2)<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _26\"> </span></span>(0.<span class=\"_ _2\"></span>6)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _271\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _c3\"> </span>42.5<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">81.<span class=\"_ _2\"></span>2<span class=\"_ _142\"> </span>12<span class=\"_ _2\"></span>3.7<span class=\"_ _6b\"> </span><span class=\"lsd ws5\">18.<span class=\"_ _2\"></span>2<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls21 ws5e\">14<span class=\"_ _2\"></span>.4<span class=\"_ _8b\"> </span><span class=\"ls26 ws25\">4.3<span class=\"_ _19f\"> </span></span></span></span></span>160.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Carrying amounts<span class=\"_ _35c\"> </span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>023<span class=\"_ _ea\"> </span><span class=\"ls3a ws1a\">13.<span class=\"_ _2\"></span>8<span class=\"_ _6e\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _5e\"> </span><span class=\"ls25 ws21\">31<span class=\"_ _2\"></span>.5<span class=\"_ _5b\"> </span><span class=\"ls13 ws13\">16.3<span class=\"_ _6c\"> </span></span></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _76\"> </span><span class=\"lsc wsc\">11<span class=\"_ _2\"></span>.3<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _79\"> </span><span class=\"lsd ws5\">66.2<span class=\"_ _35c\"> </span></span></span></span></span></span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>022<span class=\"_ _8c\"> </span><span class=\"ff6 lsba wsaa\">1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>4<span class=\"_ _5b\"> </span><span class=\"ls3a ws1a\">22.8<span class=\"_ _79\"> </span><span class=\"ls75 ws69\">40.<span class=\"_ _2\"></span>2<span class=\"_ _13e\"> </span><span class=\"lsb1 wsac\">13<span class=\"_ _2\"></span>.4<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">3.7<span class=\"_ _73\"> </span><span class=\"ls50 ws10\">14.<span class=\"_ _2\"></span>5<span class=\"_ _64\"> </span></span></span></span>0.<span class=\"_ _2\"></span>2<span class=\"_ _6b\"> </span><span class=\"ls20 ws11\">72.0<span class=\"_ _35c\"> </span></span></span></span></span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>021<span class=\"_ _97\"> </span><span class=\"ff6 lsb9 wsa9\">1<span class=\"_ _2\"></span>5.7<span class=\"_ _13e\"> </span><span class=\"ls43 ws68\">15.4<span class=\"_ _11f\"> </span><span class=\"ls8a wsad\">3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _d7\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>0<span class=\"_ _49\"> </span></span></span></span>2<span class=\"_ _2\"></span>.7<span class=\"_ _73\"> </span><span class=\"ls43 ws68\">15.<span class=\"_ _2\"></span>2<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.3<span class=\"_ _6b\"> </span><span class=\"ls8 ws8\">56.3<span class=\"_ _35c\"> </span></span></span></span></span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d withi<span class=\"_ _2\"></span>n bran<span class=\"_ _2\"></span>ds, m<span class=\"_ _2\"></span>ulti<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s and c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>onsh<span class=\"_ _2\"></span>ips a<span class=\"_ _2\"></span>re carr<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts fo<span class=\"_ _2\"></span>r bran<span class=\"_ _2\"></span>ds of \u00a30.6m (<span class=\"_ _2\"></span>2022: \u00a30.5m), mu<span class=\"_ _2\"></span>ltip<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>r contra<span class=\"_ _2\"></span>cts of \u00a39<span class=\"_ _8\"></span>.2m (<span class=\"_ _2\"></span>2022: \u00a311<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>m) and c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hips o<span class=\"_ _2\"></span>f \u00a37<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9m (202<span class=\"_ _2\"></span>2: \u00a311<span class=\"_ _2\"></span>.2m). In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d withi<span class=\"_ _2\"></span>n the sof<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ware cl<span class=\"_ _2\"></span>ass of a<span class=\"_ _2\"></span>ssets i<span class=\"_ _2\"></span>s \u00a39<span class=\"_ _1\"></span>.5<span class=\"_ _2\"></span>m (2022: \u00a36<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>9m) a<span class=\"_ _2\"></span>nd in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in as<span class=\"_ _2\"></span>sets in th<span class=\"_ _2\"></span>e cou<span class=\"_ _2\"></span>rse of c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s \u00a32.<span class=\"_ _2\"></span>3m (2022: \u00a3<span class=\"_ _2\"></span>2.7m<span class=\"_ _8\"></span>) tha<span class=\"_ _2\"></span>t relate to th<span class=\"_ _2\"></span>e ong<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>g deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>s of Gen<span class=\"_ _2\"></span>usO<span class=\"_ _2\"></span>ne, ou<span class=\"_ _2\"></span>r sin<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>e glo<span class=\"_ _2\"></span>bal e<span class=\"_ _2\"></span>nterp<span class=\"_ _2\"></span>rise sy<span class=\"_ _2\"></span>stem a<span class=\"_ _2\"></span>nd \u00a31<span class=\"_ _2\"></span>.6m (202<span class=\"_ _2\"></span>2: \u00a3ni<span class=\"_ _2\"></span>l) tha<span class=\"_ _2\"></span>t relate to In<span class=\"_ _2\"></span>telli<span class=\"_ _2\"></span>Ge<span class=\"_ _2\"></span>n.16.<span class=\"_ _1\"></span> BIOLOGICAL<span class=\"_ _1\"></span> ASSETS<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p app<span class=\"_ _2\"></span>lies q<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>ntitative g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>etics a<span class=\"_ _2\"></span>nd bi<span class=\"_ _2\"></span>otech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy to a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al bre<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e use th<span class=\"_ _2\"></span>ese te<span class=\"_ _2\"></span>chn<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>es to id<span class=\"_ _2\"></span>entif<span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>t an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls with th<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>nes re<span class=\"_ _2\"></span>spo<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>r sup<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>or mi<span class=\"_ _2\"></span>lk an<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>at, hi<span class=\"_ _2\"></span>gh he<span class=\"_ _2\"></span>alth a<span class=\"_ _2\"></span>nd pe<span class=\"_ _2\"></span>rf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e traits<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e se<span class=\"_ _2\"></span>ll bre<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>als, s<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>n an<span class=\"_ _2\"></span>d em<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>yos to cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>rs, wh<span class=\"_ _2\"></span>o use the<span class=\"_ _2\"></span>m to prod<span class=\"_ _2\"></span>uce of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>spri<span class=\"_ _2\"></span>ng wh<span class=\"_ _2\"></span>ich y<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>d grea<span class=\"_ _2\"></span>ter prod<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>tion ef<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d mil<span class=\"_ _2\"></span>k and m<span class=\"_ _2\"></span>eat q<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, for th<span class=\"_ _2\"></span>e gl<span class=\"_ _2\"></span>oba<span class=\"_ _2\"></span>l dai<span class=\"_ _2\"></span>ry a<span class=\"_ _2\"></span>nd m<span class=\"_ _2\"></span>eat s<span class=\"_ _2\"></span>upp<span class=\"_ _2\"></span>ly ch<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>. We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e that a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g for b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets is a<span class=\"_ _2\"></span>n area w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>des key sou<span class=\"_ _2\"></span>rces of es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tion u<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>re outl<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d in note 4 a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>nsiti<span class=\"_ _2\"></span>viti<span class=\"_ _2\"></span>es are prov<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>d bel<span class=\"_ _2\"></span>ow<span class=\"_ _8\"></span>. Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Biological ass<span class=\"_ _8\"></span>ets and<span class=\"_ _1\"></span> invent<span class=\"_ _1\"></span>ories<span class=\"_ _35c\"> </span>In b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e, we use rese<span class=\"_ _2\"></span>arch a<span class=\"_ _2\"></span>nd d<span class=\"_ _2\"></span>evelo<span class=\"_ _2\"></span>pm<span class=\"_ _2\"></span>ent to ide<span class=\"_ _2\"></span>ntif<span class=\"_ _2\"></span>y g<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cal<span class=\"_ _2\"></span>ly su<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ior b<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>s in a nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of bre<span class=\"_ _2\"></span>eds, p<span class=\"_ _2\"></span>rim<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ly the H<span class=\"_ _2\"></span>ols<span class=\"_ _2\"></span>tein d<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>y bre<span class=\"_ _2\"></span>ed. Ea<span class=\"_ _2\"></span>ch se<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>ted bu<span class=\"_ _2\"></span>ll ha<span class=\"_ _2\"></span>s its pe<span class=\"_ _2\"></span>rf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st its p<span class=\"_ _2\"></span>eer<span class=\"_ _2\"></span>s, by usi<span class=\"_ _2\"></span>ng ge<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>mic eva<span class=\"_ _2\"></span>lua<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s and p<span class=\"_ _2\"></span>roge<span class=\"_ _2\"></span>ny testin<span class=\"_ _2\"></span>g of its da<span class=\"_ _2\"></span>ugh<span class=\"_ _2\"></span>ters\u2019 pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce. We co<span class=\"_ _2\"></span>lle<span class=\"_ _2\"></span>ct a<span class=\"_ _2\"></span>nd fre<span class=\"_ _2\"></span>ez<span class=\"_ _8\"></span>e se<span class=\"_ _2\"></span>men f<span class=\"_ _2\"></span>rom the b<span class=\"_ _2\"></span>est b<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>s, to satis<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>y our c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s\u2019 dem<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d. Far<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s use se<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>n from da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y bree<span class=\"_ _2\"></span>ds to bre<span class=\"_ _2\"></span>ed rep<span class=\"_ _2\"></span>lac<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt mi<span class=\"_ _2\"></span>lki<span class=\"_ _2\"></span>ng stoc<span class=\"_ _2\"></span>k. Th<span class=\"_ _2\"></span>ey use th<span class=\"_ _2\"></span>e sem<span class=\"_ _2\"></span>en we se<span class=\"_ _2\"></span>ll fro<span class=\"_ _2\"></span>m bee<span class=\"_ _2\"></span>f bree<span class=\"_ _2\"></span>ds in e<span class=\"_ _2\"></span>ithe<span class=\"_ _2\"></span>r spe<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>lis<span class=\"_ _2\"></span>t bee<span class=\"_ _2\"></span>f bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g he<span class=\"_ _2\"></span>rds, for m<span class=\"_ _2\"></span>ulti<span class=\"_ _2\"></span>ply<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g bul<span class=\"_ _2\"></span>ls fo<span class=\"_ _2\"></span>r use in n<span class=\"_ _2\"></span>atu<span class=\"_ _2\"></span>ral ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ce, or o<span class=\"_ _2\"></span>n dai<span class=\"_ _2\"></span>ry c<span class=\"_ _2\"></span>ows to produ<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>als to be re<span class=\"_ _2\"></span>ared f<span class=\"_ _2\"></span>or me<span class=\"_ _2\"></span>at.<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>r rese<span class=\"_ _2\"></span>arch an<span class=\"_ _2\"></span>d deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt als<span class=\"_ _2\"></span>o ena<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s us to prod<span class=\"_ _2\"></span>uce a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ct ou<span class=\"_ _2\"></span>r own ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y sup<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>or fem<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>es, fro<span class=\"_ _2\"></span>m whi<span class=\"_ _2\"></span>ch we wil<span class=\"_ _2\"></span>l bree<span class=\"_ _2\"></span>d future<span class=\"_ _1\"></span> bulls.<span class=\"_ _35c\"> </span>We hol<span class=\"_ _2\"></span>d our b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts for l<span class=\"_ _2\"></span>ong-term inte<span class=\"_ _2\"></span>rna<span class=\"_ _2\"></span>l use a<span class=\"_ _2\"></span>nd cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>y them a<span class=\"_ _2\"></span>s no<span class=\"_ _2\"></span>n-cur<span class=\"_ _2\"></span>rent as<span class=\"_ _2\"></span>sets. We tran<span class=\"_ _2\"></span>sfer b<span class=\"_ _2\"></span>ull s<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>en to inve<span class=\"_ _2\"></span>ntor<span class=\"_ _2\"></span>y at its fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue at th<span class=\"_ _2\"></span>e po<span class=\"_ _2\"></span>int of ha<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>vest, wh<span class=\"_ _2\"></span>ich b<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>mes i<span class=\"_ _2\"></span>ts de<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t und<span class=\"_ _2\"></span>er IAS 2<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e state ou<span class=\"_ _2\"></span>r inve<span class=\"_ _2\"></span>ntorie<span class=\"_ _2\"></span>s at the l<span class=\"_ _2\"></span>ower of thi<span class=\"_ _2\"></span>s dee<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>d cost a<span class=\"_ _2\"></span>nd n<span class=\"_ _2\"></span>et real<span class=\"_ _2\"></span>isa<span class=\"_ _2\"></span>ble va<span class=\"_ _2\"></span>lue.<span class=\"_ _35c\"> </span>So<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng se<span class=\"_ _2\"></span>men i<span class=\"_ _2\"></span>s a prod<span class=\"_ _2\"></span>ucti<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s rathe<span class=\"_ _2\"></span>r than a b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s. As a res<span class=\"_ _2\"></span>ult, we tra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>r sem<span class=\"_ _2\"></span>en i<span class=\"_ _2\"></span>nventor<span class=\"_ _2\"></span>y into sexe<span class=\"_ _2\"></span>d sem<span class=\"_ _2\"></span>en prod<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>t its fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e at the p<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>t of har<span class=\"_ _2\"></span>ves<span class=\"_ _2\"></span>t, les<span class=\"_ _2\"></span>s the co<span class=\"_ _2\"></span>st to sel<span class=\"_ _2\"></span>l, and i<span class=\"_ _2\"></span>t bec<span class=\"_ _2\"></span>ome<span class=\"_ _2\"></span>s a com<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>nent o<span class=\"_ _2\"></span>f the pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>roce<span class=\"_ _2\"></span>ss. We carr<span class=\"_ _2\"></span>y sexe<span class=\"_ _2\"></span>d sem<span class=\"_ _2\"></span>en in f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ish<span class=\"_ _2\"></span>ed go<span class=\"_ _2\"></span>ods a<span class=\"_ _2\"></span>t prod<span class=\"_ _2\"></span>ucti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t. In p<span class=\"_ _2\"></span>orci<span class=\"_ _2\"></span>ne, we ma<span class=\"_ _2\"></span>intai<span class=\"_ _2\"></span>n and d<span class=\"_ _2\"></span>evel<span class=\"_ _2\"></span>op a ce<span class=\"_ _2\"></span>ntral bre<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ng sto<span class=\"_ _2\"></span>ck (the \u2018nu<span class=\"_ _2\"></span>cle<span class=\"_ _2\"></span>us h<span class=\"_ _2\"></span>erd\u2019), to provid<span class=\"_ _2\"></span>e gen<span class=\"_ _2\"></span>etic<span class=\"_ _2\"></span>ally s<span class=\"_ _2\"></span>up<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>r an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls. Th<span class=\"_ _2\"></span>ese ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s he<span class=\"_ _2\"></span>lp m<span class=\"_ _2\"></span>ake farm<span class=\"_ _2\"></span>ers a<span class=\"_ _2\"></span>nd foo<span class=\"_ _2\"></span>d proc<span class=\"_ _2\"></span>esso<span class=\"_ _2\"></span>rs mo<span class=\"_ _2\"></span>re prof<span class=\"_ _2\"></span>itabl<span class=\"_ _2\"></span>e, by inc<span class=\"_ _2\"></span>reasi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>eir o<span class=\"_ _2\"></span>utpu<span class=\"_ _2\"></span>t of con<span class=\"_ _2\"></span>siste<span class=\"_ _2\"></span>ntly h<span class=\"_ _2\"></span>igh-q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ity p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, whi<span class=\"_ _2\"></span>ch yi<span class=\"_ _2\"></span>eld h<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>her va<span class=\"_ _2\"></span>lue. S<span class=\"_ _2\"></span>o we can c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>lise o<span class=\"_ _2\"></span>n our i<span class=\"_ _2\"></span>ntell<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tual p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>, we out<span class=\"_ _2\"></span>sou<span class=\"_ _2\"></span>rce the vas<span class=\"_ _2\"></span>t maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of ou<span class=\"_ _2\"></span>r pig p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n to our gl<span class=\"_ _2\"></span>oba<span class=\"_ _2\"></span>l mul<span class=\"_ _2\"></span>tipl<span class=\"_ _2\"></span>ier n<span class=\"_ _2\"></span>etwo<span class=\"_ _2\"></span>rk. We als<span class=\"_ _2\"></span>o sel<span class=\"_ _2\"></span>l the of<span class=\"_ _2\"></span>fs<span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ng or s<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>n we obtai<span class=\"_ _2\"></span>n from a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>als i<span class=\"_ _2\"></span>n the n<span class=\"_ _2\"></span>ucl<span class=\"_ _2\"></span>eus h<span class=\"_ _2\"></span>erd to cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs, fo<span class=\"_ _2\"></span>r use i<span class=\"_ _2\"></span>n co<span class=\"_ _2\"></span>mme<span class=\"_ _2\"></span>rcia<span class=\"_ _2\"></span>l farm<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g. Pig sa<span class=\"_ _2\"></span>les g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>eral<span class=\"_ _2\"></span>ly occ<span class=\"_ _2\"></span>ur i<span class=\"_ _2\"></span>n one of t<span class=\"_ _2\"></span>wo ways: \u2018up<span class=\"_ _2\"></span>front<span class=\"_ _2\"></span>\u2019 an<span class=\"_ _2\"></span>d \u2018ro<span class=\"_ _8\"></span>yalt<span class=\"_ _2\"></span>y\u2019<span class=\"_ _8\"></span>. Un<span class=\"_ _2\"></span>der u<span class=\"_ _2\"></span>pfron<span class=\"_ _2\"></span>t sale<span class=\"_ _2\"></span>s, we rece<span class=\"_ _2\"></span>ive th<span class=\"_ _2\"></span>e ful<span class=\"_ _2\"></span>l fair va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e of the an<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>al at th<span class=\"_ _2\"></span>e po<span class=\"_ _2\"></span>int we tran<span class=\"_ _2\"></span>sfer i<span class=\"_ _2\"></span>t to the cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>er<span class=\"_ _8\"></span>. Un<span class=\"_ _2\"></span>der royal<span class=\"_ _2\"></span>ty sa<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>, the pi<span class=\"_ _2\"></span>g is reg<span class=\"_ _2\"></span>arde<span class=\"_ _2\"></span>d as co<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>isin<span class=\"_ _2\"></span>g two se<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>rately id<span class=\"_ _2\"></span>enti<span class=\"_ _2\"></span>fia<span class=\"_ _2\"></span>ble c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>ents: i<span class=\"_ _2\"></span>ts ca<span class=\"_ _2\"></span>rcass a<span class=\"_ _2\"></span>nd its g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>etic poten<span class=\"_ _2\"></span>tial<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e rece<span class=\"_ _2\"></span>ive the i<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>derat<span class=\"_ _2\"></span>ion, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h is ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>ately th<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>l\u2019s carca<span class=\"_ _2\"></span>ss val<span class=\"_ _2\"></span>ue, at th<span class=\"_ _2\"></span>e poi<span class=\"_ _2\"></span>nt we trans<span class=\"_ _2\"></span>fer th<span class=\"_ _2\"></span>e pig to th<span class=\"_ _2\"></span>e cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. We retain o<span class=\"_ _2\"></span>ur in<span class=\"_ _2\"></span>terest i<span class=\"_ _2\"></span>n the pi<span class=\"_ _2\"></span>g\u2019s gen<span class=\"_ _2\"></span>etic pote<span class=\"_ _2\"></span>ntial a<span class=\"_ _2\"></span>nd rec<span class=\"_ _2\"></span>eive royal<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er\u2019s us<span class=\"_ _2\"></span>e of this ge<span class=\"_ _2\"></span>netic p<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>enti<span class=\"_ _2\"></span>al. Th<span class=\"_ _2\"></span>e bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g ani<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>l bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ical a<span class=\"_ _2\"></span>ssets we ow<span class=\"_ _2\"></span>n, an<span class=\"_ _2\"></span>d our retai<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t in th<span class=\"_ _2\"></span>e bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ical a<span class=\"_ _2\"></span>ssets we h<span class=\"_ _2\"></span>ave so<span class=\"_ _2\"></span>ld un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r royalt<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts, are rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d and m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e at ea<span class=\"_ _2\"></span>ch ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate. We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue in th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ent, with<span class=\"_ _2\"></span>in op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng prof<span class=\"_ _2\"></span>it fo<span class=\"_ _2\"></span>r the pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d. We cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e porc<span class=\"_ _2\"></span>ine b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal a<span class=\"_ _2\"></span>ssets we a<span class=\"_ _2\"></span>re usin<span class=\"_ _2\"></span>g as b<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>s as no<span class=\"_ _2\"></span>n-cur<span class=\"_ _2\"></span>rent as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d car<span class=\"_ _2\"></span>ry th<span class=\"_ _2\"></span>em at f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue. T<span class=\"_ _2\"></span>he po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l asset<span class=\"_ _2\"></span>s we are ho<span class=\"_ _2\"></span>ldi<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>r resal<span class=\"_ _2\"></span>e, whic<span class=\"_ _2\"></span>h are the of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>spr<span class=\"_ _2\"></span>ing of th<span class=\"_ _2\"></span>e bre<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ng he<span class=\"_ _2\"></span>rd, are ca<span class=\"_ _2\"></span>rrie<span class=\"_ _2\"></span>d at fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t asset<span class=\"_ _2\"></span>s. Determina<span class=\"_ _8\"></span>tion<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> fair v<span class=\"_ _1\"></span>alues \u2013 biological<span class=\"_ _1\"></span> assets<span class=\"_ _35c\"> </span>IAS 41 \u2018<span class=\"_ _1\"></span>Agri<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>lture\u2019 req<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>res us to show t<span class=\"_ _2\"></span>he ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g valu<span class=\"_ _2\"></span>e of bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l asset<span class=\"_ _2\"></span>s in the G<span class=\"_ _2\"></span>roup B<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce S<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>et. We determ<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e this ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g val<span class=\"_ _2\"></span>ue ac<span class=\"_ _2\"></span>cordi<span class=\"_ _2\"></span>ng to IAS 41\u2019s provisi<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>nd s<span class=\"_ _2\"></span>how the n<span class=\"_ _2\"></span>et val<span class=\"_ _2\"></span>uatio<span class=\"_ _2\"></span>n move<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t in the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent. T<span class=\"_ _2\"></span>here a<span class=\"_ _2\"></span>re imp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tant dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>ces in h<span class=\"_ _2\"></span>ow we valu<span class=\"_ _2\"></span>e our b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d porc<span class=\"_ _2\"></span>ine a<span class=\"_ _2\"></span>ssets<span class=\"_ _2\"></span>, as expl<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>elow.<span class=\"_ _35c\"> </span>Bov<span class=\"_ _2\"></span>ine \u2013 we b<span class=\"_ _2\"></span>ase th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e of all b<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>s on the n<span class=\"_ _2\"></span>et cas<span class=\"_ _2\"></span>h flows we ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t to rece<span class=\"_ _2\"></span>ive from s<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>ei<span class=\"_ _2\"></span>r sem<span class=\"_ _2\"></span>en, d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unted a<span class=\"_ _2\"></span>t a cur<span class=\"_ _2\"></span>rent ris<span class=\"_ _2\"></span>k<span class=\"_ _1\"></span>-adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d mar<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>et<span class=\"_ _1\"></span>-de<span class=\"_ _2\"></span>termi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d rate. The si<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>ant as<span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s deter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>re the expe<span class=\"_ _2\"></span>cted f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re dem<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d for se<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>, the es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>ted bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l valu<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d the m<span class=\"_ _2\"></span>arketabl<span class=\"_ _2\"></span>e life of b<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ical va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e is the e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ated val<span class=\"_ _2\"></span>ue at th<span class=\"_ _2\"></span>e po<span class=\"_ _2\"></span>int of prod<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. We adju<span class=\"_ _2\"></span>st the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e bovi<span class=\"_ _2\"></span>ne h<span class=\"_ _2\"></span>erd an<span class=\"_ _2\"></span>d sem<span class=\"_ _2\"></span>en inve<span class=\"_ _2\"></span>ntor<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>re a third p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ty e<span class=\"_ _2\"></span>arn<span class=\"_ _2\"></span>s a royalt<span class=\"_ _2\"></span>y from se<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>n sale<span class=\"_ _2\"></span>s fro<span class=\"_ _2\"></span>m a par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>r bul<span class=\"_ _2\"></span>l. Fem<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>es are val<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>d by referen<span class=\"_ _2\"></span>ce to ma<span class=\"_ _2\"></span>rket pric<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d pub<span class=\"_ _2\"></span>lis<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>d ind<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ent g<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>c evalu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns. Porci<span class=\"_ _2\"></span>ne \u2013 th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue o<span class=\"_ _2\"></span>f porc<span class=\"_ _2\"></span>ine b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s the a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>als we own e<span class=\"_ _2\"></span>ntire<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d our reta<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d intere<span class=\"_ _2\"></span>st in th<span class=\"_ _2\"></span>e gen<span class=\"_ _2\"></span>etic<span class=\"_ _2\"></span>s of an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls we h<span class=\"_ _2\"></span>ave sol<span class=\"_ _2\"></span>d und<span class=\"_ _2\"></span>er royal<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of an<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>als we own i<span class=\"_ _2\"></span>s cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ated us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls\u2019 ave<span class=\"_ _2\"></span>rage l<span class=\"_ _2\"></span>ive wei<span class=\"_ _2\"></span>ghts, p<span class=\"_ _2\"></span>lus a p<span class=\"_ _2\"></span>remi<span class=\"_ _2\"></span>um wh<span class=\"_ _2\"></span>ere we be<span class=\"_ _2\"></span>lieve t<span class=\"_ _2\"></span>hat th<span class=\"_ _2\"></span>eir g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>etics m<span class=\"_ _2\"></span>ake the<span class=\"_ _2\"></span>m sal<span class=\"_ _2\"></span>eab<span class=\"_ _2\"></span>le. We bas<span class=\"_ _2\"></span>e the li<span class=\"_ _2\"></span>ve weig<span class=\"_ _2\"></span>ht valu<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d the ge<span class=\"_ _2\"></span>neti<span class=\"_ _2\"></span>c pre<span class=\"_ _2\"></span>miu<span class=\"_ _2\"></span>m on rec<span class=\"_ _2\"></span>ent tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>ric<span class=\"_ _2\"></span>es we ha<span class=\"_ _2\"></span>ve ach<span class=\"_ _2\"></span>ieved<span class=\"_ _2\"></span>. The s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns in d<span class=\"_ _2\"></span>eterm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>ng fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>re the bre<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls\u2019 exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d life, th<span class=\"_ _2\"></span>e perce<span class=\"_ _2\"></span>ntag<span class=\"_ _2\"></span>e of prod<span class=\"_ _2\"></span>ucti<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>als th<span class=\"_ _2\"></span>at are sa<span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>s bree<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls an<span class=\"_ _2\"></span>d the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted sal<span class=\"_ _2\"></span>es pr<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>. For o<span class=\"_ _2\"></span>ur retai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t in the g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>etics of a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>s sold u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er royalt<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>ntracts<span class=\"_ _2\"></span>, we bas<span class=\"_ _2\"></span>e the in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>l fair va<span class=\"_ _2\"></span>lue o<span class=\"_ _2\"></span>n the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ues we ac<span class=\"_ _2\"></span>hieve<span class=\"_ _2\"></span>d in rec<span class=\"_ _2\"></span>ent di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t sale<span class=\"_ _2\"></span>s of sim<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>r an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls, le<span class=\"_ _2\"></span>ss the a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt we rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d upfro<span class=\"_ _2\"></span>nt for th<span class=\"_ _2\"></span>e carc<span class=\"_ _2\"></span>ass e<span class=\"_ _2\"></span>lem<span class=\"_ _2\"></span>ent. We the<span class=\"_ _2\"></span>n rem<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ure the fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of ou<span class=\"_ _2\"></span>r ret<span class=\"_ _8\"></span>ai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t at ea<span class=\"_ _2\"></span>ch rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate. Th<span class=\"_ _2\"></span>e sign<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ican<span class=\"_ _2\"></span>t assu<span class=\"_ _2\"></span>mpti<span class=\"_ _2\"></span>on in d<span class=\"_ _2\"></span>etermi<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e retain<span class=\"_ _2\"></span>ed inte<span class=\"_ _2\"></span>rest is th<span class=\"_ _2\"></span>e ani<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>s\u2019 expe<span class=\"_ _2\"></span>cted l<span class=\"_ _2\"></span>ife. We valu<span class=\"_ _2\"></span>e the pi<span class=\"_ _2\"></span>gs in o<span class=\"_ _2\"></span>ur pu<span class=\"_ _2\"></span>re lin<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>rds, whi<span class=\"_ _2\"></span>ch are th<span class=\"_ _2\"></span>e rep<span class=\"_ _2\"></span>ositor<span class=\"_ _2\"></span>y of o<span class=\"_ _2\"></span>ur prop<span class=\"_ _2\"></span>rietar<span class=\"_ _2\"></span>y g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>tics, a<span class=\"_ _2\"></span>s a sin<span class=\"_ _2\"></span>gle u<span class=\"_ _2\"></span>nit of a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unt. We do th<span class=\"_ _2\"></span>is usi<span class=\"_ _2\"></span>ng a d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unted c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>low mo<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l, app<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>d to the he<span class=\"_ _2\"></span>rds\u2019 fu<span class=\"_ _2\"></span>ture ou<span class=\"_ _2\"></span>tputs a<span class=\"_ _2\"></span>t cur<span class=\"_ _2\"></span>rent pr<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>. The s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns we m<span class=\"_ _2\"></span>ake are the n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber of f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re gen<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to the c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nt herd<span class=\"_ _2\"></span>s, the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue p<span class=\"_ _2\"></span>rice<span class=\"_ _2\"></span>s we ach<span class=\"_ _2\"></span>ieve on s<span class=\"_ _2\"></span>ales<span class=\"_ _2\"></span>, the an<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>als\u2019 exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ifes<span class=\"_ _2\"></span>pan a<span class=\"_ _2\"></span>nd pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty, and th<span class=\"_ _2\"></span>e risk<span class=\"_ _1\"></span>-a<span class=\"_ _2\"></span>dju<span class=\"_ _2\"></span>sted d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unt rate.<span class=\"_ _35c\"> </span>Non-recogni<span class=\"_ _8\"></span>tion<span class=\"_ _8\"></span> of por<span class=\"_ _8\"></span>cine multiplier<span class=\"_ _1\"></span> contracts where t<span class=\"_ _8\"></span>he Group<span class=\"_ _8\"></span> does not<span class=\"_ _1\"></span> retain a<span class=\"_ _1\"></span> contractual inter<span class=\"_ _8\"></span>est<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>o m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ge co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>erci<span class=\"_ _2\"></span>al ris<span class=\"_ _2\"></span>k, a ver<span class=\"_ _2\"></span>y la<span class=\"_ _2\"></span>rge pa<span class=\"_ _2\"></span>rt of o<span class=\"_ _2\"></span>ur po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e bu<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>ess m<span class=\"_ _2\"></span>ode<span class=\"_ _2\"></span>l invol<span class=\"_ _2\"></span>ves se<span class=\"_ _2\"></span>llin<span class=\"_ _2\"></span>g pi<span class=\"_ _2\"></span>gs to farm<span class=\"_ _2\"></span>ers (\u2018mu<span class=\"_ _2\"></span>ltip<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>rs\u2019) who p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ce pi<span class=\"_ _2\"></span>glets o<span class=\"_ _2\"></span>n farm<span class=\"_ _2\"></span>s we ne<span class=\"_ _2\"></span>ithe<span class=\"_ _2\"></span>r man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>e nor c<span class=\"_ _2\"></span>ontrol<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e ha<span class=\"_ _2\"></span>ve the opti<span class=\"_ _2\"></span>on, b<span class=\"_ _2\"></span>ut not th<span class=\"_ _2\"></span>e ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>, to buy th<span class=\"_ _2\"></span>e off<span class=\"_ _2\"></span>sp<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g at sla<span class=\"_ _2\"></span>ug<span class=\"_ _2\"></span>hter ma<span class=\"_ _2\"></span>rket val<span class=\"_ _2\"></span>ue pl<span class=\"_ _2\"></span>us a pre<span class=\"_ _2\"></span>miu<span class=\"_ _2\"></span>m. B<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use th<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span>fsp<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g have s<span class=\"_ _2\"></span>upe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>r gen<span class=\"_ _2\"></span>etic<span class=\"_ _2\"></span>s, we can th<span class=\"_ _2\"></span>en s<span class=\"_ _2\"></span>ell th<span class=\"_ _2\"></span>em to othe<span class=\"_ _2\"></span>r farm<span class=\"_ _2\"></span>ers a<span class=\"_ _2\"></span>t a prem<span class=\"_ _2\"></span>ium<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>We do not re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise th<span class=\"_ _2\"></span>e rig<span class=\"_ _2\"></span>ht to purc<span class=\"_ _2\"></span>has<span class=\"_ _2\"></span>e off<span class=\"_ _2\"></span>sp<span class=\"_ _2\"></span>ring o<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup B<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce S<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>et, as we ente<span class=\"_ _2\"></span>r into the co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d conti<span class=\"_ _2\"></span>nue to h<span class=\"_ _2\"></span>old the<span class=\"_ _2\"></span>m for th<span class=\"_ _2\"></span>e pur<span class=\"_ _2\"></span>pose of re<span class=\"_ _2\"></span>cei<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g no<span class=\"_ _2\"></span>n-<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>tems (the of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>spr<span class=\"_ _2\"></span>ing), in a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with o<span class=\"_ _2\"></span>ur expe<span class=\"_ _2\"></span>cted p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase re<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>rem<span class=\"_ _2\"></span>ents. T<span class=\"_ _2\"></span>his me<span class=\"_ _2\"></span>ans th<span class=\"_ _2\"></span>e opti<span class=\"_ _2\"></span>on is o<span class=\"_ _2\"></span>utsid<span class=\"_ _2\"></span>e the s<span class=\"_ _2\"></span>cop<span class=\"_ _2\"></span>e of IFRS 9<span class=\"_ _1\"></span>. We do n<span class=\"_ _2\"></span>ot reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se the of<span class=\"_ _2\"></span>fs<span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ng as b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal a<span class=\"_ _2\"></span>ssets u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r IAS 41, as we do n<span class=\"_ _2\"></span>ot own or c<span class=\"_ _2\"></span>ontrol th<span class=\"_ _2\"></span>em.<span class=\"_ _35c\"> </span>Fair v<span class=\"_ _1\"></span>alue of biologic<span class=\"_ _8\"></span>al assets<span class=\"_ _35c\"> </span>Bovine<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Porcine<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Non-cur<span class=\"_ _8\"></span>r<span class=\"_ _8\"></span>ent biologic<span class=\"_ _8\"></span>al asse<span class=\"_ _1\"></span>ts<span class=\"_ _27c\"> </span><span class=\"ls20 ws11\">92<span class=\"_ _2\"></span>.0<span class=\"_ _6a\"> </span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>8<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _271\"> </span><span class=\"lsc1 wsb1\">2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>9<span class=\"_ _35c\"> </span></span></span></span>Curr<span class=\"_ _8\"></span>ent<span class=\"_ _8\"></span> biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _155\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">3<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _13e\"> </span>3<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2021<span class=\"_ _25f\"> </span><span class=\"ff6 ls20 ws11\">9<span class=\"_ _2\"></span>2.0<span class=\"_ _142\"> </span><span class=\"lsba wsaa\">2<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>5<span class=\"_ _26\"> </span><span class=\"lsc1 wsb1\">3<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span></span>In<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s due to pu<span class=\"_ _2\"></span>rchase<span class=\"_ _2\"></span>s<span class=\"_ _27d\"> </span>23.3<span class=\"_ _58\"> </span><span class=\"lse wsd\">225.8<span class=\"_ _271\"> </span><span class=\"lsc1 wsb1\">2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>1<span class=\"_ _35c\"> </span></span></span>De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es attr<span class=\"_ _2\"></span>ibutab<span class=\"_ _2\"></span>le to sale<span class=\"_ _2\"></span>s<span class=\"_ _27e\"> </span>\u2013<span class=\"_ _c5\"> </span><span class=\"ls77 ws5c\">(2<span class=\"_ _2\"></span>34.<span class=\"_ _2\"></span>8)<span class=\"_ _c5\"> </span>(23<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span>De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e due to ha<span class=\"_ _2\"></span>rves<span class=\"_ _2\"></span>t<span class=\"_ _27f\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _142\"> </span><span class=\"ls9c wsb7\">(26.<span class=\"_ _2\"></span>3)<span class=\"_ _4d\"> </span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span></span>Cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in fair va<span class=\"_ _2\"></span>lue l<span class=\"_ _2\"></span>ess es<span class=\"_ _2\"></span>timated s<span class=\"_ _2\"></span>ale co<span class=\"_ _2\"></span>sts<span class=\"_ _163\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6)<span class=\"_ _71\"> </span><span class=\"lsd1 ws74\">61<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span><span class=\"lsd8 wsbd\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _26e\"> </span><span class=\"ls20 ws11\">10.0<span class=\"_ _6b\"> </span><span class=\"ls31 ws97\">25.4<span class=\"_ _69\"> </span><span class=\"lsa6 wsa6\">35.4<span class=\"_ _35c\"> </span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _1d9\"> </span><span class=\"ff6 ls20 ws11\">88.0<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">278<span class=\"_ _2\"></span>.8<span class=\"_ _19f\"> </span><span class=\"ls19 ws6a\">366.8<span class=\"_ _35c\"> </span></span></span></span>Non-cur<span class=\"_ _8\"></span>r<span class=\"_ _8\"></span>ent biologic<span class=\"_ _8\"></span>al asse<span class=\"_ _1\"></span>ts<span class=\"_ _15f\"> </span><span class=\"ls20 ws11\">8<span class=\"_ _2\"></span>8.0<span class=\"_ _67\"> </span><span class=\"lsb9 wsa9\">24<span class=\"_ _2\"></span>5.7<span class=\"_ _67\"> </span><span class=\"ls43 ws68\">333.7<span class=\"_ _35c\"> </span></span></span></span>Curr<span class=\"_ _8\"></span>ent<span class=\"_ _8\"></span> biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _155\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls43 ws68\">33.<span class=\"_ _1\"></span>1<span class=\"_ _6e\"> </span>33.1<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _1d9\"> </span><span class=\"ff6 ls20 ws11\">88.0<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">278<span class=\"_ _2\"></span>.8<span class=\"_ _19f\"> </span><span class=\"ls19 ws6a\">366.8<span class=\"_ _35c\"> </span></span></span></span>In<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s due to pu<span class=\"_ _2\"></span>rchase<span class=\"_ _2\"></span>s<span class=\"_ _280\"> </span><span class=\"ff2 ls1b ws1f\">23.2<span class=\"_ _45\"> </span><span class=\"lsb8 wsa8\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _11e\"> </span><span class=\"lsc4 wsa7\">2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es attr<span class=\"_ _2\"></span>ibutab<span class=\"_ _2\"></span>le to sale<span class=\"_ _2\"></span>s<span class=\"_ _27e\"> </span><span class=\"ff2\">\u2013<span class=\"_ _59\"> </span><span class=\"lsa3 ws96\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _59\"> </span>(<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>5<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e due to ha<span class=\"_ _2\"></span>rves<span class=\"_ _2\"></span>t<span class=\"_ _1be\"> </span><span class=\"ff2 ls76 ws5d\">(14<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _19f\"> </span><span class=\"ls5c ws56\">(3<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>4)<span class=\"_ _cb\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>6.0<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>Cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in fair va<span class=\"_ _2\"></span>lue l<span class=\"_ _2\"></span>ess es<span class=\"_ _2\"></span>timated s<span class=\"_ _2\"></span>ale co<span class=\"_ _2\"></span>sts<span class=\"_ _281\"> </span><span class=\"ff2 ls19 ws6a\">6.6<span class=\"_ _48\"> </span><span class=\"ls3d ws20\">38.2<span class=\"_ _26\"> </span>44.8<span class=\"_ _35c\"> </span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _282\"> </span><span class=\"ff2 lsb8 wsa8\">(3<span class=\"_ _2\"></span>.9)<span class=\"_ _52\"> </span><span class=\"ls5c ws56\">(1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.4)<span class=\"_ _52\"> </span><span class=\"ls57 ws4f\">(1<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _1d9\"> </span><span class=\"lsa3 ws96\">9<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>3<span class=\"_ _52\"> </span><span class=\"ls77 ws5c\">24<span class=\"_ _2\"></span>2.7<span class=\"_ _14d\"> </span><span class=\"ls31 ws97\">34<span class=\"_ _2\"></span>2.0<span class=\"_ _35c\"> </span></span></span></span>Non-cur<span class=\"_ _8\"></span>r<span class=\"_ _8\"></span>ent biologic<span class=\"_ _8\"></span>al asse<span class=\"_ _1\"></span>ts<span class=\"_ _27c\"> </span><span class=\"ff2 lsa3 ws96\">9<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>3<span class=\"_ _11e\"> </span><span class=\"lsb8 wsa8\">2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.9<span class=\"_ _58\"> </span><span class=\"ls25 ws21\">318.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span>Curr<span class=\"_ _8\"></span>ent<span class=\"_ _8\"></span> biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _155\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _48\"> </span><span class=\"ls1b ws1f\">23<span class=\"_ _2\"></span>.8<span class=\"_ _48\"> </span>23.8<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _1d9\"> </span><span class=\"lsa3 ws96\">9<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>3<span class=\"_ _52\"> </span><span class=\"ls77 ws5c\">24<span class=\"_ _2\"></span>2.7<span class=\"_ _14d\"> </span><span class=\"ls31 ws97\">34<span class=\"_ _2\"></span>2.0<span class=\"_ _35c\"> </span></span></span></span>Bovine<span class=\"_ _35c\"> </span>Bov<span class=\"_ _2\"></span>ine b<span class=\"_ _2\"></span>iol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude \u00a3<span class=\"_ _2\"></span>8.9m (2022: \u00a36.9m) rep<span class=\"_ _2\"></span>resenti<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e of bul<span class=\"_ _2\"></span>ls owne<span class=\"_ _2\"></span>d by thi<span class=\"_ _2\"></span>rd par<span class=\"_ _2\"></span>ties b<span class=\"_ _2\"></span>ut m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ged by th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up, net of exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d futu<span class=\"_ _2\"></span>re pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts to suc<span class=\"_ _2\"></span>h third p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h are the<span class=\"_ _2\"></span>refore trea<span class=\"_ _2\"></span>ted as as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er le<span class=\"_ _2\"></span>ases<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>ere were n<span class=\"_ _2\"></span>o movem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n the ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g val<span class=\"_ _2\"></span>ue of the b<span class=\"_ _2\"></span>ovin<span class=\"_ _2\"></span>e bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of sal<span class=\"_ _2\"></span>es or oth<span class=\"_ _2\"></span>er ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges d<span class=\"_ _2\"></span>uri<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e year.<span class=\"_ _35c\"> </span>A ris<span class=\"_ _2\"></span>k<span class=\"_ _1\"></span>-adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d rate of 13.2% (202<span class=\"_ _2\"></span>2: 12.5%) has b<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>n use<span class=\"_ _2\"></span>d to disco<span class=\"_ _2\"></span>unt f<span class=\"_ _2\"></span>uture n<span class=\"_ _2\"></span>et cas<span class=\"_ _2\"></span>h flows f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e sale o<span class=\"_ _2\"></span>f bul<span class=\"_ _2\"></span>l sem<span class=\"_ _2\"></span>en. De<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>ses d<span class=\"_ _2\"></span>ue to ha<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>st rep<span class=\"_ _2\"></span>resent th<span class=\"_ _2\"></span>e se<span class=\"_ _2\"></span>men ex<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ted from th<span class=\"_ _2\"></span>e bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets. Inve<span class=\"_ _2\"></span>ntori<span class=\"_ _2\"></span>es of su<span class=\"_ _2\"></span>ch se<span class=\"_ _2\"></span>men a<span class=\"_ _2\"></span>re show<span class=\"_ _2\"></span>n as bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>et ha<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>st in n<span class=\"_ _2\"></span>ote 20.<span class=\"_ _35c\"> </span>Porcine<span class=\"_ _35c\"> </span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in in<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>ses d<span class=\"_ _2\"></span>ue to purc<span class=\"_ _2\"></span>has<span class=\"_ _2\"></span>es is th<span class=\"_ _2\"></span>e agg<span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>te incre<span class=\"_ _2\"></span>ase a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar on i<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>al rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n of bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l asset<span class=\"_ _2\"></span>s in resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of mul<span class=\"_ _2\"></span>tipl<span class=\"_ _2\"></span>ier p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s, othe<span class=\"_ _2\"></span>r than p<span class=\"_ _2\"></span>aren<span class=\"_ _2\"></span>t gilt<span class=\"_ _2\"></span>s, of \u00a391<span class=\"_ _2\"></span>.5m (202<span class=\"_ _2\"></span>2: \u00a3101<span class=\"_ _2\"></span>.2m).<span class=\"_ _35c\"> </span>De<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>ses at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utab<span class=\"_ _2\"></span>le to sal<span class=\"_ _2\"></span>es du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r of \u00a3259<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>4m (2022: \u00a3<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>4.8) i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e \u00a310<span class=\"_ _2\"></span>4.6 (2022<span class=\"_ _2\"></span>: \u00a37<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>.0m) in res<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>ct of the re<span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of the reta<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d intere<span class=\"_ _2\"></span>st in th<span class=\"_ _2\"></span>e gen<span class=\"_ _2\"></span>etic<span class=\"_ _2\"></span>s of ani<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ls, othe<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n pare<span class=\"_ _2\"></span>nt gi<span class=\"_ _2\"></span>lts, tran<span class=\"_ _2\"></span>sfer<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r royalty c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>Als<span class=\"_ _2\"></span>o inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>ded i<span class=\"_ _2\"></span>s \u00a396.5<span class=\"_ _2\"></span>m (2022: \u00a31<span class=\"_ _2\"></span>19<span class=\"_ _1\"></span>.0m) re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ng to the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e retaine<span class=\"_ _2\"></span>d intere<span class=\"_ _2\"></span>st in th<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls, oth<span class=\"_ _2\"></span>er tha<span class=\"_ _2\"></span>n pa<span class=\"_ _2\"></span>rent gi<span class=\"_ _2\"></span>lts, so<span class=\"_ _2\"></span>ld to cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r royalt<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts in th<span class=\"_ _2\"></span>e yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>otal reve<span class=\"_ _2\"></span>nue i<span class=\"_ _2\"></span>n the ye<span class=\"_ _2\"></span>ar<span class=\"_ _1\"></span>, i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ing p<span class=\"_ _2\"></span>aren<span class=\"_ _2\"></span>t gilt<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>des \u00a3<span class=\"_ _2\"></span>281.9m (2022: \u00a3<span class=\"_ _2\"></span>231.<span class=\"_ _2\"></span>4m) in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of th<span class=\"_ _2\"></span>ese co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, com<span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g \u00a310<span class=\"_ _2\"></span>5.<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>m (2022: \u00a3<span class=\"_ _2\"></span>83.<span class=\"_ _2\"></span>2m) on in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>l trans<span class=\"_ _2\"></span>fer of a<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>als a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>n to custo<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s and \u00a3<span class=\"_ _2\"></span>17<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>.0m (2022: \u00a3<span class=\"_ _2\"></span>148<span class=\"_ _2\"></span>.2m) i<span class=\"_ _2\"></span>n respe<span class=\"_ _2\"></span>ct of royal<span class=\"_ _2\"></span>ties rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>A ris<span class=\"_ _2\"></span>k<span class=\"_ _1\"></span>-adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d rate of 12.<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>% (2022: 10.<span class=\"_ _2\"></span>3%<span class=\"_ _1\"></span>) h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en u<span class=\"_ _2\"></span>sed to di<span class=\"_ _2\"></span>scou<span class=\"_ _2\"></span>nt fu<span class=\"_ _2\"></span>ture net c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>lows f<span class=\"_ _2\"></span>rom the exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted outp<span class=\"_ _2\"></span>ut of th<span class=\"_ _2\"></span>e pure l<span class=\"_ _2\"></span>ine po<span class=\"_ _2\"></span>rcin<span class=\"_ _2\"></span>e herd<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r of fut<span class=\"_ _2\"></span>ure ge<span class=\"_ _2\"></span>nera<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s whic<span class=\"_ _2\"></span>h have b<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>n taken into ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt is seve<span class=\"_ _2\"></span>n (2022: seve<span class=\"_ _2\"></span>n) and th<span class=\"_ _2\"></span>eir e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ated u<span class=\"_ _2\"></span>sefu<span class=\"_ _2\"></span>l lif<span class=\"_ _2\"></span>espa<span class=\"_ _2\"></span>n is 1.<span class=\"_ _2\"></span>4 year<span class=\"_ _2\"></span>s (2022: 1.<span class=\"_ _2\"></span>4 year<span class=\"_ _2\"></span>s)<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Y<span class=\"_ _1\"></span>ear ended<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _35c\"> </span>Bovine<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Porcine<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Changes in<span class=\"_ _8\"></span> fair v<span class=\"_ _1\"></span>alue of biological<span class=\"_ _8\"></span> asse<span class=\"_ _8\"></span>ts<span class=\"_ _283\"> </span><span class=\"ff2 ls19 ws6a\">6.6<span class=\"_ _48\"> </span></span><span class=\"ff2\">38.2<span class=\"_ _26\"> </span>44.8<span class=\"_ _35c\"> </span></span>Inventor<span class=\"_ _2\"></span>y trans<span class=\"_ _2\"></span>ferred to cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s at fair val<span class=\"_ _2\"></span>ue<span class=\"_ _284\"> </span><span class=\"ff2 ls3d ws20\">1.4<span class=\"_ _19f\"> </span><span class=\"ls5c ws56\">(31<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _c8\"> </span><span class=\"ls20 ws11\">(30<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span></span>Bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l assets tran<span class=\"_ _2\"></span>sferred to cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _285\"> </span><span class=\"ff2\">\u2013<span class=\"_ _19f\"> </span><span class=\"ls5c ws56\">(3<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>4)<span class=\"_ _19f\"> </span>(31<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span></span>8.0<span class=\"_ _14d\"> </span><span class=\"ls76 ws5d\">(<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>.6)<span class=\"_ _58\"> </span>(16<span class=\"_ _2\"></span>.6)<span class=\"_ _35c\"> </span></span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e movem<span class=\"_ _2\"></span>ent in rel<span class=\"_ _2\"></span>ated fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative <span class=\"_ _286\"> </span><span class=\"ff2\">\u2013<span class=\"_ _26\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _271\"> </span>(0.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>8.0<span class=\"_ _4d\"> </span><span class=\"lsb8 wsa8\">(2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _58\"> </span>(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Y<span class=\"_ _1\"></span>ear ended<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _35c\"> </span>Bov<span class=\"_ _2\"></span>ine<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Porc<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Changes in<span class=\"_ _8\"></span> fair v<span class=\"_ _1\"></span>alue of biological<span class=\"_ _8\"></span> asse<span class=\"_ _8\"></span>ts<span class=\"_ _10b\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _6f\"> </span><span class=\"lsd1 ws74\">61<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span><span class=\"lsd8 wsbd\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span></span>Inventor<span class=\"_ _2\"></span>y trans<span class=\"_ _2\"></span>ferred to cos<span class=\"_ _2\"></span>t of sales a<span class=\"_ _2\"></span>t fair val<span class=\"_ _2\"></span>ue<span class=\"_ _270\"> </span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>0.3)<span class=\"_ _67\"> </span>(26<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3)<span class=\"_ _58\"> </span><span class=\"ls19 ws6a\">(<span class=\"_ _8\"></span>36.6)<span class=\"_ _35c\"> </span></span></span>Bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l assets tran<span class=\"_ _2\"></span>sferred to cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _285\"> </span>\u2013<span class=\"_ _11e\"> </span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>0.<span class=\"_ _2\"></span>3)<span class=\"_ _142\"> </span>(10.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>(<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>9.9<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.6<span class=\"_ _5b\"> </span><span class=\"ls9c wsb7\">(5.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e movem<span class=\"_ _2\"></span>ent in rel<span class=\"_ _2\"></span>ated fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative <span class=\"_ _286\"> </span>\u2013<span class=\"_ _73\"> </span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1)<span class=\"_ _76\"> </span>(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>(<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>9.9<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.5<span class=\"_ _6b\"> </span><span class=\"ls22 ws22\">(5<span class=\"_ _2\"></span>.4)<span class=\"_ _35c\"> </span></span></span>1 <span class=\"_ _d9\"> </span>T<span class=\"_ _2\"></span>his re<span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ents t<span class=\"_ _2\"></span>he di<span class=\"_ _2\"></span>ff<span class=\"_ _2\"></span>eren<span class=\"_ _2\"></span>ce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng prof<span class=\"_ _2\"></span>it p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r IAS 41 an<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g prof<span class=\"_ _2\"></span>it p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>der h<span class=\"_ _2\"></span>isto<span class=\"_ _2\"></span>ric<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>st ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g, wh<span class=\"_ _2\"></span>ich fo<span class=\"_ _2\"></span>rms p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of the rec<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g prof<span class=\"_ _2\"></span>it (se<span class=\"_ _2\"></span>e APM<span class=\"_ _2\"></span>s) <span class=\"_ _154\"> </span> Fair v<span class=\"_ _1\"></span>alue measurement<span class=\"_ _35c\"> </span>Al<span class=\"_ _2\"></span>l of the bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets in<span class=\"_ _2\"></span>puts f<span class=\"_ _2\"></span>all u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r Level 3 of th<span class=\"_ _2\"></span>e hie<span class=\"_ _2\"></span>rarchy d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n IFRS 13<span class=\"_ _2\"></span>. Sign<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ican<span class=\"_ _2\"></span>t inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>es/<span class=\"_ _1\"></span>(dec<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>es) in any of th<span class=\"_ _2\"></span>ese in<span class=\"_ _2\"></span>puts i<span class=\"_ _2\"></span>n iso<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n wou<span class=\"_ _2\"></span>ld resu<span class=\"_ _2\"></span>lt in a s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cantl<span class=\"_ _2\"></span>y lower o<span class=\"_ _2\"></span>r hig<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r fair va<span class=\"_ _2\"></span>lue m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t.<span class=\"_ _35c\"> </span>Unobservable<span class=\"_ _8\"></span> inputs and<span class=\"_ _1\"></span> key<span class=\"_ _1\"></span> sources of<span class=\"_ _1\"></span> estimation uncertainty<span class=\"_ _35c\"> </span>2023<span class=\"_ _e9\"> </span><span class=\"ff6 ls71 ws2e\">202<span class=\"_ _2\"></span>2<span class=\"_ _f\"> </span></span><span class=\"ls6c ws61\">Sensitivity<span class=\"_ _35c\"> </span></span>Bovine<span class=\"_ _35c\"> </span>R<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>k-<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>d<span class=\"_ _2\"></span>j<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> discount r<span class=\"_ _8\"></span>ate<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>13.<span class=\"_ _2\"></span>2%<span class=\"_ _287\"> </span><span class=\"ff6 ls22 ws22\">12<span class=\"_ _2\"></span>.5%<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">1 p<span class=\"_ _2\"></span>ercentage p<span class=\"_ _2\"></span>oint i<span class=\"_ _2\"></span>ncrea<span class=\"_ _2\"></span>se in th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate woul<span class=\"_ _2\"></span>d </span></span>resul<span class=\"_ _2\"></span>t in app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y a \u00a32<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>7m (2022: \u00a3<span class=\"_ _2\"></span>2.3<span class=\"_ _2\"></span>m) reduc<span class=\"_ _2\"></span>tion in v<span class=\"_ _1\"></span>alue.<span class=\"_ _35c\"> </span>Value a<span class=\"_ _2\"></span>t point of pr<span class=\"_ _8\"></span>oduction<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>32<span class=\"_ _2\"></span>.7%<span class=\"_ _288\"> </span><span class=\"ff6 ls8a wsad\">32<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>%<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">1 p<span class=\"_ _2\"></span>ercentage p<span class=\"_ _2\"></span>oint d<span class=\"_ _2\"></span>ecrea<span class=\"_ _2\"></span>se in the rate wou<span class=\"_ _2\"></span>ld resul<span class=\"_ _2\"></span>t in </span></span>ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y a \u00a36.<span class=\"_ _2\"></span>2m (2022<span class=\"_ _2\"></span>: \u00a35.1m) red<span class=\"_ _2\"></span>uctio<span class=\"_ _2\"></span>n in valu<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>Percentag<span class=\"_ _2\"></span>e of new da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y bull<span class=\"_ _2\"></span>s t<span class=\"_ _8\"></span>o be prod<span class=\"_ _2\"></span>uce<span class=\"_ _2\"></span>d interna<span class=\"_ _2\"></span>lly in f<span class=\"_ _2\"></span>uture yea<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y2<span class=\"_ _2\"></span>4 76%<span class=\"_ _35c\"> </span>FY<span class=\"_ _2\"></span>25 81%<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y2<span class=\"_ _2\"></span>6 8<span class=\"_ _2\"></span>4%<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>7 and t<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>fte<span class=\"_ _2\"></span>r 85%<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y23 71%<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y24 81%<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y2<span class=\"_ _2\"></span>5 8<span class=\"_ _2\"></span>6%<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y26 and th<span class=\"_ _2\"></span>ereaf<span class=\"_ _2\"></span>ter 87%<span class=\"_ _35c\"> </span>If pe<span class=\"_ _2\"></span>rcentage rem<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>ed at F<span class=\"_ _2\"></span>Y23 l<span class=\"_ _2\"></span>evel of 79% (202<span class=\"_ _2\"></span>2: 6<span class=\"_ _8\"></span>1%) the<span class=\"_ _2\"></span>re would b<span class=\"_ _2\"></span>e a dec<span class=\"_ _2\"></span>rease in va<span class=\"_ _2\"></span>lue of a<span class=\"_ _2\"></span>pproxim<span class=\"_ _2\"></span>ately \u00a30.4m (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>m)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Age p<span class=\"_ _2\"></span>rofil<span class=\"_ _2\"></span>e of Hols<span class=\"_ _2\"></span>tein bulls<span class=\"_ _1\"></span> generat<span class=\"_ _8\"></span>ing future sales<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>4 \u2013 avg ag<span class=\"_ _2\"></span>e 4.0 y<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>5 \u2013 avg ag<span class=\"_ _2\"></span>e 4.0 y<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>6 \u2013 avg ag<span class=\"_ _2\"></span>e 4.0 y<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>7 and t<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>fte<span class=\"_ _2\"></span>r \u2013 avg a<span class=\"_ _2\"></span>ge 4<span class=\"_ _2\"></span>.0 yrs<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y23 \u2013 avg ag<span class=\"_ _2\"></span>e 4.0 yr<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y24 \u2013 avg age 4<span class=\"_ _2\"></span>.0 yrs<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y25 \u2013 avg ag<span class=\"_ _2\"></span>e 4.0 yrs<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y26 and th<span class=\"_ _2\"></span>ereaf<span class=\"_ _2\"></span>ter \u2013 avg ag<span class=\"_ _2\"></span>e 4.0 yr<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>If ag<span class=\"_ _2\"></span>e profi<span class=\"_ _2\"></span>le rema<span class=\"_ _2\"></span>ins at F<span class=\"_ _2\"></span>Y23 a<span class=\"_ _2\"></span>verage a<span class=\"_ _2\"></span>ge of 4.1 year<span class=\"_ _2\"></span>s (2022<span class=\"_ _2\"></span>: 4.<span class=\"_ _2\"></span>2 years), the<span class=\"_ _2\"></span>re w<span class=\"_ _8\"></span>ou<span class=\"_ _2\"></span>ld be a<span class=\"_ _2\"></span>n incre<span class=\"_ _2\"></span>ase in val<span class=\"_ _2\"></span>ue of ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y \u00a30.5m (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>.4m).<span class=\"_ _35c\"> </span>Age p<span class=\"_ _2\"></span>rofil<span class=\"_ _2\"></span>e of US be<span class=\"_ _2\"></span>ef<span class=\"_ _1\"></span>-on-da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y bul<span class=\"_ _2\"></span>ls generat<span class=\"_ _1\"></span>ing <span class=\"ls3 ws3\"> </span>future sales<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>4 \u2013 avg ag<span class=\"_ _2\"></span>e 4.<span class=\"_ _2\"></span>5 yr<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>5 \u2013 avg ag<span class=\"_ _2\"></span>e 4.<span class=\"_ _2\"></span>5 yr<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>6 \u2013 avg ag<span class=\"_ _2\"></span>e 4.<span class=\"_ _2\"></span>5 yrs FY2<span class=\"_ _2\"></span>7 and t<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>fte<span class=\"_ _2\"></span>r \u2013 avg a<span class=\"_ _2\"></span>ge 4<span class=\"_ _2\"></span>.3 yr<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y23 \u2013 avg ag<span class=\"_ _2\"></span>e 5.1 yrs<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y24 \u2013 avg age 4<span class=\"_ _2\"></span>.8 y<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>F<span class=\"_ _2\"></span>Y25 \u2013 avg ag<span class=\"_ _2\"></span>e 4.8 y<span class=\"_ _2\"></span>rs F<span class=\"_ _2\"></span>Y26 and th<span class=\"_ _2\"></span>ereaf<span class=\"_ _2\"></span>ter \u2013 avg ag<span class=\"_ _2\"></span>e 4.<span class=\"_ _2\"></span>8 yrs<span class=\"_ _35c\"> </span>If ag<span class=\"_ _2\"></span>e profi<span class=\"_ _2\"></span>le rema<span class=\"_ _2\"></span>ins at F<span class=\"_ _2\"></span>Y23 a<span class=\"_ _2\"></span>verage a<span class=\"_ _2\"></span>ge of 3.9 years (2022<span class=\"_ _2\"></span>: 5.7 years), the<span class=\"_ _2\"></span>re would b<span class=\"_ _2\"></span>e a dec<span class=\"_ _2\"></span>rease in va<span class=\"_ _2\"></span>lue of ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y \u00a31<span class=\"_ _2\"></span>.2m (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>.0m in<span class=\"_ _2\"></span>crease). Long-t<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rm da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y volu<span class=\"_ _2\"></span>me grow<span class=\"_ _2\"></span>th rate 1.8%<span class=\"_ _101\"> </span><span class=\"ff6 ls9d ws92\">2.<span class=\"_ _2\"></span>4%<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">1 p<span class=\"_ _2\"></span>ercentag<span class=\"_ _2\"></span>e point d<span class=\"_ _2\"></span>ecre<span class=\"_ _2\"></span>ase in th<span class=\"_ _2\"></span>e growth rate woul<span class=\"_ _2\"></span>d </span></span>resul<span class=\"_ _2\"></span>t in app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y a \u00a30.2m (2022<span class=\"_ _2\"></span>: \u00a30.2m) red<span class=\"_ _2\"></span>uctio<span class=\"_ _2\"></span>n in v<span class=\"_ _1\"></span>alue.<span class=\"_ _35c\"> </span>Sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _17\"></span>-term dai<span class=\"_ _2\"></span>ry volu<span class=\"_ _2\"></span>me grow<span class=\"_ _2\"></span>th rate 1<span class=\"_ _2\"></span>.9%<span class=\"_ _ab\"> </span><span class=\"ff6 lsb9 wsa9\">3.7%<span class=\"_ _e\"> </span><span class=\"ls3 ws3\">1 perce<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>age p<span class=\"_ _2\"></span>oint d<span class=\"_ _2\"></span>ecrea<span class=\"_ _2\"></span>se in th<span class=\"_ _2\"></span>e growth rate woul<span class=\"_ _2\"></span>d </span></span>resul<span class=\"_ _2\"></span>t in app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y a \u00a31.<span class=\"_ _2\"></span>4m (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>.2m) red<span class=\"_ _2\"></span>uctio<span class=\"_ _2\"></span>n in v<span class=\"_ _1\"></span>alue.<span class=\"_ _35c\"> </span>Grow<span class=\"_ _2\"></span>th in uni<span class=\"_ _2\"></span>t pric<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>4<span class=\"_ _2\"></span>.3%<span class=\"_ _9e\"> </span><span class=\"ff6 ls57 ws4f\">1<span class=\"_ _2\"></span>.2%<span class=\"_ _b\"> </span><span class=\"ff3 ls3 ws3\">1 pe<span class=\"_ _2\"></span>rcen<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ag<span class=\"_ _2\"></span>e poi<span class=\"_ _2\"></span>nt in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the f<span class=\"_ _2\"></span>orec<span class=\"_ _2\"></span>asted u<span class=\"_ _2\"></span>nit p<span class=\"_ _2\"></span>rice </span></span>grow<span class=\"_ _2\"></span>th wou<span class=\"_ _2\"></span>ld resu<span class=\"_ _2\"></span>lt in a<span class=\"_ _2\"></span>pproxi<span class=\"_ _2\"></span>matel<span class=\"_ _2\"></span>y \u00a35.0<span class=\"_ _2\"></span>m inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e in val<span class=\"_ _2\"></span>ue (2022: \u00a34<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>m)<span class=\"_ _1\"></span>. Porcine<span class=\"_ _35c\"> </span>Risk<span class=\"_ _1\"></span>-adjust<span class=\"_ _8\"></span>ed discount rate \u2013 pure lin<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>d<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9%<span class=\"_ _7c\"> </span><span class=\"ff6 ls16 ws16\">1<span class=\"_ _2\"></span>0.<span class=\"_ _2\"></span>3%<span class=\"_ _d8\"> </span><span class=\"ls9b ws3\">1 p<span class=\"_ _2\"></span>ercentage p<span class=\"_ _2\"></span>oint i<span class=\"_ _2\"></span>ncrea<span class=\"_ _2\"></span>se in th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate woul<span class=\"_ _2\"></span>d </span></span>resul<span class=\"_ _2\"></span>t in app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y a \u00a33.1m (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>.5m) red<span class=\"_ _2\"></span>ucti<span class=\"_ _2\"></span>on in val<span class=\"_ _2\"></span>ue. Any a<span class=\"_ _2\"></span>dditi<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the pe<span class=\"_ _2\"></span>rcentage wou<span class=\"_ _2\"></span>ld lea<span class=\"_ _2\"></span>d to a line<span class=\"_ _2\"></span>ar im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t.<span class=\"_ _35c\"> </span>Propo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>on of an<span class=\"_ _2\"></span>ima<span class=\"_ _2\"></span>ls tha<span class=\"_ _2\"></span>t go to breed<span class=\"_ _2\"></span>ing sales<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Gi<span class=\"_ _2\"></span>lts \u2013 1<span class=\"_ _2\"></span>0.7%<span class=\"_ _141\"> </span><span class=\"ff6 ls9b\">Gilts \u2013 7<span class=\"_ _1\"></span>.9%<span class=\"_ _b\"> </span><span class=\"ls3\">1 perce<span class=\"_ _2\"></span>ntage po<span class=\"_ _2\"></span>int in<span class=\"_ _2\"></span>crease i<span class=\"_ _2\"></span>n the go to bree<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g sale<span class=\"_ _2\"></span>s </span></span>wou<span class=\"_ _2\"></span>ld result i<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>ro<span class=\"_ _8\"></span>xim<span class=\"_ _2\"></span>ately \u00a36<span class=\"_ _2\"></span>.7 (2022: \u00a3<span class=\"_ _2\"></span>10.5<span class=\"_ _2\"></span>m) increase<span class=\"_ _8\"></span> in v<span class=\"_ _8\"></span>alue.<span class=\"_ _35c\"> </span>Bo<span class=\"_ _2\"></span>ars \u2013 1<span class=\"_ _2\"></span>0.6%<span class=\"_ _83\"> </span><span class=\"ff6 ls9b\">Bo<span class=\"_ _2\"></span>ars \u2013 8<span class=\"_ _2\"></span>.2%<span class=\"_ _b\"> </span><span class=\"ls3\">1 pe<span class=\"_ _2\"></span>rcentage p<span class=\"_ _2\"></span>oint in<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se in the g<span class=\"_ _2\"></span>o to breedi<span class=\"_ _2\"></span>ng sa<span class=\"_ _2\"></span>les </span></span>wou<span class=\"_ _2\"></span>ld result i<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>ro<span class=\"_ _8\"></span>xim<span class=\"_ _2\"></span>ately \u00a37<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>5m (202<span class=\"_ _2\"></span>2: \u00a312.0<span class=\"_ _2\"></span>m) increase<span class=\"_ _8\"></span> in v<span class=\"_ _8\"></span>alue.<span class=\"_ _35c\"> </span>1 <span class=\"_ _d9\"> </span>Key s<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>rces of es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ty<span class=\"_ _35c\"> </span>Additional infor<span class=\"_ _8\"></span>mation<span class=\"_ _1c3\"> </span>2023<span class=\"_ _5e\"> </span><span class=\"ff6 ls71 ws2e\">2022<span class=\"_ _35c\"> </span></span>Bovine<span class=\"_ _35c\"> </span>Quantities<span class=\"_ _1\"></span> at period end<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of bul<span class=\"_ _2\"></span>ls in prod<span class=\"_ _2\"></span>ucti<span class=\"_ _2\"></span>on<span class=\"_ _12b\"> </span><span class=\"ff2 ls55 ws3f\">953<span class=\"_ _6a\"> </span></span><span class=\"lsb1 wsac\">1,01<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of bul<span class=\"_ _2\"></span>ls und<span class=\"_ _2\"></span>er deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>ment (i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>udin<span class=\"_ _2\"></span>g cal<span class=\"_ _2\"></span>ves)<span class=\"_ _23c\"> </span><span class=\"ff2 ls18 ws18\">749<span class=\"_ _6f\"> </span></span><span class=\"ls9b ws90\">696<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of bul<span class=\"_ _2\"></span>ls<span class=\"_ _289\"> </span><span class=\"ff2 ls9b ws90\">1,702<span class=\"_ _13e\"> </span></span><span class=\"ls76 ws5d\">1,7<span class=\"_ _2\"></span>11<span class=\"_ _35c\"> </span></span>Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of dose<span class=\"_ _2\"></span>s of sem<span class=\"_ _2\"></span>en valu<span class=\"_ _2\"></span>ed in i<span class=\"_ _2\"></span>nventor<span class=\"_ _2\"></span>y<span class=\"_ _28a\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.1m<span class=\"_ _67\"> </span></span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>m<span class=\"_ _35c\"> </span></span>Amounts dur<span class=\"_ _8\"></span>ing the<span class=\"_ _1\"></span> year Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of agri<span class=\"_ _2\"></span>cultu<span class=\"_ _2\"></span>ral produ<span class=\"_ _2\"></span>ce \u2013 se<span class=\"_ _2\"></span>men h<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>vested du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the pe<span class=\"_ _2\"></span>riod<span class=\"_ _24d\"> </span><span class=\"ff2 ls21 ws5e\">\u00a314<span class=\"_ _2\"></span>.6m<span class=\"_ _4e\"> </span></span><span class=\"lsba wsaa\">\u00a3<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>m<span class=\"_ _35c\"> </span></span>Porcine<span class=\"_ _35c\"> </span>Quantities<span class=\"_ _1\"></span> at period end<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of pigs (own fa<span class=\"_ _2\"></span>rms)<span class=\"_ _28b\"> </span><span class=\"ff2 ls77 ws5c\">81,<span class=\"_ _2\"></span>846<span class=\"_ _85\"> </span></span><span class=\"lsa6 wsa6\">95,050<span class=\"_ _35c\"> </span></span>Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of pigs<span class=\"_ _2\"></span>, exclud<span class=\"_ _2\"></span>ing p<span class=\"_ _2\"></span>arent gil<span class=\"_ _2\"></span>ts, de<span class=\"_ _2\"></span>spatch<span class=\"_ _2\"></span>ed on a royalt<span class=\"_ _2\"></span>y ba<span class=\"_ _2\"></span>sis an<span class=\"_ _2\"></span>d valu<span class=\"_ _2\"></span>ed at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e<span class=\"_ _13d\"> </span><span class=\"ff2 ls55 ws3f\">65<span class=\"_ _2\"></span>,407<span class=\"_ _4d\"> </span></span><span class=\"ls3d ws20\">91,5<span class=\"_ _8\"></span>91<span class=\"_ _35c\"> </span></span>Amounts dur<span class=\"_ _8\"></span>ing the<span class=\"_ _1\"></span> year<span class=\"_ _35c\"> </span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of agri<span class=\"_ _2\"></span>cultu<span class=\"_ _2\"></span>ral produ<span class=\"_ _2\"></span>ce \u2013 se<span class=\"_ _2\"></span>men h<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>vested du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the pe<span class=\"_ _2\"></span>riod<span class=\"_ _24f\"> </span><span class=\"ff2 ls26 ws25\">\u00a33<span class=\"_ _8\"></span>1.3m<span class=\"_ _aa\"> </span><span class=\"ff6 lsb1 wsac\">\u00a3<span class=\"_ _2\"></span>26.3<span class=\"_ _2\"></span>m<span class=\"_ _35c\"> </span></span></span>17<span class=\"_ _1\"></span>. PROPERT<span class=\"_ _2\"></span>Y<span class=\"_ _17\"></span>, PL<span class=\"_ _2\"></span>ANT AND EQUI<span class=\"_ _2\"></span>PMENT<span class=\"_ _35c\"> </span>We make si<span class=\"_ _2\"></span>gnif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt inve<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nts in o<span class=\"_ _2\"></span>ur p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, p<span class=\"_ _2\"></span>lant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>pm<span class=\"_ _2\"></span>ent. Al<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets are de<span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>ciate<span class=\"_ _2\"></span>d over the<span class=\"_ _2\"></span>ir us<span class=\"_ _2\"></span>eful e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>ic li<span class=\"_ _2\"></span>ves.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies We state prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty, pla<span class=\"_ _2\"></span>nt and e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ipm<span class=\"_ _2\"></span>ent at c<span class=\"_ _2\"></span>ost, tog<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r with any d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uis<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n expe<span class=\"_ _2\"></span>nses, o<span class=\"_ _2\"></span>r at th<span class=\"_ _2\"></span>eir l<span class=\"_ _2\"></span>atest val<span class=\"_ _2\"></span>uatio<span class=\"_ _2\"></span>n, le<span class=\"_ _2\"></span>ss de<span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>iati<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d any im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent lo<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. Whe<span class=\"_ _2\"></span>re par<span class=\"_ _2\"></span>ts of a<span class=\"_ _2\"></span>n item of pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, pl<span class=\"_ _2\"></span>ant a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>pme<span class=\"_ _2\"></span>nt ha<span class=\"_ _2\"></span>ve dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nt usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves, we ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt for th<span class=\"_ _2\"></span>em se<span class=\"_ _2\"></span>parate<span class=\"_ _2\"></span>ly<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>We cha<span class=\"_ _2\"></span>rge de<span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>iati<span class=\"_ _2\"></span>on to the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent on a s<span class=\"_ _2\"></span>traig<span class=\"_ _2\"></span>ht<span class=\"_ _1\"></span>-li<span class=\"_ _2\"></span>ne ba<span class=\"_ _2\"></span>sis, ove<span class=\"_ _2\"></span>r the es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ated us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ives of e<span class=\"_ _2\"></span>ach p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of an a<span class=\"_ _2\"></span>sset. Th<span class=\"_ _2\"></span>e esti<span class=\"_ _2\"></span>mated u<span class=\"_ _2\"></span>sef<span class=\"_ _2\"></span>ul live<span class=\"_ _2\"></span>s are as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">F<span class=\"_ _1\"></span>reehold buildings <span class=\"_ _271\"> </span>10 t<span class=\"_ _8\"></span>o 40<span class=\"_ _1\"></span> years<span class=\"_ _35c\"> </span></span>\u2022 <span class=\"_ _13\"> </span>Lease<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>d bu<span class=\"_ _2\"></span>ild<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s  <span class=\"_ _85\"> </span>over th<span class=\"_ _2\"></span>e term of th<span class=\"_ _2\"></span>e lea<span class=\"_ _2\"></span>se<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Plant a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>pme<span class=\"_ _2\"></span>nt <span class=\"_ _7b\"> </span>3 to 20 ye<span class=\"_ _2\"></span>ars<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Motor veh<span class=\"_ _2\"></span>icl<span class=\"_ _2\"></span>es <span class=\"_ _d\"> </span> <span class=\"_ _64\"> </span>3 to 5 yea<span class=\"_ _2\"></span>rs<span class=\"_ _35c\"> </span>We do not d<span class=\"_ _2\"></span>epre<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>te lan<span class=\"_ _2\"></span>d or as<span class=\"_ _2\"></span>sets un<span class=\"_ _2\"></span>der c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n.<span class=\"_ _35c\"> </span>Right<span class=\"_ _8\"></span>-of<span class=\"_ _8\"></span>-use assets<span class=\"_ _35c\"> </span>Ri<span class=\"_ _2\"></span>ght<span class=\"_ _1\"></span>-of-use as<span class=\"_ _2\"></span>sets are m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured i<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y at cos<span class=\"_ _2\"></span>t, base<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e of the a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iate<span class=\"_ _2\"></span>d lea<span class=\"_ _2\"></span>se lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>ted for a<span class=\"_ _2\"></span>ny pay<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts ma<span class=\"_ _2\"></span>de be<span class=\"_ _2\"></span>fore in<span class=\"_ _2\"></span>cepti<span class=\"_ _2\"></span>on, i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>l di<span class=\"_ _2\"></span>rect co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>nd an e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ate of the d<span class=\"_ _2\"></span>ism<span class=\"_ _2\"></span>antli<span class=\"_ _2\"></span>ng, re<span class=\"_ _2\"></span>moval a<span class=\"_ _2\"></span>nd res<span class=\"_ _2\"></span>toratio<span class=\"_ _2\"></span>n cost<span class=\"_ _2\"></span>s requ<span class=\"_ _2\"></span>ired i<span class=\"_ _2\"></span>n the term<span class=\"_ _2\"></span>s of the le<span class=\"_ _2\"></span>ase. S<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ent to in<span class=\"_ _2\"></span>itial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>on, we rec<span class=\"_ _2\"></span>ord an i<span class=\"_ _2\"></span>nterest c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>rge in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity. The re<span class=\"_ _2\"></span>lated r<span class=\"_ _2\"></span>ight<span class=\"_ _8\"></span>-of<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>use as<span class=\"_ _2\"></span>set is de<span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>iated ove<span class=\"_ _2\"></span>r the ter<span class=\"_ _2\"></span>m of the le<span class=\"_ _2\"></span>ase o<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, if s<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>ter, the use<span class=\"_ _2\"></span>ful e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>ic lif<span class=\"_ _2\"></span>e of the le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et. The l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e term sh<span class=\"_ _2\"></span>all i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e the p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d of an ex<span class=\"_ _2\"></span>tens<span class=\"_ _2\"></span>ion o<span class=\"_ _2\"></span>ption wh<span class=\"_ _2\"></span>ere it i<span class=\"_ _2\"></span>s reaso<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>bly ce<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>tain tha<span class=\"_ _2\"></span>t the opt<span class=\"_ _2\"></span>ion wi<span class=\"_ _2\"></span>ll be exe<span class=\"_ _2\"></span>rcise<span class=\"_ _2\"></span>d. Wh<span class=\"_ _2\"></span>ere the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e contai<span class=\"_ _2\"></span>ns a pu<span class=\"_ _2\"></span>rcha<span class=\"_ _2\"></span>se opti<span class=\"_ _2\"></span>on, the a<span class=\"_ _2\"></span>sset is w<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>ten of<span class=\"_ _2\"></span>f over the u<span class=\"_ _2\"></span>sefu<span class=\"_ _2\"></span>l life of t<span class=\"_ _2\"></span>he as<span class=\"_ _2\"></span>set whe<span class=\"_ _2\"></span>n it is re<span class=\"_ _2\"></span>ason<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>ly ce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>n that th<span class=\"_ _2\"></span>e pu<span class=\"_ _2\"></span>rchas<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>n wil<span class=\"_ _2\"></span>l be exerci<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>. La<span class=\"_ _2\"></span>nd an<span class=\"_ _2\"></span>d buildings<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Pl<span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>, mot<span class=\"_ _2\"></span>or vehicles<span class=\"_ _1\"></span> and equipment<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Assets under<span class=\"_ _1\"></span> construction<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>owned<span class=\"_ _8\"></span> <span class=\"ls3 ws3\"> </span>assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>La<span class=\"_ _2\"></span>nd an<span class=\"_ _2\"></span>d buildings<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Pl<span class=\"_ _2\"></span>ant<span class=\"_ _2\"></span>, mot<span class=\"_ _2\"></span>or vehicles<span class=\"_ _1\"></span> and equipment<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>right-of-use<span class=\"_ _35c\"> </span>assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Cost<span class=\"_ _8\"></span> or deemed<span class=\"_ _1\"></span> cost<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _28c\"> </span><span class=\"ls19 ws6a\">66.6<span class=\"_ _48\"> </span><span class=\"ls20 ws11\">88<span class=\"_ _2\"></span>.0<span class=\"_ _76\"> </span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _48\"> </span><span class=\"lsfc wsec\">176<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _5b\"> </span><span class=\"lsb9 wsa9\">20.7<span class=\"_ _69\"> </span></span></span></span>26.0<span class=\"_ _5b\"> </span><span class=\"lsb9 wsa9\">4<span class=\"_ _2\"></span>6.7<span class=\"_ _52\"> </span></span></span></span>2<span class=\"_ _2\"></span>23.4<span class=\"_ _35c\"> </span>Additions <span class=\"_ _55\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _d4\"> </span><span class=\"ls3e ws38\">3<span class=\"_ _2\"></span>.9<span class=\"_ _79\"> </span></span>40.<span class=\"_ _2\"></span>3<span class=\"_ _48\"> </span><span class=\"ls1b ws1f\">44.4<span class=\"_ _d4\"> </span><span class=\"lsc1 wsb1\">9.<span class=\"_ _6\"></span>2<span class=\"_ _1c\"> </span><span class=\"ls8a wsad\">6<span class=\"_ _2\"></span>.1<span class=\"_ _6e\"> </span></span></span></span></span>15.<span class=\"_ _2\"></span>3<span class=\"_ _5e\"> </span><span class=\"lsc1 wsb1\">5<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ansfers<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span><span class=\"ls3 ws3\">23.5<span class=\"_ _6e\"> </span><span class=\"ls77 ws5c\">12.<span class=\"_ _2\"></span>8<span class=\"_ _52\"> </span><span class=\"ls9c wsb7\">(36<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3)<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Disposals <span class=\"_ _1a4\"> </span><span class=\"ls22 ws22\">(1.<span class=\"_ _2\"></span>4)<span class=\"_ _69\"> </span><span class=\"ls20 ws11\">(2<span class=\"_ _2\"></span>.0)<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6b\"> </span></span></span>(3.<span class=\"_ _2\"></span>4)<span class=\"_ _69\"> </span>(0<span class=\"_ _2\"></span>.5)<span class=\"_ _69\"> </span><span class=\"ls63 wsb5\">(6<span class=\"_ _2\"></span>.0)<span class=\"_ _5e\"> </span>(6.<span class=\"_ _2\"></span>5)<span class=\"_ _6e\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>9.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates <span class=\"_ _6a\"> </span><span class=\"ls3a ws1a\">11<span class=\"_ _2\"></span>.3<span class=\"_ _13e\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _6\"></span>0.9<span class=\"_ _192\"> </span><span class=\"ls43 ws68\">3.5<span class=\"_ _5e\"> </span><span class=\"lsb9 wsa9\">25<span class=\"_ _2\"></span>.7<span class=\"_ _1c\"> </span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>.1<span class=\"_ _192\"> </span></span></span></span></span>2.<span class=\"_ _2\"></span>3<span class=\"_ _64\"> </span><span class=\"ls1b ws1f\">4<span class=\"_ _2\"></span>.4<span class=\"_ _5e\"> </span><span class=\"ls8a wsad\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _135\"> </span><span class=\"ff6 ls75 ws69\">1<span class=\"_ _2\"></span>00.<span class=\"_ _2\"></span>2<span class=\"_ _48\"> </span><span class=\"lsb1 wsac\">113<span class=\"_ _2\"></span>.6<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">2<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6<span class=\"_ _52\"> </span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>4<span class=\"_ _73\"> </span><span class=\"lsa6 wsa6\">31.5<span class=\"_ _69\"> </span><span class=\"ls55 ws3f\">28.4<span class=\"_ _73\"> </span></span></span></span>5<span class=\"_ _2\"></span>9.9<span class=\"_ _19f\"> </span><span class=\"ls9b ws90\">3<span class=\"_ _2\"></span>03.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span></span></span>Additions<span class=\"_ _9b\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _49\"> </span><span class=\"lsc4 wsa7\">3.1<span class=\"_ _5e\"> </span><span class=\"lsa3 ws96\">1<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _73\"> </span></span>2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1<span class=\"_ _8b\"> </span><span class=\"ls31 ws97\">2<span class=\"_ _2\"></span>.0<span class=\"_ _11f\"> </span><span class=\"lsb8 wsa8\">8<span class=\"_ _2\"></span>.9<span class=\"_ _5b\"> </span>1<span class=\"_ _2\"></span>0.9<span class=\"_ _6a\"> </span></span>3<span class=\"_ _2\"></span>4.0<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>rans<span class=\"_ _2\"></span>ferred f<span class=\"_ _2\"></span>rom assets h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r sal<span class=\"_ _2\"></span>e<span class=\"_ _53\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ansfers<span class=\"_ _55\"> </span><span class=\"ff2 lsd ws5\">18.3<span class=\"_ _76\"> </span><span class=\"lsc4 wsa7\">1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _ca\"> </span><span class=\"ls5c ws56\">(3<span class=\"_ _2\"></span>0.<span class=\"_ _2\"></span>4)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span></span></span></span>Disposals<span class=\"_ _28d\"> </span><span class=\"ff2 ls57 ws4f\">(1.<span class=\"_ _2\"></span>3)<span class=\"_ _79\"> </span><span class=\"ls20 ws11\">(3.<span class=\"_ _2\"></span>7)<span class=\"_ _271\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _48\"> </span></span></span>(5.3)<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _48\"> </span><span class=\"lsb8 wsa8\">(4<span class=\"_ _2\"></span>.9)<span class=\"_ _79\"> </span>(4<span class=\"_ _2\"></span>.9)<span class=\"_ _19f\"> </span><span class=\"ls77 ws5c\">(10.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _67\"> </span><span class=\"ff2 lsaf wsb8\">(6.<span class=\"_ _2\"></span>4)<span class=\"_ _6a\"> </span><span class=\"ls5c ws56\">(<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>4)<span class=\"_ _69\"> </span><span class=\"ls3d ws20\">(1.8<span class=\"_ _8\"></span>)<span class=\"_ _52\"> </span><span class=\"ls76 ws5d\">(13<span class=\"_ _2\"></span>.6)<span class=\"_ _6b\"> </span></span>(1.8)<span class=\"_ _75\"> </span><span class=\"ls77 ws5c\">(0.8)<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">(2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _52\"> </span></span>(16.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _fa\"> </span><span class=\"lsc wsc\">111<span class=\"_ _2\"></span>.2<span class=\"_ _6a\"> </span><span class=\"lsa3 ws96\">1<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>9.7<span class=\"_ _13e\"> </span><span class=\"lsb8 wsa8\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.9<span class=\"_ _52\"> </span><span class=\"lsbb wsab\">2<span class=\"_ _6\"></span>47.<span class=\"_ _6\"></span>8<span class=\"_ _73\"> </span><span class=\"ls77 ws5c\">31.7<span class=\"_ _5b\"> </span><span class=\"ls25 ws21\">31.6<span class=\"_ _79\"> </span><span class=\"ls7 ws7\">63.3<span class=\"_ _48\"> </span><span class=\"lsc4 wsa7\">3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>Depreciation and<span class=\"_ _8\"></span> impairment losses<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _28c\"> </span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.5<span class=\"_ _5b\"> </span><span class=\"ls3e ws38\">5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.9<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _13e\"> </span><span class=\"ls6 ws6\">81<span class=\"_ _2\"></span>.4<span class=\"_ _6c\"> </span><span class=\"ls19 ws6a\">6.5<span class=\"_ _73\"> </span><span class=\"ls77 ws5c\">12.<span class=\"_ _2\"></span>5<span class=\"_ _73\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>0<span class=\"_ _58\"> </span><span class=\"ls75 ws69\">10<span class=\"_ _2\"></span>0.4<span class=\"_ _35c\"> </span></span></span></span></span></span>De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation fo<span class=\"_ _2\"></span>r the yea<span class=\"_ _2\"></span>r <span class=\"_ _177\"> </span><span class=\"ls43 ws68\">3.8<span class=\"_ _6f\"> </span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>1.0<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _13e\"> </span><span class=\"ls50 ws10\">14<span class=\"_ _2\"></span>.8<span class=\"_ _6c\"> </span><span class=\"ls19 ws6a\">4.8<span class=\"_ _11f\"> </span>6.8<span class=\"_ _64\"> </span><span class=\"ls3a ws1a\">11.6<span class=\"_ _69\"> </span><span class=\"lsb1 wsac\">26<span class=\"_ _2\"></span>.4<span class=\"_ _35c\"> </span></span></span></span></span>Disposals <span class=\"_ _1a4\"> </span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>.3)<span class=\"_ _6e\"> </span><span class=\"ls77 ws5c\">(1.<span class=\"_ _2\"></span>8)<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _76\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1)<span class=\"_ _6b\"> </span><span class=\"ls22 ws22\">(0<span class=\"_ _2\"></span>.5)<span class=\"_ _5e\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.9)<span class=\"_ _5b\"> </span><span class=\"ls63 wsb5\">(6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _5e\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>Impairment<span class=\"_ _93\"> </span><span class=\"ls75 ws69\">0.8<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6c\"> </span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _6c\"> </span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _13e\"> </span><span class=\"ls1b ws1f\">4.4<span class=\"_ _46\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>1<span class=\"_ _c2\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls3a ws1a\">11.5<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.6<span class=\"_ _5c\"> </span><span class=\"ls19 ws6a\">1.6<span class=\"_ _6c\"> </span></span></span>2.<span class=\"_ _2\"></span>2<span class=\"_ _76\"> </span><span class=\"lsb9 wsa9\">13<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _133\"> </span><span class=\"ff6 ls5c ws56\">32.<span class=\"_ _2\"></span>2<span class=\"_ _5b\"> </span><span class=\"ls6 ws6\">73.3<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _67\"> </span><span class=\"lsa6 wsa6\">105.5<span class=\"_ _8b\"> </span><span class=\"ls3a ws1a\">11.4<span class=\"_ _5e\"> </span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>5.0<span class=\"_ _6b\"> </span><span class=\"lsb1 wsac\">26.4<span class=\"_ _69\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation fo<span class=\"_ _2\"></span>r the yea<span class=\"_ _2\"></span>r<span class=\"_ _f2\"> </span><span class=\"ff2 ls19 ws6a\">5.6<span class=\"_ _6b\"> </span><span class=\"ls6 ws6\">12<span class=\"_ _2\"></span>.8<span class=\"_ _15b\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _6b\"> </span><span class=\"lsd ws5\">18.4<span class=\"_ _8b\"> </span><span class=\"ls19 ws6a\">4<span class=\"_ _2\"></span>.6<span class=\"_ _6c\"> </span><span class=\"lsbb wsab\">7.<span class=\"_ _6\"></span>2<span class=\"_ _76\"> </span><span class=\"ls3d ws20\">11.8<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">30.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span></span></span></span>Disposals<span class=\"_ _d5\"> </span><span class=\"ff2 lsc4 wsa7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _69\"> </span><span class=\"ls77 ws5c\">(2<span class=\"_ _2\"></span>.7)<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _48\"> </span><span class=\"ls20 ws11\">(3.8<span class=\"_ _2\"></span>)<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _48\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>)<span class=\"_ _48\"> </span>(4<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>)<span class=\"_ _6a\"> </span></span></span>(8<span class=\"_ _2\"></span>.5)<span class=\"_ _35c\"> </span></span></span>Impairment<span class=\"_ _55\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _67\"> </span><span class=\"ff2 lsc wsc\">(2<span class=\"_ _2\"></span>.2)<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">(3<span class=\"_ _2\"></span>.6)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _48\"> </span><span class=\"ls55 ws3f\">(5.8)<span class=\"_ _48\"> </span><span class=\"ls77 ws5c\">(0.7)<span class=\"_ _271\"> </span>(0.<span class=\"_ _2\"></span>4)<span class=\"_ _73\"> </span><span class=\"lsc4 wsa7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _79\"> </span><span class=\"lsaf wsb8\">(6.9)<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _fa\"> </span><span class=\"ls19 ws6a\">34<span class=\"_ _2\"></span>.5<span class=\"_ _69\"> </span><span class=\"lsa3 ws96\">7<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>8<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _142\"> </span><span class=\"lsc wsc\">114.<span class=\"_ _2\"></span>3<span class=\"_ _5b\"> </span><span class=\"ls7 ws7\">15.3<span class=\"_ _8b\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _2\"></span>7.1<span class=\"_ _79\"> </span><span class=\"ls62 ws4b\">32<span class=\"_ _2\"></span>.4<span class=\"_ _67\"> </span><span class=\"ls77 ws5c\">1<span class=\"_ _2\"></span>46.7<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>Carrying amounts<span class=\"_ _35c\"> </span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>023<span class=\"_ _97\"> </span><span class=\"lsfb wseb\">76<span class=\"_ _2\"></span>.7<span class=\"_ _5b\"> </span><span class=\"lsa3 ws96\">3<span class=\"_ _2\"></span>9.9<span class=\"_ _13e\"> </span><span class=\"lsb8 wsa8\">16<span class=\"_ _2\"></span>.9<span class=\"_ _67\"> </span><span class=\"ls3a ws1a\">13<span class=\"_ _2\"></span>3.5<span class=\"_ _6b\"> </span><span class=\"ls13 ws13\">16.<span class=\"_ _2\"></span>4<span class=\"_ _69\"> </span><span class=\"ls21 ws5e\">14.<span class=\"_ _2\"></span>5<span class=\"_ _48\"> </span></span></span></span>3<span class=\"_ _2\"></span>0.9<span class=\"_ _19f\"> </span><span class=\"ls13 ws13\">16<span class=\"_ _2\"></span>4.4<span class=\"_ _35c\"> </span></span></span></span></span>At 30 J<span class=\"_ _2\"></span>une 2<span class=\"_ _2\"></span>022<span class=\"_ _47\"> </span><span class=\"ff6 ls20 ws11\">6<span class=\"_ _2\"></span>8.0<span class=\"_ _48\"> </span><span class=\"ls75 ws69\">40.<span class=\"_ _2\"></span>3<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">2<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6<span class=\"_ _79\"> </span><span class=\"lsba wsaa\">1<span class=\"_ _2\"></span>3<span class=\"_ _6\"></span>7.9<span class=\"_ _6f\"> </span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>0.1<span class=\"_ _73\"> </span><span class=\"lsb1 wsac\">13<span class=\"_ _2\"></span>.4<span class=\"_ _6b\"> </span><span class=\"ls43 ws68\">33.5<span class=\"_ _48\"> </span></span></span></span></span></span></span></span><span class=\"ff6\">171.4<span class=\"_ _35c\"> </span></span>18. EQUIT<span class=\"_ _2\"></span>Y<span class=\"_ _1\"></span>-AC<span class=\"_ _1\"></span>COU<span class=\"_ _2\"></span>NTED INVE<span class=\"_ _2\"></span>STEES<span class=\"_ _35c\"> </span>We hol<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>ts in s<span class=\"_ _2\"></span>everal jo<span class=\"_ _2\"></span>int ve<span class=\"_ _2\"></span>ntures a<span class=\"_ _2\"></span>nd as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iates wh<span class=\"_ _2\"></span>ere we h<span class=\"_ _2\"></span>ave sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt inf<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e. Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Jo<span class=\"_ _2\"></span>int ven<span class=\"_ _2\"></span>tures a<span class=\"_ _2\"></span>re entiti<span class=\"_ _2\"></span>es over wh<span class=\"_ _2\"></span>ose ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties we h<span class=\"_ _2\"></span>ave jo<span class=\"_ _2\"></span>int co<span class=\"_ _2\"></span>ntrol, un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r a contra<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>al ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ent. T<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up Fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l Stateme<span class=\"_ _2\"></span>nts in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s s<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>re of profi<span class=\"_ _2\"></span>t or los<span class=\"_ _2\"></span>s ari<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g from jo<span class=\"_ _2\"></span>int ve<span class=\"_ _2\"></span>ntures<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>As<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates are e<span class=\"_ _2\"></span>ntitie<span class=\"_ _2\"></span>s in wh<span class=\"_ _2\"></span>ich th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>uen<span class=\"_ _2\"></span>ce, bu<span class=\"_ _2\"></span>t not co<span class=\"_ _2\"></span>ntrol, over th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al an<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e the G<span class=\"_ _2\"></span>roup\u2019s sha<span class=\"_ _2\"></span>re of the total rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ome a<span class=\"_ _2\"></span>nd exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e of asso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>tes on a<span class=\"_ _2\"></span>n equ<span class=\"_ _2\"></span>ity-a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unted ba<span class=\"_ _2\"></span>sis, f<span class=\"_ _2\"></span>rom the d<span class=\"_ _2\"></span>ate that s<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cant i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>uen<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>es unt<span class=\"_ _2\"></span>il the d<span class=\"_ _2\"></span>ate it ce<span class=\"_ _2\"></span>ases<span class=\"_ _2\"></span>. Whe<span class=\"_ _2\"></span>n our s<span class=\"_ _2\"></span>hare of l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s excee<span class=\"_ _2\"></span>ds ou<span class=\"_ _2\"></span>r interes<span class=\"_ _2\"></span>t in an ass<span class=\"_ _2\"></span>oci<span class=\"_ _2\"></span>ate, we redu<span class=\"_ _2\"></span>ce th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt to nil a<span class=\"_ _2\"></span>nd sto<span class=\"_ _2\"></span>p recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ing f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>ses, exce<span class=\"_ _2\"></span>pt to the exte<span class=\"_ _2\"></span>nt that t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up ha<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>d legal or<span class=\"_ _8\"></span> const<span class=\"_ _8\"></span>ructiv<span class=\"_ _1\"></span>e obligations<span class=\"_ _1\"></span> or made payment<span class=\"_ _8\"></span>s on<span class=\"_ _1\"></span> an associat<span class=\"_ _1\"></span>e\u2019<span class=\"_ _8\"></span>s behalf<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Un<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>he eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y meth<span class=\"_ _2\"></span>od, i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n joi<span class=\"_ _2\"></span>nt ventu<span class=\"_ _2\"></span>res or a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iates a<span class=\"_ _2\"></span>re ini<span class=\"_ _2\"></span>tial<span class=\"_ _2\"></span>ly reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup B<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce S<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>et at cos<span class=\"_ _2\"></span>t and adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d the<span class=\"_ _2\"></span>reaf<span class=\"_ _2\"></span>ter to reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ise the G<span class=\"_ _2\"></span>roup\u2019s sh<span class=\"_ _2\"></span>are of the p<span class=\"_ _2\"></span>rofit o<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>s and oth<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rehe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ve inc<span class=\"_ _2\"></span>ome of t<span class=\"_ _2\"></span>he jo<span class=\"_ _2\"></span>int vent<span class=\"_ _2\"></span>ures an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>oci<span class=\"_ _2\"></span>ates. R<span class=\"_ _2\"></span>ela<span class=\"_ _2\"></span>ted-par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y transa<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons wi<span class=\"_ _2\"></span>th the Gro<span class=\"_ _2\"></span>up\u2019s joi<span class=\"_ _2\"></span>nt ventu<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d asso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>tes pri<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>ily co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rise th<span class=\"_ _2\"></span>e sal<span class=\"_ _2\"></span>e of prod<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>s and se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>. As ea<span class=\"_ _2\"></span>ch ar<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent is a s<span class=\"_ _2\"></span>epa<span class=\"_ _2\"></span>rate leg<span class=\"_ _2\"></span>al en<span class=\"_ _2\"></span>tity a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>ntrol ri<span class=\"_ _2\"></span>ghts a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>tantia<span class=\"_ _2\"></span>lly e<span class=\"_ _2\"></span>qua<span class=\"_ _2\"></span>l with th<span class=\"_ _2\"></span>e other p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, no si<span class=\"_ _2\"></span>gnif<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>ant judgement<span class=\"_ _8\"></span>s ar<span class=\"_ _1\"></span>e requ<span class=\"_ _8\"></span>ired<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s s<span class=\"_ _2\"></span>hare of p<span class=\"_ _2\"></span>rofit a<span class=\"_ _2\"></span>fte<span class=\"_ _2\"></span>r tax in its e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity-ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nted inve<span class=\"_ _2\"></span>stee<span class=\"_ _2\"></span>s for the ye<span class=\"_ _2\"></span>ar was \u00a3<span class=\"_ _2\"></span>10.5<span class=\"_ _2\"></span>m (2022: \u00a35<span class=\"_ _2\"></span>.2m).<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts is rec<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m 202<span class=\"_ _2\"></span>2  \u00a3m Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>y <span class=\"_ _28e\"> </span><span class=\"lsb8 wsa8\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span><span class=\"ff6 ls8a wsad\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Sh<span class=\"_ _2\"></span>are of post<span class=\"_ _1\"></span>-t<span class=\"_ _8\"></span>ax retaine<span class=\"_ _2\"></span>d profits of j<span class=\"_ _2\"></span>oint ve<span class=\"_ _2\"></span>ntures an<span class=\"_ _2\"></span>d asso<span class=\"_ _2\"></span>ciates<span class=\"_ _161\"> </span><span class=\"ff2 ls77 ws5c\">10.<span class=\"_ _2\"></span>5<span class=\"_ _6c\"> </span></span><span class=\"lse wsd\">5.2<span class=\"_ _35c\"> </span></span>Additions<span class=\"_ _28f\"> </span><span class=\"ff2 ls31 ws97\">1.0<span class=\"_ _d4\"> </span></span><span class=\"ls3a ws1a\">2.2<span class=\"_ _35c\"> </span></span>Long-t<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rm lo<span class=\"_ _2\"></span>an inves<span class=\"_ _2\"></span>tment<span class=\"_ _239\"> </span><span class=\"ff2 lsb8 wsa8\">1<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>vide<span class=\"_ _2\"></span>nds rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d from Agro<span class=\"_ _2\"></span>ceres \u2013 PIC G<span class=\"_ _2\"></span>en\u00e9ti<span class=\"_ _2\"></span>ca de S<span class=\"_ _2\"></span>u\u00edn<span class=\"_ _2\"></span>os Lt<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a (Brazil)<span class=\"_ _290\"> </span><span class=\"ff2 ls5c ws56\">(2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _76\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span>Di<span class=\"_ _2\"></span>vide<span class=\"_ _2\"></span>nds rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d from So<span class=\"_ _2\"></span>ciet\u00e0 Agri<span class=\"_ _2\"></span>cola G<span class=\"_ _2\"></span>ENEE<span class=\"_ _2\"></span>TIC S<span class=\"_ _2\"></span>.r<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>l (Italy)<span class=\"_ _270\"> </span><span class=\"ff2 ls77 ws5c\">(0.2)<span class=\"_ _6e\"> </span></span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of othe<span class=\"_ _2\"></span>r movem<span class=\"_ _2\"></span>ents in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _291\"> </span><span class=\"ff2 ls3d ws20\">1.5<span class=\"_ _d4\"> </span></span><span class=\"ls3e ws38\">2<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Balance at<span class=\"_ _1\"></span> 30 June <span class=\"_ _220\"> </span><span class=\"ls43 ws68\">53.5<span class=\"_ _73\"> </span><span class=\"ff6 lsd8 wsbd\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e add<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>ns in th<span class=\"_ _2\"></span>e year s<span class=\"_ _2\"></span>ole<span class=\"_ _2\"></span>ly rel<span class=\"_ _2\"></span>ate to cash i<span class=\"_ _2\"></span>njec<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns ma<span class=\"_ _2\"></span>de to In<span class=\"_ _2\"></span>ner M<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>gol<span class=\"_ _2\"></span>ia Ha<span class=\"_ _2\"></span>oxian<span class=\"_ _2\"></span>g Pig B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing C<span class=\"_ _2\"></span>o. L<span class=\"_ _8\"></span>td. to fu<span class=\"_ _2\"></span>nd the<span class=\"_ _2\"></span>ir o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>on. Th<span class=\"_ _2\"></span>ere are n<span class=\"_ _2\"></span>o sign<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ican<span class=\"_ _2\"></span>t restri<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns on th<span class=\"_ _2\"></span>e ab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y of the j<span class=\"_ _2\"></span>oint ve<span class=\"_ _2\"></span>nture<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciate<span class=\"_ _2\"></span>s to tr<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>sfer f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>ds to the Pare<span class=\"_ _2\"></span>nt, othe<span class=\"_ _2\"></span>r than th<span class=\"_ _2\"></span>ose im<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d by the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>ani<span class=\"_ _2\"></span>es Ac<span class=\"_ _2\"></span>t 2006 o<span class=\"_ _2\"></span>r equ<span class=\"_ _2\"></span>ival<span class=\"_ _2\"></span>ent g<span class=\"_ _2\"></span>overn<span class=\"_ _2\"></span>ment r<span class=\"_ _2\"></span>ule<span class=\"_ _2\"></span>s with<span class=\"_ _2\"></span>in the j<span class=\"_ _2\"></span>oint ve<span class=\"_ _2\"></span>nture\u2019s ju<span class=\"_ _2\"></span>risd<span class=\"_ _2\"></span>icti<span class=\"_ _2\"></span>on.<span class=\"_ _35c\"> </span>Rel<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d-pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s wit<span class=\"_ _2\"></span>h joi<span class=\"_ _2\"></span>nt vent<span class=\"_ _2\"></span>ure<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>tes T<span class=\"_ _1\"></span>ransac<span class=\"_ _2\"></span>tion<span class=\"_ _1\"></span> value<span class=\"_ _11f\"> </span><span class=\"lsa0 ws93\">Balance outstanding<span class=\"_ _35c\"> </span></span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Sa<span class=\"_ _2\"></span>le of goo<span class=\"_ _2\"></span>ds an<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces to joint ve<span class=\"_ _2\"></span>ntures an<span class=\"_ _2\"></span>d asso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>es<span class=\"_ _55\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _c2\"> </span><span class=\"ff2\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>Purch<span class=\"_ _2\"></span>ase of g<span class=\"_ _2\"></span>oods a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices f<span class=\"_ _2\"></span>rom joi<span class=\"_ _2\"></span>nt ventures an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ocia<span class=\"_ _2\"></span>tes <span class=\"_ _254\"> </span><span class=\"ff2 lsc4 wsa7\">4<span class=\"_ _2\"></span>.1<span class=\"_ _192\"> </span></span><span class=\"ls19 ws6a\">6.5<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Al<span class=\"_ _2\"></span>l outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s with jo<span class=\"_ _2\"></span>int ven<span class=\"_ _2\"></span>tures a<span class=\"_ _2\"></span>nd as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iates a<span class=\"_ _2\"></span>re pric<span class=\"_ _2\"></span>ed on a<span class=\"_ _2\"></span>n arm\u2019s le<span class=\"_ _2\"></span>ngth b<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>re to be settl<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n cash w<span class=\"_ _2\"></span>ithi<span class=\"_ _2\"></span>n six m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s of the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date. No<span class=\"_ _2\"></span>ne of th<span class=\"_ _2\"></span>e bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ces are s<span class=\"_ _2\"></span>ecu<span class=\"_ _2\"></span>red.<span class=\"_ _35c\"> </span>Su<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l info<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>tion fo<span class=\"_ _2\"></span>r eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y-acco<span class=\"_ _2\"></span>unted i<span class=\"_ _2\"></span>nveste<span class=\"_ _2\"></span>es, ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>ted for th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _8\"></span>s pe<span class=\"_ _2\"></span>rcentag<span class=\"_ _2\"></span>e owne<span class=\"_ _2\"></span>rsh<span class=\"_ _2\"></span>ip, is sh<span class=\"_ _2\"></span>own on th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowi<span class=\"_ _2\"></span>ng pa<span class=\"_ _2\"></span>ge.<span class=\"_ _35c\"> </span>Joint v<span class=\"_ _1\"></span>entures and<span class=\"_ _8\"></span> associat<span class=\"_ _8\"></span>es \u2013<span class=\"_ _1\"></span> year ended<span class=\"_ _8\"></span> 30 June<span class=\"_ _8\"></span> 2023<span class=\"_ _35c\"> </span>Net assets<span class=\"_ _130\"> </span><span class=\"lsa0 ws93\">Ownership<span class=\"_ _35c\"> </span></span>Cash and<span class=\"_ _1\"></span> cash equivalent<span class=\"_ _1\"></span> \u00a3m<span class=\"_ _35c\"> </span>Ot<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r current<span class=\"_ _8\"></span> <span class=\"ls3 ws3\"> </span>assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Non-current<span class=\"_ _8\"></span> assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Biological assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Cu<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>nt liabilities<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>liabilities<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ne<span class=\"_ _2\"></span>t  assets \u00a3m<span class=\"_ _35c\"> </span>Agroc<span class=\"_ _2\"></span>eres \u2013 PIC G<span class=\"_ _2\"></span>en\u00e9ti<span class=\"_ _2\"></span>ca de S<span class=\"_ _2\"></span>u\u00edn<span class=\"_ _2\"></span>os Lt<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a (Brazil)<span class=\"_ _ba\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _49\"> </span><span class=\"ff2 lsc4 wsa7\">3.1<span class=\"_ _5b\"> </span><span class=\"lsb8 wsa8\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">40.<span class=\"_ _2\"></span>2<span class=\"_ _6c\"> </span><span class=\"lsa3 ws96\">9.<span class=\"_ _2\"></span>8<span class=\"_ _6a\"> </span><span class=\"ls31 ws97\">6<span class=\"_ _2\"></span>4.0<span class=\"_ _67\"> </span></span></span>(19<span class=\"_ _8\"></span>.5)<span class=\"_ _67\"> </span>(19<span class=\"_ _8\"></span>.5)<span class=\"_ _6a\"> </span><span class=\"lsa wsa\">44.5<span class=\"_ _35c\"> </span></span></span></span></span></span>Inner Mongolia<span class=\"_ _8\"></span> Haoxi<span class=\"_ _8\"></span>ang Pig B<span class=\"_ _2\"></span>reedi<span class=\"_ _2\"></span>ng Co. Ltd. (Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _64\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _192\"> </span><span class=\"ls31 ws97\">1.0<span class=\"_ _8b\"> </span>5<span class=\"_ _2\"></span>.0<span class=\"_ _69\"> </span></span>(0.1)<span class=\"_ _d7\"> </span><span class=\"lsc4 wsa7\">6<span class=\"_ _2\"></span>.1<span class=\"_ _6a\"> </span></span>(0.<span class=\"_ _2\"></span>2)<span class=\"_ _5b\"> </span><span class=\"ls55 ws3f\">(5.1)<span class=\"_ _6c\"> </span><span class=\"ls31 ws97\">1.0<span class=\"_ _35c\"> </span></span></span></span>Chi<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ale G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s ABS (I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a) Priva<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>e Lim<span class=\"_ _2\"></span>ited (In<span class=\"_ _2\"></span>dia)<span class=\"_ _11d\"> </span><span class=\"ls76 ws5d\">50%<span class=\"_ _8b\"> </span><span class=\"ff2 ls77 ws5c\">0.3<span class=\"_ _192\"> </span><span class=\"ls31 ws97\">1<span class=\"_ _2\"></span>.0<span class=\"_ _4a\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _d4\"> </span><span class=\"ls3d ws20\">1.<span class=\"_ _2\"></span>5<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _8\"></span>1)<span class=\"_ _192\"> </span><span class=\"ls3d ws20\">1.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span></span>Avlsc<span class=\"_ _2\"></span>enter M\u00f8<span class=\"_ _2\"></span>llevan<span class=\"_ _2\"></span>g A/S<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _c2\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Y<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n\u2019<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n Xinyon<span class=\"_ _2\"></span>gxia<span class=\"_ _2\"></span>ng T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>olog<span class=\"_ _2\"></span>y Co., Lt<span class=\"_ _1\"></span>d (Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _64\"> </span><span class=\"ff2 ls31 ws97\">2<span class=\"_ _2\"></span>.0<span class=\"_ _192\"> </span><span class=\"ls3d ws20\">1.<span class=\"_ _2\"></span>4<span class=\"_ _64\"> </span><span class=\"ls77 ws5c\">0.7<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>3)<span class=\"_ _64\"> </span><span class=\"lse wsd\">3.8<span class=\"_ _26\"> </span></span>(0.<span class=\"_ _2\"></span>3)<span class=\"_ _271\"> </span>(0.<span class=\"_ _2\"></span>3)<span class=\"_ _11f\"> </span><span class=\"lse wsd\">3.5<span class=\"_ _35c\"> </span></span></span></span></span>Xel<span class=\"_ _8\"></span>ect Li<span class=\"_ _8\"></span>mit<span class=\"_ _1\"></span>ed (Unit<span class=\"_ _1\"></span>ed Kingdom)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>39%<span class=\"_ _d7\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _64\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _64\"> </span><span class=\"ls26 ws25\">2.3<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _11f\"> </span><span class=\"ls19 ws6a\">2.6<span class=\"_ _6b\"> </span></span></span></span>(0.<span class=\"_ _1\"></span>1)<span class=\"_ _6b\"> </span>(0.1)<span class=\"_ _64\"> </span><span class=\"lsa wsa\">2.5<span class=\"_ _35c\"> </span></span></span></span>So<span class=\"_ _2\"></span>ciet\u00e0 Agric<span class=\"_ _2\"></span>ola G<span class=\"_ _2\"></span>ENEE<span class=\"_ _2\"></span>TIC S.r<span class=\"_ _1\"></span>.l. (It<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _d7\"> </span><span class=\"ff2 lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.6<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _71\"> </span></span>0.<span class=\"_ _2\"></span>4<span class=\"_ _1c\"> </span></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.6)<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>6)<span class=\"_ _8b\"> </span>0.5<span class=\"_ _35c\"> </span></span></span>So<span class=\"_ _2\"></span>ciet\u00e0 Agric<span class=\"_ _2\"></span>ola G<span class=\"_ _2\"></span>ENEE<span class=\"_ _2\"></span>TIC Ser<span class=\"_ _2\"></span>vice<span class=\"_ _8\"></span> S.r<span class=\"_ _1\"></span>.l. (It<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _c2\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0.1<span class=\"_ _d7\"> </span>0<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Net assets<span class=\"_ _1a4\"> </span><span class=\"lsd ws5\">5.8<span class=\"_ _6e\"> </span><span class=\"lsc4 wsa7\">1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.1<span class=\"_ _48\"> </span><span class=\"ls28 ws27\">48.2<span class=\"_ _13e\"> </span></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _5b\"> </span><span class=\"lsa3 ws96\">7<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>2<span class=\"_ _45\"> </span><span class=\"ls77 ws5c\">(2<span class=\"_ _2\"></span>0.7)<span class=\"_ _45\"> </span>(25.7)<span class=\"_ _79\"> </span><span class=\"ls43 ws68\">53.5<span class=\"_ _35c\"> </span></span></span></span></span></span>1 <span class=\"_ _d9\"> </span>C<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as an a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>te. All ot<span class=\"_ _2\"></span>her i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts are cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>s joi<span class=\"_ _2\"></span>nt vent<span class=\"_ _2\"></span>ures<span class=\"_ _35c\"> </span>Income S<span class=\"_ _8\"></span>tatement<span class=\"_ _3a\"> </span><span class=\"lsa0 ws93\">Ownership<span class=\"_ _35c\"> </span></span>Reven<span class=\"_ _2\"></span>ue<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ne<span class=\"_ _2\"></span>t IAS 41 valuation<span class=\"_ _1\"></span> movemen<span class=\"_ _8\"></span>t on<span class=\"_ _1\"></span> biological assets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Expenses<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Operating pr<span class=\"_ _2\"></span>ofi<span class=\"_ _2\"></span>t / (los<span class=\"_ _2\"></span>s)<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>axation<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Pro<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>t / (los<span class=\"_ _2\"></span>s) afte<span class=\"_ _2\"></span>r tax<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Agroc<span class=\"_ _2\"></span>eres \u2013 PIC G<span class=\"_ _2\"></span>en\u00e9ti<span class=\"_ _2\"></span>ca de Su<span class=\"_ _2\"></span>\u00edno<span class=\"_ _2\"></span>s L<span class=\"_ _8\"></span>tda (Brazil)<span class=\"_ _49\"> </span><span class=\"lsb9 wsa9\">49%<span class=\"_ _48\"> </span><span class=\"ff2 ls3d ws20\">38.8<span class=\"_ _64\"> </span><span class=\"lsa wsa\">2.5<span class=\"_ _45\"> </span><span class=\"ls77 ws5c\">(25.7<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span><span class=\"ls7 ws7\">15.6<span class=\"_ _79\"> </span><span class=\"lsb8 wsa8\">(3<span class=\"_ _2\"></span>.9)<span class=\"_ _71\"> </span></span></span>11<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span></span>In<span class=\"_ _2\"></span>ner M<span class=\"_ _2\"></span>ong<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>a Haoxi<span class=\"_ _2\"></span>ang Pig B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing C<span class=\"_ _2\"></span>o. L<span class=\"_ _8\"></span>td. (Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _d7\"> </span><span class=\"ff2 ls3d ws20\">1.8<span class=\"_ _1c\"> </span><span class=\"lsc4 wsa7\">1.1<span class=\"_ _6a\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">(1.<span class=\"_ _2\"></span>5)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6b\"> </span></span>(1.<span class=\"_ _2\"></span>5)<span class=\"_ _35c\"> </span></span></span></span></span>Y<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n\u2019<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n Xinyon<span class=\"_ _2\"></span>gxia<span class=\"_ _2\"></span>ng T<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>chn<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gy Co., Lt<span class=\"_ _8\"></span>d (Chin<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _11f\"> </span><span class=\"ff2 lsd ws5\">5.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6a\"> </span><span class=\"ls57 ws4f\">(<span class=\"_ _2\"></span>5.3)<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">(0.1)<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _69\"> </span><span class=\"ls77 ws5c\">(0.1)<span class=\"_ _35c\"> </span></span></span></span>Chi<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ale G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s ABS (I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a) Private Lim<span class=\"_ _2\"></span>ited (Ind<span class=\"_ _2\"></span>ia)<span class=\"_ _53\"> </span><span class=\"ls76 ws5d\">50%<span class=\"_ _64\"> </span><span class=\"ff2 ls77 ws5c\">0.5<span class=\"_ _c2\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _271\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _8b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Avlsc<span class=\"_ _2\"></span>enter M\u00f8<span class=\"_ _2\"></span>llevan<span class=\"_ _2\"></span>g A/S<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _c2\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Xel<span class=\"_ _8\"></span>ect Li<span class=\"_ _8\"></span>mit<span class=\"_ _1\"></span>ed (Unit<span class=\"_ _1\"></span>ed Kingdom<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>39%<span class=\"_ _11f\"> </span><span class=\"ff2 ls77 ws5c\">0.7<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _26\"> </span></span>(0.6)<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d4\"> </span></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _8\"></span> S.r<span class=\"_ _1\"></span>.l. (It<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _d4\"> </span><span class=\"ff2 ls31 ws97\">1<span class=\"_ _2\"></span>.0<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.9)<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span></span></span>\u2013<span class=\"_ _192\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _8\"></span> Service S.r<span class=\"_ _8\"></span>.l. (I<span class=\"_ _8\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>ly<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _d7\"> </span><span class=\"ff2 lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _8\"></span>1)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span></span></span></span>Pro<span class=\"_ _2\"></span>fit / (lo<span class=\"_ _2\"></span>ss)<span class=\"_ _292\"> </span><span class=\"ls28 ws27\">48.<span class=\"_ _1\"></span>1<span class=\"_ _11f\"> </span><span class=\"lse wsd\">3.6<span class=\"_ _19f\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _5b\"> </span><span class=\"ls21 ws5e\">14.4<span class=\"_ _79\"> </span><span class=\"lsb8 wsa8\">(3<span class=\"_ _2\"></span>.9)<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">10.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span></span></span></span></span>1 <span class=\"_ _d9\"> </span>C<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as an a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>te. All ot<span class=\"_ _2\"></span>her i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts are cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>s joi<span class=\"_ _2\"></span>nt vent<span class=\"_ _2\"></span>ures<span class=\"_ _35c\"> </span>Jo<span class=\"_ _2\"></span>int ven<span class=\"_ _2\"></span>tures a<span class=\"_ _2\"></span>nd as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates h<span class=\"_ _2\"></span>ave a De<span class=\"_ _2\"></span>cem<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r year e<span class=\"_ _2\"></span>nd, exce<span class=\"_ _2\"></span>pt Chital<span class=\"_ _2\"></span>e Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (In<span class=\"_ _2\"></span>dia) Pri<span class=\"_ _2\"></span>vate Lim<span class=\"_ _2\"></span>ited, wh<span class=\"_ _2\"></span>ich h<span class=\"_ _2\"></span>as a Ma<span class=\"_ _2\"></span>rch yea<span class=\"_ _2\"></span>r en<span class=\"_ _2\"></span>d, an<span class=\"_ _2\"></span>d Xelec<span class=\"_ _2\"></span>t Lim<span class=\"_ _2\"></span>ited, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h has a J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e year e<span class=\"_ _2\"></span>nd. W<span class=\"_ _2\"></span>here th<span class=\"_ _2\"></span>e year e<span class=\"_ _2\"></span>nd d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fers f<span class=\"_ _2\"></span>rom the ye<span class=\"_ _2\"></span>ar of th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p this i<span class=\"_ _2\"></span>s due to l<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>l regula<span class=\"_ _1\"></span>tory r<span class=\"_ _8\"></span>equir<span class=\"_ _8\"></span>ements<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Joint v<span class=\"_ _1\"></span>entures and<span class=\"_ _8\"></span> associat<span class=\"_ _8\"></span>es \u2013<span class=\"_ _1\"></span> year ended<span class=\"_ _8\"></span> 30 June<span class=\"_ _8\"></span> 2022<span class=\"_ _35c\"> </span>Net as<span class=\"_ _2\"></span>sets<span class=\"_ _f2\"> </span><span class=\"ls35 ws33\">Ownership<span class=\"_ _35c\"> </span></span>Ca<span class=\"_ _2\"></span>sh an<span class=\"_ _2\"></span>d ca<span class=\"_ _2\"></span>sh equivalent<span class=\"_ _8\"></span> \u00a3m<span class=\"_ _35c\"> </span>Ot<span class=\"_ _2\"></span>her cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t <span class=\"ls3 ws3\"> </span>ass<span class=\"_ _2\"></span>ets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Non-c<span class=\"_ _2\"></span>urrent ass<span class=\"_ _2\"></span>ets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Biological ass<span class=\"_ _2\"></span>ets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"ls3 ws3\"> </span>ass<span class=\"_ _2\"></span>ets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t liabilities<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"ls3 ws3\"> </span>liabilities<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Net  as<span class=\"_ _2\"></span>sets / (liabilities<span class=\"_ _1\"></span>) \u00a3m<span class=\"_ _35c\"> </span>Agroc<span class=\"_ _2\"></span>eres \u2013 PIC G<span class=\"_ _2\"></span>en\u00e9ti<span class=\"_ _2\"></span>ca de S<span class=\"_ _2\"></span>u\u00edn<span class=\"_ _2\"></span>os Lt<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a (Brazil)<span class=\"_ _ba\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _71\"> </span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _5b\"> </span></span></span></span>23<span class=\"_ _2\"></span>.6<span class=\"_ _d4\"> </span><span class=\"ls3e ws38\">6<span class=\"_ _2\"></span>.9<span class=\"_ _69\"> </span><span class=\"lsd ws5\">48.3<span class=\"_ _c4\"> </span><span class=\"ls31 ws97\">(15<span class=\"_ _2\"></span>.2)<span class=\"_ _c4\"> </span>(<span class=\"_ _2\"></span>15.<span class=\"_ _2\"></span>2)<span class=\"_ _6e\"> </span><span class=\"ls43 ws68\">33.<span class=\"_ _1\"></span>1<span class=\"_ _35c\"> </span></span></span></span></span>Inner Mongolia<span class=\"_ _8\"></span> Haoxi<span class=\"_ _8\"></span>ang Pig B<span class=\"_ _2\"></span>reedi<span class=\"_ _2\"></span>ng Co. Ltd. (Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _49\"> </span><span class=\"ls1b ws1f\">1.4<span class=\"_ _73\"> </span><span class=\"ls31 ws97\">(1<span class=\"_ _2\"></span>.2)<span class=\"_ _11f\"> </span></span></span>0.<span class=\"_ _2\"></span>6<span class=\"_ _79\"> </span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>8)<span class=\"_ _79\"> </span>(0.<span class=\"_ _2\"></span>8)<span class=\"_ _79\"> </span>(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span>Chi<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ale G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s ABS (I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a) Priva<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>e Lim<span class=\"_ _2\"></span>ited (In<span class=\"_ _2\"></span>dia)<span class=\"_ _11d\"> </span><span class=\"ls76 ws5d\">50%<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.3<span class=\"_ _11f\"> </span>0.<span class=\"_ _2\"></span>3<span class=\"_ _54\"> </span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _4a\"> </span></span></span></span>\u2013<span class=\"_ _1c\"> </span><span class=\"lsb9 wsa9\">1<span class=\"_ _2\"></span>.7<span class=\"_ _6e\"> </span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1)<span class=\"_ _69\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>0.4)<span class=\"_ _5c\"> </span><span class=\"lsd ws5\">1.3<span class=\"_ _35c\"> </span></span></span></span></span>Avlsc<span class=\"_ _2\"></span>enter M\u00f8<span class=\"_ _2\"></span>llevan<span class=\"_ _2\"></span>g A/S<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Y<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n\u2019<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n Xinyon<span class=\"_ _2\"></span>gxia<span class=\"_ _2\"></span>ng T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>olog<span class=\"_ _2\"></span>y Co., Lt<span class=\"_ _1\"></span>d (Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _49\"> </span>2.7<span class=\"_ _5c\"> </span><span class=\"lsd ws5\">1.3<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.8<span class=\"_ _69\"> </span><span class=\"ls22 ws22\">(0<span class=\"_ _2\"></span>.5)<span class=\"_ _6c\"> </span><span class=\"ls9 ws9\">4.3<span class=\"_ _79\"> </span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _69\"> </span>(0.<span class=\"_ _2\"></span>3)<span class=\"_ _64\"> </span><span class=\"ls20 ws11\">4.0<span class=\"_ _35c\"> </span></span></span></span></span></span></span>Xel<span class=\"_ _8\"></span>ect Li<span class=\"_ _8\"></span>mit<span class=\"_ _1\"></span>ed (Unit<span class=\"_ _1\"></span>ed Kingdom)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>39%<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _6c\"> </span></span>0.2<span class=\"_ _d4\"> </span><span class=\"ls3a ws1a\">2.2<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _192\"> </span></span>2.5<span class=\"_ _6e\"> </span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1)<span class=\"_ _76\"> </span>(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _6c\"> </span></span>2.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>So<span class=\"_ _2\"></span>ciet\u00e0 Agric<span class=\"_ _2\"></span>ola G<span class=\"_ _2\"></span>ENEE<span class=\"_ _2\"></span>TIC S.r<span class=\"_ _1\"></span>.l. (It<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>6<span class=\"_ _64\"> </span>0.4<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _49\"> </span><span class=\"ls20 ws11\">1.0<span class=\"_ _79\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>0.4)<span class=\"_ _69\"> </span>(0.<span class=\"_ _2\"></span>4)<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.6<span class=\"_ _35c\"> </span></span></span></span></span>So<span class=\"_ _2\"></span>ciet\u00e0 Agric<span class=\"_ _2\"></span>ola G<span class=\"_ _2\"></span>ENEE<span class=\"_ _2\"></span>TIC Ser<span class=\"_ _2\"></span>vice<span class=\"_ _8\"></span> S.r<span class=\"_ _1\"></span>.l. (It<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Net assets<span class=\"_ _28d\"> </span><span class=\"ff6 ls43 ws68\">3.3<span class=\"_ _79\"> </span><span class=\"ls75 ws69\">20.4<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">2<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _d7\"> </span><span class=\"lse wsd\">5.2<span class=\"_ _48\"> </span><span class=\"ls1b ws1f\">5<span class=\"_ _2\"></span>8.4<span class=\"_ _75\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _48\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _76\"> </span><span class=\"lsd8 wsbd\">41<span class=\"_ _6\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span></span>1 <span class=\"_ _d9\"> </span>C<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as an a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>te. All ot<span class=\"_ _2\"></span>her i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts are cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>s joi<span class=\"_ _2\"></span>nt vent<span class=\"_ _2\"></span>ures<span class=\"_ _35c\"> </span>Income S<span class=\"_ _8\"></span>tat<span class=\"_ _1\"></span>ement<span class=\"_ _3b\"> </span><span class=\"ls35 ws33\">Ow<span class=\"_ _8\"></span>nership<span class=\"_ _35c\"> </span></span>Reven<span class=\"_ _2\"></span>ue<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Net I<span class=\"_ _2\"></span>AS 41 valuat<span class=\"_ _8\"></span>ion movemen<span class=\"_ _8\"></span>t on<span class=\"_ _1\"></span> biological ass<span class=\"_ _2\"></span>ets<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Expenses<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Operat<span class=\"_ _1\"></span>ing prof<span class=\"_ _2\"></span>it / (l<span class=\"_ _2\"></span>oss)<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>axation<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Profit /<span class=\"_ _1\"></span>(loss)<span class=\"ls3 ws3\"> </span>af<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>r tax<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Agroc<span class=\"_ _2\"></span>eres \u2013 PIC G<span class=\"_ _2\"></span>en\u00e9ti<span class=\"_ _2\"></span>ca de Su<span class=\"_ _2\"></span>\u00edno<span class=\"_ _2\"></span>s L<span class=\"_ _8\"></span>tda (Brazil)<span class=\"_ _49\"> </span><span class=\"lsb9 wsa9\">49%<span class=\"_ _73\"> </span><span class=\"lsa6 wsa6\">31.<span class=\"_ _2\"></span>6<span class=\"_ _6b\"> </span></span>(0.7)<span class=\"_ _6a\"> </span>(2<span class=\"_ _2\"></span>1.7<span class=\"_ _2\"></span>)<span class=\"_ _d4\"> </span><span class=\"lsc1 wsb1\">9.<span class=\"_ _6\"></span>2<span class=\"_ _5e\"> </span><span class=\"ls22 ws22\">(2<span class=\"_ _2\"></span>.6)<span class=\"_ _192\"> </span><span class=\"ls19 ws6a\">6.6<span class=\"_ _35c\"> </span></span></span></span></span>In<span class=\"_ _2\"></span>ner M<span class=\"_ _2\"></span>ong<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>a Haoxi<span class=\"_ _2\"></span>ang Pig B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing C<span class=\"_ _2\"></span>o. L<span class=\"_ _8\"></span>td. (Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _73\"> </span><span class=\"ls31 ws97\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _13e\"> </span><span class=\"ls20 ws11\">(1<span class=\"_ _2\"></span>.0)<span class=\"_ _6b\"> </span></span>(2<span class=\"_ _2\"></span>.2)<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _6b\"> </span><span class=\"ls31 ws97\">(2<span class=\"_ _2\"></span>.2)<span class=\"_ _35c\"> </span></span></span>Y<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n\u2019<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n Xinyon<span class=\"_ _2\"></span>gxia<span class=\"_ _2\"></span>ng T<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>chn<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gy Co., Lt<span class=\"_ _8\"></span>d (Chin<span class=\"_ _2\"></span>a)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _192\"> </span><span class=\"lse wsd\">5.5<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _5b\"> </span><span class=\"ls22 ws22\">(5<span class=\"_ _2\"></span>.6)<span class=\"_ _11f\"> </span></span>0.4<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>Chi<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ale G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s ABS (I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a) Private Lim<span class=\"_ _2\"></span>ited (Ind<span class=\"_ _2\"></span>ia)<span class=\"_ _53\"> </span><span class=\"ls76 ws5d\">50%<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _79\"> </span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _c2\"> </span></span></span>\u2013<span class=\"_ _49\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span>Avlsc<span class=\"_ _2\"></span>enter M\u00f8<span class=\"_ _2\"></span>llevan<span class=\"_ _2\"></span>g A/S<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>49%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Xel<span class=\"_ _8\"></span>ect Li<span class=\"_ _8\"></span>mit<span class=\"_ _1\"></span>ed (Unit<span class=\"_ _1\"></span>ed Kingdom<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>39%<span class=\"_ _11f\"> </span>0.<span class=\"_ _2\"></span>6<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>5)<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span></span>Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _8\"></span> S.r<span class=\"_ _1\"></span>.l. (It<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _1c\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _6\"></span>.9<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6f\"> </span><span class=\"lsb9 wsa9\">(<span class=\"_ _2\"></span>1.7)<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.2<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span>Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _8\"></span> Service S.r<span class=\"_ _8\"></span>.l. (I<span class=\"_ _8\"></span>t<span class=\"_ _1\"></span>aly)<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>33%<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Pro<span class=\"_ _2\"></span>fit / (lo<span class=\"_ _2\"></span>ss)<span class=\"_ _286\"> </span><span class=\"ff6 lsc1 wsb1\">3<span class=\"_ _2\"></span>9.9<span class=\"_ _76\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _58\"> </span><span class=\"lsb9 wsa9\">(3<span class=\"_ _2\"></span>0.7)<span class=\"_ _49\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>8<span class=\"_ _13e\"> </span></span></span>(2<span class=\"_ _2\"></span>.6)<span class=\"_ _192\"> </span><span class=\"lse wsd\">5.2<span class=\"_ _35c\"> </span></span></span></span>1 <span class=\"_ _d9\"> </span>C<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d as an a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>te. All ot<span class=\"_ _2\"></span>her i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts are cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>s joi<span class=\"_ _2\"></span>nt vent<span class=\"_ _2\"></span>ures<span class=\"_ _35c\"> </span>19<span class=\"_ _1\"></span>. O<span class=\"_ _8\"></span>THE<span class=\"_ _2\"></span>R INVESTME<span class=\"_ _2\"></span>NTS<span class=\"_ _35c\"> </span>We hol<span class=\"_ _2\"></span>d a num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r of un<span class=\"_ _2\"></span>liste<span class=\"_ _2\"></span>d and l<span class=\"_ _2\"></span>iste<span class=\"_ _2\"></span>d inves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>ts, ma<span class=\"_ _2\"></span>inl<span class=\"_ _2\"></span>y com<span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g sha<span class=\"_ _2\"></span>res in l<span class=\"_ _2\"></span>isted e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y Nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l Mil<span class=\"_ _2\"></span>k Rec<span class=\"_ _2\"></span>ords p<span class=\"_ _2\"></span>lc (\u2018NM<span class=\"_ _2\"></span>R\u2019). Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l asset<span class=\"_ _2\"></span>s at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e throu<span class=\"_ _2\"></span>gh oth<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>nsive i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me (\u2018F<span class=\"_ _2\"></span>VOCI<span class=\"_ _2\"></span>\u2019) com<span class=\"_ _2\"></span>pris<span class=\"_ _2\"></span>e equ<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y sec<span class=\"_ _2\"></span>uriti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch are n<span class=\"_ _2\"></span>ot he<span class=\"_ _2\"></span>ld for tra<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g, an<span class=\"_ _2\"></span>d whi<span class=\"_ _2\"></span>ch the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>as ir<span class=\"_ _2\"></span>revocab<span class=\"_ _2\"></span>ly el<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted at in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion to rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise as F<span class=\"_ _2\"></span>VOCI<span class=\"_ _2\"></span>. The G<span class=\"_ _2\"></span>roup c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>rs thi<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>tion re<span class=\"_ _2\"></span>levant as th<span class=\"_ _2\"></span>ese are s<span class=\"_ _2\"></span>trategi<span class=\"_ _2\"></span>c inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts.<span class=\"_ _35c\"> </span>Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l asset<span class=\"_ _2\"></span>s at FVOC<span class=\"_ _2\"></span>I are ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>ted to the fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of the a<span class=\"_ _2\"></span>sset at t<span class=\"_ _2\"></span>he ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate, with any g<span class=\"_ _2\"></span>ain o<span class=\"_ _2\"></span>r loss b<span class=\"_ _2\"></span>ei<span class=\"_ _2\"></span>ng rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n othe<span class=\"_ _2\"></span>r com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>sive in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d he<span class=\"_ _2\"></span>ld as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of other re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves<span class=\"_ _2\"></span>. On di<span class=\"_ _2\"></span>spos<span class=\"_ _2\"></span>al any g<span class=\"_ _2\"></span>ain o<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>s is reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>n othe<span class=\"_ _2\"></span>r com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ive in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>At ini<span class=\"_ _2\"></span>tial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nitio<span class=\"_ _2\"></span>n, the G<span class=\"_ _2\"></span>roup m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sures a f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sset a<span class=\"_ _2\"></span>t its fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e pl<span class=\"_ _2\"></span>us, in th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>e of a fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>et not at fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent, tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>osts th<span class=\"_ _2\"></span>at are d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of the f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sset. Tr<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts of f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets ca<span class=\"_ _2\"></span>rrie<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e thro<span class=\"_ _2\"></span>ugh i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me state<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t are expe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>d in the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent.<span class=\"_ _35c\"> </span>Oth<span class=\"_ _2\"></span>er i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ay in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents (wh<span class=\"_ _2\"></span>ere the G<span class=\"_ _2\"></span>roup d<span class=\"_ _2\"></span>oes n<span class=\"_ _2\"></span>ot ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, join<span class=\"_ _2\"></span>t contro<span class=\"_ _2\"></span>l or sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt inf<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e in the inve<span class=\"_ _2\"></span>stee), sho<span class=\"_ _2\"></span>rt<span class=\"_ _8\"></span>-<span class=\"_ _8\"></span>term d<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>sits wi<span class=\"_ _2\"></span>th ban<span class=\"_ _2\"></span>ks and oth<span class=\"_ _2\"></span>er i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents w<span class=\"_ _2\"></span>ith ori<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>al m<span class=\"_ _2\"></span>aturi<span class=\"_ _2\"></span>ties of m<span class=\"_ _2\"></span>ore th<span class=\"_ _2\"></span>an thre<span class=\"_ _2\"></span>e mon<span class=\"_ _2\"></span>ths. A<span class=\"_ _2\"></span>ny divi<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>nds rec<span class=\"_ _8\"></span>eiv<span class=\"_ _8\"></span>ed ar<span class=\"_ _1\"></span>e rec<span class=\"_ _8\"></span>ognised<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> Income St<span class=\"_ _1\"></span>at<span class=\"_ _8\"></span>ement.<span class=\"_ _35c\"> </span>Investments<span class=\"_ _1\"></span> carried at<span class=\"_ _1\"></span> fa<span class=\"_ _2\"></span>ir<span class=\"_ _1\"></span> value<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Lis<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares \u2013 Car<span class=\"_ _2\"></span>ibo<span class=\"_ _2\"></span>u Bio<span class=\"_ _2\"></span>scie<span class=\"_ _2\"></span>nces<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>.<span class=\"_ _22e\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _11f\"> </span></span><span class=\"ls1b ws1f\">4.4<span class=\"_ _35c\"> </span></span>Un<span class=\"_ _2\"></span>listed e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty sh<span class=\"_ _2\"></span>ares \u2013 Da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y LLC (<span class=\"_ _8\"></span>\u2018B<span class=\"_ _2\"></span>oviSyn<span class=\"_ _2\"></span>c\u2019)<span class=\"_ _cd\"> </span><span class=\"ff2 ls53 ws19\">2.4<span class=\"_ _192\"> </span></span><span class=\"ls3a ws1a\">2.2<span class=\"_ _35c\"> </span></span>Lis<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares \u2013 NM<span class=\"_ _2\"></span>R<span class=\"_ _293\"> </span><span class=\"ff2 ls53 ws19\">4.4<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Un<span class=\"_ _2\"></span>listed e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty sh<span class=\"_ _2\"></span>ares \u2013 Oth<span class=\"_ _2\"></span>er<span class=\"_ _12b\"> </span><span class=\"ff2 ls19 ws6a\">1.6<span class=\"_ _49\"> </span></span><span class=\"lsd ws5\">1.5<span class=\"_ _35c\"> </span></span>Other inv<span class=\"_ _1\"></span>estments<span class=\"_ _294\"> </span><span class=\"ls3d ws20\">8.8<span class=\"_ _5e\"> </span><span class=\"ff6 ls75 ws69\">10.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Ca<span class=\"_ _2\"></span>ribo<span class=\"_ _2\"></span>u Bi<span class=\"_ _2\"></span>osci<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>es In<span class=\"_ _2\"></span>c sha<span class=\"_ _2\"></span>res are m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured a<span class=\"_ _2\"></span>t fair va<span class=\"_ _2\"></span>lue u<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g the val<span class=\"_ _2\"></span>uat<span class=\"_ _2\"></span>ion b<span class=\"_ _2\"></span>asis of a Leve<span class=\"_ _2\"></span>l 1 cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n. Ca<span class=\"_ _2\"></span>ribo<span class=\"_ _2\"></span>u sh<span class=\"_ _2\"></span>ares are pu<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>cly tra<span class=\"_ _2\"></span>ded o<span class=\"_ _2\"></span>n the NA<span class=\"_ _2\"></span>SDAQ.<span class=\"_ _35c\"> </span>We hol<span class=\"_ _2\"></span>d a strateg<span class=\"_ _2\"></span>ic no<span class=\"_ _2\"></span>n-co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nterest i<span class=\"_ _2\"></span>n Bovi<span class=\"_ _2\"></span>Sync, a h<span class=\"_ _2\"></span>erd m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>ment s<span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>tware co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>any<span class=\"_ _8\"></span>. Th<span class=\"_ _2\"></span>e inves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t is me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>red at fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d the val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on b<span class=\"_ _2\"></span>asis of a Leve<span class=\"_ _2\"></span>l 3 cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>. NM<span class=\"_ _2\"></span>R ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares we<span class=\"_ _2\"></span>re acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d as pa<span class=\"_ _2\"></span>rt of th<span class=\"_ _2\"></span>e NM<span class=\"_ _2\"></span>R pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n agre<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt, an<span class=\"_ _2\"></span>d are me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>red at fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue. Th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n bas<span class=\"_ _2\"></span>is is Leve<span class=\"_ _2\"></span>l 1 cl<span class=\"_ _2\"></span>assi<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, whe<span class=\"_ _2\"></span>re fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e tech<span class=\"_ _2\"></span>niq<span class=\"_ _2\"></span>ues a<span class=\"_ _2\"></span>re quote<span class=\"_ _2\"></span>d (una<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted) pri<span class=\"_ _2\"></span>ces i<span class=\"_ _2\"></span>n acti<span class=\"_ _2\"></span>ve mar<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>ets fo<span class=\"_ _2\"></span>r ide<span class=\"_ _2\"></span>ntica<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Oth<span class=\"_ _2\"></span>er u<span class=\"_ _2\"></span>nli<span class=\"_ _2\"></span>sted e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ents p<span class=\"_ _2\"></span>rim<span class=\"_ _2\"></span>aril<span class=\"_ _2\"></span>y con<span class=\"_ _2\"></span>sis<span class=\"_ _2\"></span>t of strateg<span class=\"_ _2\"></span>ic no<span class=\"_ _2\"></span>n-con<span class=\"_ _2\"></span>trolli<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>nterest<span class=\"_ _2\"></span>s in bovi<span class=\"_ _2\"></span>ne tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gy co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch are me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>red at fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d the va<span class=\"_ _2\"></span>lua<span class=\"_ _2\"></span>tion b<span class=\"_ _2\"></span>asis i<span class=\"_ _2\"></span>s Level 3 c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on, wh<span class=\"_ _2\"></span>ere fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e tech<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>que<span class=\"_ _2\"></span>s use in<span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h ha<span class=\"_ _2\"></span>ve a sign<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ican<span class=\"_ _2\"></span>t ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t on th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>rded fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d are n<span class=\"_ _2\"></span>ot base<span class=\"_ _2\"></span>d on ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vab<span class=\"_ _2\"></span>le ma<span class=\"_ _2\"></span>rket data.<span class=\"_ _35c\"> </span>20.<span class=\"_ _1\"></span> INVE<span class=\"_ _2\"></span>NTORIES<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>r inve<span class=\"_ _2\"></span>ntor<span class=\"_ _2\"></span>y prim<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>ts of bov<span class=\"_ _2\"></span>ine s<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>n, raw m<span class=\"_ _2\"></span>ateria<span class=\"_ _2\"></span>ls an<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>lar<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Inve<span class=\"_ _2\"></span>ntor<span class=\"_ _2\"></span>y (ex<span class=\"_ _8\"></span>cl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets\u2019 ha<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>st) is s<span class=\"_ _2\"></span>tated at th<span class=\"_ _2\"></span>e lower of c<span class=\"_ _2\"></span>ost a<span class=\"_ _2\"></span>nd net re<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>sab<span class=\"_ _2\"></span>le val<span class=\"_ _2\"></span>ue. Co<span class=\"_ _2\"></span>st is d<span class=\"_ _2\"></span>etermi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d on the b<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>s of wei<span class=\"_ _2\"></span>ghted a<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s and c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s dire<span class=\"_ _2\"></span>ct m<span class=\"_ _2\"></span>ateria<span class=\"_ _2\"></span>ls an<span class=\"_ _2\"></span>d, wh<span class=\"_ _2\"></span>ere ap<span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>riate, di<span class=\"_ _2\"></span>rect l<span class=\"_ _2\"></span>abo<span class=\"_ _2\"></span>ur co<span class=\"_ _2\"></span>sts an<span class=\"_ _2\"></span>d tho<span class=\"_ _2\"></span>se overh<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>ds that h<span class=\"_ _2\"></span>ave be<span class=\"_ _2\"></span>en in<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>rred in b<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g the i<span class=\"_ _2\"></span>nventor<span class=\"_ _2\"></span>ies to the<span class=\"_ _2\"></span>ir pre<span class=\"_ _2\"></span>sent l<span class=\"_ _2\"></span>ocat<span class=\"_ _2\"></span>ion a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>For o<span class=\"_ _2\"></span>ur bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es, se<span class=\"_ _2\"></span>e note 16.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l assets\u2019 h<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>vest cl<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>d as inventor<span class=\"_ _2\"></span>ies<span class=\"_ _295\"> </span><span class=\"ff2 ls77 ws5c\">22<span class=\"_ _2\"></span>.7<span class=\"_ _6b\"> </span></span><span class=\"ls3e ws38\">20<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Raw mat<span class=\"_ _1\"></span>erials and consumables<span class=\"_ _1f9\"> </span><span class=\"ff2 lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _192\"> </span></span><span class=\"ls43 ws68\">3.6<span class=\"_ _35c\"> </span></span>Go<span class=\"_ _2\"></span>ods h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r r<span class=\"_ _8\"></span>esa<span class=\"_ _2\"></span>le<span class=\"_ _247\"> </span><span class=\"ff2 ls77 ws5c\">34<span class=\"_ _2\"></span>.7<span class=\"_ _69\"> </span></span><span class=\"lsb1 wsac\">26.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>Inventories<span class=\"_ _168\"> </span><span class=\"lsb0 wsce\">61<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _69\"> </span><span class=\"ff6 ls3e ws38\">5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span>21. TR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>DE AN<span class=\"_ _2\"></span>D OTH<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>R RE<span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>IVAB<span class=\"_ _2\"></span>LES<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>r trade a<span class=\"_ _2\"></span>nd oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>bles m<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>nly c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ist of a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nts owed to us by c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts we pa<span class=\"_ _2\"></span>y to our s<span class=\"_ _2\"></span>upp<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>rs in a<span class=\"_ _2\"></span>dvan<span class=\"_ _2\"></span>ce.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>We state trade a<span class=\"_ _2\"></span>nd oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les a<span class=\"_ _2\"></span>t the<span class=\"_ _2\"></span>ir am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost l<span class=\"_ _2\"></span>ess a<span class=\"_ _2\"></span>ny imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>(re<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>)<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ade r<span class=\"_ _1\"></span>eceivable<span class=\"_ _8\"></span>s (<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span>at<span class=\"_ _8\"></span>ed<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>)<span class=\"_ _22b\"> </span><span class=\"ff2 ls55 ws3f\">95.4<span class=\"_ _5b\"> </span></span><span class=\"lsb9 wsa9\">9<span class=\"_ _2\"></span>5.7<span class=\"_ _35c\"> </span></span>Less<span class=\"_ _1\"></span> expected<span class=\"_ _8\"></span> cr<span class=\"_ _8\"></span>edit loss<span class=\"_ _1\"></span> allowance<span class=\"_ _19a\"> </span><span class=\"ff2 lsb8 wsa8\">(3<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span></span><span class=\"ls16 ws16\">(4.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e r<span class=\"_ _8\"></span>ece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les n<span class=\"_ _2\"></span>et of impa<span class=\"_ _2\"></span>irm<span class=\"_ _2\"></span>ent<span class=\"_ _296\"> </span><span class=\"ff2 ls21 ws5e\">91.5<span class=\"_ _13e\"> </span></span><span class=\"ls1b ws1f\">91.4<span class=\"_ _35c\"> </span></span>Other deb<span class=\"_ _1\"></span>tors<span class=\"_ _297\"> </span><span class=\"ff2 lsc4 wsa7\">8<span class=\"_ _2\"></span>.1<span class=\"_ _6e\"> </span></span><span class=\"lsb9 wsa9\">10<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Prepa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts <span class=\"_ _218\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _d4\"> </span></span><span class=\"lsd ws5\">8.5<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>act a<span class=\"_ _2\"></span>ssets (restated<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>) (note 24)<span class=\"_ _205\"> </span><span class=\"ff2 ls21 ws5e\">22.<span class=\"_ _2\"></span>4<span class=\"_ _6f\"> </span></span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er taxes an<span class=\"_ _2\"></span>d soci<span class=\"_ _2\"></span>al se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y<span class=\"_ _298\"> </span><span class=\"ff2 ls53 ws19\">2.4<span class=\"_ _49\"> </span></span><span class=\"ls19 ws6a\">1.6<span class=\"_ _35c\"> </span></span>Cur<span class=\"_ _2\"></span>rent trade an<span class=\"_ _2\"></span>d other rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les <span class=\"_ _27f\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>32<span class=\"_ _6\"></span>.1<span class=\"_ _271\"> </span></span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Other deb<span class=\"_ _1\"></span>tors<span class=\"_ _299\"> </span><span class=\"ff2 ls31 ws97\">3.0<span class=\"_ _d7\"> </span></span><span class=\"lsb9 wsa9\">3.7<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>act a<span class=\"_ _2\"></span>ssets (note 24)<span class=\"_ _118\"> </span><span class=\"ff2 lsd ws5\">5.<span class=\"_ _2\"></span>2<span class=\"_ _6c\"> </span></span><span class=\"ls3e ws38\">4<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Non-<span class=\"_ _8\"></span>curr<span class=\"_ _1\"></span>ent ot<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>er<span class=\"_ _8\"></span> r<span class=\"_ _8\"></span>eceivables<span class=\"_ _191\"> </span><span class=\"ff2\">8.<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span></span><span class=\"ls19 ws6a\">8.6<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>rade and<span class=\"_ _8\"></span> other rec<span class=\"_ _8\"></span>eivabl<span class=\"_ _8\"></span>es<span class=\"_ _1c8\"> </span><span class=\"ls77 ws5c\">140.<span class=\"_ _2\"></span>3<span class=\"_ _48\"> </span><span class=\"ff6 ls8a wsad\">1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>1 <span class=\"_ _d9\"> </span>S<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote 2 for d<span class=\"_ _2\"></span>etails o<span class=\"_ _2\"></span>f the p<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>r per<span class=\"_ _2\"></span>iod re<span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent<span class=\"_ _35c\"> </span>N<span class=\"_ _35c\"> </span><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls28 ws27 gs7ba\">T<span class=\"_ _1\"></span>rade receivables<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7bb\">Th<span class=\"_ _2\"></span>e averag<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d our c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s take on the sa<span class=\"_ _2\"></span>les of g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>s is 48 d<span class=\"_ _2\"></span>ays (2022 (re<span class=\"_ _2\"></span>stated<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff3 fs9 fc2 sc0 ls3 ws3 gs7bc\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7bd\">): 56 d<span class=\"_ _2\"></span>ays). W<span class=\"_ _1\"></span>e d<span class=\"_ _2\"></span>o not c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7be\">on re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s for th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst 30 d<span class=\"_ _2\"></span>ays f<span class=\"_ _2\"></span>rom the d<span class=\"_ _2\"></span>ate of the in<span class=\"_ _2\"></span>voice. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7bf\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p always m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sures th<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span>s all<span class=\"_ _2\"></span>owanc<span class=\"_ _2\"></span>e for tra<span class=\"_ _2\"></span>de rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les a<span class=\"_ _2\"></span>t an am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt equ<span class=\"_ _2\"></span>al to lif<span class=\"_ _2\"></span>etime ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s (\u2018ECLs\u2019). </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c0\">Th<span class=\"_ _2\"></span>e ECLs o<span class=\"_ _2\"></span>n trade re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s are es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>ted usi<span class=\"_ _2\"></span>ng a prov<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n matr<span class=\"_ _2\"></span>ix by refere<span class=\"_ _2\"></span>nce to pa<span class=\"_ _2\"></span>st d<span class=\"_ _2\"></span>efau<span class=\"_ _2\"></span>lt expe<span class=\"_ _2\"></span>rie<span class=\"_ _2\"></span>nce of th<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>bt<span class=\"_ _8\"></span>or a<span class=\"_ _2\"></span>nd an </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c1\">an<span class=\"_ _2\"></span>alys<span class=\"_ _2\"></span>is of the d<span class=\"_ _2\"></span>ebtor<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s cu<span class=\"_ _2\"></span>rrent f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial p<span class=\"_ _2\"></span>ositi<span class=\"_ _2\"></span>on, a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted for f<span class=\"_ _2\"></span>actor<span class=\"_ _2\"></span>s that a<span class=\"_ _2\"></span>re spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ic to the g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>eral e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c con<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ons of th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c2\">in<span class=\"_ _2\"></span>dus<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>y and c<span class=\"_ _2\"></span>ountr<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>n whic<span class=\"_ _2\"></span>h the d<span class=\"_ _2\"></span>ebtor op<span class=\"_ _2\"></span>erates a<span class=\"_ _2\"></span>nd a<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent of b<span class=\"_ _2\"></span>oth the cu<span class=\"_ _2\"></span>rrent a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e forec<span class=\"_ _2\"></span>ast d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tion of c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>ns at </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c3\">the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date. T<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up write<span class=\"_ _2\"></span>s off a tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>ble wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>ere is i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n in<span class=\"_ _2\"></span>dica<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g that th<span class=\"_ _2\"></span>e debto<span class=\"_ _2\"></span>r is in seve<span class=\"_ _2\"></span>re fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c4\">dif<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>icu<span class=\"_ _2\"></span>lt<span class=\"_ _2\"></span>y and th<span class=\"_ _2\"></span>ere is n<span class=\"_ _2\"></span>o real<span class=\"_ _2\"></span>isti<span class=\"_ _2\"></span>c prosp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of recove<span class=\"_ _2\"></span>ry, such a<span class=\"_ _2\"></span>s whe<span class=\"_ _2\"></span>n the d<span class=\"_ _2\"></span>ebtor ha<span class=\"_ _2\"></span>s be<span class=\"_ _2\"></span>en pl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>d und<span class=\"_ _2\"></span>er l<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>r has e<span class=\"_ _2\"></span>ntered i<span class=\"_ _2\"></span>nto </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls9 ws9 gs7c5\">bankrupt<span class=\"_ _1\"></span>cy proceedings.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c6\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>es ECL<span class=\"_ _2\"></span>s with refere<span class=\"_ _2\"></span>nce to th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowin<span class=\"_ _2\"></span>g matr<span class=\"_ _2\"></span>ix, in a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>rdan<span class=\"_ _2\"></span>ce with th<span class=\"_ _2\"></span>e sim<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d ap<span class=\"_ _2\"></span>proac<span class=\"_ _2\"></span>h pe<span class=\"_ _2\"></span>rmit<span class=\"_ _2\"></span>ted in I<span class=\"_ _2\"></span>FRS 9<span class=\"_ _1\"></span>. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c7\">Th<span class=\"_ _2\"></span>ere ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n no c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge in th<span class=\"_ _2\"></span>e es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tion tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>es du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t repo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d. A co<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>nt of the ca<span class=\"_ _2\"></span>lc<span class=\"_ _2\"></span>ulati<span class=\"_ _2\"></span>on is th<span class=\"_ _2\"></span>e ris<span class=\"_ _2\"></span>k </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7c8\">pre<span class=\"_ _2\"></span>miu<span class=\"_ _2\"></span>m of the co<span class=\"_ _2\"></span>untr<span class=\"_ _2\"></span>ies in w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h our c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer<span class=\"_ _2\"></span>s ope<span class=\"_ _2\"></span>rate. The r<span class=\"_ _2\"></span>isk pre<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ums a<span class=\"_ _2\"></span>re upd<span class=\"_ _2\"></span>ated on e<span class=\"_ _2\"></span>ach re<span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng da<span class=\"_ _2\"></span>te, t<span class=\"_ _1\"></span>o ref<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ct ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges in </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls5 wsb gs7c9\">the<span class=\"_ _8\"></span> global econom<span class=\"_ _1\"></span>y.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gs7ca\">No<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>h </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa wsa gs7cb\">America<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gs7cc\">La<span class=\"_ _2\"></span>tin </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa wsa gs7cd\">America<span class=\"_ _6a\"> </span><span class=\"ls137 ws127\">EMEA<span class=\"_ _76\"> </span><span class=\"lsca wsc0\">Asia<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 lsa6 wsa6 gs7ce\">2023<span class=\"_ _7e\"> </span><span class=\"lsb9 wsa9\">Ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>k p<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span> (%)<span class=\"_ _29a\"> </span><span class=\"ls75 ws69\">1.0%<span class=\"_ _271\"> </span><span class=\"lsa4 ws98\">5<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6%<span class=\"_ _79\"> </span><span class=\"lsc4 wsa7\">3<span class=\"_ _2\"></span>.1%<span class=\"_ _271\"> </span></span>2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls28 ws27 gs7cf\">T<span class=\"_ _1\"></span>rade receivables<span class=\"_ _8\"></span> (\u00a3m)<span class=\"_ _109\"> </span><span class=\"lsa3 ws96\">1<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _79\"> </span><span class=\"ls1b ws1f\">23<span class=\"_ _2\"></span>.6<span class=\"_ _6a\"> </span><span class=\"ls19 ws6a\">34.5<span class=\"_ _73\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>5<span class=\"_ _35c\"> </span></span></span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls31 ws97 gs7d0\">202<span class=\"_ _2\"></span>2<span class=\"_ _7e\"> </span><span class=\"ls3 ws3\">Ri<span class=\"_ _2\"></span>sk prem<span class=\"_ _2\"></span>ium (%)<span class=\"_ _249\"> </span><span class=\"ls76 ws5d\">1.0%<span class=\"_ _5b\"> </span><span class=\"ls8a wsad\">5<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>%<span class=\"_ _48\"> </span><span class=\"ls22 ws22\">3.<span class=\"_ _2\"></span>5%<span class=\"_ _79\"> </span><span class=\"lsb9 wsa9\">3.7%<span class=\"_ _35c\"> </span></span></span></span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9c wsb7 gs7d1\">T<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>ei<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> (\u00a3m<span class=\"_ _2\"></span>) (res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d*)<span class=\"_ _113\"> </span><span class=\"ls3 ws3\">23.2<span class=\"_ _6b\"> </span><span class=\"ls3a ws1a\">22.<span class=\"_ _2\"></span>3<span class=\"_ _5e\"> </span><span class=\"lsba wsaa\">3<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>6<span class=\"_ _6f\"> </span><span class=\"ls77 ws5c\">12.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span></span></span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7d2\">Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table s<span class=\"_ _2\"></span>hows th<span class=\"_ _2\"></span>e movem<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>n lifeti<span class=\"_ _2\"></span>me ECL<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>t has b<span class=\"_ _2\"></span>een re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed for tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s, in ac<span class=\"_ _2\"></span>cord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7d3\">sim<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed ap<span class=\"_ _2\"></span>proa<span class=\"_ _2\"></span>ch set o<span class=\"_ _2\"></span>ut in I<span class=\"_ _2\"></span>FRS 9<span class=\"_ _1\"></span>. </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gs7d4\">2023 <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsb ws2a gs7d5\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls3 ws3 gs7d6\">202<span class=\"_ _2\"></span>2  </div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls6c ws61 gs7d7\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7d8\">Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at the s<span class=\"_ _2\"></span>tart of th<span class=\"_ _2\"></span>e year<span class=\"_ _1f7\"> </span><span class=\"ff2 ls26 ws25\">4.3<span class=\"_ _8b\"> </span></span><span class=\"ls20 ws11\">5<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7d9\">Cha<span class=\"_ _2\"></span>nge i<span class=\"_ _2\"></span>n loss a<span class=\"_ _2\"></span>llowa<span class=\"_ _2\"></span>nce d<span class=\"_ _2\"></span>ue to new trade a<span class=\"_ _2\"></span>nd other re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>bles o<span class=\"_ _2\"></span>rigi<span class=\"_ _2\"></span>nated n<span class=\"_ _2\"></span>et of those d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7da\">du<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>o settl<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _29b\"> </span><span class=\"ff2 lse wsd\">3.4<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7db\">Am<span class=\"_ _2\"></span>ounts w<span class=\"_ _2\"></span>ritten of<span class=\"_ _2\"></span>f as u<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>lle<span class=\"_ _2\"></span>ctable<span class=\"_ _29c\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7dc\">Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s rev<span class=\"_ _8\"></span>erse<span class=\"_ _2\"></span>d<span class=\"_ _137\"> </span><span class=\"ff2 lsb8 wsa8\">(3<span class=\"_ _2\"></span>.9)<span class=\"_ _5b\"> </span></span><span class=\"ls9c wsb7\">(3.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7dd\">Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _29d\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _6c\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls5 wsb gs7de\">Balance at<span class=\"_ _1\"></span> t<span class=\"_ _2\"></span>he<span class=\"_ _1\"></span> end of the<span class=\"_ _8\"></span> year<span class=\"_ _29e\"> </span><span class=\"lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _6c\"> </span><span class=\"ff6 ls9 ws9\">4.3<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7df\">Th<span class=\"_ _2\"></span>e agi<span class=\"_ _2\"></span>ng of trad<span class=\"_ _2\"></span>e rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les is p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nted be<span class=\"_ _2\"></span>low:<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls8 ws8 gs7e0\">T<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>de<span class=\"_ _8\"></span> receivables </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls8 ws8 gs7e1\">T<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>de<span class=\"_ _8\"></span> receivables <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa wsa gs7e2\">net of<span class=\"_ _1\"></span> impairment<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gs7e3\">Days past<span class=\"_ _1\"></span> due<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gs7e4\">2023 <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsb ws2a gs7e5\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls71 ws2e gs7e6\">2022<span class=\"ls3 ws3\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls6c ws61 gs7e7\"> \u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gs7e8\">2023 <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsb ws2a gs7e9\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls3 ws3 gs7ea\">202<span class=\"_ _2\"></span>2  </div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls6c ws61 gs7eb\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7ec\">Not yet du<span class=\"_ _2\"></span>e <span class=\"_ _19a\"> </span><span class=\"ff2 lsa3 ws96\">69.<span class=\"_ _6\"></span>3<span class=\"_ _71\"> </span></span><span class=\"ls8a wsad\">7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _76\"> </span><span class=\"ff2 lsbb wsab\">6<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _73\"> </span></span><span class=\"lsc1 wsb1\">6<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>7<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsd2 wsc9 gs7ed\">0<span class=\"_ _2\"></span>\u20133<span class=\"_ _2\"></span>0 d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>s<span class=\"_ _29f\"> </span><span class=\"ff2 ls3a ws1a\">13.<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span></span><span class=\"lsb9 wsa9\">11<span class=\"_ _2\"></span>.7<span class=\"_ _5b\"> </span><span class=\"ff2 ls6 ws6\">12.8<span class=\"_ _8b\"> </span></span><span class=\"ls3a ws1a\">11.4<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7ee\">31\u201390 d<span class=\"_ _2\"></span>ays <span class=\"_ _29f\"> </span><span class=\"ff2 lsc4 wsa7\">8<span class=\"_ _2\"></span>.1<span class=\"_ _49\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>4<span class=\"_ _5c\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _49\"> </span></span>7.<span class=\"_ _6\"> </span>2<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls58 ws51 gs7ef\">9<span class=\"_ _6\"></span>1\u20131<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>0<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>y<span class=\"_ _2\"></span>s<span class=\"_ _2a0\"> </span><span class=\"ff2 ls77 ws5c\">3.7<span class=\"_ _11f\"> </span></span><span class=\"ls20 ws11\">3<span class=\"_ _2\"></span>.0<span class=\"_ _d7\"> </span><span class=\"ff2 lsc4 wsa7\">3<span class=\"_ _2\"></span>.1<span class=\"_ _d4\"> </span></span><span class=\"ls3a ws1a\">2.5<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs7f0\">Ove<span class=\"_ _2\"></span>r 180 d<span class=\"_ _2\"></span>ays<span class=\"_ _19a\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.5<span class=\"_ _71\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>8<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls55 ws3f gs7f1\">95.<span class=\"_ _2\"></span>4<span class=\"_ _5b\"> </span><span class=\"ff6 lsb9 wsa9\">95<span class=\"_ _2\"></span>.7<span class=\"_ _5b\"> </span></span><span class=\"ls21 ws5e\">91.5<span class=\"_ _13e\"> </span><span class=\"ff6 ls1b ws1f\">91.4<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7f2\">No c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts mo<span class=\"_ _2\"></span>re than 5% of th<span class=\"_ _2\"></span>e total bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce of trade re<span class=\"_ _2\"></span>cei<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>es (2022: n<span class=\"_ _2\"></span>o mo<span class=\"_ _2\"></span>re than 5%).<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7f3\">Th<span class=\"_ _2\"></span>e Dire<span class=\"_ _2\"></span>ctors c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>r that th<span class=\"_ _2\"></span>e car<span class=\"_ _2\"></span>ry<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt of trad<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d other re<span class=\"_ _2\"></span>cei<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>es ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>ates the<span class=\"_ _2\"></span>ir fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7f4\">T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d other re<span class=\"_ _2\"></span>cei<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>es de<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ated in c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>es othe<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n Sterli<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rise \u00a342.<span class=\"_ _2\"></span>3m d<span class=\"_ _2\"></span>eno<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nated i<span class=\"_ _2\"></span>n US Do<span class=\"_ _2\"></span>lla<span class=\"_ _2\"></span>rs (2022: \u00a34<span class=\"_ _2\"></span>4.1m), </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7f5\">\u00a315<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>m den<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>inate<span class=\"_ _2\"></span>d in Euros (<span class=\"_ _2\"></span>2022: \u00a313.<span class=\"_ _2\"></span>3m) a<span class=\"_ _2\"></span>nd \u00a349<span class=\"_ _1\"></span>.8<span class=\"_ _2\"></span>m de<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ated in oth<span class=\"_ _2\"></span>er c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s (2022: \u00a349<span class=\"_ _1\"></span>.7m)<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 wsb gs7f6\">Other debtor<span class=\"_ _8\"></span>s<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs7f7\">In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in othe<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>bt<span class=\"_ _8\"></span>ors i<span class=\"_ _2\"></span>s an am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt of \u00a32.<span class=\"_ _2\"></span>3m (202<span class=\"_ _2\"></span>2: \u00a33.<span class=\"_ _2\"></span>5m) wh<span class=\"_ _2\"></span>ich c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>y de<span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>its he<span class=\"_ _2\"></span>ld over f<span class=\"_ _2\"></span>arms b<span class=\"_ _2\"></span>ei<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ucte<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span></div>22<span class=\"_ _2\"></span>. CAS<span class=\"_ _2\"></span>H AN<span class=\"_ _2\"></span>D CAS<span class=\"_ _2\"></span>H EQ<span class=\"_ _2\"></span>UI<span class=\"_ _2\"></span>VALE<span class=\"_ _2\"></span>NTS<span class=\"_ _35c\"> </span>We hol<span class=\"_ _2\"></span>d cas<span class=\"_ _2\"></span>h and b<span class=\"_ _2\"></span>ank d<span class=\"_ _2\"></span>ep<span class=\"_ _2\"></span>osits w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h have a m<span class=\"_ _2\"></span>atur<span class=\"_ _2\"></span>ity o<span class=\"_ _2\"></span>f three m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s or le<span class=\"_ _2\"></span>ss, to en<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e us to me<span class=\"_ _2\"></span>et our s<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-term li<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>idit<span class=\"_ _2\"></span>y req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Cas<span class=\"_ _2\"></span>h an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ival<span class=\"_ _2\"></span>ents co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rise c<span class=\"_ _2\"></span>ash b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s. Ba<span class=\"_ _2\"></span>nk overd<span class=\"_ _2\"></span>raf<span class=\"_ _2\"></span>ts that a<span class=\"_ _2\"></span>re repa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>e on de<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>nd fo<span class=\"_ _2\"></span>rm an in<span class=\"_ _2\"></span>tegral p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of our c<span class=\"_ _2\"></span>ash ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nd are i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>ed in i<span class=\"_ _2\"></span>nterest<span class=\"_ _8\"></span>-be<span class=\"_ _2\"></span>arin<span class=\"_ _2\"></span>g lo<span class=\"_ _2\"></span>ans a<span class=\"_ _2\"></span>nd bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n on<span class=\"_ _2\"></span>e year.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Cas<span class=\"_ _2\"></span>h at ba<span class=\"_ _2\"></span>nk an<span class=\"_ _2\"></span>d in ha<span class=\"_ _2\"></span>nd<span class=\"_ _2a1\"> </span><span class=\"ff2 lse wsd\">36.3<span class=\"_ _79\"> </span></span><span class=\"ls19 ws6a\">38.8<span class=\"_ _35c\"> </span></span>Th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>ates to the<span class=\"_ _2\"></span>ir fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e. Th<span class=\"_ _2\"></span>e cred<span class=\"_ _2\"></span>it qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of ca<span class=\"_ _2\"></span>sh an<span class=\"_ _2\"></span>d cas<span class=\"_ _2\"></span>h equ<span class=\"_ _2\"></span>ival<span class=\"_ _2\"></span>ents c<span class=\"_ _2\"></span>an be a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sed by refe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>e to extern<span class=\"_ _2\"></span>al c<span class=\"_ _2\"></span>redit ra<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unter<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>re the ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt or de<span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>it is pl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>Counterparties<span class=\"_ _1\"></span> with external<span class=\"_ _8\"></span> credit r<span class=\"_ _8\"></span>atings<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>A to AA-<span class=\"_ _2a2\"> </span><span class=\"ff2 lse wsd\">25.8<span class=\"_ _6e\"> </span></span><span class=\"ls8a wsad\">24<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>BBB-<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> BBB<span class=\"_ _1fa\"> </span><span class=\"ff2 ls31 ws97\">8.0<span class=\"_ _64\"> </span></span><span class=\"ls20 ws11\">8<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span>B- to BB+<span class=\"_ _2a3\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _1c\"> </span></span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>CCC to<span class=\"_ _8\"></span> CCC-<span class=\"_ _147\"> </span><span class=\"ff2 ls77 ws5c\">0.6<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>No r<span class=\"_ _1\"></span>atings<span class=\"_ _2a4\"> </span><span class=\"ff2 ls77 ws5c\">0.8<span class=\"_ _6c\"> </span></span><span class=\"ls3d ws20\">4.5<span class=\"_ _35c\"> </span></span>Cash at<span class=\"_ _1\"></span> bank and in<span class=\"_ _8\"></span> hand<span class=\"_ _2a1\"> </span><span class=\"lse wsd\">36<span class=\"_ _2\"></span>.3<span class=\"_ _79\"> </span><span class=\"ff6 ls19 ws6a\">38.8<span class=\"_ _35c\"> </span></span></span>With<span class=\"_ _2\"></span>in o<span class=\"_ _2\"></span>ur cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ivale<span class=\"_ _2\"></span>nts th<span class=\"_ _2\"></span>ere is a ca<span class=\"_ _2\"></span>sh ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce of \u00a3<span class=\"_ _2\"></span>3.<span class=\"_ _8\"></span>1m (2022: \u00a3<span class=\"_ _2\"></span>4.5<span class=\"_ _2\"></span>m) in ou<span class=\"_ _2\"></span>r Rus<span class=\"_ _2\"></span>sia<span class=\"_ _2\"></span>n entiti<span class=\"_ _2\"></span>es of whi<span class=\"_ _2\"></span>ch \u00a30.8<span class=\"_ _2\"></span>m (2022: \u00a30.2m) is n<span class=\"_ _2\"></span>ot curre<span class=\"_ _2\"></span>ntly a<span class=\"_ _2\"></span>vaila<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e to be use<span class=\"_ _2\"></span>d by the Gro<span class=\"_ _2\"></span>up du<span class=\"_ _2\"></span>e to bei<span class=\"_ _2\"></span>ng rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d from a<span class=\"_ _2\"></span>nd he<span class=\"_ _2\"></span>ld i<span class=\"_ _2\"></span>n san<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ks.<span class=\"_ _35c\"> </span>23. T<span class=\"_ _2\"></span>RA<span class=\"_ _2\"></span>DE A<span class=\"_ _2\"></span>ND OTH<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>R P<span class=\"_ _8\"></span>A<span class=\"_ _1\"></span>YAB<span class=\"_ _2\"></span>LES<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>r trade a<span class=\"_ _2\"></span>nd oth<span class=\"_ _2\"></span>er pa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>es ma<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ly con<span class=\"_ _2\"></span>sis<span class=\"_ _2\"></span>t of am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s we owe t<span class=\"_ _8\"></span>o ou<span class=\"_ _2\"></span>r sup<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ers th<span class=\"_ _2\"></span>at ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n invo<span class=\"_ _2\"></span>iced o<span class=\"_ _2\"></span>r are ac<span class=\"_ _2\"></span>cru<span class=\"_ _2\"></span>ed. T<span class=\"_ _2\"></span>hey al<span class=\"_ _2\"></span>so in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de taxes an<span class=\"_ _2\"></span>d soc<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>ecu<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>y am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due i<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tion to ou<span class=\"_ _2\"></span>r role a<span class=\"_ _2\"></span>s an em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oyer<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>es are n<span class=\"_ _2\"></span>ot interes<span class=\"_ _2\"></span>t bea<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g an<span class=\"_ _2\"></span>d are stated a<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r no<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>al val<span class=\"_ _2\"></span>ue.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ade payables<span class=\"_ _20e\"> </span><span class=\"ff2 ls19 ws6a\">34.8<span class=\"_ _48\"> </span></span><span class=\"ls20 ws11\">3<span class=\"_ _2\"></span>6.0<span class=\"_ _35c\"> </span></span>Other payables<span class=\"_ _1d3\"> </span><span class=\"ff2 lsc wsc\">11.6<span class=\"_ _192\"> </span></span><span class=\"lsd ws5\">8.2<span class=\"_ _35c\"> </span></span>Accrued expenses<span class=\"_ _196\"> </span><span class=\"ff2 ls28 ws27\">58.<span class=\"_ _1\"></span>1<span class=\"_ _73\"> </span><span class=\"ff6 lsd1 ws74\">61<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>Co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>act l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es (note 24<span class=\"_ _1\"></span>)<span class=\"_ _2a5\"> </span><span class=\"ff2 lsa3 ws96\">9.<span class=\"_ _2\"></span>8<span class=\"_ _64\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er taxes an<span class=\"_ _2\"></span>d soci<span class=\"_ _2\"></span>al se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y<span class=\"_ _29e\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _d4\"> </span></span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>0<span class=\"_ _35c\"> </span></span>Cur<span class=\"_ _2\"></span>rent trade an<span class=\"_ _2\"></span>d other p<span class=\"_ _2\"></span>ayab<span class=\"_ _2\"></span>les<span class=\"_ _211\"> </span><span class=\"ff2 ls31 ws97\">122<span class=\"_ _2\"></span>.0<span class=\"_ _75\"> </span></span><span class=\"lsb9 wsa9\">124<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>act l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es (note 24<span class=\"_ _1\"></span>)<span class=\"_ _198\"> </span><span class=\"ff2\">\u2013<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.2<span class=\"_ _35c\"> </span></span>No<span class=\"_ _2\"></span>n-current trad<span class=\"_ _2\"></span>e and oth<span class=\"_ _2\"></span>er pa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>es<span class=\"_ _2a6\"> </span><span class=\"ff2\">\u2013<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.2<span class=\"_ _35c\"> </span></span>Th<span class=\"_ _2\"></span>e averag<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d taken for tra<span class=\"_ _2\"></span>de pu<span class=\"_ _2\"></span>rcha<span class=\"_ _2\"></span>ses is 32 d<span class=\"_ _2\"></span>ays (2022<span class=\"_ _2\"></span>: 39 days).<span class=\"_ _35c\"> </span>Oth<span class=\"_ _2\"></span>er p<span class=\"_ _2\"></span>ayab<span class=\"_ _2\"></span>les i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude a<span class=\"_ _2\"></span>n am<span class=\"_ _2\"></span>ount o<span class=\"_ _2\"></span>f \u00a37<span class=\"_ _1\"></span>.5m (202<span class=\"_ _2\"></span>2: \u00a35.1m) be<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>paya<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e on de<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>d with a th<span class=\"_ _2\"></span>ird-pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y bus<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ess pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ner.<span class=\"_ _35c\"> </span>Payab<span class=\"_ _2\"></span>les d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>nate<span class=\"_ _2\"></span>d in cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s other th<span class=\"_ _2\"></span>an Ster<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g com<span class=\"_ _2\"></span>pris<span class=\"_ _2\"></span>e \u00a352.9m den<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted in US D<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>ars (2022<span class=\"_ _2\"></span>: \u00a355.9m), \u00a314.9m den<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted in Eu<span class=\"_ _2\"></span>ros (2022: \u00a311<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>m) and \u00a3<span class=\"_ _2\"></span>30.3<span class=\"_ _2\"></span>m de<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted in oth<span class=\"_ _2\"></span>er cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s (2022: \u00a33<span class=\"_ _2\"></span>3.7m)<span class=\"_ _1\"></span>. Th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng val<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>s of thes<span class=\"_ _2\"></span>e liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re a reaso<span class=\"_ _2\"></span>nab<span class=\"_ _2\"></span>le a<span class=\"_ _2\"></span>pproxi<span class=\"_ _2\"></span>mati<span class=\"_ _2\"></span>on of the<span class=\"_ _2\"></span>ir fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>24. CONTRACT BAL<span class=\"_ _2\"></span>ANCES<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _1\"></span> policy<span class=\"_ _35c\"> </span>A co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>sset is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed wh<span class=\"_ _2\"></span>en the G<span class=\"_ _2\"></span>roup\u2019s rig<span class=\"_ _2\"></span>ht to con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n is co<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>al on s<span class=\"_ _2\"></span>ometh<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g other th<span class=\"_ _2\"></span>an th<span class=\"_ _2\"></span>e pas<span class=\"_ _2\"></span>sag<span class=\"_ _2\"></span>e of tim<span class=\"_ _2\"></span>e, for examp<span class=\"_ _2\"></span>le th<span class=\"_ _2\"></span>e com<span class=\"_ _2\"></span>plet<span class=\"_ _2\"></span>ion of f<span class=\"_ _2\"></span>uture p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns un<span class=\"_ _2\"></span>der th<span class=\"_ _2\"></span>e term<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>t with the c<span class=\"_ _2\"></span>usto<span class=\"_ _2\"></span>mer. In so<span class=\"_ _2\"></span>me in<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up rece<span class=\"_ _2\"></span>ives p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents f<span class=\"_ _2\"></span>rom cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>ers b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on a bi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng sc<span class=\"_ _2\"></span>hed<span class=\"_ _2\"></span>ule, a<span class=\"_ _2\"></span>s estab<span class=\"_ _2\"></span>lis<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t, whi<span class=\"_ _2\"></span>ch ma<span class=\"_ _2\"></span>y not ma<span class=\"_ _2\"></span>tch the p<span class=\"_ _2\"></span>atte<span class=\"_ _2\"></span>rn of pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct. Whe<span class=\"_ _2\"></span>re pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt is rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d ahe<span class=\"_ _2\"></span>ad of p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce a con<span class=\"_ _2\"></span>tract l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y wil<span class=\"_ _2\"></span>l be cre<span class=\"_ _2\"></span>ated, a<span class=\"_ _2\"></span>nd wh<span class=\"_ _2\"></span>ere pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e obl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>re satis<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>ed ah<span class=\"_ _2\"></span>ead of b<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g, the<span class=\"_ _2\"></span>n a contra<span class=\"_ _2\"></span>ct as<span class=\"_ _2\"></span>set wil<span class=\"_ _2\"></span>l be rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>(re<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>)<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Cur<span class=\"_ _2\"></span>rent contract a<span class=\"_ _2\"></span>ssets (restated<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>)<span class=\"_ _29f\"> </span><span class=\"ff2 ls21 ws5e\">22<span class=\"_ _2\"></span>.4<span class=\"_ _71\"> </span></span><span class=\"lsba wsaa\">1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span>No<span class=\"_ _2\"></span>n-current c<span class=\"_ _2\"></span>ontract as<span class=\"_ _2\"></span>sets<span class=\"_ _137\"> </span><span class=\"ff2 lsd ws5\">5.2<span class=\"_ _192\"> </span></span><span class=\"ls3e ws38\">4<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>act a<span class=\"_ _2\"></span>ssets (note 21)<span class=\"_ _2a7\"> </span><span class=\"ff2 lsbb wsab\">2<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _5b\"> </span></span><span class=\"ls3a ws1a\">2<span class=\"_ _2\"></span>2.2<span class=\"_ _35c\"> </span></span>Curr<span class=\"_ _8\"></span>ent con<span class=\"_ _1\"></span>tract liabili<span class=\"_ _8\"></span>ties<span class=\"_ _2a5\"> </span><span class=\"ff2 lsa3 ws96\">(<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _79\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Non-curr<span class=\"_ _1\"></span>ent cont<span class=\"_ _1\"></span>ract liabilitie<span class=\"_ _8\"></span>s<span class=\"_ _138\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>act l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es (note 23)<span class=\"_ _21d\"> </span><span class=\"ff2 lsa3 ws96\">(<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _c4\"> </span></span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>0.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>(restated<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>)<span class=\"_ _35c\"> </span>Contract <span class=\"ls3 ws3\"> </span>assets <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Contract liabilities<span class=\"_ _1\"></span> <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _1bd\"> </span><span class=\"ls6 ws6\">16.2<span class=\"_ _142\"> </span><span class=\"ls20 ws11\">(12<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span>In<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s as a resul<span class=\"_ _2\"></span>t of per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e in ad<span class=\"_ _2\"></span>vance of b<span class=\"_ _2\"></span>illi<span class=\"_ _2\"></span>ng <span class=\"_ _2a8\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>0<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>rans<span class=\"_ _2\"></span>fers to recei<span class=\"_ _2\"></span>vable<span class=\"_ _2\"></span>s duri<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e year<span class=\"_ _27e\"> </span><span class=\"ls43 ws68\">(153.3<span class=\"_ _8\"></span>)<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span></span>In<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s as a resul<span class=\"_ _2\"></span>t of bill<span class=\"_ _2\"></span>ing ah<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>d of per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce<span class=\"_ _159\"> </span>\u2013<span class=\"_ _4d\"> </span><span class=\"ls75 ws69\">(<span class=\"_ _2\"></span>80.8<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es as a resul<span class=\"_ _2\"></span>t of rev<span class=\"_ _8\"></span>en<span class=\"_ _2\"></span>ue reco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e year<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _79\"> </span><span class=\"ls43 ws68\">83.4<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _111\"> </span><span class=\"ls75 ws69\">0.3<span class=\"_ _5b\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>0.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022<span class=\"_ _2aa\"> </span><span class=\"ls3a ws1a\">22.2<span class=\"_ _142\"> </span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>0.3)<span class=\"_ _35c\"> </span></span></span>In<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s as a resul<span class=\"_ _2\"></span>t of per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e in ad<span class=\"_ _2\"></span>vance of b<span class=\"_ _2\"></span>illi<span class=\"_ _2\"></span>ng<span class=\"_ _2ab\"> </span><span class=\"ff2 ls20 ws11\">175<span class=\"_ _2\"></span>.5<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>rans<span class=\"_ _2\"></span>fers to recei<span class=\"_ _2\"></span>vable<span class=\"_ _2\"></span>s duri<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e year<span class=\"_ _2ac\"> </span><span class=\"ff2 lsa3 ws96\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _35c\"> </span></span>In<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s as a resul<span class=\"_ _2\"></span>t of bill<span class=\"_ _2\"></span>ing ah<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>d of per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce<span class=\"_ _159\"> </span><span class=\"ff2\">\u2013<span class=\"_ _14d\"> </span><span class=\"lsaf wsb8\">(6<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.8)<span class=\"_ _35c\"> </span></span></span>De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es as a resul<span class=\"_ _2\"></span>t of rev<span class=\"_ _8\"></span>en<span class=\"_ _2\"></span>ue reco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e year<span class=\"_ _2a9\"> </span><span class=\"ff2\">\u2013<span class=\"_ _79\"> </span><span class=\"ls7 ws7\">63.6<span class=\"_ _35c\"> </span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _78\"> </span><span class=\"ff2 ls77 ws5c\">(0.9)<span class=\"_ _64\"> </span>0.7<span class=\"_ _35c\"> </span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _2aa\"> </span><span class=\"lsbb wsab\">2<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _69\"> </span><span class=\"lsa3 ws96\">(<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>1 <span class=\"_ _d9\"> </span>S<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote 2 for d<span class=\"_ _2\"></span>etails o<span class=\"_ _2\"></span>f the p<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>r per<span class=\"_ _2\"></span>iod re<span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent<span class=\"_ _35c\"> </span>In so<span class=\"_ _2\"></span>me ca<span class=\"_ _2\"></span>ses, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up rece<span class=\"_ _2\"></span>ives p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents f<span class=\"_ _2\"></span>rom cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>ers b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on a bi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng sc<span class=\"_ _2\"></span>hed<span class=\"_ _2\"></span>ule, a<span class=\"_ _2\"></span>s estab<span class=\"_ _2\"></span>lis<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>d in ou<span class=\"_ _2\"></span>r contra<span class=\"_ _2\"></span>cts. T<span class=\"_ _2\"></span>he co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets rel<span class=\"_ _2\"></span>ate to revenu<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r per<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>ce in a<span class=\"_ _2\"></span>dvan<span class=\"_ _2\"></span>ce of sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>dul<span class=\"_ _2\"></span>ed bi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d ha<span class=\"_ _2\"></span>ve inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>ed, as th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ha<span class=\"_ _2\"></span>s provid<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>re ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces ah<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>d of the a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t sch<span class=\"_ _2\"></span>edu<span class=\"_ _2\"></span>les fo<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tai<span class=\"_ _2\"></span>n contra<span class=\"_ _2\"></span>cts. T<span class=\"_ _2\"></span>he co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>t lia<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty re<span class=\"_ _2\"></span>lates to pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d in ad<span class=\"_ _2\"></span>vanc<span class=\"_ _2\"></span>e of per<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>ce u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r contra<span class=\"_ _2\"></span>ct an<span class=\"_ _2\"></span>d vari<span class=\"_ _2\"></span>es ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n per<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>ce u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r thes<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n pri<span class=\"_ _2\"></span>ce al<span class=\"_ _2\"></span>loc<span class=\"_ _2\"></span>ated to par<span class=\"_ _2\"></span>tia<span class=\"_ _2\"></span>lly u<span class=\"_ _2\"></span>nsa<span class=\"_ _2\"></span>tisf<span class=\"_ _2\"></span>ied p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023 is \u00a315<span class=\"_ _2\"></span>.0m (2022: \u00a3<span class=\"_ _2\"></span>12.1m)<span class=\"_ _8\"></span>. It is exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted tha<span class=\"_ _2\"></span>t the Gro<span class=\"_ _2\"></span>up wi<span class=\"_ _2\"></span>ll reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se thi<span class=\"_ _2\"></span>s revenu<span class=\"_ _2\"></span>e over th<span class=\"_ _2\"></span>e next s<span class=\"_ _2\"></span>ix yea<span class=\"_ _2\"></span>rs.<span class=\"_ _35c\"> </span>25. PRO<span class=\"_ _8\"></span>VISI<span class=\"_ _2\"></span>ONS<span class=\"_ _35c\"> </span>A provi<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n is a lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y record<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce Sh<span class=\"_ _2\"></span>eet, wh<span class=\"_ _2\"></span>ere th<span class=\"_ _2\"></span>ere is un<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>nty ove<span class=\"_ _2\"></span>r the tim<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g or am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt that wi<span class=\"_ _2\"></span>ll be p<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>d, and is th<span class=\"_ _2\"></span>erefore e<span class=\"_ _2\"></span>stim<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>. The m<span class=\"_ _2\"></span>ain p<span class=\"_ _2\"></span>rovisi<span class=\"_ _2\"></span>ons we h<span class=\"_ _2\"></span>old re<span class=\"_ _2\"></span>late to liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on da<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ges, l<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>al provi<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns, cu<span class=\"_ _2\"></span>stom<span class=\"_ _2\"></span>er cl<span class=\"_ _2\"></span>aim<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d sha<span class=\"_ _2\"></span>re for<span class=\"_ _2\"></span>feitu<span class=\"_ _2\"></span>re.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e a provis<span class=\"_ _2\"></span>ion i<span class=\"_ _2\"></span>n the B<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce S<span class=\"_ _2\"></span>heet w<span class=\"_ _2\"></span>hen a<span class=\"_ _2\"></span>n event res<span class=\"_ _2\"></span>ults i<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>avi<span class=\"_ _2\"></span>ng a cu<span class=\"_ _2\"></span>rrent l<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>al or co<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tive ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, an<span class=\"_ _2\"></span>d it is p<span class=\"_ _2\"></span>roba<span class=\"_ _2\"></span>ble th<span class=\"_ _2\"></span>at we wi<span class=\"_ _2\"></span>ll ha<span class=\"_ _2\"></span>ve to settl<span class=\"_ _2\"></span>e the ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n throu<span class=\"_ _2\"></span>gh an o<span class=\"_ _2\"></span>utf<span class=\"_ _2\"></span>low of e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>its. If th<span class=\"_ _2\"></span>e ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t is ma<span class=\"_ _2\"></span>teria<span class=\"_ _2\"></span>l, we dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt provi<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns to thei<span class=\"_ _2\"></span>r pres<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue.<span class=\"_ _35c\"> </span>ST  litigation <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Share <span class=\"ls3 ws3\"> </span>forfeiture <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ot<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r provisions<span class=\"_ _1\"></span> <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _260\"> </span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>4<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">2.7<span class=\"_ _6e\"> </span><span class=\"ls77 ws5c\">12.4<span class=\"_ _35c\"> </span></span></span></span></span>Add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al provi<span class=\"_ _2\"></span>sion i<span class=\"_ _2\"></span>n the yea<span class=\"_ _2\"></span>r<span class=\"_ _1de\"> </span>\u2013<span class=\"_ _64\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span>0.5<span class=\"_ _192\"> </span><span class=\"lsb9 wsa9\">0<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span>Utilisation of<span class=\"_ _1\"></span> p<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>ovision<span class=\"_ _1a2\"> </span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _73\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span></span></span>(0.<span class=\"_ _2\"></span>5)<span class=\"_ _35c\"> </span></span>Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e of provisi<span class=\"_ _2\"></span>on<span class=\"_ _2ad\"> </span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _73\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _69\"> </span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement i<span class=\"_ _2\"></span>n exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _286\"> </span><span class=\"lsd ws5\">1.2<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _49\"> </span><span class=\"lsd ws5\">1.5<span class=\"_ _35c\"> </span></span></span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022<span class=\"_ _2ae\"> </span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>0.1<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _192\"> </span><span class=\"ls43 ws68\">3.3<span class=\"_ _76\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span></span></span>Add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al provi<span class=\"_ _2\"></span>sion i<span class=\"_ _2\"></span>n the yea<span class=\"_ _2\"></span>r <span class=\"_ _24a\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.5<span class=\"_ _8b\"> </span>0.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span>Util<span class=\"_ _2\"></span>isati<span class=\"_ _2\"></span>on of provis<span class=\"_ _2\"></span>ion <span class=\"_ _2af\"> </span><span class=\"ff2 ls77 ws5c\">(0.1)<span class=\"_ _15b\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _6e\"> </span><span class=\"lsc4 wsa7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _5b\"> </span><span class=\"ls77 ws5c\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span>Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e of provisi<span class=\"_ _2\"></span>on<span class=\"_ _2ac\"> </span><span class=\"ff2\">\u2013<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.2<span class=\"_ _2\"></span>)<span class=\"_ _75\"> </span>(0.<span class=\"_ _2\"></span>4)<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement i<span class=\"_ _2\"></span>n exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _cf\"> </span><span class=\"ff2 ls77 ws5c\">(0.4)<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _271\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _128\"> </span><span class=\"lsa3 ws96\">9.7<span class=\"_ _11f\"> </span><span class=\"ls77 ws5c\">0.3<span class=\"_ _49\"> </span><span class=\"lsc4 wsa7\">2<span class=\"_ _2\"></span>.1<span class=\"_ _6f\"> </span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Cur<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>t <span class=\"_ _2b0\"> </span><span class=\"ls3d ws20\">1.8<span class=\"_ _5c\"> </span><span class=\"ff6 ls3e ws38\">1<span class=\"_ _6\"></span>.9<span class=\"_ _35c\"> </span></span></span>Non-current<span class=\"_ _1f8\"> </span><span class=\"ls77 ws5c\">10.3<span class=\"_ _13e\"> </span><span class=\"ff6 ls20 ws11\">1<span class=\"_ _2\"></span>2.0<span class=\"_ _35c\"> </span></span></span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _6f\"> </span><span class=\"ff6 ls3e ws38\">1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>ST liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on rel<span class=\"_ _2\"></span>ates sp<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y to our l<span class=\"_ _2\"></span>itiga<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>nly w<span class=\"_ _2\"></span>ith Sexi<span class=\"_ _2\"></span>ng T<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>chn<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>es, as d<span class=\"_ _2\"></span>escr<span class=\"_ _2\"></span>ibe<span class=\"_ _2\"></span>d in n<span class=\"_ _2\"></span>ote 7<span class=\"_ _17\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e sha<span class=\"_ _2\"></span>re for<span class=\"_ _2\"></span>feit<span class=\"_ _2\"></span>ure provi<span class=\"_ _2\"></span>sion of \u00a30.<span class=\"_ _2\"></span>3m rel<span class=\"_ _2\"></span>ates to potenti<span class=\"_ _2\"></span>al cl<span class=\"_ _2\"></span>aim<span class=\"_ _2\"></span>s that c<span class=\"_ _2\"></span>oul<span class=\"_ _2\"></span>d be m<span class=\"_ _2\"></span>ade by u<span class=\"_ _2\"></span>ntrace<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>rs over th<span class=\"_ _2\"></span>e nex<span class=\"_ _2\"></span>t three ye<span class=\"_ _2\"></span>ars<span class=\"_ _2\"></span>, rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to the resa<span class=\"_ _2\"></span>le pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>ds of sh<span class=\"_ _2\"></span>ares th<span class=\"_ _2\"></span>at were id<span class=\"_ _2\"></span>enti<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the pr<span class=\"_ _2\"></span>ior ye<span class=\"_ _2\"></span>ar as b<span class=\"_ _2\"></span>ein<span class=\"_ _2\"></span>g for<span class=\"_ _2\"></span>fei<span class=\"_ _2\"></span>ted. Oth<span class=\"_ _2\"></span>er p<span class=\"_ _2\"></span>rovisi<span class=\"_ _2\"></span>ons m<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>ly rel<span class=\"_ _2\"></span>ate to leg<span class=\"_ _2\"></span>al provi<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns (exclu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g ST liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on) an<span class=\"_ _2\"></span>d cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>rs\u2019 cla<span class=\"_ _2\"></span>ims<span class=\"_ _2\"></span>. The ti<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d cas<span class=\"_ _2\"></span>h flows a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciate<span class=\"_ _2\"></span>d with th<span class=\"_ _2\"></span>e maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of le<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>l cla<span class=\"_ _2\"></span>ims a<span class=\"_ _2\"></span>re expec<span class=\"_ _2\"></span>ted to be l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>an on<span class=\"_ _2\"></span>e year. Howeve<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, for s<span class=\"_ _2\"></span>ome l<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>al cl<span class=\"_ _2\"></span>aim<span class=\"_ _2\"></span>s the ti<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>g of cas<span class=\"_ _2\"></span>h flows m<span class=\"_ _2\"></span>ay b<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>ng term i<span class=\"_ _2\"></span>n nat<span class=\"_ _2\"></span>ure an<span class=\"_ _2\"></span>d are dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>sed as s<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>h.<span class=\"_ _35c\"> </span>26.<span class=\"_ _8\"></span> FINANCIAL INSTRUM<span class=\"_ _2\"></span>ENTS<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>is note deta<span class=\"_ _2\"></span>ils o<span class=\"_ _2\"></span>ur trea<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>y ma<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nd f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al ri<span class=\"_ _2\"></span>sk ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives a<span class=\"_ _2\"></span>nd po<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>ies, a<span class=\"_ _2\"></span>s well a<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup\u2019s expos<span class=\"_ _2\"></span>ure an<span class=\"_ _2\"></span>d sen<span class=\"_ _2\"></span>sitiv<span class=\"_ _2\"></span>ity to c<span class=\"_ _2\"></span>redit, l<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ty, interes<span class=\"_ _2\"></span>t and fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>nge ra<span class=\"_ _2\"></span>te risk, a<span class=\"_ _2\"></span>nd the p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icie<span class=\"_ _2\"></span>s in pl<span class=\"_ _2\"></span>ace to m<span class=\"_ _2\"></span>oni<span class=\"_ _2\"></span>tor and m<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>age th<span class=\"_ _2\"></span>ese r<span class=\"_ _2\"></span>isks.<span class=\"_ _35c\"> </span>Financial<span class=\"_ _8\"></span> risk<span class=\"_ _8\"></span> management o<span class=\"_ _8\"></span>bjectiv<span class=\"_ _8\"></span>es<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orate trea<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>y fu<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>rovide<span class=\"_ _2\"></span>s ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces to the b<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s, co<span class=\"_ _2\"></span>ordin<span class=\"_ _2\"></span>ates o<span class=\"_ _2\"></span>ur ac<span class=\"_ _2\"></span>cess to do<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>stic a<span class=\"_ _2\"></span>nd inte<span class=\"_ _2\"></span>rna<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>al fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al ma<span class=\"_ _2\"></span>rkets, an<span class=\"_ _2\"></span>d mo<span class=\"_ _2\"></span>nitors a<span class=\"_ _2\"></span>nd m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ges t<span class=\"_ _2\"></span>he fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al ris<span class=\"_ _2\"></span>ks rela<span class=\"_ _2\"></span>ting to th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _8\"></span>s op<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>ns, th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h inter<span class=\"_ _2\"></span>nal ri<span class=\"_ _2\"></span>sk rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t an<span class=\"_ _2\"></span>alys<span class=\"_ _2\"></span>e expos<span class=\"_ _2\"></span>ures by d<span class=\"_ _2\"></span>egre<span class=\"_ _2\"></span>e and m<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>nitu<span class=\"_ _2\"></span>de of ri<span class=\"_ _2\"></span>sks. Th<span class=\"_ _2\"></span>ese ri<span class=\"_ _2\"></span>sks in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de m<span class=\"_ _2\"></span>arket ris<span class=\"_ _2\"></span>k (inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g curre<span class=\"_ _2\"></span>ncy r<span class=\"_ _2\"></span>isk, f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te risk an<span class=\"_ _2\"></span>d pri<span class=\"_ _2\"></span>ce ris<span class=\"_ _2\"></span>k), credi<span class=\"_ _2\"></span>t risk<span class=\"_ _2\"></span>, liq<span class=\"_ _2\"></span>uid<span class=\"_ _2\"></span>ity r<span class=\"_ _2\"></span>isk a<span class=\"_ _2\"></span>nd ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ow interes<span class=\"_ _2\"></span>t rate risk<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>We see<span class=\"_ _2\"></span>k to mini<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>e the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cts of th<span class=\"_ _2\"></span>ese ri<span class=\"_ _2\"></span>sks by he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>em usi<span class=\"_ _2\"></span>ng d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts. O<span class=\"_ _2\"></span>ur us<span class=\"_ _2\"></span>e of fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l der<span class=\"_ _2\"></span>ivative<span class=\"_ _2\"></span>s is g<span class=\"_ _2\"></span>overne<span class=\"_ _2\"></span>d by pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es ap<span class=\"_ _2\"></span>proved by th<span class=\"_ _2\"></span>e Boa<span class=\"_ _2\"></span>rd of Dire<span class=\"_ _2\"></span>ctors<span class=\"_ _2\"></span>, whi<span class=\"_ _2\"></span>ch provi<span class=\"_ _2\"></span>de wri<span class=\"_ _2\"></span>tten p<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>les o<span class=\"_ _2\"></span>n forei<span class=\"_ _2\"></span>gn exch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e ris<span class=\"_ _2\"></span>k, interes<span class=\"_ _2\"></span>t rate ris<span class=\"_ _2\"></span>k, cre<span class=\"_ _2\"></span>dit ri<span class=\"_ _2\"></span>sk, the u<span class=\"_ _2\"></span>se of f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al de<span class=\"_ _2\"></span>riva<span class=\"_ _2\"></span>tives an<span class=\"_ _2\"></span>d no<span class=\"_ _2\"></span>n-de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, and th<span class=\"_ _2\"></span>e inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt of excess l<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ty. The B<span class=\"_ _2\"></span>oard of Di<span class=\"_ _2\"></span>rector<span class=\"_ _2\"></span>s regu<span class=\"_ _2\"></span>lar<span class=\"_ _2\"></span>ly revi<span class=\"_ _2\"></span>ews our c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>nce w<span class=\"_ _2\"></span>ith po<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>ies an<span class=\"_ _2\"></span>d expo<span class=\"_ _2\"></span>sure li<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p doe<span class=\"_ _2\"></span>s not ente<span class=\"_ _2\"></span>r into or trad<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al instrument<span class=\"_ _8\"></span>s, i<span class=\"_ _8\"></span>ncluding deriv<span class=\"_ _8\"></span>ativ<span class=\"_ _1\"></span>e financial instrument<span class=\"_ _8\"></span>s, f<span class=\"_ _8\"></span>or speculat<span class=\"_ _1\"></span>ive purpose<span class=\"_ _8\"></span>s.<span class=\"_ _35c\"> </span>Key fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial r<span class=\"_ _2\"></span>isks a<span class=\"_ _2\"></span>nd exp<span class=\"_ _2\"></span>osure<span class=\"_ _2\"></span>s are mo<span class=\"_ _2\"></span>nitore<span class=\"_ _2\"></span>d throu<span class=\"_ _2\"></span>gh a m<span class=\"_ _2\"></span>onthl<span class=\"_ _2\"></span>y repo<span class=\"_ _2\"></span>rt to th<span class=\"_ _2\"></span>e Boa<span class=\"_ _2\"></span>rd of Dire<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>s, togeth<span class=\"_ _2\"></span>er wit<span class=\"_ _2\"></span>h an an<span class=\"_ _2\"></span>nua<span class=\"_ _2\"></span>l Bo<span class=\"_ _2\"></span>ard review o<span class=\"_ _2\"></span>f corp<span class=\"_ _2\"></span>orate trea<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>y m<span class=\"_ _2\"></span>atter<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>Financial<span class=\"_ _8\"></span> risk<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial r<span class=\"_ _2\"></span>isks ou<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>tiviti<span class=\"_ _2\"></span>es exp<span class=\"_ _2\"></span>ose us to are th<span class=\"_ _2\"></span>e risks of c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in fo<span class=\"_ _2\"></span>reign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge rates, i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates an<span class=\"_ _2\"></span>d co<span class=\"_ _2\"></span>mmo<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e use d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts to ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>e our ex<span class=\"_ _2\"></span>posu<span class=\"_ _2\"></span>re to interes<span class=\"_ _2\"></span>t rate, forei<span class=\"_ _2\"></span>gn cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy an<span class=\"_ _2\"></span>d com<span class=\"_ _2\"></span>mod<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce ris<span class=\"_ _2\"></span>ks, in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>for<span class=\"_ _2\"></span>ward fore<span class=\"_ _2\"></span>ign exch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>, to hed<span class=\"_ _2\"></span>ge the exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge rate ris<span class=\"_ _2\"></span>k ari<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g on the s<span class=\"_ _2\"></span>ale of g<span class=\"_ _2\"></span>ood<span class=\"_ _2\"></span>s and p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase of s<span class=\"_ _2\"></span>upp<span class=\"_ _2\"></span>lie<span class=\"_ _2\"></span>s in for<span class=\"_ _8\"></span>eign curr<span class=\"_ _1\"></span>encies;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>interes<span class=\"_ _2\"></span>t rate swaps, to m<span class=\"_ _2\"></span>itiga<span class=\"_ _2\"></span>te the ris<span class=\"_ _2\"></span>k of risi<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>nterest rate<span class=\"_ _2\"></span>s; and<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>for<span class=\"_ _2\"></span>ward com<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts, to h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e com<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce ris<span class=\"_ _2\"></span>k.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Financial instruments<span class=\"_ _35c\"> </span>Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l asset<span class=\"_ _2\"></span>s and l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p Bal<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Sh<span class=\"_ _2\"></span>eet wh<span class=\"_ _2\"></span>en the G<span class=\"_ _2\"></span>roup b<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>mes a pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y to the in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt\u2019s co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual p<span class=\"_ _2\"></span>rovisi<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. Financial liabili<span class=\"_ _8\"></span>ties<span class=\"_ _8\"></span> and equity inst<span class=\"_ _8\"></span>ruments<span class=\"_ _35c\"> </span>Fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts iss<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>d by the Gro<span class=\"_ _2\"></span>up are c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed ac<span class=\"_ _2\"></span>cord<span class=\"_ _2\"></span>ing to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>e of the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arra<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nts en<span class=\"_ _2\"></span>tered into a<span class=\"_ _2\"></span>nd the d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>ons of a f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nd an e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nt. An e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ent is a<span class=\"_ _2\"></span>ny contra<span class=\"_ _2\"></span>ct tha<span class=\"_ _2\"></span>t provi<span class=\"_ _2\"></span>des a re<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ual i<span class=\"_ _2\"></span>nterest i<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup\u2019s asse<span class=\"_ _2\"></span>ts af<span class=\"_ _2\"></span>ter de<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g all of i<span class=\"_ _2\"></span>ts lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s no o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n to del<span class=\"_ _2\"></span>iver c<span class=\"_ _2\"></span>ash o<span class=\"_ _2\"></span>r other fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets. T<span class=\"_ _2\"></span>he ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icie<span class=\"_ _2\"></span>s ado<span class=\"_ _2\"></span>pted for s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ic fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s and e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re set out b<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ow<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Put<span class=\"_ _8\"></span> option<span class=\"_ _1\"></span> arrangements o<span class=\"_ _8\"></span>ver<span class=\"_ _1\"></span> non-controlling<span class=\"_ _8\"></span> int<span class=\"_ _8\"></span>erest<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al cas<span class=\"_ _2\"></span>h pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts rel<span class=\"_ _2\"></span>ated to put o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s iss<span class=\"_ _2\"></span>ued by th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p over the e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity of s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y com<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies a<span class=\"_ _2\"></span>re acc<span class=\"_ _2\"></span>ounte<span class=\"_ _2\"></span>d for as financial liabilit<span class=\"_ _8\"></span>ies.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt th<span class=\"_ _2\"></span>at ma<span class=\"_ _2\"></span>y bec<span class=\"_ _2\"></span>ome p<span class=\"_ _2\"></span>aya<span class=\"_ _2\"></span>ble u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r the o<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>n exercis<span class=\"_ _2\"></span>e is in<span class=\"_ _2\"></span>itial<span class=\"_ _2\"></span>ly rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d at pres<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue wit<span class=\"_ _2\"></span>hin f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es, with a c<span class=\"_ _2\"></span>orres<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g ch<span class=\"_ _2\"></span>arge d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tly to eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. T<span class=\"_ _2\"></span>he ch<span class=\"_ _2\"></span>arge to e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed se<span class=\"_ _2\"></span>parate<span class=\"_ _2\"></span>ly as wr<span class=\"_ _2\"></span>itten p<span class=\"_ _2\"></span>ut opti<span class=\"_ _2\"></span>ons ove<span class=\"_ _2\"></span>r no<span class=\"_ _2\"></span>n-contro<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rest, ad<span class=\"_ _2\"></span>jace<span class=\"_ _2\"></span>nt to no<span class=\"_ _2\"></span>n-contro<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rest in t<span class=\"_ _2\"></span>he net a<span class=\"_ _2\"></span>ssets of c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>dated s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>rie<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>Su<span class=\"_ _2\"></span>ch opti<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>entl<span class=\"_ _2\"></span>y me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, usin<span class=\"_ _2\"></span>g the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate metho<span class=\"_ _2\"></span>d, in o<span class=\"_ _2\"></span>rder to ac<span class=\"_ _2\"></span>crete the l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y up to the am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt paya<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>n at the d<span class=\"_ _2\"></span>ate at whi<span class=\"_ _2\"></span>ch it f<span class=\"_ _2\"></span>irs<span class=\"_ _2\"></span>t bec<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>es exerci<span class=\"_ _2\"></span>sabl<span class=\"_ _2\"></span>e. Th<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>rge ari<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g is rec<span class=\"_ _2\"></span>orde<span class=\"_ _2\"></span>d as a fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>ng cos<span class=\"_ _2\"></span>t. If the o<span class=\"_ _2\"></span>ption ex<span class=\"_ _2\"></span>pires u<span class=\"_ _2\"></span>nexerc<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d, the l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y is d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, with a co<span class=\"_ _2\"></span>rresp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g adju<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent to eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Derivat<span class=\"_ _8\"></span>ive<span class=\"_ _1\"></span> f<span class=\"_ _2\"></span>inancial inst<span class=\"_ _8\"></span>ruments De<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ves are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d ini<span class=\"_ _2\"></span>tial<span class=\"_ _2\"></span>ly at fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue at th<span class=\"_ _2\"></span>e date a d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive co<span class=\"_ _2\"></span>ntract i<span class=\"_ _2\"></span>s entere<span class=\"_ _2\"></span>d into an<span class=\"_ _2\"></span>d are su<span class=\"_ _2\"></span>bseq<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>ntly rem<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured to the<span class=\"_ _2\"></span>ir fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue at e<span class=\"_ _2\"></span>ach re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date. Th<span class=\"_ _2\"></span>e resu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g gai<span class=\"_ _2\"></span>n or lo<span class=\"_ _2\"></span>ss is rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>ately, unl<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve is de<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>nd ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive a<span class=\"_ _2\"></span>s a hed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t, in whi<span class=\"_ _2\"></span>ch event t<span class=\"_ _2\"></span>he tim<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>f the rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n in the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent de<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>ds o<span class=\"_ _2\"></span>n the na<span class=\"_ _2\"></span>ture of th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>ge rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nsh<span class=\"_ _2\"></span>ip<span class=\"_ _35c\"> </span>.<span class=\"_ _35c\"> </span><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8bc\">A de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve with a po<span class=\"_ _2\"></span>sitive f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed as a f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sset wh<span class=\"_ _2\"></span>ere<span class=\"_ _2\"></span>as a de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve with a ne<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>ve fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e is reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8bd\">as a f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>. De<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ves are n<span class=\"_ _2\"></span>ot off<span class=\"_ _2\"></span>set in t<span class=\"_ _2\"></span>he fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al state<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts, un<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>s the Gro<span class=\"_ _2\"></span>up ha<span class=\"_ _2\"></span>s both a le<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>lly e<span class=\"_ _2\"></span>nforce<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e rig<span class=\"_ _2\"></span>ht an<span class=\"_ _2\"></span>d </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8be\">inte<span class=\"_ _2\"></span>ntion to of<span class=\"_ _2\"></span>fs<span class=\"_ _2\"></span>et. A de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve is pres<span class=\"_ _2\"></span>ented a<span class=\"_ _2\"></span>s a non-c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nt ass<span class=\"_ _2\"></span>et or a no<span class=\"_ _2\"></span>n-cu<span class=\"_ _2\"></span>rrent l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y if th<span class=\"_ _2\"></span>e rema<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>ng m<span class=\"_ _2\"></span>atur<span class=\"_ _2\"></span>ity of th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>ment </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8bf\">is m<span class=\"_ _2\"></span>ore tha<span class=\"_ _2\"></span>n 12 mo<span class=\"_ _2\"></span>nths an<span class=\"_ _2\"></span>d it is n<span class=\"_ _2\"></span>ot due to b<span class=\"_ _2\"></span>e real<span class=\"_ _2\"></span>ised o<span class=\"_ _2\"></span>r set<span class=\"_ _2\"></span>tled w<span class=\"_ _2\"></span>ithin 1<span class=\"_ _2\"></span>2 mont<span class=\"_ _2\"></span>hs. O<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative<span class=\"_ _2\"></span>s are pres<span class=\"_ _2\"></span>ented a<span class=\"_ _2\"></span>s curre<span class=\"_ _2\"></span>nt ass<span class=\"_ _2\"></span>ets or </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls9 ws9 gs8c0\">curren<span class=\"_ _8\"></span>t liabilit<span class=\"_ _1\"></span>ies.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c1\">Th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate swaps is th<span class=\"_ _2\"></span>e es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>ted am<span class=\"_ _2\"></span>ount th<span class=\"_ _2\"></span>at we wo<span class=\"_ _2\"></span>uld re<span class=\"_ _2\"></span>ceive o<span class=\"_ _2\"></span>r pay to ter<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ate the swa<span class=\"_ _2\"></span>p at the b<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e she<span class=\"_ _2\"></span>et </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c2\">date, tak<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nt interes<span class=\"_ _2\"></span>t rates an<span class=\"_ _2\"></span>d the c<span class=\"_ _2\"></span>redit<span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s of the swa<span class=\"_ _2\"></span>p cou<span class=\"_ _2\"></span>nterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ies. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c3\">Th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>s of for<span class=\"_ _2\"></span>ward exch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>nd fo<span class=\"_ _2\"></span>rward c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>ity c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are th<span class=\"_ _2\"></span>eir q<span class=\"_ _2\"></span>uoted m<span class=\"_ _2\"></span>arket pr<span class=\"_ _2\"></span>ice at th<span class=\"_ _2\"></span>e bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c4\">date, wh<span class=\"_ _2\"></span>ich i<span class=\"_ _2\"></span>s the pre<span class=\"_ _2\"></span>sent va<span class=\"_ _2\"></span>lue of t<span class=\"_ _2\"></span>he qu<span class=\"_ _2\"></span>oted for<span class=\"_ _2\"></span>ward p<span class=\"_ _2\"></span>rice.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls9 ws9 gs8c5\">Hedging activitie<span class=\"_ _8\"></span>s<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c6\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p desi<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ates cer<span class=\"_ _2\"></span>tai<span class=\"_ _2\"></span>n der<span class=\"_ _2\"></span>ivative<span class=\"_ _2\"></span>s as he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of fo<span class=\"_ _2\"></span>reign exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge ri<span class=\"_ _2\"></span>sk, inte<span class=\"_ _2\"></span>rest rate ri<span class=\"_ _2\"></span>sk an<span class=\"_ _2\"></span>d com<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c7\">ris<span class=\"_ _2\"></span>k in fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s, cas<span class=\"_ _2\"></span>h flow h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ges<span class=\"_ _2\"></span>, or he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s of net i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n forei<span class=\"_ _2\"></span>gn op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c8\">At the in<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>ption of th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>onsh<span class=\"_ _2\"></span>ip, the G<span class=\"_ _2\"></span>roup d<span class=\"_ _2\"></span>ocu<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts the re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>onsh<span class=\"_ _2\"></span>ip b<span class=\"_ _2\"></span>etwee<span class=\"_ _2\"></span>n the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nd the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ged </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8c9\">item<span class=\"_ _2\"></span>, alo<span class=\"_ _2\"></span>ng with i<span class=\"_ _2\"></span>ts ris<span class=\"_ _2\"></span>k man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt obj<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ves an<span class=\"_ _2\"></span>d its stra<span class=\"_ _2\"></span>tegy fo<span class=\"_ _2\"></span>r und<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>takin<span class=\"_ _2\"></span>g vari<span class=\"_ _2\"></span>ous h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ge tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>rmo<span class=\"_ _2\"></span>re, at the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ca\">in<span class=\"_ _2\"></span>cepti<span class=\"_ _2\"></span>on of the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ge an<span class=\"_ _2\"></span>d on a<span class=\"_ _2\"></span>n ong<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>g bas<span class=\"_ _2\"></span>is, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p doc<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts wh<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>r the he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nt is ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span>fset<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8cb\">ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>s or cas<span class=\"_ _2\"></span>h fl<span class=\"_ _2\"></span>ows of the he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ed item a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>buta<span class=\"_ _2\"></span>ble to the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ged r<span class=\"_ _2\"></span>isk, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h is whe<span class=\"_ _2\"></span>n the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g relati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip m<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>s </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8cc\">al<span class=\"_ _2\"></span>l of the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tiven<span class=\"_ _2\"></span>ess re<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nts: </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8cd\">\u2022 <span class=\"_ _13\"> </span>there is a<span class=\"_ _2\"></span>n eco<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>mic re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ged i<span class=\"_ _2\"></span>tem an<span class=\"_ _2\"></span>d the he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nt; </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ce\">\u2022 <span class=\"_ _13\"> </span>the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of cred<span class=\"_ _2\"></span>it ris<span class=\"_ _2\"></span>k do<span class=\"_ _2\"></span>es not d<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>nate th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>es tha<span class=\"_ _2\"></span>t resul<span class=\"_ _2\"></span>t from th<span class=\"_ _2\"></span>at ec<span class=\"_ _2\"></span>ono<span class=\"_ _2\"></span>mic re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip; an<span class=\"_ _2\"></span>d </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8cf\">\u2022 <span class=\"_ _13\"> </span>the he<span class=\"_ _2\"></span>dge ra<span class=\"_ _2\"></span>tio of the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g rela<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>shi<span class=\"_ _2\"></span>p is the s<span class=\"_ _2\"></span>ame a<span class=\"_ _2\"></span>s that re<span class=\"_ _2\"></span>sulti<span class=\"_ _2\"></span>ng f<span class=\"_ _2\"></span>rom the q<span class=\"_ _2\"></span>uan<span class=\"_ _2\"></span>tity of th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item th<span class=\"_ _2\"></span>at the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d0\">he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d the qu<span class=\"_ _2\"></span>antit<span class=\"_ _2\"></span>y of th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>ment t<span class=\"_ _2\"></span>hat th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p act<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly use<span class=\"_ _2\"></span>s to hed<span class=\"_ _2\"></span>ge tha<span class=\"_ _2\"></span>t qua<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y of he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item<span class=\"_ _2\"></span>. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d1\">If a h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip c<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>es to meet t<span class=\"_ _2\"></span>he he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>vene<span class=\"_ _2\"></span>ss req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt rela<span class=\"_ _2\"></span>ting to th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge rati<span class=\"_ _2\"></span>o but th<span class=\"_ _2\"></span>e ris<span class=\"_ _2\"></span>k man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d2\">obj<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve for th<span class=\"_ _2\"></span>at de<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ated h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g rela<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>shi<span class=\"_ _2\"></span>p rema<span class=\"_ _2\"></span>ins th<span class=\"_ _2\"></span>e sam<span class=\"_ _2\"></span>e, the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ts the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ge ratio of th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nsh<span class=\"_ _2\"></span>ip </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d3\">(i.e. reb<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e) so that i<span class=\"_ _2\"></span>t mee<span class=\"_ _2\"></span>ts the q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g cri<span class=\"_ _2\"></span>teria a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>n. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d4\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p desi<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ates the f<span class=\"_ _2\"></span>ull c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge i<span class=\"_ _2\"></span>n the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of a fo<span class=\"_ _2\"></span>rward c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t (i.e. in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g the fo<span class=\"_ _2\"></span>rwa<span class=\"_ _2\"></span>rd ele<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts) as the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d5\">in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t for al<span class=\"_ _2\"></span>l of its h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip<span class=\"_ _2\"></span>s involv<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g for<span class=\"_ _2\"></span>ward con<span class=\"_ _2\"></span>tracts<span class=\"_ _2\"></span>. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d6\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p desi<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ates on<span class=\"_ _2\"></span>ly the i<span class=\"_ _2\"></span>ntrin<span class=\"_ _2\"></span>sic va<span class=\"_ _2\"></span>lue of o<span class=\"_ _2\"></span>ption c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts as a h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed ite<span class=\"_ _2\"></span>m, i.e. excl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng the ti<span class=\"_ _2\"></span>me va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>n. Th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d7\">ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of the a<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>ned ti<span class=\"_ _2\"></span>me va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>n are rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in Oth<span class=\"_ _2\"></span>er C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rehe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ve Inc<span class=\"_ _2\"></span>ome a<span class=\"_ _2\"></span>nd a<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>mul<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d8\">the c<span class=\"_ _2\"></span>ost of h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. If th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item is tra<span class=\"_ _2\"></span>nsa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>ted, the ti<span class=\"_ _2\"></span>me val<span class=\"_ _2\"></span>ue is re<span class=\"_ _2\"></span>cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d to the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt whe<span class=\"_ _2\"></span>n the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8d9\">he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item af<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt. If th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>d item is ti<span class=\"_ _2\"></span>me-pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d relate<span class=\"_ _2\"></span>d, the<span class=\"_ _2\"></span>n the am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt acc<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e cost of </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8da\">he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve is rec<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ied to th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Statem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n a ratio<span class=\"_ _2\"></span>nal b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, app<span class=\"_ _2\"></span>lyi<span class=\"_ _2\"></span>ng stra<span class=\"_ _2\"></span>ight-<span class=\"_ _8\"></span>li<span class=\"_ _2\"></span>ne am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisa<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>. Thos<span class=\"_ _2\"></span>e recl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8db\">am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts are rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent in t<span class=\"_ _2\"></span>he sam<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>ne as th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item<span class=\"_ _2\"></span>. If the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed ite<span class=\"_ _2\"></span>m is a no<span class=\"_ _2\"></span>n-<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l item, th<span class=\"_ _2\"></span>en </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8dc\">the a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ated in th<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>t of hed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g rese<span class=\"_ _2\"></span>rve i<span class=\"_ _2\"></span>s remove<span class=\"_ _2\"></span>d dire<span class=\"_ _2\"></span>ctly f<span class=\"_ _2\"></span>rom e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in the i<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>al ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g amo<span class=\"_ _2\"></span>unt of th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8dd\">reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised n<span class=\"_ _2\"></span>on-fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l item<span class=\"_ _2\"></span>. Fur<span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>more, if th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up expe<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at so<span class=\"_ _2\"></span>me or a<span class=\"_ _2\"></span>ll of th<span class=\"_ _2\"></span>e loss a<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>lated i<span class=\"_ _2\"></span>n the co<span class=\"_ _2\"></span>st of he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ing res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8de\">wil<span class=\"_ _2\"></span>l not be re<span class=\"_ _2\"></span>covere<span class=\"_ _2\"></span>d in the f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re, that a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt is im<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>tely rec<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ied to th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome State<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t. </div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls3 ws3 gs8df\">Cas<span class=\"_ _2\"></span>h fl<span class=\"_ _2\"></span>ow hed<span class=\"_ _2\"></span>ges<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e0\">Th<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve por<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n of ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ves an<span class=\"_ _2\"></span>d other q<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>lif<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts th<span class=\"_ _2\"></span>at are de<span class=\"_ _2\"></span>sig<span class=\"_ _2\"></span>nated a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e1\">qu<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>fy a<span class=\"_ _2\"></span>s cas<span class=\"_ _2\"></span>h flow h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed in O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r Com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>sive In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d acc<span class=\"_ _2\"></span>umu<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>d und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e hea<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g of cas<span class=\"_ _2\"></span>h fl<span class=\"_ _2\"></span>ow hed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e2\">rese<span class=\"_ _2\"></span>rve, a<span class=\"_ _2\"></span>nd li<span class=\"_ _2\"></span>mite<span class=\"_ _2\"></span>d to the cu<span class=\"_ _2\"></span>mul<span class=\"_ _2\"></span>ative c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge i<span class=\"_ _2\"></span>n fair va<span class=\"_ _2\"></span>lue of t<span class=\"_ _2\"></span>he he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ed item f<span class=\"_ _2\"></span>rom in<span class=\"_ _2\"></span>cepti<span class=\"_ _2\"></span>on of th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>ge. Th<span class=\"_ _2\"></span>e gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e3\">the i<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed im<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>dia<span class=\"_ _2\"></span>tely in t<span class=\"_ _2\"></span>he In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d is in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in the \u2018othe<span class=\"_ _2\"></span>r gai<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d los<span class=\"_ _2\"></span>ses\u2019 li<span class=\"_ _2\"></span>ne ite<span class=\"_ _2\"></span>m.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e4\">Am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts previ<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>ly reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n Oth<span class=\"_ _2\"></span>er Co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rehe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ve Inco<span class=\"_ _2\"></span>me a<span class=\"_ _2\"></span>nd ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ated in e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>re recl<span class=\"_ _2\"></span>assi<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d to the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt in </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e5\">the p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ods wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item af<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome State<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t, in the sa<span class=\"_ _2\"></span>me l<span class=\"_ _2\"></span>ine a<span class=\"_ _2\"></span>s the rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d hed<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>d item. H<span class=\"_ _2\"></span>owever<span class=\"_ _8\"></span>, whe<span class=\"_ _2\"></span>n the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e6\">he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d fore<span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>t transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n resu<span class=\"_ _2\"></span>lts in th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of a n<span class=\"_ _2\"></span>on-fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>et or a no<span class=\"_ _2\"></span>n-<span class=\"_ _8\"></span>fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e gai<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d los<span class=\"_ _2\"></span>ses prev<span class=\"_ _2\"></span>iou<span class=\"_ _2\"></span>sly </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e7\">reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n othe<span class=\"_ _2\"></span>r com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ive in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d acc<span class=\"_ _2\"></span>umu<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>d in eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y are rem<span class=\"_ _2\"></span>oved f<span class=\"_ _2\"></span>rom eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>l mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e8\">of the c<span class=\"_ _2\"></span>ost of th<span class=\"_ _2\"></span>e non-f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>set or n<span class=\"_ _2\"></span>on-fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity. This t<span class=\"_ _2\"></span>ransf<span class=\"_ _2\"></span>er do<span class=\"_ _2\"></span>es not a<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>ct O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r Com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>sive In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e. Fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>rmo<span class=\"_ _2\"></span>re, if </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8e9\">the G<span class=\"_ _2\"></span>roup exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t som<span class=\"_ _2\"></span>e or al<span class=\"_ _2\"></span>l of the lo<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e cash f<span class=\"_ _2\"></span>low h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g reser<span class=\"_ _2\"></span>ve wi<span class=\"_ _2\"></span>ll not b<span class=\"_ _2\"></span>e recovere<span class=\"_ _2\"></span>d in th<span class=\"_ _2\"></span>e futu<span class=\"_ _2\"></span>re, that </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ea\">am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t is im<span class=\"_ _2\"></span>med<span class=\"_ _2\"></span>iate<span class=\"_ _2\"></span>ly rec<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed to the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8eb\">Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p disc<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ge ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g onl<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>n the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip (o<span class=\"_ _2\"></span>r a par<span class=\"_ _2\"></span>t the<span class=\"_ _2\"></span>reof<span class=\"_ _2\"></span>) cea<span class=\"_ _2\"></span>ses to me<span class=\"_ _2\"></span>et the q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g cri<span class=\"_ _2\"></span>teria </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ec\">(af<span class=\"_ _2\"></span>ter reb<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>ng, if a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>lica<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e)<span class=\"_ _1\"></span>. T<span class=\"_ _2\"></span>his i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>es ins<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>es whe<span class=\"_ _2\"></span>n the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>ires o<span class=\"_ _2\"></span>r is sol<span class=\"_ _2\"></span>d, term<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted or exe<span class=\"_ _2\"></span>rcise<span class=\"_ _2\"></span>d. Th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ed\">di<span class=\"_ _2\"></span>sconti<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n is acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted for p<span class=\"_ _2\"></span>rospe<span class=\"_ _2\"></span>ctive<span class=\"_ _2\"></span>ly. Any gai<span class=\"_ _2\"></span>n or lo<span class=\"_ _2\"></span>ss rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n Oth<span class=\"_ _2\"></span>er Co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>rehe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ve Inc<span class=\"_ _2\"></span>ome a<span class=\"_ _2\"></span>nd a<span class=\"_ _2\"></span>ccum<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ated in c<span class=\"_ _2\"></span>ash </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ee\">fl<span class=\"_ _2\"></span>ow hed<span class=\"_ _2\"></span>ge res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve at tha<span class=\"_ _2\"></span>t time re<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ins i<span class=\"_ _2\"></span>n equ<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y and i<span class=\"_ _2\"></span>s recl<span class=\"_ _2\"></span>assi<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d to the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt wh<span class=\"_ _2\"></span>en the f<span class=\"_ _2\"></span>oreca<span class=\"_ _2\"></span>st tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>rs. </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8ef\">Whe<span class=\"_ _2\"></span>n a fore<span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>t transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n is n<span class=\"_ _2\"></span>o lon<span class=\"_ _2\"></span>ger ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to occ<span class=\"_ _2\"></span>ur<span class=\"_ _8\"></span>, the g<span class=\"_ _2\"></span>ain o<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>s acc<span class=\"_ _2\"></span>umu<span class=\"_ _2\"></span>lated i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>low he<span class=\"_ _2\"></span>dge re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve is re<span class=\"_ _2\"></span>cla<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8f0\">im<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>diate<span class=\"_ _2\"></span>ly to the In<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8f1\">Un<span class=\"_ _2\"></span>der i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate swap co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>grees to exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge the d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce b<span class=\"_ _2\"></span>etwee<span class=\"_ _2\"></span>n fi<span class=\"_ _2\"></span>xed an<span class=\"_ _2\"></span>d flo<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g rate intere<span class=\"_ _2\"></span>st am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8f2\">ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lated o<span class=\"_ _2\"></span>n agre<span class=\"_ _2\"></span>ed n<span class=\"_ _2\"></span>otion<span class=\"_ _2\"></span>al pr<span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>l am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s. Su<span class=\"_ _2\"></span>ch co<span class=\"_ _2\"></span>ntracts e<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ble th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p to miti<span class=\"_ _2\"></span>gate the r<span class=\"_ _2\"></span>isk of c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g intere<span class=\"_ _2\"></span>st rates o<span class=\"_ _2\"></span>n the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8f3\">fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of iss<span class=\"_ _2\"></span>ued f<span class=\"_ _2\"></span>ixe<span class=\"_ _2\"></span>d-r<span class=\"_ _8\"></span>ate de<span class=\"_ _2\"></span>bt he<span class=\"_ _2\"></span>ld an<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ow expos<span class=\"_ _2\"></span>ures o<span class=\"_ _2\"></span>n the is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d vari<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e-rate debt h<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>d. The f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue of i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8f4\">swap<span class=\"_ _2\"></span>s at the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date is d<span class=\"_ _2\"></span>eterm<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d by dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting th<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>ture ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows usin<span class=\"_ _2\"></span>g the y<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>d cur<span class=\"_ _2\"></span>ves a<span class=\"_ _2\"></span>t the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date an<span class=\"_ _2\"></span>d the </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs8f5\">cre<span class=\"_ _2\"></span>dit ri<span class=\"_ _2\"></span>sk in<span class=\"_ _2\"></span>here<span class=\"_ _2\"></span>nt in th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct. Th<span class=\"_ _2\"></span>e ave<span class=\"_ _2\"></span>rage i<span class=\"_ _2\"></span>nterest rate i<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>es at the e<span class=\"_ _2\"></span>nd of th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. </div>If th<span class=\"_ _2\"></span>e criti<span class=\"_ _2\"></span>cal ter<span class=\"_ _2\"></span>ms of th<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t rate swap co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>ei<span class=\"_ _2\"></span>r corre<span class=\"_ _2\"></span>spo<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed item<span class=\"_ _2\"></span>s are th<span class=\"_ _2\"></span>e sam<span class=\"_ _2\"></span>e, the Gro<span class=\"_ _2\"></span>up pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rms a qu<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>tative ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ven<span class=\"_ _2\"></span>ess an<span class=\"_ _2\"></span>d it is ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted tha<span class=\"_ _2\"></span>t the val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t rate swap co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts and t<span class=\"_ _2\"></span>he val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>rresp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>ing h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ged i<span class=\"_ _2\"></span>tems wi<span class=\"_ _2\"></span>ll sys<span class=\"_ _2\"></span>tema<span class=\"_ _2\"></span>tical<span class=\"_ _2\"></span>ly ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge in o<span class=\"_ _2\"></span>ppo<span class=\"_ _2\"></span>site di<span class=\"_ _2\"></span>recti<span class=\"_ _2\"></span>ons, i<span class=\"_ _2\"></span>n resp<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>o move<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts in th<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>erl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g interes<span class=\"_ _2\"></span>t rates. Th<span class=\"_ _2\"></span>e mai<span class=\"_ _2\"></span>n sou<span class=\"_ _2\"></span>rce of he<span class=\"_ _2\"></span>dge i<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s in the<span class=\"_ _2\"></span>se he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>e relat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>ps is the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ct of th<span class=\"_ _2\"></span>e cou<span class=\"_ _2\"></span>nterp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nd the G<span class=\"_ _2\"></span>roup\u2019s own cre<span class=\"_ _2\"></span>dit r<span class=\"_ _2\"></span>isk on th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of the in<span class=\"_ _2\"></span>terest rate swa<span class=\"_ _2\"></span>p contra<span class=\"_ _2\"></span>cts, wh<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>h is not ref<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed item a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>buta<span class=\"_ _2\"></span>ble to th<span class=\"_ _2\"></span>e ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in in<span class=\"_ _2\"></span>terest rate<span class=\"_ _2\"></span>s. No oth<span class=\"_ _2\"></span>er so<span class=\"_ _2\"></span>urces of i<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s em<span class=\"_ _2\"></span>erge<span class=\"_ _2\"></span>d from th<span class=\"_ _2\"></span>ese h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g relati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>hip<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>Ne<span class=\"_ _2\"></span>t invest<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t hed<span class=\"_ _2\"></span>ges<span class=\"_ _35c\"> </span>He<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s of net i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n forei<span class=\"_ _2\"></span>gn op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>re acco<span class=\"_ _2\"></span>unte<span class=\"_ _2\"></span>d for si<span class=\"_ _2\"></span>mil<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y to cash f<span class=\"_ _2\"></span>low he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>es. Any g<span class=\"_ _2\"></span>ain o<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>s on the f<span class=\"_ _2\"></span>oreig<span class=\"_ _2\"></span>n cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy for<span class=\"_ _2\"></span>ward co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts rela<span class=\"_ _2\"></span>ting to th<span class=\"_ _2\"></span>e ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive po<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>on of the h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ge is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in O<span class=\"_ _2\"></span>ther C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ive In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e and a<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>lated i<span class=\"_ _2\"></span>n the fore<span class=\"_ _2\"></span>ign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy tra<span class=\"_ _2\"></span>nsl<span class=\"_ _2\"></span>ation re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. Th<span class=\"_ _2\"></span>e gai<span class=\"_ _2\"></span>n or lo<span class=\"_ _2\"></span>ss rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to the in<span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve por<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n is rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d imm<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>iatel<span class=\"_ _2\"></span>y in the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Stateme<span class=\"_ _2\"></span>nt, an<span class=\"_ _2\"></span>d is in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d in the \u2018othe<span class=\"_ _2\"></span>r gai<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d los<span class=\"_ _2\"></span>ses\u2019 li<span class=\"_ _2\"></span>ne ite<span class=\"_ _2\"></span>m. Ga<span class=\"_ _2\"></span>ins a<span class=\"_ _2\"></span>nd lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n the h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ent ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ated in th<span class=\"_ _2\"></span>e fore<span class=\"_ _2\"></span>ign c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>cy tran<span class=\"_ _2\"></span>sla<span class=\"_ _2\"></span>tion re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve are rec<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ssif<span class=\"_ _2\"></span>ied to th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt on th<span class=\"_ _2\"></span>e dis<span class=\"_ _2\"></span>posa<span class=\"_ _2\"></span>l or p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>tial d<span class=\"_ _2\"></span>isp<span class=\"_ _2\"></span>osal of th<span class=\"_ _2\"></span>e fore<span class=\"_ _2\"></span>ign o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>on.<span class=\"_ _35c\"> </span>We onl<span class=\"_ _2\"></span>y app<span class=\"_ _2\"></span>ly net i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ment h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ge ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g in the G<span class=\"_ _2\"></span>roup Fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Other gains and<span class=\"_ _1\"></span> losses<span class=\"_ _35c\"> </span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d with othe<span class=\"_ _2\"></span>r gai<span class=\"_ _2\"></span>ns an<span class=\"_ _2\"></span>d los<span class=\"_ _2\"></span>ses is a \u00a3<span class=\"_ _2\"></span>2.7m gai<span class=\"_ _2\"></span>n on the m<span class=\"_ _2\"></span>ark to m<span class=\"_ _2\"></span>arket val<span class=\"_ _2\"></span>uatio<span class=\"_ _2\"></span>n (\u2018MTM<span class=\"_ _2\"></span>\u2019) in rela<span class=\"_ _2\"></span>tion to \u00a36<span class=\"_ _2\"></span>0m of SO<span class=\"_ _2\"></span>NIA in<span class=\"_ _2\"></span>terest rate swap<span class=\"_ _2\"></span>s execute<span class=\"_ _2\"></span>d in Ap<span class=\"_ _2\"></span>ril 2023. W<span class=\"_ _2\"></span>hil<span class=\"_ _2\"></span>st the i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate swaps a<span class=\"_ _2\"></span>re a per<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rcia<span class=\"_ _2\"></span>l hed<span class=\"_ _2\"></span>ge of a si<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>lar a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt of ou<span class=\"_ _2\"></span>r GBP b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ngs for a<span class=\"_ _2\"></span>t lea<span class=\"_ _2\"></span>st a thre<span class=\"_ _2\"></span>e-year p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od, as th<span class=\"_ _2\"></span>e execu<span class=\"_ _2\"></span>ting b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ks have a wr<span class=\"_ _2\"></span>itten o<span class=\"_ _2\"></span>ption a<span class=\"_ _2\"></span>t the th<span class=\"_ _2\"></span>ree-year p<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>t to unil<span class=\"_ _2\"></span>ateral<span class=\"_ _2\"></span>ly term<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ate the swa<span class=\"_ _2\"></span>ps at n<span class=\"_ _2\"></span>o cost, th<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on do<span class=\"_ _2\"></span>es not q<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>lif<span class=\"_ _2\"></span>y for h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ge ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g treatm<span class=\"_ _2\"></span>ent. Ac<span class=\"_ _2\"></span>cordi<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ly the MT<span class=\"_ _2\"></span>M gai<span class=\"_ _2\"></span>n on the va<span class=\"_ _2\"></span>lua<span class=\"_ _2\"></span>tion of th<span class=\"_ _2\"></span>ese swa<span class=\"_ _2\"></span>ps as at 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2023 is rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in the G<span class=\"_ _2\"></span>roup I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent. 2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Gain on deriv<span class=\"_ _8\"></span>ativ<span class=\"_ _8\"></span>e<span class=\"_ _2b1\"> </span><span class=\"ff2 ls77 ws5c\">2<span class=\"_ _2\"></span>.7<span class=\"_ _15b\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span>Other gains and<span class=\"_ _1\"></span> losses<span class=\"_ _2b2\"> </span><span class=\"ff2 ls77 ws5c\">2<span class=\"_ _2\"></span>.7<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span></span>Capital<span class=\"_ _1\"></span> risk management<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s its ca<span class=\"_ _2\"></span>pital to e<span class=\"_ _2\"></span>nsure th<span class=\"_ _2\"></span>at Gro<span class=\"_ _2\"></span>up en<span class=\"_ _2\"></span>tities c<span class=\"_ _2\"></span>an co<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>ue as g<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>g con<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ile m<span class=\"_ _2\"></span>axi<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e return to sh<span class=\"_ _2\"></span>areh<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ers by o<span class=\"_ _2\"></span>ptimi<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g our d<span class=\"_ _2\"></span>ebt a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce. Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _8\"></span>s cap<span class=\"_ _2\"></span>ital str<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>ture co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>ts of de<span class=\"_ _2\"></span>bt, whic<span class=\"_ _2\"></span>h in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des th<span class=\"_ _2\"></span>e bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs di<span class=\"_ _2\"></span>sclo<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>n note 27<span class=\"_ _1\"></span>, cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>vale<span class=\"_ _2\"></span>nts, an<span class=\"_ _2\"></span>d eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to equ<span class=\"_ _2\"></span>ity h<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>s of the Pare<span class=\"_ _2\"></span>nt, com<span class=\"_ _2\"></span>pris<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g issu<span class=\"_ _2\"></span>ed ca<span class=\"_ _2\"></span>pital, rese<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>s and reta<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ear<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>gs, a<span class=\"_ _2\"></span>s disc<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>ed in n<span class=\"_ _2\"></span>ote 31. Gearing r<span class=\"_ _8\"></span>atio<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p k<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>eps i<span class=\"_ _2\"></span>ts cap<span class=\"_ _2\"></span>ital str<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>ture un<span class=\"_ _2\"></span>der rev<span class=\"_ _2\"></span>iew an<span class=\"_ _2\"></span>d mo<span class=\"_ _2\"></span>nitor<span class=\"_ _2\"></span>s it mo<span class=\"_ _2\"></span>nthly to e<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>re the ge<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng rati<span class=\"_ _2\"></span>o rema<span class=\"_ _2\"></span>ins b<span class=\"_ _2\"></span>elow 6<span class=\"_ _2\"></span>0%. The G<span class=\"_ _2\"></span>roup is n<span class=\"_ _2\"></span>ot subj<span class=\"_ _2\"></span>ect to ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>lly i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>osed c<span class=\"_ _2\"></span>api<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>al re<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nts. T<span class=\"_ _2\"></span>he ge<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng rati<span class=\"_ _2\"></span>o at the ye<span class=\"_ _2\"></span>ar en<span class=\"_ _2\"></span>d was as f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>ows:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>De<span class=\"_ _2\"></span>bt (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ote 27)<span class=\"_ _2b3\"> </span><span class=\"ff2 lsc4 wsa7\">2<span class=\"_ _2\"></span>32<span class=\"_ _6\"></span>.1<span class=\"_ _52\"> </span></span>2<span class=\"_ _2\"></span>23.8<span class=\"_ _35c\"> </span>Cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quiva<span class=\"_ _2\"></span>lents (se<span class=\"_ _2\"></span>e note 22)<span class=\"_ _15f\"> </span><span class=\"ff2 ls20 ws11\">(36<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>)<span class=\"_ _19f\"> </span></span><span class=\"ls19 ws6a\">(38.8)<span class=\"_ _35c\"> </span></span>Net d<span class=\"_ _2\"></span>ebt (see note 32)<span class=\"_ _2b4\"> </span><span class=\"ff2 ls55 ws3f\">195.<span class=\"_ _2\"></span>8<span class=\"_ _67\"> </span></span><span class=\"lse wsd\">185.0<span class=\"_ _35c\"> </span></span>Equ<span class=\"_ _2\"></span>ity<span class=\"_ _2b5\"> </span><span class=\"ff2 lsbb wsab\">5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _26\"> </span></span><span class=\"ls8a wsad\">5<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Net d<span class=\"_ _2\"></span>ebt to equit<span class=\"_ _2\"></span>y ratio<span class=\"_ _2b6\"> </span><span class=\"ff2 ls76 ws5d\">35%<span class=\"_ _5e\"> </span></span><span class=\"ls5c ws56\">32%<span class=\"_ _35c\"> </span></span>De<span class=\"_ _2\"></span>bt is def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed as l<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>g and s<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-term bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs, i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng l<span class=\"_ _2\"></span>ease o<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>s detai<span class=\"_ _2\"></span>led i<span class=\"_ _2\"></span>n note 27<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Equ<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>es al<span class=\"_ _2\"></span>l cap<span class=\"_ _2\"></span>ital an<span class=\"_ _2\"></span>d reser<span class=\"_ _2\"></span>ves of t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to equ<span class=\"_ _2\"></span>ity h<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>s of the Pare<span class=\"_ _2\"></span>nt.<span class=\"_ _35c\"> </span>Categories<span class=\"_ _1\"></span> of financial instruments<span class=\"_ _35c\"> </span>We have c<span class=\"_ _2\"></span>atego<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>d fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d at val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on into a th<span class=\"_ _2\"></span>ree-leve<span class=\"_ _2\"></span>l fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e hie<span class=\"_ _2\"></span>rarchy, base<span class=\"_ _2\"></span>d on the p<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>y of the i<span class=\"_ _2\"></span>npu<span class=\"_ _2\"></span>ts to the val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on tec<span class=\"_ _2\"></span>hni<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e in ac<span class=\"_ _2\"></span>corda<span class=\"_ _2\"></span>nce w<span class=\"_ _2\"></span>ith IFRS 13<span class=\"_ _2\"></span>. The h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy give<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>igh<span class=\"_ _2\"></span>est p<span class=\"_ _2\"></span>rior<span class=\"_ _2\"></span>ity to q<span class=\"_ _2\"></span>uoted p<span class=\"_ _2\"></span>rice<span class=\"_ _2\"></span>s in ac<span class=\"_ _2\"></span>tive ma<span class=\"_ _2\"></span>rkets for id<span class=\"_ _2\"></span>entic<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets or l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties (Leve<span class=\"_ _2\"></span>l 1) and th<span class=\"_ _2\"></span>e lowes<span class=\"_ _2\"></span>t pri<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y to un<span class=\"_ _2\"></span>obse<span class=\"_ _2\"></span>rva<span class=\"_ _2\"></span>ble i<span class=\"_ _2\"></span>np<span class=\"_ _2\"></span>uts (Level 3). If th<span class=\"_ _2\"></span>e inp<span class=\"_ _2\"></span>uts us<span class=\"_ _2\"></span>ed to me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>re fair va<span class=\"_ _2\"></span>lue f<span class=\"_ _2\"></span>all with<span class=\"_ _2\"></span>in di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent l<span class=\"_ _2\"></span>evels of th<span class=\"_ _2\"></span>e hi<span class=\"_ _2\"></span>erarchy, we base th<span class=\"_ _2\"></span>e cate<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y leve<span class=\"_ _2\"></span>l on th<span class=\"_ _2\"></span>e lowes<span class=\"_ _2\"></span>t prio<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>y leve<span class=\"_ _2\"></span>l inp<span class=\"_ _2\"></span>ut tha<span class=\"_ _2\"></span>t is sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt to the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt of the i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ent in i<span class=\"_ _2\"></span>ts enti<span class=\"_ _2\"></span>rety. W<span class=\"_ _1\"></span>e h<span class=\"_ _2\"></span>ave es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ated th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>s of the G<span class=\"_ _2\"></span>roup\u2019s outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate swaps by ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ng the p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nt valu<span class=\"_ _2\"></span>e of fut<span class=\"_ _2\"></span>ure cas<span class=\"_ _2\"></span>h flow<span class=\"_ _2\"></span>s, usi<span class=\"_ _2\"></span>ng ap<span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>riate m<span class=\"_ _2\"></span>arket dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt rates, rep<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nting Leve<span class=\"_ _2\"></span>l 2 fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nts as d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d by IFRS 13. 2023 Car<span class=\"_ _8\"></span>rying value<span class=\"_ _1f4\"> </span><span class=\"ff6 ls8 ws8\">2022<span class=\"_ _1\"></span> Carr<span class=\"_ _2\"></span>ying v<span class=\"_ _8\"></span>alue<span class=\"_ _35c\"> </span></span>Lev<span class=\"_ _2\"></span>el 1  \u00a3m<span class=\"_ _35c\"> </span>Lev<span class=\"_ _2\"></span>el 2  \u00a3m<span class=\"_ _35c\"> </span>Lev<span class=\"_ _2\"></span>el 3  \u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>\u00a3m Leve<span class=\"_ _2\"></span>l 1  \u00a3m<span class=\"_ _35c\"> </span>Leve<span class=\"_ _2\"></span>l 2  \u00a3m<span class=\"_ _35c\"> </span>Leve<span class=\"_ _2\"></span>l 3  \u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"ls3 ws3\"> </span>\u00a3m Financial<span class=\"_ _8\"></span> assets<span class=\"_ _35c\"> </span>Oth<span class=\"_ _2\"></span>er inves<span class=\"_ _2\"></span>tments<span class=\"_ _2e\"> </span><span class=\"ff2 ls3d ws20\">4.8<span class=\"_ _15b\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls31 ws97\">4.0<span class=\"_ _64\"> </span><span class=\"ls3d ws20\">8.8<span class=\"_ _6c\"> </span></span></span></span><span class=\"ls19 ws6a\">6.5<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">3.7<span class=\"_ _5e\"> </span><span class=\"ls75 ws69\">1<span class=\"_ _2\"></span>0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e r<span class=\"_ _8\"></span>ece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les an<span class=\"_ _2\"></span>d other d<span class=\"_ _2\"></span>ebtors, ex<span class=\"_ _1\"></span>cluding prepayment<span class=\"_ _1\"></span>s<span class=\"_ _89\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _58\"> </span><span class=\"ls62 ws4b\">132<span class=\"_ _2\"></span>.6<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls62 ws4b\">132<span class=\"_ _2\"></span>.6<span class=\"_ _15b\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _271\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _271\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span></span>Cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quiva<span class=\"_ _2\"></span>lents<span class=\"_ _13d\"> </span><span class=\"ff2\">\u2013<span class=\"_ _48\"> </span><span class=\"lse wsd\">36.3<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _79\"> </span><span class=\"lse wsd\">36.3<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _79\"> </span><span class=\"ls19 ws6a\">38.8<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _79\"> </span><span class=\"ls19 ws6a\">38.8<span class=\"_ _35c\"> </span></span>Derivativ<span class=\"_ _1\"></span>e instruments<span class=\"_ _8\"></span> in non-<span class=\"_ _35c\"> </span>des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ated he<span class=\"_ _2\"></span>dge a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nting relat<span class=\"_ _8\"></span>ionships<span class=\"_ _2b7\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.8<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.8<span class=\"_ _4a\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _49\"> </span><span class=\"ls20 ws11\">1.0<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _d7\"> </span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span></span>De<span class=\"_ _2\"></span>rivative i<span class=\"_ _2\"></span>nstru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts in des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ated hedge accounting r<span class=\"_ _1\"></span>elationships<span class=\"_ _141\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _64\"> </span><span class=\"ls19 ws6a\">5.6<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls19 ws6a\">5.6<span class=\"_ _15b\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span>4.8<span class=\"_ _11e\"> </span><span class=\"ls20 ws11\">175<span class=\"_ _2\"></span>.3<span class=\"_ _8b\"> </span><span class=\"ls31 ws97\">4.0<span class=\"_ _c4\"> </span><span class=\"lsc4 wsa7\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _192\"> </span><span class=\"ff6 ls19 ws6a\">6.5<span class=\"_ _48\"> </span><span class=\"ls3 ws3\">17<span class=\"_ _2\"></span>1.6<span class=\"_ _d7\"> </span><span class=\"lsb9 wsa9\">3.7<span class=\"_ _48\"> </span><span class=\"ls6 ws6\">181.8<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span>Financial<span class=\"_ _8\"></span> liabiliti<span class=\"_ _8\"></span>es<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e and othe<span class=\"_ _2\"></span>r paya<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s, exclud<span class=\"_ _2\"></span>ing other taxes a<span class=\"_ _2\"></span>nd so<span class=\"_ _2\"></span>cial s<span class=\"_ _2\"></span>ecu<span class=\"_ _2\"></span>rity (see n<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span>e 2<span class=\"_ _2\"></span>3)<span class=\"_ _2b8\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4e\"> </span><span class=\"ls57 ws4f\">(11<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>3)<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _150\"> </span><span class=\"ls57 ws4f\">(11<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>3)<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _19f\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _45\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Loan<span class=\"_ _2\"></span>s and ove<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>draf<span class=\"_ _2\"></span>ts (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 27)<span class=\"_ _af\"> </span><span class=\"ff2\">\u2013<span class=\"_ _8d\"> </span><span class=\"ls77 ws5c\">(20<span class=\"_ _2\"></span>0.2)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _8d\"> </span><span class=\"ls77 ws5c\">(20<span class=\"_ _2\"></span>0.2)<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _cb\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _cb\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Leas<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>blig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns (see n<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span>e 2<span class=\"_ _2\"></span>8)<span class=\"_ _43\"> </span><span class=\"ff2\">\u2013<span class=\"_ _58\"> </span><span class=\"lsb8 wsa8\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>.9)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _67\"> </span><span class=\"lsb8 wsa8\">(3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9)<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _52\"> </span><span class=\"ls22 ws22\">(3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.6)<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _52\"> </span><span class=\"ls22 ws22\">(3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.6)<span class=\"_ _35c\"> </span></span>Derivativ<span class=\"_ _1\"></span>e instruments<span class=\"_ _8\"></span> in non-<span class=\"_ _1\"></span>designa<span class=\"_ _8\"></span>t<span class=\"_ _1\"></span>ed hedge accounting<span class=\"_ _8\"></span> relat<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>nships<span class=\"_ _120\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.9)<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.9)<span class=\"_ _15b\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _6b\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _6b\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9)<span class=\"_ _35c\"> </span></span></span></span>De<span class=\"_ _2\"></span>rivative i<span class=\"_ _2\"></span>nstru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts in des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ated hedge accounting r<span class=\"_ _1\"></span>elationships<span class=\"_ _141\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _79\"> </span><span class=\"ls9c wsb7\">(<span class=\"_ _2\"></span>0.3)<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _69\"> </span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span></span>Put o<span class=\"_ _2\"></span>ption over n<span class=\"_ _2\"></span>on-control<span class=\"_ _2\"></span>ling i<span class=\"_ _2\"></span>nterest<span class=\"_ _11f\"> </span><span class=\"ff2 ws3\">\u2013<span class=\"_ _73\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _73\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>7.1<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _5b\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _6\"></span>)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _5b\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>Defe<span class=\"_ _2\"></span>rred co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>eration (se<span class=\"_ _2\"></span>e note 38)<span class=\"_ _ba\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.6)<span class=\"_ _26\"> </span>(0.<span class=\"_ _2\"></span>6)<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _6e\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>.5)<span class=\"_ _76\"> </span>(1<span class=\"_ _2\"></span>.5)<span class=\"_ _35c\"> </span></span>\u2013<span class=\"_ _84\"> </span><span class=\"ls5c ws56\">(35<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.4)<span class=\"_ _6a\"> </span><span class=\"ls77 ws5c\">(0.6)<span class=\"_ _8a\"> </span><span class=\"ls20 ws11\">(35<span class=\"_ _2\"></span>5.0<span class=\"_ _2\"></span>)<span class=\"_ _15b\"> </span></span></span></span><span class=\"ff6\">\u2013<span class=\"_ _c8\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _6f\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>.5)<span class=\"_ _4e\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span></span>Foreign<span class=\"_ _1\"></span> currency risk<span class=\"_ _8\"></span> management<span class=\"_ _35c\"> </span>We und<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>take transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns de<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n forei<span class=\"_ _2\"></span>gn cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nts of the G<span class=\"_ _2\"></span>roup\u2019s fore<span class=\"_ _2\"></span>ign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy d<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>nate<span class=\"_ _2\"></span>d mon<span class=\"_ _2\"></span>etar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets and m<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>etar<span class=\"_ _2\"></span>y lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities (excl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-t<span class=\"_ _8\"></span>erm am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts rela<span class=\"_ _2\"></span>ted to our o<span class=\"_ _2\"></span>ngo<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g trade, rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d as trad<span class=\"_ _2\"></span>e rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les an<span class=\"_ _2\"></span>d trad<span class=\"_ _2\"></span>e paya<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s) at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date were a<span class=\"_ _2\"></span>s foll<span class=\"_ _2\"></span>ows:<span class=\"_ _35c\"> </span>Liabilities<span class=\"_ _11a\"> </span><span class=\"ls8 ws8\">Assets<span class=\"_ _35c\"> </span></span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>US D<span class=\"_ _2\"></span>olla<span class=\"_ _2\"></span>r<span class=\"_ _2b9\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _19f\"> </span></span><span class=\"ls20 ws11\">(8<span class=\"_ _2\"></span>8.0<span class=\"_ _2\"></span>)<span class=\"_ _64\"> </span><span class=\"ff2 lse wsd\">3.5<span class=\"_ _192\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Eu<span class=\"_ _2\"></span>ro<span class=\"_ _235\"> </span><span class=\"ff2 ls77 ws5c\">(30.<span class=\"_ _2\"></span>5)<span class=\"_ _48\"> </span></span><span class=\"ls9c wsb7\">(1<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>3)<span class=\"_ _11f\"> </span><span class=\"ff2 ls77 ws5c\">0.7<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span>Canadian Dollar<span class=\"_ _1b7\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _1\"></span>1)<span class=\"_ _69\"> </span><span class=\"ff6 ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _4a\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _4a\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span></span>Foreign<span class=\"_ _1\"></span> currency Income<span class=\"_ _8\"></span> Statemen<span class=\"_ _8\"></span>t sens<span class=\"_ _8\"></span>itivity<span class=\"_ _8\"></span> analysis<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p is ma<span class=\"_ _2\"></span>inl<span class=\"_ _2\"></span>y expos<span class=\"_ _2\"></span>ed to move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in the U<span class=\"_ _2\"></span>S Dol<span class=\"_ _2\"></span>lar, Euro, Brazili<span class=\"_ _2\"></span>an Re<span class=\"_ _2\"></span>al, M<span class=\"_ _2\"></span>exica<span class=\"_ _2\"></span>n Peso, Chi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>e Y<span class=\"_ _1\"></span>u<span class=\"_ _2\"></span>an an<span class=\"_ _2\"></span>d Rus<span class=\"_ _2\"></span>sia<span class=\"_ _2\"></span>n Roub<span class=\"_ _2\"></span>le ex<span class=\"_ _1\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _8\"></span> ra<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>es.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s the Gro<span class=\"_ _2\"></span>up\u2019s profi<span class=\"_ _2\"></span>t sen<span class=\"_ _2\"></span>sitiv<span class=\"_ _2\"></span>ity to a 1<span class=\"_ _2\"></span>0% and 20% in<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se an<span class=\"_ _2\"></span>d dec<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e in Sterl<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst th<span class=\"_ _2\"></span>ese c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>es. 10% is th<span class=\"_ _2\"></span>e sen<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>vit<span class=\"_ _2\"></span>y rate used w<span class=\"_ _2\"></span>hen re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g fore<span class=\"_ _2\"></span>ign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy ri<span class=\"_ _2\"></span>sk inte<span class=\"_ _2\"></span>rna<span class=\"_ _2\"></span>lly to key man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d repre<span class=\"_ _2\"></span>sents o<span class=\"_ _2\"></span>ur as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt of a significant<span class=\"_ _1\"></span> chan<span class=\"_ _2\"></span>ge<span class=\"_ _8\"></span> in for<span class=\"_ _1\"></span>eign ex<span class=\"_ _1\"></span>change rat<span class=\"_ _1\"></span>es. The sens<span class=\"_ _8\"></span>itivi<span class=\"_ _8\"></span>ty analysis<span class=\"_ _1\"></span> includ<span class=\"_ _2\"></span>es<span class=\"_ _1\"></span> on<span class=\"_ _2\"></span>ly<span class=\"_ _1\"></span> o<span class=\"_ _2\"></span>ut<span class=\"_ _8\"></span>st<span class=\"_ _8\"></span>anding for<span class=\"_ _1\"></span>eign currency<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>enominat<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _8\"></span> monet<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y item<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>dju<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>eir tra<span class=\"_ _2\"></span>nsl<span class=\"_ _2\"></span>ation a<span class=\"_ _2\"></span>t the p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d en<span class=\"_ _2\"></span>d for a 10% o<span class=\"_ _2\"></span>r 20% cha<span class=\"_ _2\"></span>nge i<span class=\"_ _2\"></span>n forei<span class=\"_ _2\"></span>gn cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy rates<span class=\"_ _2\"></span>. It inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>des ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ans, a<span class=\"_ _2\"></span>s well<span class=\"_ _2\"></span> as l<span class=\"_ _2\"></span>oan<span class=\"_ _2\"></span>s to foreig<span class=\"_ _2\"></span>n ope<span class=\"_ _2\"></span>ratio<span class=\"_ _2\"></span>ns with<span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p whe<span class=\"_ _2\"></span>re the lo<span class=\"_ _2\"></span>an is d<span class=\"_ _2\"></span>eno<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n a cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y other th<span class=\"_ _2\"></span>an th<span class=\"_ _2\"></span>e len<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r or bo<span class=\"_ _2\"></span>rrower<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>s c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy. A pos<span class=\"_ _2\"></span>itive n<span class=\"_ _2\"></span>umb<span class=\"_ _2\"></span>er b<span class=\"_ _2\"></span>elow i<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>cates a<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e in prof<span class=\"_ _2\"></span>it wh<span class=\"_ _2\"></span>en Sterl<span class=\"_ _2\"></span>ing we<span class=\"_ _2\"></span>akens a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst t<span class=\"_ _2\"></span>he rel<span class=\"_ _2\"></span>evant cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy<span class=\"_ _8\"></span>. A stre<span class=\"_ _2\"></span>ngth<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ing of Ster<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st the re<span class=\"_ _2\"></span>levan<span class=\"_ _2\"></span>t curre<span class=\"_ _2\"></span>ncy wo<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>d prod<span class=\"_ _2\"></span>uce a<span class=\"_ _2\"></span>n equ<span class=\"_ _2\"></span>al bu<span class=\"_ _2\"></span>t opp<span class=\"_ _2\"></span>osite re<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>n prof<span class=\"_ _2\"></span>it, and th<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ces b<span class=\"_ _2\"></span>elow wo<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e ne<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>ve. 20%<span class=\"_ _8\"></span> currency<span class=\"_ _1\"></span> movement<span class=\"_ _8a\"> </span>10% curren<span class=\"_ _8\"></span>cy mo<span class=\"_ _8\"></span>vement<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Eu<span class=\"_ _2\"></span>ro<span class=\"_ _137\"> </span><span class=\"ff2 lse wsd\">3.<span class=\"_ _2\"></span>2<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.8<span class=\"_ _d4\"> </span><span class=\"ff2 ls19 ws6a\">1.6<span class=\"_ _49\"> </span></span><span class=\"ls1b ws1f\">1.4<span class=\"_ _35c\"> </span></span></span>US D<span class=\"_ _2\"></span>olla<span class=\"_ _2\"></span>r<span class=\"_ _208\"> </span><span class=\"ff2 ls3d ws20\">1.5<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.2<span class=\"_ _64\"> </span><span class=\"ff2 ls77 ws5c\">0.7<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span></span>Bra<span class=\"_ _8\"></span>zilian<span class=\"_ _8\"></span> Real<span class=\"_ _1ba\"> </span><span class=\"ff2 ls31 ws97\">3.0<span class=\"_ _d7\"> </span></span><span class=\"lsb9 wsa9\">2<span class=\"_ _2\"></span>.7<span class=\"_ _d7\"> </span><span class=\"ff2 ls3d ws20\">1.5<span class=\"_ _49\"> </span></span></span>1.3<span class=\"_ _35c\"> </span>Mexican Peso<span class=\"_ _2ba\"> </span><span class=\"ff2 lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _1c\"> </span></span><span class=\"ls8a wsad\">3<span class=\"_ _2\"></span>.1<span class=\"_ _8b\"> </span><span class=\"ff2 ls31 ws97\">2<span class=\"_ _2\"></span>.0<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.5<span class=\"_ _35c\"> </span></span></span>Chi<span class=\"_ _2\"></span>nese Yuan <span class=\"_ _1d9\"> </span><span class=\"ff2 lse wsd\">3.<span class=\"_ _2\"></span>2<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.3<span class=\"_ _d7\"> </span><span class=\"ff2 ls19 ws6a\">1.6<span class=\"_ _49\"> </span></span><span class=\"lsd ws5\">1.2<span class=\"_ _35c\"> </span></span></span>Russian Rouble<span class=\"_ _237\"> </span><span class=\"ff2 lsc4 wsa7\">2<span class=\"_ _2\"></span>.1<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.5<span class=\"_ _1c\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _d4\"> </span></span><span class=\"lsb9 wsa9\">0.7<span class=\"_ _35c\"> </span></span></span>Forward<span class=\"_ _8\"></span> foreign<span class=\"_ _8\"></span> ex<span class=\"_ _1\"></span>change contracts<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cy is to en<span class=\"_ _2\"></span>ter into for<span class=\"_ _2\"></span>ward fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>nge c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts, to cover s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ic fore<span class=\"_ _2\"></span>ign c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>ncy p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>nd rec<span class=\"_ _2\"></span>eipts<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s the fo<span class=\"_ _2\"></span>rward f<span class=\"_ _2\"></span>oreig<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts o<span class=\"_ _2\"></span>utsta<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng as a<span class=\"_ _2\"></span>t the yea<span class=\"_ _2\"></span>r en<span class=\"_ _2\"></span>d:<span class=\"_ _35c\"> </span>Av<span class=\"_ _8\"></span>erage e<span class=\"_ _8\"></span>xchange<span class=\"_ _1\"></span> rate<span class=\"_ _35c\"> </span>Foreign currency<span class=\"_ _35c\"> </span>Contract value<span class=\"_ _bc\"> </span><span class=\"lsa0 ws93\">Fair<span class=\"_ _8\"></span> value<span class=\"_ _35c\"> </span></span>2023<span class=\"_ _5e\"> </span><span class=\"ff6 ls71 ws2e\">202<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Outstanding c<span class=\"_ _8\"></span>ontracts<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y CHF<span class=\"_ _2bb\"> </span><span class=\"ff2 ls77 ws5c\">0.8<span class=\"_ _2\"></span>8<span class=\"_ _8b\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>8<span class=\"_ _79\"> </span><span class=\"ls13 ws13\">CHF<span class=\"_ _8b\"> </span><span class=\"ff2 ls77 ws5c\">0.5<span class=\"_ _192\"> </span></span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Sell CNY<span class=\"_ _2bc\"> </span><span class=\"ff2 lsa3 ws96\">9.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _6b\"> </span></span><span class=\"ls29 ws28\">8.<span class=\"_ _2\"></span>24<span class=\"_ _6a\"> </span><span class=\"ls13 ws13\">CN<span class=\"_ _2\"></span>Y<span class=\"_ _71\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>3<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.2<span class=\"_ _15b\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span></span></span></span>B<span class=\"_ _2\"></span>uy AU<span class=\"_ _2\"></span>D<span class=\"_ _2bd\"> </span><span class=\"ff2 lsb8 wsa8\">1<span class=\"_ _2\"></span>.91<span class=\"_ _8b\"> </span></span><span class=\"lsfc wsec\">1<span class=\"_ _2\"></span>.76<span class=\"_ _48\"> </span><span class=\"ls29 ws28\">AU<span class=\"_ _2\"></span>D<span class=\"_ _64\"> </span><span class=\"ff2 ls26 ws25\">2<span class=\"_ _2\"></span>.3<span class=\"_ _49\"> </span></span><span class=\"ls19 ws6a\">1.8<span class=\"_ _15b\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span></span></span></span>Bu<span class=\"_ _2\"></span>y PHP<span class=\"_ _2be\"> </span><span class=\"ff2 ls9b ws90\">70.<span class=\"_ _2\"></span>39<span class=\"_ _271\"> </span></span><span class=\"lsba wsaa\">6<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _5b\"> </span><span class=\"ls57 ws4f\">PHP<span class=\"_ _4a\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y EUR<span class=\"_ _26b\"> </span><span class=\"ff2 lsc4 wsa7\">1.1<span class=\"_ _2\"></span>6<span class=\"_ _79\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>86<span class=\"_ _6b\"> </span><span class=\"ls57 ws4f\">EU<span class=\"_ _2\"></span>R<span class=\"_ _64\"> </span><span class=\"ff2 ls19 ws6a\">6.6<span class=\"_ _49\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _6\"></span>2<span class=\"_ _c2\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y MXN<span class=\"_ _1ac\"> </span><span class=\"ff2 ls31 ws97\">22<span class=\"_ _2\"></span>.03<span class=\"_ _67\"> </span></span><span class=\"ls8b ws81\">24<span class=\"_ _6\"></span>.74<span class=\"_ _6a\"> </span><span class=\"ls62 ws4b\">MXN<span class=\"_ _5e\"> </span><span class=\"ff2 ls77 ws5c\">14<span class=\"_ _2\"></span>.7<span class=\"_ _d4\"> </span></span><span class=\"ls3e ws38\">2<span class=\"_ _2\"></span>.9<span class=\"_ _11f\"> </span><span class=\"ff2 ls77 ws5c\">0.2<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span></span></span></span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _2bf\"> </span><span class=\"ff2 ls13 ws13\">1.<span class=\"_ _2\"></span>26<span class=\"_ _13e\"> </span></span>1<span class=\"_ _2\"></span>.23<span class=\"_ _48\"> </span><span class=\"ls25 ws21\">USD<span class=\"_ _8b\"> </span><span class=\"ff2 lse wsd\">3.<span class=\"_ _2\"></span>4<span class=\"_ _54\"> </span></span><span class=\"ls8a wsad\">1.1<span class=\"_ _64\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span></span>(0<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span>Sell BRL<span class=\"_ _26b\"> </span><span class=\"ff2 lsc4 wsa7\">6<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>7<span class=\"_ _4a\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _5e\"> </span><span class=\"ls3d ws20\">BRL<span class=\"_ _71\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _4a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span></span>Sell INR<span class=\"_ _2be\"> </span><span class=\"ff2 ls77 ws5c\">102.7<span class=\"_ _2\"></span>9<span class=\"_ _15b\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6f\"> </span><span class=\"ls43 ws68\">INR<span class=\"_ _8b\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>3<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _4a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span></span>Sell CAD<span class=\"_ _2bf\"> </span><span class=\"ff2 ls78 ws6b\">1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>67<span class=\"_ _15b\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _271\"> </span><span class=\"ls3a ws1a\">CAD<span class=\"_ _d7\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _c2\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span></span>Bu<span class=\"_ _2\"></span>y CHF<span class=\"_ _1\"></span>/Sell E<span class=\"_ _2\"></span>UR<span class=\"_ _df\"> </span><span class=\"ff2\">\u2013<span class=\"_ _6f\"> </span></span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.01<span class=\"_ _48\"> </span><span class=\"ls13 ws13\">CHF<span class=\"_ _4a\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _6c\"> </span></span><span class=\"ls43 ws68\">3.4<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell UA<span class=\"_ _2\"></span>H<span class=\"_ _1a6\"> </span><span class=\"ff2 lsbb wsab\">3<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _52\"> </span></span><span class=\"ls43 ws68\">33.06<span class=\"_ _48\"> </span><span class=\"ls29 ws28\">UAH<span class=\"_ _11f\"> </span><span class=\"ff2 ls77 ws5c\">0.7<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.3<span class=\"_ _c2\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell B<span class=\"_ _2\"></span>RL<span class=\"_ _2c0\"> </span><span class=\"ff2 lsb8 wsa8\">4<span class=\"_ _2\"></span>.94<span class=\"_ _69\"> </span></span><span class=\"ls3e ws38\">4<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>0<span class=\"_ _5e\"> </span><span class=\"ls3d ws20\">BRL<span class=\"_ _8b\"> </span><span class=\"ff2 ls31 ws97\">3<span class=\"_ _2\"></span>.0<span class=\"_ _49\"> </span></span><span class=\"ls19 ws6a\">1.8<span class=\"_ _26\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _49\"> </span></span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span></span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell C<span class=\"_ _2\"></span>NY<span class=\"_ _2c1\"> </span><span class=\"ff2 lsbb wsab\">7.1<span class=\"_ _6\"></span>9<span class=\"_ _6b\"> </span></span><span class=\"ls19 ws6a\">6.69<span class=\"_ _26\"> </span><span class=\"ls13 ws13\">CNY<span class=\"_ _6c\"> </span><span class=\"ff2 lsb8 wsa8\">2<span class=\"_ _2\"></span>.9<span class=\"_ _d7\"> </span></span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>.7<span class=\"_ _4a\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y PHP<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell U<span class=\"_ _2\"></span>SD<span class=\"_ _3a\"> </span><span class=\"ff2 ls3a ws1a\">55.<span class=\"_ _2\"></span>57<span class=\"_ _45\"> </span></span><span class=\"ls7 ws7\">53.53<span class=\"_ _69\"> </span><span class=\"ls57 ws4f\">PH<span class=\"_ _2\"></span>P<span class=\"_ _5c\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>1<span class=\"_ _49\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>4<span class=\"_ _56\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Bu<span class=\"_ _2\"></span>y CAD<span class=\"_ _1\"></span>/Sel<span class=\"_ _2\"></span>l USD<span class=\"_ _28\"> </span><span class=\"ff2\">\u2013<span class=\"_ _13e\"> </span></span><span class=\"ls43 ws68\">1.<span class=\"_ _2\"></span>29<span class=\"_ _75\"> </span><span class=\"ls3a ws1a\">CAD<span class=\"_ _4a\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell C<span class=\"_ _2\"></span>AD<span class=\"_ _202\"> </span><span class=\"ff2 ls21 ws5e\">1.<span class=\"_ _2\"></span>33<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _75\"> </span><span class=\"ls3a ws1a\">CAD<span class=\"_ _64\"> </span><span class=\"ff2 lsd ws5\">6.8<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _69\"> </span><span class=\"ff2 ls77 ws5c\">(0.1)<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell EU<span class=\"_ _2\"></span>R<span class=\"_ _68\"> </span><span class=\"ff2 lsc4 wsa7\">1.1<span class=\"_ _2\"></span>0<span class=\"_ _13e\"> </span></span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.06<span class=\"_ _5b\"> </span><span class=\"ls57 ws4f\">EUR<span class=\"_ _d4\"> </span><span class=\"ff2 lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>3<span class=\"_ _4a\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell R<span class=\"_ _2\"></span>UB<span class=\"_ _92\"> </span><span class=\"ff2\">\u2013<span class=\"_ _19f\"> </span></span><span class=\"ls19 ws6a\">56.85<span class=\"_ _79\"> </span><span class=\"lse wsd\">RUB<span class=\"_ _15b\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.2<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _6e\"> </span></span><span class=\"ls8a wsad\">(0<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell I<span class=\"_ _2\"></span>NR<span class=\"_ _2c2\"> </span><span class=\"ff2 ls5c ws56\">82<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>49<span class=\"_ _142\"> </span></span><span class=\"lsfc wsec\">7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.76<span class=\"_ _71\"> </span><span class=\"ls43 ws68\">INR<span class=\"_ _71\"> </span><span class=\"ff2 ls31 ws97\">4<span class=\"_ _2\"></span>.0<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.3<span class=\"_ _15b\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell Z<span class=\"_ _2\"></span>AR<span class=\"_ _2c3\"> </span><span class=\"ff2 lsd ws5\">18.44<span class=\"_ _11e\"> </span></span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>6.09<span class=\"_ _5b\"> </span><span class=\"ls13 ws13\">Z<span class=\"_ _2\"></span>AR<span class=\"_ _71\"> </span><span class=\"ff2 ls77 ws5c\">0.4<span class=\"_ _6c\"> </span></span><span class=\"ls43 ws68\">3.4<span class=\"_ _4a\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y USD<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell A<span class=\"_ _2\"></span>RS<span class=\"_ _2c4\"> </span><span class=\"ff2\">\u2013<span class=\"_ _cb\"> </span></span><span class=\"lsc1 wsb1\">1<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>6<span class=\"_ _6\"></span>9<span class=\"_ _5b\"> </span><span class=\"ls13 ws13\">ARS<span class=\"_ _4a\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.3<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bu<span class=\"_ _2\"></span>y MXN/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>ell US<span class=\"_ _2\"></span>D<span class=\"_ _2c5\"> </span><span class=\"ff2 lsbb wsab\">1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _26\"> </span><span class=\"ls62 ws4b\">MXN<span class=\"_ _8b\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _4a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>0.1<span class=\"_ _6b\"> </span><span class=\"ff6 ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Interest<span class=\"_ _1\"></span> rate risk<span class=\"_ _8\"></span> management<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p is expos<span class=\"_ _2\"></span>ed to inte<span class=\"_ _2\"></span>rest rate ris<span class=\"_ _2\"></span>k, as G<span class=\"_ _2\"></span>roup e<span class=\"_ _2\"></span>ntities b<span class=\"_ _2\"></span>orrow f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>ds at both f<span class=\"_ _2\"></span>ixe<span class=\"_ _2\"></span>d and f<span class=\"_ _2\"></span>loa<span class=\"_ _2\"></span>ting i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates. We ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>e this r<span class=\"_ _2\"></span>isk ce<span class=\"_ _2\"></span>ntrall<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, by ma<span class=\"_ _2\"></span>intai<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g an ap<span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>ria<span class=\"_ _2\"></span>te mix bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n fixe<span class=\"_ _2\"></span>d and f<span class=\"_ _2\"></span>loa<span class=\"_ _2\"></span>ting ra<span class=\"_ _2\"></span>te borrowi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>, usin<span class=\"_ _2\"></span>g inte<span class=\"_ _2\"></span>rest rate swap<span class=\"_ _2\"></span>s. We regu<span class=\"_ _2\"></span>lar<span class=\"_ _2\"></span>ly review ou<span class=\"_ _2\"></span>r hed<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ng ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties, to al<span class=\"_ _2\"></span>ign w<span class=\"_ _2\"></span>ith ou<span class=\"_ _2\"></span>r interes<span class=\"_ _2\"></span>t rate views a<span class=\"_ _2\"></span>nd de<span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>ed ri<span class=\"_ _2\"></span>sk ap<span class=\"_ _2\"></span>petite, th<span class=\"_ _2\"></span>ereby e<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ring we a<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>ly opti<span class=\"_ _2\"></span>mal h<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g strate<span class=\"_ _2\"></span>gie<span class=\"_ _2\"></span>s to mini<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>e the a<span class=\"_ _2\"></span>dvers<span class=\"_ _2\"></span>e imp<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>t of flu<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns in i<span class=\"_ _2\"></span>nterest ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>se thro<span class=\"_ _2\"></span>ugh d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>t interes<span class=\"_ _2\"></span>t rate cycl<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s ex<span class=\"_ _2\"></span>posu<span class=\"_ _2\"></span>res to intere<span class=\"_ _2\"></span>st rates on f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>ies are d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e liq<span class=\"_ _2\"></span>uid<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y risk m<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt sec<span class=\"_ _2\"></span>tion of this n<span class=\"_ _2\"></span>ote.<span class=\"_ _35c\"> </span>Interest<span class=\"_ _1\"></span> rate sensitivi<span class=\"_ _8\"></span>ty analys<span class=\"_ _8\"></span>is<span class=\"_ _35c\"> </span>We have d<span class=\"_ _2\"></span>eterm<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d the se<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>ses be<span class=\"_ _2\"></span>low, base<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s ex<span class=\"_ _2\"></span>posu<span class=\"_ _2\"></span>re to interes<span class=\"_ _2\"></span>t rates for b<span class=\"_ _2\"></span>oth de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ves an<span class=\"_ _2\"></span>d no<span class=\"_ _2\"></span>n-de<span class=\"_ _2\"></span>rivati<span class=\"_ _2\"></span>ve ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ents, a<span class=\"_ _2\"></span>t the b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>heet d<span class=\"_ _2\"></span>ate. For f<span class=\"_ _2\"></span>loa<span class=\"_ _2\"></span>ting ra<span class=\"_ _2\"></span>te liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties, we p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>red the a<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s assu<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ng the l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty ou<span class=\"_ _2\"></span>tstan<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g at the b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>et date was o<span class=\"_ _2\"></span>utsta<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>r the wh<span class=\"_ _2\"></span>ole ye<span class=\"_ _2\"></span>ar. A 1.0 perce<span class=\"_ _2\"></span>ntag<span class=\"_ _2\"></span>e poi<span class=\"_ _2\"></span>nt inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e or de<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se is us<span class=\"_ _2\"></span>ed whe<span class=\"_ _2\"></span>n rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate risk i<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>ally to key ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d is o<span class=\"_ _2\"></span>ur ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of a sign<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ican<span class=\"_ _2\"></span>t cha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>e in intere<span class=\"_ _2\"></span>st rates<span class=\"_ _2\"></span>. If in<span class=\"_ _2\"></span>terest rates h<span class=\"_ _2\"></span>ad b<span class=\"_ _2\"></span>een 1<span class=\"_ _2\"></span>.0 perc<span class=\"_ _2\"></span>entag<span class=\"_ _2\"></span>e poi<span class=\"_ _2\"></span>nt hig<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r or lowe<span class=\"_ _2\"></span>r and a<span class=\"_ _2\"></span>ll oth<span class=\"_ _2\"></span>er vari<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>es were h<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>d cons<span class=\"_ _2\"></span>tant, the G<span class=\"_ _2\"></span>roup\u2019s prof<span class=\"_ _2\"></span>it wou<span class=\"_ _2\"></span>ld ha<span class=\"_ _2\"></span>ve de<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>r inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>ed by \u00a31<span class=\"_ _2\"></span>.6m (202<span class=\"_ _2\"></span>2: de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>/in<span class=\"_ _2\"></span>cre<span class=\"_ _2\"></span>ase by \u00a31<span class=\"_ _2\"></span>.8m). Th<span class=\"_ _2\"></span>is im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t is sm<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ler th<span class=\"_ _2\"></span>an wou<span class=\"_ _2\"></span>ld oth<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>wise b<span class=\"_ _2\"></span>e the ca<span class=\"_ _2\"></span>se, du<span class=\"_ _2\"></span>e to our fix<span class=\"_ _1\"></span>ed-<span class=\"_ _8\"></span>ra<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>e hedgi<span class=\"_ _8\"></span>ng.<span class=\"_ _35c\"> </span>Interest rate sw<span class=\"_ _1\"></span>ap contrac<span class=\"_ _2\"></span>ts<span class=\"_ _35c\"> </span>Un<span class=\"_ _2\"></span>der i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate swap co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>grees to exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge the d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce b<span class=\"_ _2\"></span>etwee<span class=\"_ _2\"></span>n fi<span class=\"_ _2\"></span>xed an<span class=\"_ _2\"></span>d flo<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g rate intere<span class=\"_ _2\"></span>st am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts, ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lated o<span class=\"_ _2\"></span>n agre<span class=\"_ _2\"></span>ed n<span class=\"_ _2\"></span>otion<span class=\"_ _2\"></span>al pr<span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>l am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s ena<span class=\"_ _2\"></span>ble u<span class=\"_ _2\"></span>s to mitig<span class=\"_ _2\"></span>ate the r<span class=\"_ _2\"></span>isk of ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g intere<span class=\"_ _2\"></span>st rates on t<span class=\"_ _2\"></span>he cas<span class=\"_ _2\"></span>h flow ex<span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>ures on th<span class=\"_ _2\"></span>e vari<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e-rate debt we h<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>d. We determ<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e the fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of inte<span class=\"_ _2\"></span>rest rate swap<span class=\"_ _2\"></span>s at the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g date by di<span class=\"_ _2\"></span>scou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g the f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows, us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e yie<span class=\"_ _2\"></span>ld cu<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ves at th<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng da<span class=\"_ _2\"></span>te and th<span class=\"_ _2\"></span>e cred<span class=\"_ _2\"></span>it ris<span class=\"_ _2\"></span>k inh<span class=\"_ _2\"></span>ere<span class=\"_ _2\"></span>nt in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t. Th<span class=\"_ _2\"></span>is fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e is d<span class=\"_ _2\"></span>iscl<span class=\"_ _2\"></span>osed o<span class=\"_ _2\"></span>n the fo<span class=\"_ _2\"></span>llow<span class=\"_ _2\"></span>ing p<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e avera<span class=\"_ _2\"></span>ge inte<span class=\"_ _2\"></span>rest rate is b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s at the e<span class=\"_ _2\"></span>nd of th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l year.<span class=\"_ _35c\"> </span>Cash flo<span class=\"_ _1\"></span>w hedges<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s the noti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al pri<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>l amo<span class=\"_ _2\"></span>unts a<span class=\"_ _2\"></span>nd re<span class=\"_ _2\"></span>mai<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g term<span class=\"_ _2\"></span>s of interes<span class=\"_ _2\"></span>t rate swap co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>, as at th<span class=\"_ _2\"></span>e reporting<span class=\"_ _1\"></span> date<span class=\"_ _8\"></span>:<span class=\"_ _35c\"> </span>Average<span class=\"_ _1\"></span> contract <span class=\"ls3 ws3\"> </span>fixed interest<span class=\"_ _1\"></span> ra<span class=\"_ _2\"></span>te<span class=\"_ _58\"> </span><span class=\"lsa0 ws93\">Notional<span class=\"_ _8\"></span> principal<span class=\"_ _8\"></span> amount<span class=\"_ _54\"> </span>Fair<span class=\"_ _1\"></span> value<span class=\"_ _35c\"> </span></span>Outstanding receive floating<span class=\"_ _8\"></span> pay fixed<span class=\"_ _8\"></span> contracts<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>%<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  %<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>US<span class=\"_ _2\"></span>D inte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t rat<span class=\"_ _2\"></span>e swaps<span class=\"_ _35c\"> </span>On<span class=\"_ _2\"></span>e to five yea<span class=\"_ _2\"></span>rs<span class=\"_ _162\"> </span><span class=\"ff2 lse wsd\">3.43<span class=\"_ _6b\"> </span></span><span class=\"ls5c ws56\">3.<span class=\"_ _2\"></span>32<span class=\"_ _79\"> </span><span class=\"ff2 lsb8 wsa8\">6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.9<span class=\"_ _5b\"> </span></span><span class=\"lsba wsaa\">3<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>0<span class=\"_ _49\"> </span><span class=\"ff2 ls3d ws20\">1.3<span class=\"_ _79\"> </span></span><span class=\"ls9c wsb7\">(0.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span></span>EU<span class=\"_ _2\"></span>R int<span class=\"_ _2\"></span>ere<span class=\"_ _2\"></span>st ra<span class=\"_ _2\"></span>te swap<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>On<span class=\"_ _2\"></span>e to five yea<span class=\"_ _2\"></span>rs<span class=\"_ _1eb\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>36<span class=\"_ _79\"> </span></span><span class=\"ls75 ws69\">0.3<span class=\"_ _2\"></span>6<span class=\"_ _6b\"> </span><span class=\"ff2 lsc wsc\">21<span class=\"_ _2\"></span>.4<span class=\"_ _73\"> </span></span><span class=\"lsa6 wsa6\">21.<span class=\"_ _2\"></span>5<span class=\"_ _d4\"> </span><span class=\"ff2 ls3d ws20\">1.2<span class=\"_ _11f\"> </span></span></span>0.6<span class=\"_ _35c\"> </span></span>GB<span class=\"_ _2\"></span>P int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te swap<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>On<span class=\"_ _2\"></span>e to five yea<span class=\"_ _2\"></span>rs<span class=\"_ _162\"> </span><span class=\"ff2 lse wsd\">3.45<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _26\"> </span><span class=\"ff2 ls31 ws97\">60.0<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _64\"> </span><span class=\"ff2 ls3d ws20\">2<span class=\"_ _2\"></span>.8<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t rate swaps se<span class=\"_ _2\"></span>ttle o<span class=\"_ _2\"></span>n a qu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>terly b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>orres<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng fl<span class=\"_ _2\"></span>oati<span class=\"_ _2\"></span>ng rate on th<span class=\"_ _2\"></span>e intere<span class=\"_ _2\"></span>st rate swap<span class=\"_ _2\"></span>s is thre<span class=\"_ _2\"></span>e mont<span class=\"_ _2\"></span>hs. We set<span class=\"_ _2\"></span>tle the d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce b<span class=\"_ _2\"></span>etwee<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>ixed a<span class=\"_ _2\"></span>nd f<span class=\"_ _2\"></span>loati<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>nterest rate o<span class=\"_ _2\"></span>n a net ba<span class=\"_ _2\"></span>sis<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Inte<span class=\"_ _2\"></span>rest rate swap c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t excha<span class=\"_ _2\"></span>nge f<span class=\"_ _2\"></span>loa<span class=\"_ _2\"></span>ting-rate i<span class=\"_ _2\"></span>nterest a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts fo<span class=\"_ _2\"></span>r fixe<span class=\"_ _2\"></span>d-rate interes<span class=\"_ _2\"></span>t am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s are des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>s cash f<span class=\"_ _2\"></span>low he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s, to redu<span class=\"_ _2\"></span>ce ou<span class=\"_ _2\"></span>r cas<span class=\"_ _2\"></span>h flow ex<span class=\"_ _2\"></span>posu<span class=\"_ _2\"></span>re resu<span class=\"_ _2\"></span>lting f<span class=\"_ _2\"></span>rom var<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>le inte<span class=\"_ _2\"></span>rest rates o<span class=\"_ _2\"></span>n bor<span class=\"_ _2\"></span>rowing<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e intere<span class=\"_ _2\"></span>st rate swaps a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts on th<span class=\"_ _2\"></span>e loa<span class=\"_ _2\"></span>n occ<span class=\"_ _2\"></span>ur si<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>ltane<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d we reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ise the a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt de<span class=\"_ _2\"></span>ferre<span class=\"_ _2\"></span>d in eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y in th<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ent, over t<span class=\"_ _2\"></span>he pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d tha<span class=\"_ _2\"></span>t the fl<span class=\"_ _2\"></span>oati<span class=\"_ _2\"></span>ng rate in<span class=\"_ _2\"></span>terest p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents o<span class=\"_ _2\"></span>n debt a<span class=\"_ _2\"></span>ff<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt.<span class=\"_ _35c\"> </span>Commodity hedge<span class=\"_ _8\"></span>s<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p hed<span class=\"_ _2\"></span>ges b<span class=\"_ _2\"></span>oth fee<span class=\"_ _2\"></span>d and s<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ughte<span class=\"_ _2\"></span>r expos<span class=\"_ _2\"></span>ures us<span class=\"_ _2\"></span>ing C<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>ago M<span class=\"_ _2\"></span>erca<span class=\"_ _2\"></span>ntile E<span class=\"_ _2\"></span>xcha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>e lea<span class=\"_ _2\"></span>n hog<span class=\"_ _2\"></span>, corn a<span class=\"_ _2\"></span>nd soy<span class=\"_ _2\"></span>bea<span class=\"_ _2\"></span>n me<span class=\"_ _2\"></span>al commodity futur<span class=\"_ _1\"></span>es cont<span class=\"_ _1\"></span>racts.<span class=\"_ _35c\"> </span>Average<span class=\"_ _1\"></span> price<span class=\"_ _73\"> </span><span class=\"lsa0 ws93\">N<span class=\"_ _2\"></span>otional<span class=\"_ _1\"></span> principal amount<span class=\"_ _54\"> </span>F<span class=\"_ _8\"></span>air v<span class=\"_ _8\"></span>alue<span class=\"_ _35c\"> </span></span>Commodity hedge<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>US$<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  US$<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Op<span class=\"_ _2\"></span>en co<span class=\"_ _2\"></span>mmo<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y con<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s as at J<span class=\"_ _2\"></span>une<span class=\"_ _35c\"> </span>Lean hog<span class=\"_ _281\"> </span><span class=\"ff2 lsb8 wsa8\">0.9<span class=\"_ _2\"></span>7<span class=\"_ _6b\"> </span></span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span><span class=\"ff2 ls28 ws27\">8.5<span class=\"_ _5e\"> </span></span><span class=\"ls75 ws69\">10.<span class=\"_ _2\"></span>2<span class=\"_ _8b\"> </span><span class=\"ff2 ls77 ws5c\">0.6<span class=\"_ _6e\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>Corn<span class=\"_ _226\"> </span><span class=\"ff2 lse wsd\">5.68<span class=\"_ _6b\"> </span></span><span class=\"ls19 ws6a\">6.87<span class=\"_ _6a\"> </span><span class=\"ff2 lsaf wsb8\">(6.<span class=\"_ _2\"></span>4)<span class=\"_ _5e\"> </span></span><span class=\"ls3e ws38\">(4<span class=\"_ _6\"></span>.9)<span class=\"_ _6a\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>6)<span class=\"_ _49\"> </span></span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span></span></span>Soybean meal<span class=\"_ _2c6\"> </span><span class=\"ff2 ls3 ws3\">402<span class=\"_ _13e\"> </span></span><span class=\"ls75 ws69\">390<span class=\"_ _48\"> </span><span class=\"ff2 ls29 ws28\">(4.<span class=\"_ _2\"></span>6)<span class=\"_ _69\"> </span></span><span class=\"ls9c wsb7\">(3.0)<span class=\"_ _6b\"> </span><span class=\"ff2 ls77 ws5c\">(0.1)<span class=\"_ _49\"> </span></span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>(2<span class=\"_ _2\"></span>.5)<span class=\"_ _192\"> </span><span class=\"ff6 ls3a ws1a\">2.<span class=\"_ _2\"></span>3<span class=\"_ _69\"> </span></span>(0.1)<span class=\"_ _49\"> </span><span class=\"ff6 ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span>Net in<span class=\"_ _8\"></span>ve<span class=\"_ _8\"></span>stment hedges<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s N<span class=\"_ _2\"></span>et Inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt Poli<span class=\"_ _2\"></span>cy is to he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>e up to 90% of the n<span class=\"_ _2\"></span>et inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt valu<span class=\"_ _2\"></span>e of its wh<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>y owne<span class=\"_ _2\"></span>d subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es in a p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ticu<span class=\"_ _2\"></span>lar cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy<span class=\"_ _1\"></span>. At th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g of the ye<span class=\"_ _2\"></span>ar the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>ad a n<span class=\"_ _2\"></span>et inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt he<span class=\"_ _2\"></span>dge d<span class=\"_ _2\"></span>esig<span class=\"_ _2\"></span>nat<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst EU<span class=\"_ _2\"></span>R 12.5 m<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ion of th<span class=\"_ _2\"></span>e net as<span class=\"_ _2\"></span>sets of Pig I<span class=\"_ _2\"></span>mprove<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t Com<span class=\"_ _2\"></span>pany Es<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>\u00f1a S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. as a h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed ite<span class=\"_ _2\"></span>m, usi<span class=\"_ _2\"></span>ng EUR 1<span class=\"_ _2\"></span>2.5 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on of bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs. O<span class=\"_ _2\"></span>n 31 M<span class=\"_ _2\"></span>ay 2023, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p desi<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ated a fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er EU<span class=\"_ _2\"></span>R 3 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n of the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets of Pig Im<span class=\"_ _2\"></span>provem<span class=\"_ _2\"></span>ent C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any Es<span class=\"_ _2\"></span>pa\u00f1<span class=\"_ _2\"></span>a S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. as a he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ed item<span class=\"_ _2\"></span>, usin<span class=\"_ _2\"></span>g EUR 3 m<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ion of b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ngs as a<span class=\"_ _2\"></span>n add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al n<span class=\"_ _2\"></span>et inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt he<span class=\"_ _2\"></span>dge. In Fe<span class=\"_ _2\"></span>bru<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2022, the G<span class=\"_ _2\"></span>roup e<span class=\"_ _2\"></span>ntered i<span class=\"_ _2\"></span>nto a sec<span class=\"_ _2\"></span>ond n<span class=\"_ _2\"></span>et inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt he<span class=\"_ _2\"></span>dge d<span class=\"_ _2\"></span>esi<span class=\"_ _2\"></span>gna<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst EU<span class=\"_ _2\"></span>R 25 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n Net A<span class=\"_ _2\"></span>ssets of it<span class=\"_ _2\"></span>s subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y Fy<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>ld H<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>and BV a<span class=\"_ _2\"></span>s the he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ed item i<span class=\"_ _2\"></span>n a net i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e usi<span class=\"_ _2\"></span>ng US<span class=\"_ _2\"></span>D 28m of bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs co<span class=\"_ _2\"></span>nver<span class=\"_ _2\"></span>ted to a EUR 25<span class=\"_ _2\"></span>m lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity, usin<span class=\"_ _2\"></span>g a cros<span class=\"_ _2\"></span>s cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y swap as th<span class=\"_ _2\"></span>e rela<span class=\"_ _2\"></span>ted he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng in<span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nt. On 28 N<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2, USD 14.1m/EUR 12.<span class=\"_ _2\"></span>5m of the c<span class=\"_ _2\"></span>ross cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy swap wa<span class=\"_ _2\"></span>s cl<span class=\"_ _2\"></span>osed o<span class=\"_ _2\"></span>ut an<span class=\"_ _2\"></span>d rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d in th<span class=\"_ _2\"></span>e net in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n by a new EUR 12<span class=\"_ _2\"></span>.5 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>g, ma<span class=\"_ _2\"></span>intai<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g the exi<span class=\"_ _2\"></span>stin<span class=\"_ _2\"></span>g he<span class=\"_ _2\"></span>dge am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t. On 31 M<span class=\"_ _2\"></span>ay 2023, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p des<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ated a f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r EUR 7 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on of the n<span class=\"_ _2\"></span>et as<span class=\"_ _2\"></span>sets of Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld H<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>and BV a<span class=\"_ _2\"></span>s a hed<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>d item us<span class=\"_ _2\"></span>ing EUR 7 m<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ion of b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ngs a<span class=\"_ _2\"></span>s an ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l net i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>In s<span class=\"_ _2\"></span>umm<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, a<span class=\"_ _2\"></span>s at 30 J<span class=\"_ _2\"></span>une 2023 th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ha<span class=\"_ _2\"></span>s desi<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ated EUR 1<span class=\"_ _2\"></span>5.5<span class=\"_ _2\"></span>m (GBP \u00a3<span class=\"_ _2\"></span>13.4<span class=\"_ _2\"></span>m) of the net a<span class=\"_ _2\"></span>ssets of i<span class=\"_ _2\"></span>ts sub<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>iar<span class=\"_ _2\"></span>y Pig I<span class=\"_ _2\"></span>mprove<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny Esp<span class=\"_ _2\"></span>a\u00f1a S<span class=\"_ _2\"></span>.A<span class=\"_ _2\"></span>. a<span class=\"_ _2\"></span>nd EUR 32m (G<span class=\"_ _2\"></span>BP \u00a32<span class=\"_ _2\"></span>7<span class=\"_ _17\"></span>.<span class=\"_ _2\"></span>6m) of th<span class=\"_ _2\"></span>e net as<span class=\"_ _2\"></span>sets of it<span class=\"_ _2\"></span>s subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y Fyf<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>ld Ho<span class=\"_ _2\"></span>lla<span class=\"_ _2\"></span>nd B.V<span class=\"_ _17\"></span>. a<span class=\"_ _2\"></span>s net i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>ese Net I<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ent H<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>ges re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nt 69% of the G<span class=\"_ _2\"></span>roup\u2019s Euro n<span class=\"_ _2\"></span>et asse<span class=\"_ _2\"></span>ts as at th<span class=\"_ _2\"></span>is da<span class=\"_ _2\"></span>te.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e table b<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ow shows a re<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>iatio<span class=\"_ _2\"></span>n of the g<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>s or lo<span class=\"_ _2\"></span>ss def<span class=\"_ _2\"></span>erred i<span class=\"_ _2\"></span>n eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Loss at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of the yea<span class=\"_ _2\"></span>r <span class=\"_ _2c7\"> </span><span class=\"ff2 ls77 ws5c\">(0.8)<span class=\"_ _6e\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ective (lo<span class=\"_ _2\"></span>sses)/<span class=\"_ _17\"></span>ga<span class=\"_ _2\"></span>ins rec<span class=\"_ _2\"></span>ogni<span class=\"_ _2\"></span>sed in e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty in p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od<span class=\"_ _2c8\"> </span><span class=\"ff2 ls77 ws5c\">0.3<span class=\"_ _5b\"> </span></span><span class=\"lsb9 wsa9\">(0.7)<span class=\"_ _35c\"> </span></span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce car<span class=\"_ _2\"></span>ried fo<span class=\"_ _2\"></span>rward in e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty as ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive lo<span class=\"_ _2\"></span>sses<span class=\"_ _2c9\"> </span><span class=\"ff2 ls77 ws5c\">(0.5)<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.8)<span class=\"_ _35c\"> </span></span>Credit<span class=\"_ _1\"></span> risk management<span class=\"_ _35c\"> </span>Cred<span class=\"_ _2\"></span>it ris<span class=\"_ _2\"></span>k is the r<span class=\"_ _2\"></span>isk th<span class=\"_ _2\"></span>at a cou<span class=\"_ _2\"></span>nterp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ty wi<span class=\"_ _2\"></span>ll d<span class=\"_ _2\"></span>efaul<span class=\"_ _2\"></span>t on its c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>l obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s, resu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g in fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ss to the Gro<span class=\"_ _2\"></span>up. We have a po<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>y of onl<span class=\"_ _2\"></span>y dea<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g with c<span class=\"_ _2\"></span>redit<span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>thy co<span class=\"_ _2\"></span>unterp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. We regul<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y mon<span class=\"_ _2\"></span>itor o<span class=\"_ _2\"></span>ur expo<span class=\"_ _2\"></span>sure a<span class=\"_ _2\"></span>nd the c<span class=\"_ _2\"></span>redi<span class=\"_ _2\"></span>t ratin<span class=\"_ _2\"></span>gs of ou<span class=\"_ _2\"></span>r cou<span class=\"_ _2\"></span>nterp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties, an<span class=\"_ _2\"></span>d the ag<span class=\"_ _2\"></span>gre<span class=\"_ _2\"></span>gate val<span class=\"_ _2\"></span>ue of tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s con<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d is spre<span class=\"_ _2\"></span>ad am<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>gst a<span class=\"_ _2\"></span>pprove<span class=\"_ _2\"></span>d cou<span class=\"_ _2\"></span>nterp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ties. C<span class=\"_ _2\"></span>redit ex<span class=\"_ _2\"></span>posu<span class=\"_ _2\"></span>re on f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts is co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ed by co<span class=\"_ _2\"></span>unterp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ty l<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t the Bo<span class=\"_ _2\"></span>ard revie<span class=\"_ _2\"></span>ws and a<span class=\"_ _2\"></span>pproves a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly. T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ist of a l<span class=\"_ _2\"></span>arge n<span class=\"_ _2\"></span>umb<span class=\"_ _2\"></span>er of c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, spre<span class=\"_ _2\"></span>ad ac<span class=\"_ _2\"></span>ross di<span class=\"_ _2\"></span>verse i<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ustr<span class=\"_ _2\"></span>ies an<span class=\"_ _2\"></span>d ge<span class=\"_ _2\"></span>ogra<span class=\"_ _2\"></span>phi<span class=\"_ _2\"></span>cal a<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e car<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>ut ongoing cr<span class=\"_ _8\"></span>edit e<span class=\"_ _1\"></span>valuation<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> the<span class=\"_ _8\"></span> financial condition<span class=\"_ _1\"></span> of account<span class=\"_ _1\"></span>s receiv<span class=\"_ _8\"></span>able.<span class=\"_ _35c\"> </span>Liquidity<span class=\"_ _8\"></span> risk<span class=\"_ _8\"></span> management<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Boa<span class=\"_ _2\"></span>rd of Dire<span class=\"_ _2\"></span>ctors h<span class=\"_ _2\"></span>as ul<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>te respo<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity fo<span class=\"_ _2\"></span>r ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g liq<span class=\"_ _2\"></span>uid<span class=\"_ _2\"></span>ity r<span class=\"_ _2\"></span>isk. We ma<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ge thi<span class=\"_ _2\"></span>s risk by m<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>taini<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>deq<span class=\"_ _2\"></span>uate res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ves an<span class=\"_ _2\"></span>d ba<span class=\"_ _2\"></span>nki<span class=\"_ _2\"></span>ng fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ities, by c<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>uo<span class=\"_ _2\"></span>usl<span class=\"_ _2\"></span>y mon<span class=\"_ _2\"></span>itori<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>recas<span class=\"_ _2\"></span>t an<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>ual ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows, an<span class=\"_ _2\"></span>d by match<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g the m<span class=\"_ _2\"></span>aturi<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>rofil<span class=\"_ _2\"></span>es of f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets and liabilit<span class=\"_ _8\"></span>ies.<span class=\"_ _35c\"> </span>Liquidity<span class=\"_ _8\"></span> and int<span class=\"_ _8\"></span>erest<span class=\"_ _8\"></span> risk<span class=\"_ _8\"></span> tables<span class=\"_ _35c\"> </span>For n<span class=\"_ _2\"></span>on-d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, se<span class=\"_ _2\"></span>e notes 27<span class=\"_ _1\"></span>, 28 an<span class=\"_ _2\"></span>d 38<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s the Gro<span class=\"_ _2\"></span>up\u2019s rema<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>tual m<span class=\"_ _2\"></span>atu<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>y for its n<span class=\"_ _2\"></span>on-d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, excl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng trad<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r cred<span class=\"_ _2\"></span>itors wh<span class=\"_ _2\"></span>ich a<span class=\"_ _2\"></span>re sho<span class=\"_ _2\"></span>rt te<span class=\"_ _2\"></span>rm and<span class=\"_ _2\"></span>, as di<span class=\"_ _2\"></span>sclo<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>n note 23, h<span class=\"_ _2\"></span>ave an a<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>e cred<span class=\"_ _2\"></span>it pe<span class=\"_ _2\"></span>riod of 32 d<span class=\"_ _2\"></span>ays (2022<span class=\"_ _2\"></span>: 39 days). We have d<span class=\"_ _2\"></span>rawn up th<span class=\"_ _2\"></span>e table b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unted c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>lows of f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e ea<span class=\"_ _2\"></span>rlie<span class=\"_ _2\"></span>st da<span class=\"_ _2\"></span>te on whi<span class=\"_ _2\"></span>ch we ca<span class=\"_ _2\"></span>n be req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d to pay. The tab<span class=\"_ _2\"></span>le in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des b<span class=\"_ _2\"></span>oth intere<span class=\"_ _2\"></span>st an<span class=\"_ _2\"></span>d pri<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>pal c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>lows.<span class=\"_ _35c\"> </span>Weighted<span class=\"_ _8\"></span> average<span class=\"_ _1\"></span> effective interest rate<span class=\"_ _35c\"> </span>%<span class=\"_ _35c\"> </span>Le<span class=\"_ _2\"></span>ss th<span class=\"_ _2\"></span>an  1 mo<span class=\"_ _2\"></span>nth<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1\u20133<span class=\"_ _1\"></span> months<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>3 months<span class=\"_ _8\"></span>\u2013<span class=\"_ _35c\"> </span>1 y<span class=\"_ _8\"></span>ear<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1\u20135 y<span class=\"_ _8\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>5+ y<span class=\"_ _1\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2023<span class=\"_ _35c\"> </span>Loans<span class=\"_ _8\"></span> and borr<span class=\"_ _1\"></span>owings<span class=\"_ _93\"> </span><span class=\"ff2 lsd ws5\">5.48<span class=\"_ _64\"> </span><span class=\"ls19 ws6a\">6.6<span class=\"_ _49\"> </span><span class=\"ls77 ws5c\">1.7<span class=\"_ _11f\"> </span><span class=\"lsa3 ws96\">9.<span class=\"_ _6\"></span>4<span class=\"_ _c4\"> </span><span class=\"lsbb wsab\">1<span class=\"_ _6\"></span>9<span class=\"_ _2\"></span>7.9<span class=\"_ _56\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _58\"> </span><span class=\"lsc wsc\">21<span class=\"_ _2\"></span>5.6<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span>Lease<span class=\"_ _8\"></span> liabilities<span class=\"_ _28\"> </span><span class=\"ff2 ls18 ws18\">3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _192\"> </span><span class=\"ls31 ws97\">1<span class=\"_ _2\"></span>.0<span class=\"_ _64\"> </span><span class=\"lsa wsa\">2.5<span class=\"_ _d4\"> </span><span class=\"lsbb wsab\">7.<span class=\"_ _2\"></span>3<span class=\"_ _79\"> </span><span class=\"ls77 ws5c\">20.<span class=\"_ _2\"></span>2<span class=\"_ _6c\"> </span>3<span class=\"_ _2\"></span>.7<span class=\"_ _79\"> </span>34<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></span></span></span></span>Defe<span class=\"_ _2\"></span>rred con<span class=\"_ _2\"></span>side<span class=\"_ _2\"></span>ration<span class=\"_ _223\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _71\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>6<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.6<span class=\"_ _35c\"> </span></span></span>Variab<span class=\"_ _2\"></span>le interest rate in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _77\"> </span><span class=\"ff2 ls1b ws1f\">5.23<span class=\"_ _d4\"> </span><span class=\"lsbb wsab\">7.<span class=\"_ _6\"></span>6<span class=\"_ _64\"> </span><span class=\"ls54 ws4d\">4.2<span class=\"_ _5e\"> </span><span class=\"ls77 ws5c\">16<span class=\"_ _2\"></span>.7<span class=\"_ _11e\"> </span>218<span class=\"_ _2\"></span>.7<span class=\"_ _6c\"> </span>3<span class=\"_ _2\"></span>.7<span class=\"_ _4f\"> </span><span class=\"lsb8 wsa8\">2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>0.9<span class=\"_ _35c\"> </span></span></span></span></span></span>2022<span class=\"_ _35c\"> </span>Loans<span class=\"_ _8\"></span> and borr<span class=\"_ _1\"></span>owings<span class=\"_ _2ca\"> </span><span class=\"ls3a ws1a\">2.31<span class=\"_ _6c\"> </span><span class=\"ls1b ws1f\">8.4<span class=\"_ _49\"> </span><span class=\"lsd ws5\">1.2<span class=\"_ _6c\"> </span><span class=\"ls19 ws6a\">4.6<span class=\"_ _67\"> </span><span class=\"ls20 ws11\">18<span class=\"_ _2\"></span>3.0<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6a\"> </span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>9<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span></span></span></span></span></span></span>Lease<span class=\"_ _8\"></span> liabilities<span class=\"_ _df\"> </span><span class=\"ls3e ws38\">2<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>1<span class=\"_ _49\"> </span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _11f\"> </span>3.0<span class=\"_ _192\"> </span><span class=\"ls19 ws6a\">6.8<span class=\"_ _6b\"> </span><span class=\"lsb9 wsa9\">20.7<span class=\"_ _1c\"> </span><span class=\"ls8a wsad\">6<span class=\"_ _2\"></span>.1<span class=\"_ _13e\"> </span><span class=\"lsba wsaa\">3<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>6<span class=\"_ _35c\"> </span></span></span></span></span></span></span>Defe<span class=\"_ _2\"></span>rred con<span class=\"_ _2\"></span>side<span class=\"_ _2\"></span>ration<span class=\"_ _9b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span>Variab<span class=\"_ _2\"></span>le interest rate in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _29\"> </span><span class=\"lsd8 wsbd\">2.<span class=\"_ _2\"></span>41<span class=\"_ _d7\"> </span><span class=\"lsc1 wsb1\">9.<span class=\"_ _2\"></span>4<span class=\"_ _d4\"> </span><span class=\"ls9 ws9\">4.2<span class=\"_ _71\"> </span><span class=\"ls3a ws1a\">11<span class=\"_ _2\"></span>.4<span class=\"_ _4f\"> </span><span class=\"ls57 ws4f\">20<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>2<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">6<span class=\"_ _2\"></span>.1<span class=\"_ _58\"> </span></span></span></span></span></span></span>235<span class=\"_ _2\"></span>.3<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s the Gro<span class=\"_ _2\"></span>up\u2019s expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>aturi<span class=\"_ _2\"></span>ty fo<span class=\"_ _2\"></span>r othe<span class=\"_ _2\"></span>r non-d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>ssets, exc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ing tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>s and othe<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>bt<span class=\"_ _8\"></span>ors<span class=\"_ _2\"></span>. We have d<span class=\"_ _2\"></span>rawn up thi<span class=\"_ _2\"></span>s tabl<span class=\"_ _2\"></span>e base<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>isc<span class=\"_ _2\"></span>ounte<span class=\"_ _2\"></span>d contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l ma<span class=\"_ _2\"></span>turiti<span class=\"_ _2\"></span>es of th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g interes<span class=\"_ _2\"></span>t we wil<span class=\"_ _2\"></span>l ea<span class=\"_ _2\"></span>rn on th<span class=\"_ _2\"></span>em, exce<span class=\"_ _2\"></span>pt whe<span class=\"_ _2\"></span>re we expe<span class=\"_ _2\"></span>ct the c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>low to occ<span class=\"_ _2\"></span>ur in a d<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nt per<span class=\"_ _2\"></span>iod<span class=\"_ _2\"></span>. Weighted<span class=\"_ _8\"></span> average<span class=\"_ _1\"></span> effective interest rate<span class=\"_ _35c\"> </span>%<span class=\"_ _35c\"> </span>Le<span class=\"_ _2\"></span>ss th<span class=\"_ _2\"></span>an  1 mo<span class=\"_ _2\"></span>nth<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1\u20133<span class=\"_ _1\"></span> months<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>3 months<span class=\"_ _8\"></span>\u2013<span class=\"_ _35c\"> </span>1 y<span class=\"_ _8\"></span>ear<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1\u20135 y<span class=\"_ _8\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>5+ y<span class=\"_ _1\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2023<span class=\"_ _35c\"> </span>Variab<span class=\"_ _2\"></span>le interest rate in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _fe\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>42<span class=\"_ _79\"> </span><span class=\"lse wsd\">36.3<span class=\"_ _15b\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _48\"> </span><span class=\"lse wsd\">36<span class=\"_ _2\"></span>.3<span class=\"_ _35c\"> </span></span></span>2022<span class=\"_ _35c\"> </span>Variab<span class=\"_ _2\"></span>le interest rate in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2cb\"> </span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.12<span class=\"_ _6b\"> </span><span class=\"ls19 ws6a\">38.8<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _69\"> </span><span class=\"ls19 ws6a\">38.8<span class=\"_ _35c\"> </span></span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ing f<span class=\"_ _2\"></span>aci<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s with a total un<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>d amo<span class=\"_ _2\"></span>unt of \u00a3<span class=\"_ _2\"></span>118<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>m (202<span class=\"_ _2\"></span>2: \u00a377<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>8m) at th<span class=\"_ _2\"></span>e bal<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet da<span class=\"_ _2\"></span>te. W<span class=\"_ _1\"></span>e ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t to meet ou<span class=\"_ _2\"></span>r other o<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons f<span class=\"_ _2\"></span>rom op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows and t<span class=\"_ _2\"></span>he pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>ds of ma<span class=\"_ _2\"></span>turi<span class=\"_ _2\"></span>ng f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets. We exp<span class=\"_ _2\"></span>ect to re<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>e the de<span class=\"_ _2\"></span>bt to equ<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y ratio, as b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ngs d<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>rease th<span class=\"_ _2\"></span>rou<span class=\"_ _2\"></span>gh rep<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ent f<span class=\"_ _2\"></span>rom ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g cas<span class=\"_ _2\"></span>h flows<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table d<span class=\"_ _2\"></span>etail<span class=\"_ _2\"></span>s the Gro<span class=\"_ _2\"></span>up\u2019s liq<span class=\"_ _2\"></span>uid<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>lysis f<span class=\"_ _2\"></span>or its d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts. We ha<span class=\"_ _2\"></span>ve drawn up t<span class=\"_ _2\"></span>he tabl<span class=\"_ _2\"></span>e bas<span class=\"_ _2\"></span>ed on th<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>isc<span class=\"_ _2\"></span>ounte<span class=\"_ _2\"></span>d net ca<span class=\"_ _2\"></span>sh ou<span class=\"_ _2\"></span>tfl<span class=\"_ _2\"></span>ows on d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts that s<span class=\"_ _2\"></span>ettl<span class=\"_ _2\"></span>e on a net b<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>e un<span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ounte<span class=\"_ _2\"></span>d gross o<span class=\"_ _2\"></span>utf<span class=\"_ _2\"></span>lows on d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>vatives th<span class=\"_ _2\"></span>at req<span class=\"_ _2\"></span>uire g<span class=\"_ _2\"></span>ross set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t. Whe<span class=\"_ _2\"></span>n the am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt paya<span class=\"_ _2\"></span>ble o<span class=\"_ _2\"></span>r rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>le is n<span class=\"_ _2\"></span>ot fixe<span class=\"_ _2\"></span>d, we ha<span class=\"_ _2\"></span>ve determ<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed the a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt di<span class=\"_ _2\"></span>sclo<span class=\"_ _2\"></span>sed by refe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>e to the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t and f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cy rates, as i<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>ustrate<span class=\"_ _2\"></span>d by the yie<span class=\"_ _2\"></span>ld c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ves at th<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng d<span class=\"_ _2\"></span>ate.<span class=\"_ _35c\"> </span>Le<span class=\"_ _2\"></span>ss th<span class=\"_ _2\"></span>an  1 mo<span class=\"_ _2\"></span>nth<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1\u20133<span class=\"_ _1\"></span> months<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>3 months<span class=\"_ _8\"></span>\u2013<span class=\"ls3 ws3\"> </span>1 y<span class=\"_ _8\"></span>ear<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>1\u20135 y<span class=\"_ _8\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>5+ y<span class=\"_ _1\"></span>ears<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2023<span class=\"_ _35c\"> </span>Forei<span class=\"_ _2\"></span>gn excha<span class=\"_ _2\"></span>nge c<span class=\"_ _2\"></span>ontracts<span class=\"_ _2cc\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _d4\"> </span><span class=\"lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Commodity swaps<span class=\"_ _160\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">(0.1)<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _69\"> </span><span class=\"ls77 ws5c\">(0.1)<span class=\"_ _35c\"> </span></span></span>Interest rate swaps<span class=\"_ _18d\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _8b\"> </span>0.5<span class=\"_ _11f\"> </span><span class=\"ls19 ws6a\">2.6<span class=\"_ _64\"> </span><span class=\"ls26 ws25\">2<span class=\"_ _2\"></span>.3<span class=\"_ _15b\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _11f\"> </span><span class=\"ls19 ws6a\">5.6<span class=\"_ _35c\"> </span></span></span>2022<span class=\"_ _35c\"> </span>Forei<span class=\"_ _2\"></span>gn excha<span class=\"_ _2\"></span>nge c<span class=\"_ _2\"></span>ontracts<span class=\"_ _2cd\"> </span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _69\"> </span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Commodity swaps<span class=\"_ _2ce\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span></span>Interest rate swaps<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _49\"> </span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _49\"> </span></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>mmo<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y swap<span class=\"_ _2\"></span>s and i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te swaps are a<span class=\"_ _2\"></span>lways set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>d on a n<span class=\"_ _2\"></span>et basi<span class=\"_ _2\"></span>s. Fo<span class=\"_ _2\"></span>reign exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts can b<span class=\"_ _2\"></span>e settl<span class=\"_ _2\"></span>ed o<span class=\"_ _2\"></span>n a net or gros<span class=\"_ _2\"></span>s bas<span class=\"_ _2\"></span>is; the ne<span class=\"_ _2\"></span>t cash f<span class=\"_ _2\"></span>lows p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d in the ta<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>bove refl<span class=\"_ _2\"></span>ect a<span class=\"_ _2\"></span>n inf<span class=\"_ _2\"></span>low of \u00a31<span class=\"_ _2\"></span>10.6<span class=\"_ _2\"></span>m and o<span class=\"_ _2\"></span>utf<span class=\"_ _2\"></span>low of \u00a3<span class=\"_ _2\"></span>110.5<span class=\"_ _2\"></span>m (2022: inf<span class=\"_ _2\"></span>low of \u00a37<span class=\"_ _2\"></span>3.7m an<span class=\"_ _2\"></span>d out<span class=\"_ _2\"></span>flow o<span class=\"_ _2\"></span>f \u00a373.9m).<span class=\"_ _35c\"> </span>27<span class=\"_ _1\"></span>. LOA<span class=\"_ _2\"></span>NS AN<span class=\"_ _2\"></span>D BO<span class=\"_ _2\"></span>RR<span class=\"_ _2\"></span>OWI<span class=\"_ _2\"></span>NGS<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>r fun<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d liq<span class=\"_ _2\"></span>uid<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s com<span class=\"_ _2\"></span>es fro<span class=\"_ _2\"></span>m a rang<span class=\"_ _2\"></span>e of com<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>ted ba<span class=\"_ _2\"></span>nk fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>. Interest<span class=\"_ _1\"></span>-bearing loans<span class=\"_ _1\"></span> and borrow<span class=\"_ _8\"></span>ings<span class=\"_ _35c\"> </span>We init<span class=\"_ _2\"></span>iall<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se inte<span class=\"_ _2\"></span>rest<span class=\"_ _1\"></span>-b<span class=\"_ _2\"></span>ear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>oan<span class=\"_ _2\"></span>s and b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ngs a<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e, less a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>buta<span class=\"_ _2\"></span>ble tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n costs<span class=\"_ _2\"></span>. Af<span class=\"_ _2\"></span>ter this i<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>, we state the<span class=\"_ _2\"></span>m at am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost a<span class=\"_ _2\"></span>nd re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise a<span class=\"_ _2\"></span>ny dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>e betwe<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e cost a<span class=\"_ _2\"></span>nd red<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ption va<span class=\"_ _2\"></span>lue i<span class=\"_ _2\"></span>n the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Stateme<span class=\"_ _2\"></span>nt over th<span class=\"_ _2\"></span>e bor<span class=\"_ _2\"></span>rowing<span class=\"_ _2\"></span>s\u2019 expe<span class=\"_ _2\"></span>cted l<span class=\"_ _2\"></span>ife, on a<span class=\"_ _2\"></span>n eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve intere<span class=\"_ _2\"></span>st rate bas<span class=\"_ _2\"></span>is. T<span class=\"_ _2\"></span>he ca<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g valu<span class=\"_ _2\"></span>es of the<span class=\"_ _2\"></span>se li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are a rea<span class=\"_ _2\"></span>sona<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n of thei<span class=\"_ _2\"></span>r fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>es.<span class=\"_ _35c\"> </span>2023<span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Non-current<span class=\"_ _8\"></span> liabilities<span class=\"_ _35c\"> </span>Unsecured<span class=\"_ _8\"></span> bank loans<span class=\"_ _2b6\"> </span><span class=\"ff2 ls57 ws4f\">196<span class=\"_ _2\"></span>.0<span class=\"_ _79\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Obligations under leases<span class=\"_ _263\"> </span><span class=\"ff2 lsb8 wsa8\">21<span class=\"_ _2\"></span>.9<span class=\"_ _6b\"> </span></span><span class=\"ls29 ws28\">24.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _19f\"> </span><span class=\"ff6 ls19 ws6a\">206.6<span class=\"_ _35c\"> </span></span>Current<span class=\"_ _1\"></span> liabilities<span class=\"_ _35c\"> </span>Unsecured<span class=\"_ _8\"></span> bank loans and<span class=\"_ _8\"></span> ov<span class=\"_ _8\"></span>er<span class=\"_ _8\"></span>dr<span class=\"_ _8\"></span>afts<span class=\"_ _2d0\"> </span><span class=\"ff2 ls54 ws4d\">4.2<span class=\"_ _1a\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>1<span class=\"_ _35c\"> </span></span>Obligations under leases<span class=\"_ _258\"> </span><span class=\"ff2 ls31 ws97\">1<span class=\"_ _2\"></span>0.0<span class=\"_ _8b\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>0.1<span class=\"_ _35c\"> </span></span>14.<span class=\"_ _2\"></span>2<span class=\"_ _6f\"> </span><span class=\"ff6 lsba wsaa\">1<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> interest<span class=\"_ _1\"></span>-bearing liabil<span class=\"_ _8\"></span>ities<span class=\"_ _2d1\"> </span><span class=\"lsc4 wsa7\">2<span class=\"_ _2\"></span>32<span class=\"_ _6\"></span>.1<span class=\"_ _52\"> </span><span class=\"ff6 ls3 ws3\">2<span class=\"_ _2\"></span>23.8<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>erms and<span class=\"_ _1\"></span> debt repayment s<span class=\"_ _8\"></span>chedule<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rms an<span class=\"_ _2\"></span>d con<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>ions o<span class=\"_ _2\"></span>f outs<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>oan<span class=\"_ _2\"></span>s and ove<span class=\"_ _2\"></span>rdraf<span class=\"_ _2\"></span>ts were a<span class=\"_ _2\"></span>s foll<span class=\"_ _2\"></span>ows:<span class=\"_ _35c\"> </span>Currency<span class=\"_ _35c\"> </span>2023  In<span class=\"_ _2\"></span>teres<span class=\"_ _2\"></span>t rate<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Revol<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cili<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d overdraf<span class=\"_ _2\"></span>t<span class=\"_ _2d2\"> </span><span class=\"ls6 ws6\">GBP<span class=\"_ _6a\"> </span><span class=\"ls9d ws92\">6<span class=\"_ _2\"></span>.4%<span class=\"_ _5b\"> </span><span class=\"ff2 ls21 ws5e\">91.6<span class=\"_ _5b\"> </span></span><span class=\"ls3e ws38\">9<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span></span>Revol<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cili<span class=\"_ _2\"></span>ty, t<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rm loa<span class=\"_ _2\"></span>n and ove<span class=\"_ _2\"></span>rdraft<span class=\"_ _1a8\"> </span><span class=\"ls25 ws21\">USD<span class=\"_ _48\"> </span><span class=\"ls3e ws38\">6<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>%<span class=\"_ _79\"> </span><span class=\"ff2 ls31 ws97\">78<span class=\"_ _2\"></span>.0<span class=\"_ _13e\"> </span></span><span class=\"lsba wsaa\">7<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span></span></span>Revol<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cili<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d overdraf<span class=\"_ _2\"></span>t<span class=\"_ _110\"> </span><span class=\"ls57 ws4f\">EUR<span class=\"_ _26\"> </span><span class=\"ls76 ws5d\">5<span class=\"_ _2\"></span>.0%<span class=\"_ _5b\"> </span><span class=\"ff2 lsc4 wsa7\">30<span class=\"_ _2\"></span>.1<span class=\"_ _5e\"> </span></span><span class=\"ls75 ws69\">1<span class=\"_ _2\"></span>0.8<span class=\"_ _35c\"> </span></span></span></span>Obligations under leases<span class=\"_ _1d1\"> </span><span class=\"ls25 ws21\">US<span class=\"_ _2\"></span>D<span class=\"_ _48\"> </span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>.7%<span class=\"_ _5e\"> </span><span class=\"ff2 lsb8 wsa8\">3<span class=\"_ _2\"></span>1.9<span class=\"_ _69\"> </span></span><span class=\"ls19 ws6a\">34.6<span class=\"_ _35c\"> </span></span></span></span>Oth<span class=\"_ _2\"></span>er un<span class=\"_ _2\"></span>secu<span class=\"_ _2\"></span>red ba<span class=\"_ _2\"></span>nk bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2d3\"> </span><span class=\"lsb1 wsac\">Oth<span class=\"_ _2\"></span>er<span class=\"_ _79\"> </span><span class=\"lsb9 wsa9\">5.7%<span class=\"_ _64\"> </span><span class=\"ff2 ls77 ws5c\">0.5<span class=\"_ _192\"> </span></span><span class=\"lse wsd\">5.2<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> interest<span class=\"_ _1\"></span>-bearing liabil<span class=\"_ _8\"></span>ities<span class=\"_ _2d1\"> </span><span class=\"lsc4 wsa7\">2<span class=\"_ _2\"></span>32<span class=\"_ _6\"></span>.1<span class=\"_ _52\"> </span><span class=\"ff6 ls3 ws3\">2<span class=\"_ _2\"></span>23.8<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e above revol<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g cred<span class=\"_ _2\"></span>it fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re unse<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>red. In<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n abo<span class=\"_ _2\"></span>ut th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s ex<span class=\"_ _2\"></span>posu<span class=\"_ _2\"></span>re to interes<span class=\"_ _2\"></span>t rate and fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y risks i<span class=\"_ _2\"></span>s sh<span class=\"_ _2\"></span>own in n<span class=\"_ _2\"></span>ote 26.<span class=\"_ _35c\"> </span>Loans and<span class=\"_ _1\"></span> borrowings (<span class=\"_ _1\"></span>excluding lease<span class=\"_ _8\"></span>s)<span class=\"_ _1\"></span> comprise amounts falling<span class=\"_ _1\"></span> due:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>In o<span class=\"_ _2\"></span>ne yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or on d<span class=\"_ _2\"></span>ema<span class=\"_ _2\"></span>nd<span class=\"_ _1f9\"> </span><span class=\"ff2 lsd ws5\">5.3<span class=\"_ _8b\"> </span></span><span class=\"ls20 ws11\">8<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span>In m<span class=\"_ _2\"></span>ore than o<span class=\"_ _2\"></span>ne yea<span class=\"_ _2\"></span>r but n<span class=\"_ _2\"></span>ot more tha<span class=\"_ _2\"></span>n two yea<span class=\"_ _2\"></span>rs<span class=\"_ _15d\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>In m<span class=\"_ _2\"></span>ore than t<span class=\"_ _2\"></span>wo years b<span class=\"_ _2\"></span>ut not m<span class=\"_ _2\"></span>ore than f<span class=\"_ _2\"></span>ive ye<span class=\"_ _2\"></span>ars<span class=\"_ _2a9\"> </span><span class=\"ff2 ls57 ws4f\">1<span class=\"_ _2\"></span>96.0<span class=\"_ _c4\"> </span></span><span class=\"ls50 ws10\">182.3<span class=\"_ _35c\"> </span></span>201<span class=\"_ _2\"></span>.3<span class=\"_ _142\"> </span><span class=\"ff6 ls75 ws69\">190.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>Less:<span class=\"_ _8\"></span> unamo<span class=\"_ _2\"></span>rtised issue costs<span class=\"_ _12b\"> </span><span class=\"ff2 lsc4 wsa7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _6c\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span>20<span class=\"_ _2\"></span>0.2<span class=\"_ _75\"> </span><span class=\"ff6 lsc1 wsb1\">1<span class=\"_ _6\"></span>8<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span>Current<span class=\"_ _1\"></span> liabilities<span class=\"_ _107\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2)<span class=\"_ _64\"> </span><span class=\"ff6 lsba wsaa\">(<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Non-current<span class=\"_ _8\"></span> liabilities<span class=\"_ _2d4\"> </span><span class=\"ls57 ws4f\">196<span class=\"_ _2\"></span>.0<span class=\"_ _48\"> </span><span class=\"ff6 ls8a wsad\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>At the ba<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>heet d<span class=\"_ _2\"></span>ate, the Co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>any\u2019s cre<span class=\"_ _2\"></span>dit fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s com<span class=\"_ _2\"></span>pris<span class=\"_ _2\"></span>ed a \u00a31<span class=\"_ _2\"></span>90m m<span class=\"_ _2\"></span>ulti-c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>cy revol<span class=\"_ _2\"></span>vin<span class=\"_ _2\"></span>g cred<span class=\"_ _2\"></span>it fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty (\u2018R<span class=\"_ _2\"></span>CF\u2019)<span class=\"_ _8\"></span>, a USD 1<span class=\"_ _2\"></span>50 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on RCF a<span class=\"_ _2\"></span>nd a US<span class=\"_ _2\"></span>D 20 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n bon<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d gua<span class=\"_ _2\"></span>rantee fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. Th<span class=\"_ _2\"></span>e ori<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>al ter<span class=\"_ _2\"></span>m of the fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ity wa<span class=\"_ _2\"></span>s for th<span class=\"_ _2\"></span>ree yea<span class=\"_ _2\"></span>rs to 24 Aug<span class=\"_ _2\"></span>ust 2023<span class=\"_ _2\"></span>. On 24 Aug<span class=\"_ _2\"></span>ust 2021 a<span class=\"_ _2\"></span>nd 26 Au<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>st 2022, the C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pany a<span class=\"_ _2\"></span>nd its l<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>s exten<span class=\"_ _2\"></span>ded th<span class=\"_ _2\"></span>e ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y da<span class=\"_ _2\"></span>te of the total fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties to 24 Aug<span class=\"_ _2\"></span>ust 2024 an<span class=\"_ _2\"></span>d 24 Aug<span class=\"_ _2\"></span>ust 2025 res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>ly<span class=\"_ _1\"></span>. T<span class=\"_ _2\"></span>he Co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>any\u2019s cre<span class=\"_ _2\"></span>dit fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>lso i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s an un<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>tted \u00a3<span class=\"_ _2\"></span>100<span class=\"_ _2\"></span>m acc<span class=\"_ _2\"></span>ordi<span class=\"_ _2\"></span>on opti<span class=\"_ _2\"></span>on, \u00a36<span class=\"_ _2\"></span>0m of wh<span class=\"_ _2\"></span>ich was exerc<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in Aug<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>t 2022 to inc<span class=\"_ _2\"></span>rease th<span class=\"_ _2\"></span>e fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties to the<span class=\"_ _2\"></span>ir cu<span class=\"_ _2\"></span>rrent s<span class=\"_ _2\"></span>ize, leav<span class=\"_ _2\"></span>ing a re<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>ng un<span class=\"_ _2\"></span>sec<span class=\"_ _2\"></span>ured a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>rdio<span class=\"_ _2\"></span>n faci<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y of \u00a340<span class=\"_ _2\"></span>m, whi<span class=\"_ _2\"></span>ch ca<span class=\"_ _2\"></span>n be req<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>ted on a m<span class=\"_ _2\"></span>axi<span class=\"_ _2\"></span>mum of t<span class=\"_ _2\"></span>wo fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er o<span class=\"_ _2\"></span>ccas<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>s over the l<span class=\"_ _2\"></span>ifeti<span class=\"_ _2\"></span>me of the f<span class=\"_ _2\"></span>aci<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y to fun<span class=\"_ _2\"></span>d the G<span class=\"_ _2\"></span>roup\u2019s bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss dev<span class=\"_ _8\"></span>elopment plans.<span class=\"_ _1\"></span> As p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of its inte<span class=\"_ _2\"></span>rest rate he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>ing s<span class=\"_ _2\"></span>trategy, the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny ha<span class=\"_ _2\"></span>s entere<span class=\"_ _2\"></span>d into intere<span class=\"_ _2\"></span>st rate swaps to h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>e vari<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e interes<span class=\"_ _2\"></span>t rates. At the ba<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>heet d<span class=\"_ _2\"></span>ate, ban<span class=\"_ _2\"></span>k lo<span class=\"_ _2\"></span>ans a<span class=\"_ _2\"></span>nd overd<span class=\"_ _2\"></span>raft<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs of USD 8<span class=\"_ _2\"></span>5m f<span class=\"_ _2\"></span>ixed at 3<span class=\"_ _2\"></span>.48%<span class=\"_ _2\"></span>, bor<span class=\"_ _2\"></span>rowing<span class=\"_ _2\"></span>s of \u00a360<span class=\"_ _2\"></span>m fixe<span class=\"_ _2\"></span>d at 3.4<span class=\"_ _2\"></span>5%, bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs of EUR 12<span class=\"_ _2\"></span>.5m f<span class=\"_ _2\"></span>ixed a<span class=\"_ _2\"></span>t 0.37%, a<span class=\"_ _2\"></span>nd b<span class=\"_ _2\"></span>orrowin<span class=\"_ _2\"></span>gs of US<span class=\"_ _2\"></span>D 13.9m, swap<span class=\"_ _2\"></span>ped v<span class=\"_ _2\"></span>ia a cros<span class=\"_ _2\"></span>s cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y swap into EU<span class=\"_ _2\"></span>R 12.5<span class=\"_ _2\"></span>m, fi<span class=\"_ _2\"></span>xed at 0.3<span class=\"_ _2\"></span>6%, exclu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>cab<span class=\"_ _2\"></span>le ba<span class=\"_ _2\"></span>nk m<span class=\"_ _2\"></span>argin<span class=\"_ _2\"></span>s. Ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>atel<span class=\"_ _2\"></span>y 7<span class=\"_ _1\"></span>6% of total fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs are c<span class=\"_ _2\"></span>overed by th<span class=\"_ _2\"></span>ese in<span class=\"_ _2\"></span>terest rate swa<span class=\"_ _2\"></span>ps as at 30 J<span class=\"_ _2\"></span>une 2023<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>28. OBLIGA<span class=\"_ _1\"></span>TIO<span class=\"_ _2\"></span>NS UNDE<span class=\"_ _2\"></span>R LEASES<span class=\"_ _35c\"> </span>A le<span class=\"_ _2\"></span>ase is a c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>itm<span class=\"_ _2\"></span>ent to ma<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>e a pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nt in th<span class=\"_ _2\"></span>e fut<span class=\"_ _2\"></span>ure, pri<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>ily i<span class=\"_ _2\"></span>n relat<span class=\"_ _2\"></span>ion to pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, pl<span class=\"_ _2\"></span>ant a<span class=\"_ _2\"></span>nd ma<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ry a<span class=\"_ _2\"></span>nd m<span class=\"_ _2\"></span>otor veh<span class=\"_ _2\"></span>icl<span class=\"_ _2\"></span>es.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>In a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with IFR<span class=\"_ _2\"></span>S 16, we rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise as a<span class=\"_ _2\"></span>n expe<span class=\"_ _2\"></span>nse a<span class=\"_ _2\"></span>ny pay<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts mad<span class=\"_ _2\"></span>e in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-<span class=\"_ _8\"></span>term l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>es (those w<span class=\"_ _2\"></span>ith a term of l<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>n 12 mo<span class=\"_ _2\"></span>nths) an<span class=\"_ _2\"></span>d lea<span class=\"_ _2\"></span>ses fo<span class=\"_ _2\"></span>r low-v<span class=\"_ _8\"></span>al<span class=\"_ _2\"></span>ue item<span class=\"_ _2\"></span>s, on a s<span class=\"_ _2\"></span>traig<span class=\"_ _2\"></span>ht<span class=\"_ _1\"></span>-lin<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>sis over th<span class=\"_ _2\"></span>e life o<span class=\"_ _2\"></span>f the le<span class=\"_ _2\"></span>ase. For a<span class=\"_ _2\"></span>ll othe<span class=\"_ _2\"></span>r le<span class=\"_ _2\"></span>ases we re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e a lia<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty at t<span class=\"_ _2\"></span>he da<span class=\"_ _2\"></span>te at whic<span class=\"_ _2\"></span>h the l<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>d as<span class=\"_ _2\"></span>set is ma<span class=\"_ _2\"></span>de a<span class=\"_ _2\"></span>vaila<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e, and a c<span class=\"_ _2\"></span>orres<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g rig<span class=\"_ _2\"></span>ht<span class=\"_ _1\"></span>-of-use ass<span class=\"_ _2\"></span>et is rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d and d<span class=\"_ _2\"></span>epre<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>ted over th<span class=\"_ _2\"></span>e term of th<span class=\"_ _2\"></span>e lea<span class=\"_ _2\"></span>se (see n<span class=\"_ _2\"></span>ote 17)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Lea<span class=\"_ _2\"></span>se lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s are me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>red at th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt val<span class=\"_ _2\"></span>ue of the f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re lea<span class=\"_ _2\"></span>se pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts, excl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng any p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents re<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ng to no<span class=\"_ _2\"></span>n-lea<span class=\"_ _2\"></span>se co<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>nts. Futu<span class=\"_ _2\"></span>re lea<span class=\"_ _2\"></span>se pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude f<span class=\"_ _2\"></span>ixed p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s, in-sub<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ce fi<span class=\"_ _2\"></span>xed pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts, an<span class=\"_ _2\"></span>d vari<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e le<span class=\"_ _2\"></span>ase pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts th<span class=\"_ _2\"></span>at are ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n an in<span class=\"_ _2\"></span>dex or a rate, l<span class=\"_ _2\"></span>ess any l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>enti<span class=\"_ _2\"></span>ves rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>le. Lea<span class=\"_ _2\"></span>se li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s also ta<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>e into ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r resi<span class=\"_ _2\"></span>dua<span class=\"_ _2\"></span>l val<span class=\"_ _2\"></span>ue gu<span class=\"_ _2\"></span>arante<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts to exercis<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>ns, to the ex<span class=\"_ _2\"></span>tent th<span class=\"_ _2\"></span>at it is re<span class=\"_ _2\"></span>ason<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>ly cer<span class=\"_ _2\"></span>tai<span class=\"_ _2\"></span>n that s<span class=\"_ _2\"></span>uch p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents w<span class=\"_ _2\"></span>ill b<span class=\"_ _2\"></span>e mad<span class=\"_ _2\"></span>e. Th<span class=\"_ _2\"></span>e pay<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts are di<span class=\"_ _2\"></span>scou<span class=\"_ _2\"></span>nted at th<span class=\"_ _2\"></span>e rate imp<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>it in th<span class=\"_ _2\"></span>e le<span class=\"_ _2\"></span>ase or, whe<span class=\"_ _2\"></span>re that ca<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>ot be me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>red, at a<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>rem<span class=\"_ _2\"></span>ental b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ng rate. We reme<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>re the le<span class=\"_ _2\"></span>ase l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y (an<span class=\"_ _2\"></span>d make a co<span class=\"_ _2\"></span>rresp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g adju<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent to the re<span class=\"_ _2\"></span>lated r<span class=\"_ _2\"></span>ight<span class=\"_ _8\"></span>-of<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>use as<span class=\"_ _2\"></span>set) wh<span class=\"_ _2\"></span>eneve<span class=\"_ _2\"></span>r:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>The le<span class=\"_ _2\"></span>ase te<span class=\"_ _2\"></span>rm has c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>d or th<span class=\"_ _2\"></span>ere is a c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge in t<span class=\"_ _2\"></span>he as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of the exerc<span class=\"_ _2\"></span>ise of a pu<span class=\"_ _2\"></span>rcha<span class=\"_ _2\"></span>se opti<span class=\"_ _2\"></span>on, i<span class=\"_ _2\"></span>n whic<span class=\"_ _2\"></span>h cas<span class=\"_ _2\"></span>e the le<span class=\"_ _2\"></span>ase li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y is rem<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured by d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>untin<span class=\"_ _2\"></span>g the rev<span class=\"_ _2\"></span>ised l<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>se pay<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts usi<span class=\"_ _2\"></span>ng a revi<span class=\"_ _2\"></span>sed d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unt rate.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>The le<span class=\"_ _2\"></span>ase p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge d<span class=\"_ _2\"></span>ue to ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n an in<span class=\"_ _2\"></span>dex or rate o<span class=\"_ _2\"></span>r a cha<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>e in expe<span class=\"_ _2\"></span>cted p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ent u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er a gu<span class=\"_ _2\"></span>arante<span class=\"_ _2\"></span>ed resi<span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>al val<span class=\"_ _2\"></span>ue, in wh<span class=\"_ _2\"></span>ich c<span class=\"_ _2\"></span>ases th<span class=\"_ _2\"></span>e le<span class=\"_ _2\"></span>ase li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y is rem<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d by disc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e revise<span class=\"_ _2\"></span>d le<span class=\"_ _2\"></span>ase pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>itia<span class=\"_ _2\"></span>l disc<span class=\"_ _2\"></span>ount ra<span class=\"_ _2\"></span>te (un<span class=\"_ _2\"></span>less th<span class=\"_ _2\"></span>e le<span class=\"_ _2\"></span>ase p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ents c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge is d<span class=\"_ _2\"></span>ue to a ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge in a f<span class=\"_ _2\"></span>loa<span class=\"_ _2\"></span>ting i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rate, in whi<span class=\"_ _2\"></span>ch ca<span class=\"_ _2\"></span>se a revise<span class=\"_ _2\"></span>d dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt rate is use<span class=\"_ _2\"></span>d). \u2022 <span class=\"_ _13\"> </span>A leas<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is m<span class=\"_ _2\"></span>odi<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d, an<span class=\"_ _2\"></span>d the l<span class=\"_ _2\"></span>ease m<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>catio<span class=\"_ _2\"></span>n is not a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unted fo<span class=\"_ _2\"></span>r as a se<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>te leas<span class=\"_ _2\"></span>e, in whi<span class=\"_ _2\"></span>ch ca<span class=\"_ _2\"></span>se the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity is rem<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d by disc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e revise<span class=\"_ _2\"></span>d le<span class=\"_ _2\"></span>ase pa<span class=\"_ _2\"></span>ym<span class=\"_ _2\"></span>ents us<span class=\"_ _2\"></span>ing a rev<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d disc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t rate. Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p did n<span class=\"_ _2\"></span>ot make any s<span class=\"_ _2\"></span>uch a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>ds pre<span class=\"_ _2\"></span>sente<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in th<span class=\"_ _2\"></span>e lea<span class=\"_ _2\"></span>se lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s are as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at the s<span class=\"_ _2\"></span>tart of th<span class=\"_ _2\"></span>e year<span class=\"_ _114\"> </span><span class=\"ff2 ls19 ws6a\">34.6<span class=\"_ _69\"> </span></span><span class=\"ls55 ws3f\">28.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>Leas<span class=\"_ _2\"></span>es entered into du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _10a\"> </span><span class=\"ff2 ls77 ws5c\">1<span class=\"_ _2\"></span>0.4<span class=\"_ _76\"> </span></span><span class=\"lsb9 wsa9\">1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Leas<span class=\"_ _8\"></span>es t<span class=\"_ _1\"></span>erminat<span class=\"_ _1\"></span>ed early<span class=\"_ _2a7\"> </span><span class=\"ff2 ls77 ws5c\">(0.7)<span class=\"_ _79\"> </span></span><span class=\"ls9c wsb7\">(0<span class=\"_ _2\"></span>.3)<span class=\"_ _35c\"> </span></span>Paym<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ade<span class=\"_ _28e\"> </span><span class=\"ff2 ls57 ws4f\">(1<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3)<span class=\"_ _c4\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>12.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>I<span class=\"_ _2\"></span>nte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t<span class=\"_ _2d5\"> </span><span class=\"ff2 ls3d ws20\">1.2<span class=\"_ _54\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _2d6\"> </span><span class=\"ff2 ls57 ws4f\">(1.<span class=\"_ _2\"></span>3)<span class=\"_ _192\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Balance at<span class=\"_ _1\"></span> t<span class=\"_ _2\"></span>he<span class=\"_ _1\"></span> end of the<span class=\"_ _8\"></span> year<span class=\"_ _1f7\"> </span><span class=\"lsb8 wsa8\">3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9<span class=\"_ _69\"> </span><span class=\"ff6 ls19 ws6a\">34.6<span class=\"_ _35c\"> </span></span></span>Cu<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>nt<span class=\"_ _2d7\"> </span><span class=\"ff2 ls31 ws97\">10.0<span class=\"_ _8b\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>0.1<span class=\"_ _35c\"> </span></span>Non-<span class=\"_ _8\"></span>curr<span class=\"_ _1\"></span>ent<span class=\"_ _143\"> </span><span class=\"ff2 lsb8 wsa8\">2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9<span class=\"_ _6b\"> </span></span><span class=\"ls29 ws28\">24.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>3<span class=\"_ _2\"></span>1.9<span class=\"_ _69\"> </span><span class=\"ff6 ls19 ws6a\">34.6<span class=\"_ _35c\"> </span></span>At 30 Ju<span class=\"_ _2\"></span>ne 2023, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p is co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>itted to \u00a3n<span class=\"_ _2\"></span>il (2022<span class=\"_ _2\"></span>: \u00a30<span class=\"_ _8\"></span>.<span class=\"_ _8\"></span>1m) fo<span class=\"_ _2\"></span>r sho<span class=\"_ _2\"></span>rt<span class=\"_ _8\"></span>-<span class=\"_ _8\"></span>term l<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>s.<span class=\"_ _35c\"> </span>We have d<span class=\"_ _2\"></span>rawn up th<span class=\"_ _2\"></span>e table b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on th<span class=\"_ _2\"></span>e und<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unted c<span class=\"_ _2\"></span>ash f<span class=\"_ _2\"></span>lows of th<span class=\"_ _2\"></span>e obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s und<span class=\"_ _2\"></span>er le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s, usi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e ear<span class=\"_ _2\"></span>lies<span class=\"_ _2\"></span>t date o<span class=\"_ _2\"></span>n whic<span class=\"_ _2\"></span>h we ca<span class=\"_ _2\"></span>n be req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d to pay<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>FY2<span class=\"_ _2\"></span>3<span class=\"_ _169\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _5b\"> </span></span><span class=\"ls75 ws69\">10.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span>F<span class=\"_ _2\"></span>Y24<span class=\"_ _2d8\"> </span><span class=\"ff2 ls77 ws5c\">10.<span class=\"_ _2\"></span>8<span class=\"_ _6c\"> </span></span><span class=\"lsd ws5\">8.2<span class=\"_ _35c\"> </span></span>F<span class=\"_ _2\"></span>Y25<span class=\"_ _13b\"> </span><span class=\"ff2 ls28 ws27\">8.2<span class=\"_ _d4\"> </span></span><span class=\"lsb9 wsa9\">5<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>F<span class=\"_ _2\"></span>Y26<span class=\"_ _2d9\"> </span><span class=\"ff2 lsb8 wsa8\">5<span class=\"_ _2\"></span>.9<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">4<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>F<span class=\"_ _2\"></span>Y27<span class=\"_ _2da\"> </span><span class=\"ff2 lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _d7\"> </span></span><span class=\"lsb9 wsa9\">2.7<span class=\"_ _35c\"> </span></span>FY<span class=\"_ _2\"></span>28<span class=\"_ _13b\"> </span><span class=\"ff2 ls80 wsde\">2.2<span class=\"_ _64\"> </span></span><span class=\"ls20 ws11\">2.0<span class=\"_ _35c\"> </span></span>FY2<span class=\"_ _2\"></span>9<span class=\"_ _2db\"> </span><span class=\"ff2 ls19 ws6a\">1.6<span class=\"_ _49\"> </span><span class=\"ff6\">1.8<span class=\"_ _35c\"> </span></span></span>FY<span class=\"_ _2\"></span>30<span class=\"_ _2dc\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _5c\"> </span></span>1.2<span class=\"_ _35c\"> </span>Af<span class=\"_ _2\"></span>ter FY<span class=\"_ _2\"></span>31<span class=\"_ _1fe\"> </span><span class=\"ff2 ls31 ws97\">1.0<span class=\"_ _54\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>34<span class=\"_ _2\"></span>.7<span class=\"_ _5e\"> </span><span class=\"ff6 lsba wsaa\">3<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Presented a<span class=\"_ _2\"></span>s: Cu<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>nt<span class=\"_ _2dd\"> </span><span class=\"ff2 ls77 ws5c\">10.<span class=\"_ _2\"></span>8<span class=\"_ _5b\"> </span></span><span class=\"ls75 ws69\">1<span class=\"_ _2\"></span>0.8<span class=\"_ _35c\"> </span></span>Non-<span class=\"_ _8\"></span>curr<span class=\"_ _1\"></span>ent<span class=\"_ _210\"> </span><span class=\"ff2 lsb8 wsa8\">23<span class=\"_ _2\"></span>.9<span class=\"_ _6b\"> </span></span><span class=\"ls19 ws6a\">26.8<span class=\"_ _35c\"> </span></span>34<span class=\"_ _2\"></span>.7<span class=\"_ _5e\"> </span><span class=\"ff6 lsba wsaa\">3<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Lea<span class=\"_ _2\"></span>se ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>s de<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted in c<span class=\"_ _2\"></span>urre<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>es othe<span class=\"_ _2\"></span>r than Ste<span class=\"_ _2\"></span>rlin<span class=\"_ _2\"></span>g co<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>ise \u00a31<span class=\"_ _2\"></span>5.3<span class=\"_ _2\"></span>m de<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ated in US D<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>lars (202<span class=\"_ _2\"></span>2: \u00a316<span class=\"_ _2\"></span>.0m), \u00a33.<span class=\"_ _2\"></span>5m de<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ated in Eu<span class=\"_ _2\"></span>ros (2022: \u00a34<span class=\"_ _2\"></span>.0m) an<span class=\"_ _2\"></span>d \u00a39<span class=\"_ _1\"></span>.4<span class=\"_ _2\"></span>m den<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted in oth<span class=\"_ _2\"></span>er cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s (2022: \u00a31<span class=\"_ _2\"></span>0.6m). 29<span class=\"_ _1\"></span>. RETIRE<span class=\"_ _2\"></span>ME<span class=\"_ _2\"></span>NT BENE<span class=\"_ _2\"></span>FIT OBLI<span class=\"_ _2\"></span>G<span class=\"_ _8\"></span>A<span class=\"_ _1\"></span>TION<span class=\"_ _2\"></span>S<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ope<span class=\"_ _2\"></span>rates a nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>ntrib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>n and d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s, cover<span class=\"_ _2\"></span>ing m<span class=\"_ _2\"></span>any of it<span class=\"_ _2\"></span>s emp<span class=\"_ _2\"></span>loyee<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e pri<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>l fun<span class=\"_ _2\"></span>ds a<span class=\"_ _2\"></span>re the Mi<span class=\"_ _2\"></span>lk Pen<span class=\"_ _2\"></span>sion Fu<span class=\"_ _2\"></span>nd (\u2018M<span class=\"_ _2\"></span>PF\u2019) and th<span class=\"_ _2\"></span>e Dal<span class=\"_ _2\"></span>get<span class=\"_ _2\"></span>y Pens<span class=\"_ _2\"></span>ion Fu<span class=\"_ _2\"></span>nd (\u2018D<span class=\"_ _2\"></span>PF\u2019) in the U<span class=\"_ _2\"></span>K, whi<span class=\"_ _2\"></span>ch are d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s of thes<span class=\"_ _2\"></span>e fun<span class=\"_ _2\"></span>ds are h<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>d sep<span class=\"_ _2\"></span>aratel<span class=\"_ _2\"></span>y from th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s a<span class=\"_ _2\"></span>ssets<span class=\"_ _2\"></span>, are ad<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>iste<span class=\"_ _2\"></span>red by trus<span class=\"_ _2\"></span>tees a<span class=\"_ _2\"></span>nd ma<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ged p<span class=\"_ _2\"></span>rofess<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Defined contr<span class=\"_ _8\"></span>ibution<span class=\"_ _8\"></span> pension schemes<span class=\"_ _35c\"> </span>A nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of ou<span class=\"_ _2\"></span>r em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es are m<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>ers of d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d contr<span class=\"_ _2\"></span>ibu<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e ch<span class=\"_ _2\"></span>arge c<span class=\"_ _2\"></span>ontri<span class=\"_ _2\"></span>buti<span class=\"_ _2\"></span>ons to the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Statem<span class=\"_ _2\"></span>ent as th<span class=\"_ _2\"></span>ey bec<span class=\"_ _2\"></span>ome p<span class=\"_ _2\"></span>ayab<span class=\"_ _2\"></span>le u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r the sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>me ru<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e sh<span class=\"_ _2\"></span>ow dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>ution<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e and th<span class=\"_ _2\"></span>e am<span class=\"_ _2\"></span>ount we h<span class=\"_ _2\"></span>ave pa<span class=\"_ _2\"></span>id as e<span class=\"_ _2\"></span>ithe<span class=\"_ _2\"></span>r acc<span class=\"_ _2\"></span>rua<span class=\"_ _2\"></span>ls or p<span class=\"_ _2\"></span>repa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts in th<span class=\"_ _2\"></span>e Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce Sh<span class=\"_ _2\"></span>eet. T<span class=\"_ _2\"></span>he sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es\u2019 as<span class=\"_ _2\"></span>sets are h<span class=\"_ _2\"></span>eld s<span class=\"_ _2\"></span>epa<span class=\"_ _2\"></span>rately f<span class=\"_ _2\"></span>rom the G<span class=\"_ _2\"></span>roup\u2019s as<span class=\"_ _2\"></span>sets.<span class=\"_ _35c\"> </span>Defined benefit pensio<span class=\"_ _8\"></span>n schemes<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ope<span class=\"_ _2\"></span>rates def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es fo<span class=\"_ _2\"></span>r som<span class=\"_ _2\"></span>e of its em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oyees. T<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s are cl<span class=\"_ _2\"></span>osed to n<span class=\"_ _2\"></span>ew me<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>rs an<span class=\"_ _2\"></span>d to fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er a<span class=\"_ _2\"></span>ccr<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>. W<span class=\"_ _8\"></span>e cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ate ou<span class=\"_ _2\"></span>r net ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n sep<span class=\"_ _2\"></span>aratel<span class=\"_ _2\"></span>y for e<span class=\"_ _2\"></span>ach sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>me, by es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e am<span class=\"_ _2\"></span>ount o<span class=\"_ _2\"></span>f futu<span class=\"_ _2\"></span>re ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t that e<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>loyees ha<span class=\"_ _2\"></span>ve ear<span class=\"_ _2\"></span>ned<span class=\"_ _2\"></span>, in retur<span class=\"_ _2\"></span>n for the<span class=\"_ _2\"></span>ir se<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>vice to d<span class=\"_ _2\"></span>ate. W<span class=\"_ _8\"></span>e dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt tha<span class=\"_ _2\"></span>t ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t t<span class=\"_ _8\"></span>o dete<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>ne its p<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>t valu<span class=\"_ _2\"></span>e and d<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>uct th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of the pl<span class=\"_ _2\"></span>an\u2019s asset<span class=\"_ _2\"></span>s (at bid p<span class=\"_ _2\"></span>rice). The l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty d<span class=\"_ _2\"></span>isco<span class=\"_ _2\"></span>unt rate we us<span class=\"_ _2\"></span>e is the m<span class=\"_ _2\"></span>arket yi<span class=\"_ _2\"></span>eld a<span class=\"_ _2\"></span>t the ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate on hi<span class=\"_ _2\"></span>gh-q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ity c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orate bo<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span>, with term<span class=\"_ _2\"></span>s to matu<span class=\"_ _2\"></span>rit<span class=\"_ _2\"></span>y app<span class=\"_ _2\"></span>roxima<span class=\"_ _2\"></span>ting o<span class=\"_ _2\"></span>ur p<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. Q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>rie<span class=\"_ _2\"></span>s per<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>m the ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>, usin<span class=\"_ _2\"></span>g the p<span class=\"_ _2\"></span>rojec<span class=\"_ _2\"></span>ted un<span class=\"_ _2\"></span>it meth<span class=\"_ _2\"></span>od. We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e act<span class=\"_ _2\"></span>uari<span class=\"_ _2\"></span>al ga<span class=\"_ _2\"></span>ins a<span class=\"_ _2\"></span>nd l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s in eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y in th<span class=\"_ _2\"></span>e per<span class=\"_ _2\"></span>iod i<span class=\"_ _2\"></span>n whic<span class=\"_ _2\"></span>h they o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, thro<span class=\"_ _2\"></span>ugh t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up Stateme<span class=\"_ _2\"></span>nt of Co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>nsive In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e. Actu<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>al ga<span class=\"_ _2\"></span>ins a<span class=\"_ _2\"></span>nd lo<span class=\"_ _2\"></span>sses i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e the d<span class=\"_ _2\"></span>iff<span class=\"_ _2\"></span>eren<span class=\"_ _2\"></span>ce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d and a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>al retur<span class=\"_ _2\"></span>n on sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>rie<span class=\"_ _2\"></span>nce gains and lo<span class=\"_ _8\"></span>sses on<span class=\"_ _1\"></span> sche<span class=\"_ _2\"></span>me li<span class=\"_ _8\"></span>abilities.<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e other p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ipat<span class=\"_ _2\"></span>ing e<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>loyers a<span class=\"_ _2\"></span>re joi<span class=\"_ _2\"></span>ntly an<span class=\"_ _2\"></span>d severa<span class=\"_ _2\"></span>lly l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>le for th<span class=\"_ _2\"></span>e MPF\u2019s obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s. We acco<span class=\"_ _2\"></span>unt fo<span class=\"_ _2\"></span>r ou<span class=\"_ _2\"></span>r sec<span class=\"_ _2\"></span>tion of th<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e and o<span class=\"_ _2\"></span>ur s<span class=\"_ _2\"></span>hare of a<span class=\"_ _2\"></span>ny orp<span class=\"_ _2\"></span>han a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, an<span class=\"_ _2\"></span>d provi<span class=\"_ _2\"></span>de for a<span class=\"_ _2\"></span>ny am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s we bel<span class=\"_ _2\"></span>ieve we wil<span class=\"_ _2\"></span>l have to p<span class=\"_ _2\"></span>ay un<span class=\"_ _2\"></span>der o<span class=\"_ _2\"></span>ur jo<span class=\"_ _2\"></span>int an<span class=\"_ _2\"></span>d severa<span class=\"_ _2\"></span>l liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty. The jo<span class=\"_ _2\"></span>int a<span class=\"_ _2\"></span>nd seve<span class=\"_ _2\"></span>ral lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y also m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>ns we ha<span class=\"_ _2\"></span>ve a conti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ent li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y for th<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e\u2019<span class=\"_ _1\"></span>s o<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons th<span class=\"_ _2\"></span>at we h<span class=\"_ _2\"></span>ave not a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unted fo<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. Un<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>he jo<span class=\"_ _2\"></span>int an<span class=\"_ _2\"></span>d severa<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity, we initi<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>se any ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n our s<span class=\"_ _2\"></span>hare of o<span class=\"_ _2\"></span>rph<span class=\"_ _2\"></span>an as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s in the I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me Stateme<span class=\"_ _2\"></span>nt. Af<span class=\"_ _2\"></span>ter th<span class=\"_ _2\"></span>is in<span class=\"_ _2\"></span>itial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>on, any a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>al ga<span class=\"_ _2\"></span>ins a<span class=\"_ _2\"></span>nd lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n the o<span class=\"_ _2\"></span>rph<span class=\"_ _2\"></span>an ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tly in e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h the Gro<span class=\"_ _2\"></span>up Statem<span class=\"_ _2\"></span>ent of Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in Eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od in wh<span class=\"_ _2\"></span>ich th<span class=\"_ _2\"></span>ey occ<span class=\"_ _2\"></span>ur.<span class=\"_ _35c\"> </span>Du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e DPF d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d ann<span class=\"_ _2\"></span>uiti<span class=\"_ _2\"></span>es in o<span class=\"_ _2\"></span>rder to he<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>e lon<span class=\"_ _2\"></span>gevi<span class=\"_ _2\"></span>ty ri<span class=\"_ _2\"></span>sk fo<span class=\"_ _2\"></span>r pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ner<span class=\"_ _2\"></span>s withi<span class=\"_ _2\"></span>n the sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e. As pe<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>tted by IA<span class=\"_ _2\"></span>S 19<span class=\"_ _1\"></span>, the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>as opte<span class=\"_ _2\"></span>d to r<span class=\"_ _8\"></span>ec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise th<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nce b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e pl<span class=\"_ _2\"></span>an as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d the co<span class=\"_ _2\"></span>st of the p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cy as a<span class=\"_ _2\"></span>n act<span class=\"_ _2\"></span>uari<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ss in O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r Com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>sive In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>We mea<span class=\"_ _2\"></span>sure th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e our q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>yi<span class=\"_ _2\"></span>ng in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cy ass<span class=\"_ _2\"></span>ets to be the d<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>med p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nt valu<span class=\"_ _2\"></span>e of the re<span class=\"_ _2\"></span>lated o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on.<span class=\"_ _35c\"> </span>Retir<span class=\"_ _8\"></span>ement benefit<span class=\"_ _8\"></span> obligations<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l posi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s of the d<span class=\"_ _2\"></span>efin<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>fit s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, as reco<span class=\"_ _2\"></span>rded i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>orda<span class=\"_ _2\"></span>nce wi<span class=\"_ _2\"></span>th IAS 19 a<span class=\"_ _2\"></span>nd IFR<span class=\"_ _2\"></span>IC 14, a<span class=\"_ _2\"></span>re agg<span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>ted for di<span class=\"_ _2\"></span>sclo<span class=\"_ _2\"></span>sure p<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>oses<span class=\"_ _2\"></span>. The li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>/(<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>sset) s<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>t by prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>me is s<span class=\"_ _2\"></span>et out b<span class=\"_ _2\"></span>elow.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Milk Pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>n Fund \u2013 G<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>us\u2019s share<span class=\"_ _1ca\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Dalg<span class=\"_ _2\"></span>ety Pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>n Fund<span class=\"_ _2d4\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l Pig Deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>ment Pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>n Fund<span class=\"_ _2de\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _49\"> </span></span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Pos<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-ret<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt h<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>re<span class=\"_ _2df\"> </span><span class=\"ff2 ls77 ws5c\">0.5<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Other unfunded schemes<span class=\"_ _2a7\"> </span><span class=\"ff2 ls19 ws6a\">6.6<span class=\"_ _d7\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _6\"></span>6<span class=\"_ _35c\"> </span></span>Overall<span class=\"_ _1\"></span> net pension<span class=\"_ _8\"></span> liability<span class=\"_ _1b6\"> </span><span class=\"lsb8 wsa8\">6<span class=\"_ _2\"></span>.9<span class=\"_ _6c\"> </span><span class=\"ff6 lsd ws5\">8.3<span class=\"_ _35c\"> </span></span></span>Ove<span class=\"_ _2\"></span>rall, we exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t to pay \u00a30.<span class=\"_ _1\"></span>9m (<span class=\"_ _2\"></span>2022: \u00a31.0<span class=\"_ _2\"></span>m) in co<span class=\"_ _2\"></span>ntrib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>ns to def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it pl<span class=\"_ _2\"></span>ans i<span class=\"_ _2\"></span>n the 2024 fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>it pla<span class=\"_ _2\"></span>ns are a<span class=\"_ _2\"></span>dmi<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>tered by tr<span class=\"_ _2\"></span>ustee b<span class=\"_ _2\"></span>oa<span class=\"_ _2\"></span>rds that a<span class=\"_ _2\"></span>re leg<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y sep<span class=\"_ _2\"></span>arated f<span class=\"_ _2\"></span>rom the G<span class=\"_ _2\"></span>roup. T<span class=\"_ _2\"></span>he tru<span class=\"_ _2\"></span>stee b<span class=\"_ _2\"></span>oard of e<span class=\"_ _2\"></span>ach pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on fu<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>sts of rep<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>ntatives wh<span class=\"_ _2\"></span>o are e<span class=\"_ _2\"></span>mpl<span class=\"_ _2\"></span>oyees, f<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>er em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oyees or a<span class=\"_ _2\"></span>re ind<span class=\"_ _2\"></span>ep<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>ent f<span class=\"_ _2\"></span>rom the C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pany. The b<span class=\"_ _2\"></span>oards of the p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>ds are re<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>red by law to ac<span class=\"_ _2\"></span>t in th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t interes<span class=\"_ _2\"></span>t of the p<span class=\"_ _2\"></span>lan p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>nts an<span class=\"_ _2\"></span>d are resp<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e for set<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g cer<span class=\"_ _2\"></span>tain p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icie<span class=\"_ _2\"></span>s, su<span class=\"_ _2\"></span>ch as i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>ntrib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>n pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es, an<span class=\"_ _2\"></span>d for th<span class=\"_ _2\"></span>e gover<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ce of th<span class=\"_ _2\"></span>e fun<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>it pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>es expo<span class=\"_ _2\"></span>se the G<span class=\"_ _2\"></span>roup to ac<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>rial r<span class=\"_ _2\"></span>isks su<span class=\"_ _2\"></span>ch as g<span class=\"_ _2\"></span>reate<span class=\"_ _2\"></span>r than ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted lo<span class=\"_ _2\"></span>ngev<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y of mem<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>rs, lowe<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n expe<span class=\"_ _2\"></span>cted retu<span class=\"_ _2\"></span>rn on i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>nd h<span class=\"_ _2\"></span>igh<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an expe<span class=\"_ _2\"></span>cted i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, whi<span class=\"_ _2\"></span>ch ma<span class=\"_ _2\"></span>y inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e the pl<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>s\u2019 liab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties o<span class=\"_ _2\"></span>r redu<span class=\"_ _2\"></span>ce the va<span class=\"_ _2\"></span>lue of the<span class=\"_ _2\"></span>ir ass<span class=\"_ _2\"></span>ets.<span class=\"_ _35c\"> </span>UK p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>s are reg<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>ted by The Pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ons Re<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>lator, a non-d<span class=\"_ _2\"></span>epa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>menta<span class=\"_ _2\"></span>l pub<span class=\"_ _2\"></span>lic b<span class=\"_ _2\"></span>ody e<span class=\"_ _2\"></span>stabl<span class=\"_ _2\"></span>ish<span class=\"_ _2\"></span>ed u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r the Pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>ns Ac<span class=\"_ _2\"></span>t 2004 an<span class=\"_ _2\"></span>d spo<span class=\"_ _2\"></span>nso<span class=\"_ _2\"></span>red by the D<span class=\"_ _2\"></span>epa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ment f<span class=\"_ _2\"></span>or Work an<span class=\"_ _2\"></span>d Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s, op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng with<span class=\"_ _2\"></span>in a le<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>l regu<span class=\"_ _2\"></span>lator<span class=\"_ _2\"></span>y f<span class=\"_ _2\"></span>ramewo<span class=\"_ _2\"></span>rk set by the U<span class=\"_ _2\"></span>K Parl<span class=\"_ _2\"></span>iam<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e Pensi<span class=\"_ _2\"></span>ons R<span class=\"_ _2\"></span>egu<span class=\"_ _2\"></span>lato<span class=\"_ _2\"></span>r has s<span class=\"_ _2\"></span>tatutor<span class=\"_ _2\"></span>y obj<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ves set o<span class=\"_ _2\"></span>ut in l<span class=\"_ _2\"></span>egi<span class=\"_ _2\"></span>slat<span class=\"_ _2\"></span>ion, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e prom<span class=\"_ _2\"></span>otin<span class=\"_ _2\"></span>g and i<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>roving u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>tandi<span class=\"_ _2\"></span>ng of the g<span class=\"_ _2\"></span>ood a<span class=\"_ _2\"></span>dm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>stratio<span class=\"_ _2\"></span>n of work<span class=\"_ _1\"></span>-b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns, protec<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g me<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>its an<span class=\"_ _2\"></span>d regu<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>ccup<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>it an<span class=\"_ _2\"></span>d contr<span class=\"_ _2\"></span>ibu<span class=\"_ _2\"></span>tion s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>. The Pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>ons Re<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>lator<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s statu<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>bje<span class=\"_ _2\"></span>ctive<span class=\"_ _2\"></span>s and re<span class=\"_ _2\"></span>gul<span class=\"_ _2\"></span>ator<span class=\"_ _2\"></span>y powe<span class=\"_ _2\"></span>rs are d<span class=\"_ _2\"></span>escr<span class=\"_ _2\"></span>ibe<span class=\"_ _2\"></span>d on its we<span class=\"_ _2\"></span>bsite at www<span class=\"_ _8\"></span>.<span class=\"_ _1\"></span>thepensionsregulat<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>.gov<span class=\"_ _1\"></span>.uk<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Al<span class=\"_ _2\"></span>l def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>es are reg<span class=\"_ _2\"></span>iste<span class=\"_ _2\"></span>red as an o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>pati<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on pl<span class=\"_ _2\"></span>an with H<span class=\"_ _2\"></span>MRC a<span class=\"_ _2\"></span>nd are s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to UK l<span class=\"_ _2\"></span>egi<span class=\"_ _2\"></span>sla<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>nd over<span class=\"_ _2\"></span>sigh<span class=\"_ _2\"></span>t fro<span class=\"_ _2\"></span>m The Pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns Re<span class=\"_ _2\"></span>gul<span class=\"_ _2\"></span>ator. UK le<span class=\"_ _2\"></span>gis<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n req<span class=\"_ _2\"></span>uires th<span class=\"_ _2\"></span>at pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>mes a<span class=\"_ _2\"></span>re fun<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d pru<span class=\"_ _2\"></span>dent<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d valu<span class=\"_ _2\"></span>ed at l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>t ever<span class=\"_ _2\"></span>y thre<span class=\"_ _2\"></span>e year<span class=\"_ _2\"></span>s. Se<span class=\"_ _2\"></span>parate va<span class=\"_ _2\"></span>lua<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s are req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d for ea<span class=\"_ _2\"></span>ch sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>me. With<span class=\"_ _2\"></span>in 15 m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s of ea<span class=\"_ _2\"></span>ch val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on date, th<span class=\"_ _2\"></span>e pla<span class=\"_ _2\"></span>n trus<span class=\"_ _2\"></span>tees a<span class=\"_ _2\"></span>nd the G<span class=\"_ _2\"></span>roup m<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>t ag<span class=\"_ _2\"></span>ree any co<span class=\"_ _2\"></span>ntri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns req<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>red to ens<span class=\"_ _2\"></span>ure tha<span class=\"_ _2\"></span>t the p<span class=\"_ _2\"></span>lan is f<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ly fu<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ed over ti<span class=\"_ _2\"></span>me, on a s<span class=\"_ _2\"></span>uitab<span class=\"_ _2\"></span>ly pr<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>nt me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>re.<span class=\"_ _35c\"> </span>Fun<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g pl<span class=\"_ _2\"></span>ans a<span class=\"_ _2\"></span>re ind<span class=\"_ _2\"></span>ivid<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>lly a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d with the re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctive tr<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>es for e<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>h of the Gro<span class=\"_ _2\"></span>up\u2019s def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>es, taki<span class=\"_ _2\"></span>ng into account<span class=\"_ _8\"></span> local r<span class=\"_ _1\"></span>egulatory requir<span class=\"_ _1\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _8\"></span>s.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Mil<span class=\"_ _2\"></span>k Pens<span class=\"_ _2\"></span>ion Fu<span class=\"_ _2\"></span>nd (\u2018M<span class=\"_ _2\"></span>PF\u2019)<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e MPF was p<span class=\"_ _2\"></span>revio<span class=\"_ _2\"></span>usly o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>rated by the M<span class=\"_ _2\"></span>ilk M<span class=\"_ _2\"></span>arketin<span class=\"_ _2\"></span>g Boa<span class=\"_ _2\"></span>rd and wa<span class=\"_ _2\"></span>s als<span class=\"_ _2\"></span>o ope<span class=\"_ _2\"></span>n to staf<span class=\"_ _2\"></span>f worki<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>r Mil<span class=\"_ _2\"></span>k Marq<span class=\"_ _2\"></span>ue Ltd (<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>he pr<span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>ipa<span class=\"_ _2\"></span>l em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, n<span class=\"_ _2\"></span>ow known a<span class=\"_ _2\"></span>s Com<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>nit<span class=\"_ _2\"></span>y Foo<span class=\"_ _2\"></span>ds Gro<span class=\"_ _2\"></span>up Lim<span class=\"_ _2\"></span>ited), Nati<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>al Mi<span class=\"_ _2\"></span>lk Re<span class=\"_ _2\"></span>cords p<span class=\"_ _2\"></span>lc, Fi<span class=\"_ _2\"></span>rst M<span class=\"_ _2\"></span>ilk Ltd, ha<span class=\"_ _2\"></span>uli<span class=\"_ _2\"></span>ers a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iate<span class=\"_ _2\"></span>d to First M<span class=\"_ _2\"></span>ilk Ltd, Da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y Farm<span class=\"_ _2\"></span>ers o<span class=\"_ _2\"></span>f Brita<span class=\"_ _2\"></span>in Lt<span class=\"_ _8\"></span>d (whic<span class=\"_ _2\"></span>h went i<span class=\"_ _2\"></span>nto recei<span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>hip i<span class=\"_ _2\"></span>n Jun<span class=\"_ _2\"></span>e 200<span class=\"_ _2\"></span>9<span class=\"_ _8\"></span>) an<span class=\"_ _2\"></span>d Mil<span class=\"_ _2\"></span>k Lin<span class=\"_ _2\"></span>k L<span class=\"_ _8\"></span>td.<span class=\"_ _35c\"> </span>We have a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unted fo<span class=\"_ _2\"></span>r our s<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ion of th<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>eme a<span class=\"_ _2\"></span>nd o<span class=\"_ _2\"></span>ur sh<span class=\"_ _2\"></span>are of any o<span class=\"_ _2\"></span>rph<span class=\"_ _2\"></span>an as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch toget<span class=\"_ _2\"></span>her re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nt ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>ately 8<span class=\"_ _2\"></span>6% of the MPF (202<span class=\"_ _2\"></span>2: 86%)<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>ltho<span class=\"_ _2\"></span>ug<span class=\"_ _2\"></span>h the MPF i<span class=\"_ _2\"></span>s man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>ed on a s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>lis<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>sis, i<span class=\"_ _2\"></span>t is a \u2018las<span class=\"_ _2\"></span>t ma<span class=\"_ _2\"></span>n stan<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g sch<span class=\"_ _2\"></span>eme\u2019<span class=\"_ _8\"></span>, whi<span class=\"_ _2\"></span>ch m<span class=\"_ _2\"></span>ean<span class=\"_ _2\"></span>s that a<span class=\"_ _2\"></span>ll pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>rs are jo<span class=\"_ _2\"></span>intly a<span class=\"_ _2\"></span>nd seve<span class=\"_ _2\"></span>rall<span class=\"_ _2\"></span>y lia<span class=\"_ _2\"></span>ble f<span class=\"_ _2\"></span>or al<span class=\"_ _2\"></span>l of the f<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>\u2019s liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es. W<span class=\"_ _2\"></span>ith ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t from 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2013, Genus\u2019<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>emaining acti<span class=\"_ _8\"></span>ve<span class=\"_ _1\"></span> members ceased<span class=\"_ _1\"></span> accruing bene<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>it<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> f<span class=\"_ _2\"></span>und<span class=\"_ _1\"></span> and became de<span class=\"_ _1\"></span>ferred<span class=\"_ _1\"></span> pensioners.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e mos<span class=\"_ _2\"></span>t recen<span class=\"_ _2\"></span>t act<span class=\"_ _2\"></span>uari<span class=\"_ _2\"></span>al tri<span class=\"_ _2\"></span>enn<span class=\"_ _2\"></span>ial va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>ation of t<span class=\"_ _2\"></span>he MPF wa<span class=\"_ _2\"></span>s at 31 Ma<span class=\"_ _2\"></span>rch 2021 an<span class=\"_ _2\"></span>d was ca<span class=\"_ _2\"></span>rri<span class=\"_ _2\"></span>ed ou<span class=\"_ _2\"></span>t by qua<span class=\"_ _2\"></span>lif<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n agre<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tees.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>pt<span class=\"_ _8\"></span>ed i<span class=\"_ _2\"></span>n the 2021 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on we<span class=\"_ _2\"></span>re that:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>investm<span class=\"_ _2\"></span>ent ret<span class=\"_ _2\"></span>urns o<span class=\"_ _2\"></span>n exis<span class=\"_ _2\"></span>ting a<span class=\"_ _2\"></span>ssets wo<span class=\"_ _2\"></span>uld exce<span class=\"_ _2\"></span>ed f<span class=\"_ _2\"></span>ixed-in<span class=\"_ _2\"></span>terest g<span class=\"_ _2\"></span>ilt yi<span class=\"_ _2\"></span>eld<span class=\"_ _2\"></span>s by 1.6% pe<span class=\"_ _2\"></span>r an<span class=\"_ _2\"></span>num u<span class=\"_ _2\"></span>ntil 31 M<span class=\"_ _2\"></span>arch 203<span class=\"_ _2\"></span>0, then by 0.5% p<span class=\"_ _2\"></span>er annum t<span class=\"_ _1\"></span>hereafter;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Cons<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>er Pric<span class=\"_ _2\"></span>e Ind<span class=\"_ _2\"></span>ex (\u2018CPI\u2019) pr<span class=\"_ _2\"></span>ice i<span class=\"_ _2\"></span>nfla<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s expe<span class=\"_ _2\"></span>cted to be 0.7% pe<span class=\"_ _2\"></span>r ann<span class=\"_ _2\"></span>um l<span class=\"_ _2\"></span>ower tha<span class=\"_ _2\"></span>n Retai<span class=\"_ _2\"></span>l Price I<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ex (<span class=\"_ _8\"></span>\u2018R<span class=\"_ _2\"></span>PI\u2019) pri<span class=\"_ _2\"></span>ce inf<span class=\"_ _2\"></span>lat<span class=\"_ _2\"></span>ion un<span class=\"_ _2\"></span>til 31 M<span class=\"_ _2\"></span>arch 2030, th<span class=\"_ _2\"></span>en le<span class=\"_ _2\"></span>ss 0.<span class=\"_ _1\"></span>1% p<span class=\"_ _2\"></span>er a<span class=\"_ _2\"></span>nnu<span class=\"_ _2\"></span>m the<span class=\"_ _2\"></span>reaf<span class=\"_ _2\"></span>ter; a<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s in pa<span class=\"_ _2\"></span>ym<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>ns in d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt woul<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in f<span class=\"_ _2\"></span>uture in l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e with CPI p<span class=\"_ _2\"></span>rice i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>, subj<span class=\"_ _2\"></span>ect to va<span class=\"_ _2\"></span>riou<span class=\"_ _2\"></span>s min<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>um and maximum incr<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ases.<span class=\"_ _35c\"> </span>At 31 Ma<span class=\"_ _2\"></span>rch 2021, th<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>et val<span class=\"_ _2\"></span>ue of the f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>d\u2019s ass<span class=\"_ _2\"></span>ets was \u00a3492m. T<span class=\"_ _2\"></span>his re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nted ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>atel<span class=\"_ _2\"></span>y 103% of the va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e un<span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>ured li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch were \u00a34<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>m at tha<span class=\"_ _2\"></span>t date.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e surp<span class=\"_ _2\"></span>lus i<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>d as a who<span class=\"_ _2\"></span>le, by refere<span class=\"_ _2\"></span>nce to th<span class=\"_ _2\"></span>e 31 Ma<span class=\"_ _2\"></span>rch 2021 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on, was \u00a3<span class=\"_ _2\"></span>12m (of whi<span class=\"_ _2\"></span>ch Ge<span class=\"_ _2\"></span>nus\u2019s noti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l sha<span class=\"_ _2\"></span>re was \u00a31<span class=\"_ _2\"></span>0m). Ref<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g the im<span class=\"_ _2\"></span>provem<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>ing p<span class=\"_ _2\"></span>osit<span class=\"_ _2\"></span>ion, w<span class=\"_ _2\"></span>ith ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t from 1 S<span class=\"_ _2\"></span>eptem<span class=\"_ _2\"></span>ber 2021 n<span class=\"_ _2\"></span>o def<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>t repa<span class=\"_ _2\"></span>ir co<span class=\"_ _2\"></span>ntrib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>ns are p<span class=\"_ _2\"></span>ayab<span class=\"_ _2\"></span>le bu<span class=\"_ _2\"></span>t fun<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g the s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me\u2019s ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g expe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>s of \u00a31.1m pe<span class=\"_ _2\"></span>r ann<span class=\"_ _2\"></span>um we<span class=\"_ _2\"></span>re agre<span class=\"_ _2\"></span>ed, ri<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g there<span class=\"_ _2\"></span>af<span class=\"_ _2\"></span>ter by 3.4% p<span class=\"_ _2\"></span>er an<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>m until 30 Se<span class=\"_ _2\"></span>ptemb<span class=\"_ _2\"></span>er 2026.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e disc<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>ures req<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>der I<span class=\"_ _2\"></span>AS 19 ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n cal<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>lated by a<span class=\"_ _2\"></span>n ind<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>urate ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons ca<span class=\"_ _2\"></span>rri<span class=\"_ _2\"></span>ed ou<span class=\"_ _2\"></span>t as at 3<span class=\"_ _2\"></span>1 Marc<span class=\"_ _2\"></span>h 2021 and u<span class=\"_ _2\"></span>pd<span class=\"_ _2\"></span>ated to 30 Ju<span class=\"_ _2\"></span>ne 2023<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>At 30 Ju<span class=\"_ _2\"></span>ne 2023, th<span class=\"_ _2\"></span>e MPF was i<span class=\"_ _2\"></span>n an overa<span class=\"_ _2\"></span>ll net p<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>sion a<span class=\"_ _2\"></span>sset p<span class=\"_ _2\"></span>ositi<span class=\"_ _2\"></span>on of \u00a33<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>6m (2022: \u00a3<span class=\"_ _2\"></span>71<span class=\"_ _2\"></span>.4m). Howeve<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pany d<span class=\"_ _2\"></span>oes n<span class=\"_ _2\"></span>ot have the u<span class=\"_ _2\"></span>nil<span class=\"_ _2\"></span>ateral r<span class=\"_ _2\"></span>ight to th<span class=\"_ _2\"></span>is su<span class=\"_ _2\"></span>rpl<span class=\"_ _2\"></span>us an<span class=\"_ _2\"></span>d theref<span class=\"_ _2\"></span>ore in li<span class=\"_ _2\"></span>ne wi<span class=\"_ _2\"></span>th IFRI<span class=\"_ _2\"></span>C 14, the re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>niti<span class=\"_ _2\"></span>on of thi<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>et is restr<span class=\"_ _2\"></span>icte<span class=\"_ _2\"></span>d.<span class=\"_ _35c\"> </span>Da<span class=\"_ _2\"></span>lget<span class=\"_ _2\"></span>y Pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n Fund (\u2018<span class=\"_ _2\"></span>DPF\u2019)<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e mos<span class=\"_ _2\"></span>t recen<span class=\"_ _2\"></span>t act<span class=\"_ _2\"></span>uari<span class=\"_ _2\"></span>al val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on of th<span class=\"_ _2\"></span>e DPF was at 3<span class=\"_ _2\"></span>1 Marc<span class=\"_ _2\"></span>h 2021 and wa<span class=\"_ _2\"></span>s car<span class=\"_ _2\"></span>ried o<span class=\"_ _2\"></span>ut by qu<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>fie<span class=\"_ _2\"></span>d ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>pt<span class=\"_ _8\"></span>ed i<span class=\"_ _2\"></span>n the 2021 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on we<span class=\"_ _2\"></span>re that:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>investm<span class=\"_ _2\"></span>ent ret<span class=\"_ _2\"></span>urns o<span class=\"_ _2\"></span>n exis<span class=\"_ _2\"></span>ting a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>re gilt y<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>ds le<span class=\"_ _2\"></span>ss 0.3<span class=\"_ _2\"></span>5% per a<span class=\"_ _2\"></span>nnu<span class=\"_ _2\"></span>m;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>CPI pri<span class=\"_ _2\"></span>ce inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on is exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted to be 0.7% per a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>um lowe<span class=\"_ _2\"></span>r than R<span class=\"_ _2\"></span>PI pri<span class=\"_ _2\"></span>ce in<span class=\"_ _2\"></span>flat<span class=\"_ _2\"></span>ion u<span class=\"_ _2\"></span>ntil 2030, the<span class=\"_ _2\"></span>n util<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>ng the R<span class=\"_ _2\"></span>PI cu<span class=\"_ _2\"></span>rve f<span class=\"_ _2\"></span>rom 2030 onwa<span class=\"_ _2\"></span>rds; and<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s in pa<span class=\"_ _2\"></span>ym<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>ns in d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt woul<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in f<span class=\"_ _2\"></span>uture in l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e with CPI p<span class=\"_ _2\"></span>rice i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>, subj<span class=\"_ _2\"></span>ect to va<span class=\"_ _2\"></span>riou<span class=\"_ _2\"></span>s min<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>um and maximum incr<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ases.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>et val<span class=\"_ _2\"></span>ue of the a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets at 31 M<span class=\"_ _2\"></span>arch 2021 wa<span class=\"_ _2\"></span>s \u00a3938m<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e of those a<span class=\"_ _2\"></span>ssets re<span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ented a<span class=\"_ _2\"></span>pproxi<span class=\"_ _2\"></span>mate<span class=\"_ _2\"></span>ly 10<span class=\"_ _2\"></span>0% of the val<span class=\"_ _2\"></span>ue of the u<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>red lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch were \u00a393<span class=\"_ _2\"></span>7<span class=\"_ _1\"></span>m a<span class=\"_ _2\"></span>t 31 Ma<span class=\"_ _2\"></span>rch 2021. U<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er the f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g agre<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent, th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pany wi<span class=\"_ _2\"></span>ll n<span class=\"_ _2\"></span>ot have to ma<span class=\"_ _2\"></span>ke deficit r<span class=\"_ _1\"></span>epa<span class=\"_ _2\"></span>ir<span class=\"_ _8\"></span> cont<span class=\"_ _8\"></span>ributions.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e disc<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>ures req<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>der I<span class=\"_ _2\"></span>AS 19 ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n cal<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>lated by a<span class=\"_ _2\"></span>n ind<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>urate ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons ca<span class=\"_ _2\"></span>rri<span class=\"_ _2\"></span>ed ou<span class=\"_ _2\"></span>t as at 3<span class=\"_ _2\"></span>1 Marc<span class=\"_ _2\"></span>h 2021 and u<span class=\"_ _2\"></span>pd<span class=\"_ _2\"></span>ated to 30 Ju<span class=\"_ _2\"></span>ne 2023<span class=\"_ _2\"></span>. At 30 Ju<span class=\"_ _2\"></span>ne 2023, th<span class=\"_ _2\"></span>e DPF<span class=\"_ _1\"></span>, wh<span class=\"_ _2\"></span>ich i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>es a \u00a320.<span class=\"_ _2\"></span>5m se<span class=\"_ _2\"></span>parate res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve he<span class=\"_ _2\"></span>ld ag<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>st fu<span class=\"_ _2\"></span>ture un<span class=\"_ _2\"></span>kn<span class=\"_ _2\"></span>own lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities m<span class=\"_ _2\"></span>ater<span class=\"_ _2\"></span>iali<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g, was i<span class=\"_ _2\"></span>n an overal<span class=\"_ _2\"></span>l net p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion a<span class=\"_ _2\"></span>sset po<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of \u00a35.7m (2022: \u00a36<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>m)<span class=\"_ _8\"></span>. Howeve<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pany d<span class=\"_ _2\"></span>oes n<span class=\"_ _2\"></span>ot have th<span class=\"_ _2\"></span>e un<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>teral rig<span class=\"_ _2\"></span>ht to this s<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>lus a<span class=\"_ _2\"></span>nd the<span class=\"_ _2\"></span>refore in l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e with IFR<span class=\"_ _2\"></span>IC 14, th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of th<span class=\"_ _2\"></span>is as<span class=\"_ _2\"></span>set is res<span class=\"_ _2\"></span>tric<span class=\"_ _2\"></span>ted.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e prim<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y bu<span class=\"_ _2\"></span>lk an<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>ity p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cy was s<span class=\"_ _2\"></span>ecu<span class=\"_ _2\"></span>red with a<span class=\"_ _2\"></span>n ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny in J<span class=\"_ _2\"></span>uly 19<span class=\"_ _2\"></span>99<span class=\"_ _1\"></span>, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h match<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it entit<span class=\"_ _2\"></span>lem<span class=\"_ _2\"></span>ent of a<span class=\"_ _2\"></span>lmo<span class=\"_ _2\"></span>st al<span class=\"_ _2\"></span>l of the f<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>\u2019s curre<span class=\"_ _2\"></span>nt and d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>red pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s at tha<span class=\"_ _2\"></span>t time<span class=\"_ _2\"></span>. The val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e pol<span class=\"_ _2\"></span>icy a<span class=\"_ _2\"></span>nd rel<span class=\"_ _2\"></span>ated l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023 was \u00a34<span class=\"_ _2\"></span>63m (202<span class=\"_ _2\"></span>2: \u00a3528m). We do n<span class=\"_ _2\"></span>ot have a<span class=\"_ _2\"></span>ny leg<span class=\"_ _2\"></span>al rig<span class=\"_ _2\"></span>hts to any su<span class=\"_ _2\"></span>rpl<span class=\"_ _2\"></span>us rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to thes<span class=\"_ _2\"></span>e bul<span class=\"_ _2\"></span>k ann<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y po<span class=\"_ _2\"></span>lic<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span>. National<span class=\"_ _8\"></span> Pig<span class=\"_ _8\"></span> Dev<span class=\"_ _8\"></span>elopment Compan<span class=\"_ _8\"></span>y P<span class=\"_ _8\"></span>ension F<span class=\"_ _1\"></span>un<span class=\"_ _2\"></span>d<span class=\"_ _8\"></span> (\u2018NP<span class=\"_ _8\"></span>D\u2019<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ope<span class=\"_ _2\"></span>rates a cl<span class=\"_ _2\"></span>osed d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t sch<span class=\"_ _2\"></span>eme fo<span class=\"_ _2\"></span>r a sm<span class=\"_ _2\"></span>all n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber of fo<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>r em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es of th<span class=\"_ _2\"></span>e Natio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l Pig Deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny Lim<span class=\"_ _2\"></span>ited. T<span class=\"_ _2\"></span>he total ma<span class=\"_ _2\"></span>rket valu<span class=\"_ _2\"></span>e of sch<span class=\"_ _2\"></span>eme a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023, un<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>he provi<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns of IAS 1<span class=\"_ _2\"></span>9<span class=\"_ _17\"></span>, we<span class=\"_ _2\"></span>re \u00a35.0<span class=\"_ _2\"></span>m (2022: \u00a3<span class=\"_ _2\"></span>5.4<span class=\"_ _2\"></span>m) and \u00a34<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>m (2022: \u00a35<span class=\"_ _2\"></span>.5m), resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tivel<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. Th<span class=\"_ _2\"></span>e mos<span class=\"_ _2\"></span>t recen<span class=\"_ _2\"></span>t act<span class=\"_ _2\"></span>uari<span class=\"_ _2\"></span>al tri<span class=\"_ _2\"></span>enn<span class=\"_ _2\"></span>ial va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>ation of t<span class=\"_ _2\"></span>he NPD wa<span class=\"_ _2\"></span>s at 30 J<span class=\"_ _2\"></span>une 2020 a<span class=\"_ _2\"></span>nd was ca<span class=\"_ _2\"></span>rri<span class=\"_ _2\"></span>ed ou<span class=\"_ _2\"></span>t by qua<span class=\"_ _2\"></span>lif<span class=\"_ _2\"></span>ied a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n agre<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tees.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>pt<span class=\"_ _8\"></span>ed i<span class=\"_ _2\"></span>n the 2020 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on were th<span class=\"_ _2\"></span>at:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>investm<span class=\"_ _2\"></span>ent ret<span class=\"_ _2\"></span>urns o<span class=\"_ _2\"></span>n exis<span class=\"_ _2\"></span>ting a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>re gilt y<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>ds le<span class=\"_ _2\"></span>ss 0.3<span class=\"_ _2\"></span>5% per a<span class=\"_ _2\"></span>nnu<span class=\"_ _2\"></span>m;<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>CPI pri<span class=\"_ _2\"></span>ce inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on is exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted to be 0.5% pe<span class=\"_ _2\"></span>r ann<span class=\"_ _2\"></span>um l<span class=\"_ _2\"></span>ower tha<span class=\"_ _2\"></span>n RPI p<span class=\"_ _2\"></span>rice i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n; and<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s in pa<span class=\"_ _2\"></span>ym<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>ns in d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt woul<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e in f<span class=\"_ _2\"></span>uture in l<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e with CPI p<span class=\"_ _2\"></span>rice i<span class=\"_ _2\"></span>nfl<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>, subj<span class=\"_ _2\"></span>ect to va<span class=\"_ _2\"></span>riou<span class=\"_ _2\"></span>s min<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>um an<span class=\"_ _2\"></span>d maximum increas<span class=\"_ _8\"></span>es.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>et val<span class=\"_ _2\"></span>ue of the a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets at 30 J<span class=\"_ _2\"></span>une 2020 wa<span class=\"_ _2\"></span>s \u00a36.1m. T<span class=\"_ _2\"></span>he val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>ose as<span class=\"_ _2\"></span>sets rep<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d app<span class=\"_ _2\"></span>roxima<span class=\"_ _2\"></span>tely 6<span class=\"_ _2\"></span>8% of the val<span class=\"_ _2\"></span>ue of the u<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>red lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch were \u00a39<span class=\"_ _8\"></span>.0m at 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2020. Und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tee prep<span class=\"_ _2\"></span>are<span class=\"_ _2\"></span>d sche<span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>le of co<span class=\"_ _2\"></span>ntrib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>ns, G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s is req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d to make def<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>t repa<span class=\"_ _2\"></span>ir co<span class=\"_ _2\"></span>ntrib<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>ns of \u00a350<span class=\"_ _2\"></span>0,000 p<span class=\"_ _2\"></span>er a<span class=\"_ _2\"></span>nnu<span class=\"_ _2\"></span>m com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ing 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e disc<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>ures req<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>der I<span class=\"_ _2\"></span>AS 19 ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n cal<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>lated by a<span class=\"_ _2\"></span>n ind<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>urate ca<span class=\"_ _2\"></span>lcu<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>ons ca<span class=\"_ _2\"></span>rri<span class=\"_ _2\"></span>ed ou<span class=\"_ _2\"></span>t as at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2020 and u<span class=\"_ _2\"></span>pda<span class=\"_ _2\"></span>ted to 30 Ju<span class=\"_ _2\"></span>ne 2023.<span class=\"_ _35c\"> </span>Other unfunded<span class=\"_ _8\"></span> schemes<span class=\"_ _35c\"> </span>Whe<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>ired Syg<span class=\"_ _2\"></span>en Inte<span class=\"_ _2\"></span>rna<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>al pl<span class=\"_ _2\"></span>c in 200<span class=\"_ _2\"></span>5, it al<span class=\"_ _2\"></span>so ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>red thre<span class=\"_ _2\"></span>e unf<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>ed d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>n unf<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>ed retire<span class=\"_ _2\"></span>ment h<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>lth be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it pl<span class=\"_ _2\"></span>an, wh<span class=\"_ _2\"></span>ich i<span class=\"_ _2\"></span>t now op<span class=\"_ _2\"></span>erates fo<span class=\"_ _2\"></span>r the b<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>fit of th<span class=\"_ _2\"></span>e previ<span class=\"_ _2\"></span>ous G<span class=\"_ _2\"></span>roup\u2019s sen<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>r emp<span class=\"_ _2\"></span>loyee<span class=\"_ _2\"></span>s and E<span class=\"_ _2\"></span>xec<span class=\"_ _2\"></span>utives<span class=\"_ _2\"></span>. Unfunded de<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>ined<span class=\"_ _8\"></span> benefits<span class=\"_ _1\"></span> schemes<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>eme l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r the th<span class=\"_ _2\"></span>ree unf<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>ded d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unte<span class=\"_ _2\"></span>d to \u00a34.6<span class=\"_ _2\"></span>m (2022: \u00a36<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>m)<span class=\"_ _8\"></span>, ba<span class=\"_ _2\"></span>sed on I<span class=\"_ _2\"></span>AS 19<span class=\"_ _2\"></span>\u2019s metho<span class=\"_ _2\"></span>ds an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>is am<span class=\"_ _2\"></span>ount i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>ded w<span class=\"_ _2\"></span>ithin p<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>sion l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties i<span class=\"_ _2\"></span>n the Gro<span class=\"_ _2\"></span>up Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce Sh<span class=\"_ _2\"></span>eet. I<span class=\"_ _2\"></span>t also o<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>rates severa<span class=\"_ _2\"></span>l unf<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>ed d<span class=\"_ _2\"></span>efin<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>its wh<span class=\"_ _2\"></span>ich a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nted to \u00a32<span class=\"_ _2\"></span>.0m (2022: \u00a3<span class=\"_ _2\"></span>1.6<span class=\"_ _2\"></span>m). Interes<span class=\"_ _2\"></span>t on pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unted to \u00a30.2m (202<span class=\"_ _2\"></span>2: \u00a30.2m). The d<span class=\"_ _2\"></span>iscl<span class=\"_ _2\"></span>osu<span class=\"_ _2\"></span>res req<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d und<span class=\"_ _2\"></span>er IAS 1<span class=\"_ _2\"></span>9 ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ated by an i<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>epe<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>nt ac<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>ry, usin<span class=\"_ _2\"></span>g the p<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s use<span class=\"_ _2\"></span>d to calc<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>te the sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s as for th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es. Post-retirem<span class=\"_ _2\"></span>ent he<span class=\"_ _2\"></span>alth<span class=\"_ _2\"></span>care<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>eme l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r the un<span class=\"_ _2\"></span>fun<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d retirem<span class=\"_ _2\"></span>ent h<span class=\"_ _2\"></span>eal<span class=\"_ _2\"></span>th ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t pla<span class=\"_ _2\"></span>n amo<span class=\"_ _2\"></span>unte<span class=\"_ _2\"></span>d to \u00a3<span class=\"_ _1\"></span>0.<span class=\"_ _2\"></span>5m (2022: \u00a30.6<span class=\"_ _2\"></span>m), base<span class=\"_ _2\"></span>d on IAS 1<span class=\"_ _2\"></span>9\u2019s met<span class=\"_ _2\"></span>hod<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. Thi<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt is i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed wit<span class=\"_ _2\"></span>hin reti<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>s in th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p Bal<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e She<span class=\"_ _2\"></span>et. Inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>n pla<span class=\"_ _2\"></span>n lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted to \u00a3ni<span class=\"_ _2\"></span>l (2022: \u00a3n<span class=\"_ _2\"></span>il).<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns use<span class=\"_ _2\"></span>d to cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ate the p<span class=\"_ _2\"></span>lan l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es were th<span class=\"_ _2\"></span>at the d<span class=\"_ _2\"></span>isc<span class=\"_ _2\"></span>ount rate wo<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e 5.<span class=\"_ _2\"></span>25% (2022: 3.90%<span class=\"_ _8\"></span>) an<span class=\"_ _2\"></span>d that th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>ng-t<span class=\"_ _8\"></span>erm ra<span class=\"_ _2\"></span>te of med<span class=\"_ _2\"></span>ical ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>se inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on wou<span class=\"_ _2\"></span>ld b<span class=\"_ _2\"></span>e 7<span class=\"_ _17\"></span>.05% (2022<span class=\"_ _2\"></span>: 6.<span class=\"_ _8\"></span>90%)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>Aggregated<span class=\"_ _1\"></span> position o<span class=\"_ _8\"></span>f defined<span class=\"_ _1\"></span> benefit schemes<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Present va<span class=\"_ _2\"></span>lue of f<span class=\"_ _2\"></span>und<span class=\"_ _2\"></span>ed o<span class=\"_ _2\"></span>blig<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>s (inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>es Gen<span class=\"_ _2\"></span>us\u2019s 86% sh<span class=\"_ _2\"></span>are of MPF (2022<span class=\"_ _2\"></span>: 86%))<span class=\"_ _255\"> </span><span class=\"ff2 ls18 ws18\">74<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>8<span class=\"_ _142\"> </span></span><span class=\"lsba wsaa\">8<span class=\"_ _2\"></span>5<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>6<span class=\"_ _35c\"> </span></span>Present va<span class=\"_ _2\"></span>lue of u<span class=\"_ _2\"></span>nfun<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d obli<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>ons <span class=\"_ _2e0\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>4<span class=\"_ _192\"> </span></span><span class=\"ls1b ws1f\">8.4<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal prese<span class=\"_ _2\"></span>nt valu<span class=\"_ _2\"></span>e of obli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>ns<span class=\"_ _45\"> </span><span class=\"ff2 ls20 ws11\">75<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>2<span class=\"_ _4d\"> </span><span class=\"ff6\">8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6.0<span class=\"_ _35c\"> </span></span></span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of plan a<span class=\"_ _2\"></span>ssets (in<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>des G<span class=\"_ _2\"></span>enu<span class=\"_ _2\"></span>s\u2019<span class=\"_ _1\"></span>s 8<span class=\"_ _2\"></span>6% sha<span class=\"_ _2\"></span>re of MPF (2022: 8<span class=\"_ _2\"></span>6%<span class=\"_ _8\"></span>))<span class=\"_ _14c\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>6)<span class=\"_ _150\"> </span></span><span class=\"ls78 ws6b\">(93<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>Res<span class=\"_ _2\"></span>tricted rec<span class=\"_ _2\"></span>ogni<span class=\"_ _2\"></span>tion of a<span class=\"_ _2\"></span>sset (MPF a<span class=\"_ _2\"></span>nd DPF)<span class=\"_ _2e1\"> </span><span class=\"ff2 ls77 ws5c\">40.<span class=\"_ _2\"></span>3<span class=\"_ _6b\"> </span></span><span class=\"ls76 ws5d\">78<span class=\"_ _2\"></span>.6<span class=\"_ _35c\"> </span></span>Rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ition of a<span class=\"_ _2\"></span>ddi<span class=\"_ _2\"></span>tiona<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty (M<span class=\"_ _2\"></span>PF)<span class=\"_ _19a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Recognised<span class=\"_ _1\"></span> liability for de<span class=\"_ _8\"></span>fined benefit<span class=\"_ _1\"></span> obligations<span class=\"_ _159\"> </span><span class=\"lsb8 wsa8\">6.9<span class=\"_ _192\"> </span><span class=\"ff6 lsd ws5\">8.3<span class=\"_ _35c\"> </span></span></span>Eac<span class=\"_ _2\"></span>h of the de<span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>fit sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>mes m<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s risks th<span class=\"_ _2\"></span>roug<span class=\"_ _2\"></span>h a vari<span class=\"_ _2\"></span>ety of m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d strateg<span class=\"_ _2\"></span>ies, i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ud<span class=\"_ _2\"></span>ing e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity p<span class=\"_ _2\"></span>rotectio<span class=\"_ _2\"></span>n, to lim<span class=\"_ _2\"></span>it the d<span class=\"_ _2\"></span>ownsi<span class=\"_ _2\"></span>de ri<span class=\"_ _2\"></span>sk of fal<span class=\"_ _2\"></span>ls in e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity m<span class=\"_ _2\"></span>arkets, a<span class=\"_ _2\"></span>s well a<span class=\"_ _2\"></span>s infl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n an<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t rate hed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g. B<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g its d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit<span class=\"_ _2\"></span>s sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s, the Gro<span class=\"_ _2\"></span>up is exp<span class=\"_ _2\"></span>osed to th<span class=\"_ _2\"></span>e risk t<span class=\"_ _2\"></span>hat th<span class=\"_ _2\"></span>e cost of m<span class=\"_ _2\"></span>eeti<span class=\"_ _2\"></span>ng it<span class=\"_ _2\"></span>s obl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>s hig<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r than a<span class=\"_ _2\"></span>ntic<span class=\"_ _2\"></span>ipate<span class=\"_ _2\"></span>d. Th<span class=\"_ _2\"></span>is co<span class=\"_ _2\"></span>uld o<span class=\"_ _2\"></span>ccu<span class=\"_ _2\"></span>r for seve<span class=\"_ _2\"></span>ral rea<span class=\"_ _2\"></span>sons<span class=\"_ _2\"></span>, for e<span class=\"_ _1\"></span>xample:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>Investm<span class=\"_ _2\"></span>ent ret<span class=\"_ _2\"></span>urns o<span class=\"_ _2\"></span>n the sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>mes\u2019 a<span class=\"_ _2\"></span>ssets m<span class=\"_ _2\"></span>ay be l<span class=\"_ _2\"></span>ower th<span class=\"_ _2\"></span>an anti<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>ated, e<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>lly if f<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>s in ass<span class=\"_ _2\"></span>et valu<span class=\"_ _2\"></span>es are n<span class=\"_ _2\"></span>ot matc<span class=\"_ _2\"></span>hed by s<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>lar fal<span class=\"_ _2\"></span>ls in th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e of the s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>mes\u2019 l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>ies.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>The leve<span class=\"_ _2\"></span>l of pri<span class=\"_ _2\"></span>ce inf<span class=\"_ _2\"></span>lat<span class=\"_ _2\"></span>ion m<span class=\"_ _2\"></span>ay be h<span class=\"_ _2\"></span>igh<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an tha<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d, resu<span class=\"_ _2\"></span>ltin<span class=\"_ _2\"></span>g in hi<span class=\"_ _2\"></span>gh<span class=\"_ _2\"></span>er pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts fro<span class=\"_ _2\"></span>m the sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ws3\">Sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e mem<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>rs ma<span class=\"_ _2\"></span>y live l<span class=\"_ _2\"></span>ong<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an as<span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>ed, fo<span class=\"_ _2\"></span>r examp<span class=\"_ _2\"></span>le du<span class=\"_ _2\"></span>e to adva<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s in he<span class=\"_ _2\"></span>alth<span class=\"_ _2\"></span>care. M<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>ers m<span class=\"_ _2\"></span>ay a<span class=\"_ _2\"></span>lso exerc<span class=\"_ _2\"></span>ise (or n<span class=\"_ _2\"></span>ot exercis<span class=\"_ _2\"></span>e) </span>opti<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>n a way tha<span class=\"_ _2\"></span>t lea<span class=\"_ _2\"></span>ds to in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es in th<span class=\"_ _2\"></span>e sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>es\u2019 lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s, for exam<span class=\"_ _2\"></span>ple th<span class=\"_ _2\"></span>rou<span class=\"_ _2\"></span>gh ea<span class=\"_ _2\"></span>rly retire<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt or co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>utatio<span class=\"_ _2\"></span>n of pen<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n for c<span class=\"_ _2\"></span>ash<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span><span class=\"ls8 ws8\">L<span class=\"_ _1\"></span>egislative<span class=\"_ _8\"></span> changes could<span class=\"_ _8\"></span> also<span class=\"_ _8\"></span> lead t<span class=\"_ _1\"></span>o an incr<span class=\"_ _8\"></span>ease in<span class=\"_ _1\"></span> the schemes\u2019<span class=\"_ _1\"></span> liabilities.<span class=\"_ _35c\"> </span></span>Aggregated<span class=\"_ _1\"></span> position o<span class=\"_ _8\"></span>f defined<span class=\"_ _1\"></span> benefit schemes<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e total pl<span class=\"_ _2\"></span>an ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of th<span class=\"_ _2\"></span>e rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od for e<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>h categ<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>y is as fo<span class=\"_ _2\"></span>llows<span class=\"_ _2\"></span>:<span class=\"_ _35c\"> </span>Lev<span class=\"_ _2\"></span>el 1  \u00a3m<span class=\"_ _35c\"> </span>Lev<span class=\"_ _2\"></span>el 2  \u00a3m<span class=\"_ _35c\"> </span>Lev<span class=\"_ _2\"></span>el 3  \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m Leve<span class=\"_ _2\"></span>l 1  \u00a3m<span class=\"_ _35c\"> </span>Leve<span class=\"_ _2\"></span>l 2  \u00a3m<span class=\"_ _35c\"> </span>Leve<span class=\"_ _2\"></span>l 3  \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m Equ<span class=\"_ _2\"></span>ities<span class=\"_ _2e2\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _5b\"> </span><span class=\"ls13 ws13\">16.3<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _5b\"> </span><span class=\"ls13 ws13\">16.3<span class=\"_ _4a\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _6e\"> </span><span class=\"ls8a wsad\">28<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>Diversified gr<span class=\"_ _1\"></span>owth funds<span class=\"_ _2e3\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _5b\"> </span><span class=\"lsc4 wsa7\">4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _6b\"> </span><span class=\"lsc4 wsa7\">4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">5<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _5b\"> </span><span class=\"lsc1 wsb1\">5<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>5<span class=\"_ _35c\"> </span></span></span></span>Liability driven<span class=\"_ _8\"></span> inv<span class=\"_ _1\"></span>estments<span class=\"_ _2c\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _45\"> </span><span class=\"ls19 ws6a\">108.4<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _4d\"> </span><span class=\"ls19 ws6a\">108.<span class=\"_ _2\"></span>4<span class=\"_ _15b\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _c4\"> </span><span class=\"ls77 ws5c\">122.<span class=\"_ _2\"></span>3<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls77 ws5c\">12<span class=\"_ _2\"></span>2.3<span class=\"_ _35c\"> </span></span></span></span>Gil<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>orpo<span class=\"_ _2\"></span>rate bond<span class=\"_ _2\"></span>s<span class=\"_ _7a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _48\"> </span><span class=\"ls31 ws97\">7<span class=\"_ _2\"></span>3.0<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _79\"> </span><span class=\"ls31 ws97\">73.0<span class=\"_ _4a\"> </span></span></span>\u2013<span class=\"_ _52\"> </span><span class=\"ls75 ws69\">1<span class=\"_ _2\"></span>00.<span class=\"_ _2\"></span>5<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls75 ws69\">10<span class=\"_ _2\"></span>0.5<span class=\"_ _35c\"> </span></span>Cash<span class=\"_ _2e4\"> </span><span class=\"ff2\">1.6<span class=\"_ _64\"> </span><span class=\"lse wsd\">3.6<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _11f\"> </span><span class=\"lsd ws5\">5.2<span class=\"_ _6c\"> </span></span></span></span></span><span class=\"ls9 ws9\">4.3<span class=\"_ _11f\"> </span>4.3<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6c\"> </span></span></span>8.6<span class=\"_ _35c\"> </span>Pro<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _37\"> </span><span class=\"ff2 ls53 ws19\">2.4<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _79\"> </span><span class=\"ls21 ws5e\">22.8<span class=\"_ _79\"> </span><span class=\"lse wsd\">25.3<span class=\"_ _d7\"> </span></span></span></span></span><span class=\"lsb9 wsa9\">2.7<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _69\"> </span><span class=\"lsa6 wsa6\">35.4<span class=\"_ _73\"> </span><span class=\"ls8a wsad\">3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span></span>Direct<span class=\"_ _8\"></span> lending<span class=\"_ _2e5\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _11f\"> </span><span class=\"lsb8 wsa8\">2<span class=\"_ _6\"></span>.9<span class=\"_ _48\"> </span><span class=\"ls19 ws6a\">34.3<span class=\"_ _6b\"> </span><span class=\"lsbb wsab\">3<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _4a\"> </span></span></span></span><span class=\"ff6\">\u2013<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>5<span class=\"_ _69\"> </span><span class=\"ls5c ws56\">32<span class=\"_ _2\"></span>.8<span class=\"_ _6b\"> </span><span class=\"lsa6 wsa6\">35.3<span class=\"_ _35c\"> </span></span></span></span></span></span>Bulk annuity policy<span class=\"_ _2e6\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsc4 wsa7\">476<span class=\"_ _2\"></span>.1<span class=\"_ _c4\"> </span>476<span class=\"_ _2\"></span>.1<span class=\"_ _c2\"> </span></span><span class=\"ff6\">\u2013<span class=\"_ _15b\"> </span>\u2013<span class=\"_ _19f\"> </span><span class=\"ls3e ws38\">5<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9<span class=\"_ _58\"> </span>5<span class=\"_ _2\"></span>4<span class=\"_ _6\"></span>3.9<span class=\"_ _35c\"> </span></span></span></span>4<span class=\"_ _2\"></span>.0<span class=\"_ _14d\"> </span><span class=\"ls77 ws5c\">25<span class=\"_ _2\"></span>0.3<span class=\"_ _4d\"> </span><span class=\"ls21 ws5e\">533<span class=\"_ _2\"></span>.2<span class=\"_ _67\"> </span><span class=\"lsbb wsab\">7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _d7\"> </span><span class=\"ff6 lsba wsaa\">7.<span class=\"_ _6\"></span>0<span class=\"_ _48\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _6b\"> </span><span class=\"ls8a wsad\">61<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _52\"> </span><span class=\"ls29 ws28\">93<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span></span></span></span></span>No<span class=\"_ _2\"></span>te:<span class=\"_ _35c\"> </span>Level 1: va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng un<span class=\"_ _2\"></span>adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d quote<span class=\"_ _2\"></span>d pri<span class=\"_ _2\"></span>ces in a<span class=\"_ _2\"></span>ctive m<span class=\"_ _2\"></span>arkets fo<span class=\"_ _2\"></span>r ide<span class=\"_ _2\"></span>ntic<span class=\"_ _2\"></span>al fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>Level 2: va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>es ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n info<span class=\"_ _2\"></span>rmati<span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>at can b<span class=\"_ _2\"></span>e obtai<span class=\"_ _2\"></span>ned f<span class=\"_ _2\"></span>rom ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vab<span class=\"_ _2\"></span>le ma<span class=\"_ _2\"></span>rket data.<span class=\"_ _35c\"> </span>Level 3: val<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>d usin<span class=\"_ _2\"></span>g tech<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>que<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>oratin<span class=\"_ _2\"></span>g info<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ation oth<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vab<span class=\"_ _2\"></span>le ma<span class=\"_ _2\"></span>rket data.<span class=\"_ _35c\"> </span>Mov<span class=\"_ _8\"></span>ement in<span class=\"_ _8\"></span> the liabili<span class=\"_ _8\"></span>ty for de<span class=\"_ _8\"></span>fined benefit obliga<span class=\"_ _8\"></span>tions<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Lia<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty fo<span class=\"_ _2\"></span>r defi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit o<span class=\"_ _2\"></span>blig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns at the s<span class=\"_ _2\"></span>tart of th<span class=\"_ _2\"></span>e year (in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>udin<span class=\"_ _2\"></span>g the b<span class=\"_ _2\"></span>ulk an<span class=\"_ _2\"></span>nui<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>olic<span class=\"_ _2\"></span>y (DPF))<span class=\"_ _bf\"> </span><span class=\"ff2 ls31 ws97\">86<span class=\"_ _2\"></span>6.0<span class=\"_ _4e\"> </span></span><span class=\"ls19 ws6a\">1,106.6<span class=\"_ _35c\"> </span></span>Be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>its pa<span class=\"_ _2\"></span>id by the pl<span class=\"_ _2\"></span>ans<span class=\"_ _2e7\"> </span><span class=\"ff2 ls57 ws4f\">(56<span class=\"_ _2\"></span>.3)<span class=\"_ _11e\"> </span></span><span class=\"lsb9 wsa9\">(5<span class=\"_ _2\"></span>5.7<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>e costs a<span class=\"_ _2\"></span>nd interes<span class=\"_ _2\"></span>t<span class=\"_ _206\"> </span><span class=\"ff2 ls62 ws4b\">32.6<span class=\"_ _6b\"> </span></span><span class=\"lsb9 wsa9\">2<span class=\"_ _2\"></span>0.7<span class=\"_ _35c\"> </span></span>Actuarial<span class=\"_ _8\"></span> (gains<span class=\"_ _1\"></span>)/<span class=\"_ _1\"></span>losses r<span class=\"_ _1\"></span>ecognised on fund liabilitie<span class=\"_ _8\"></span>s aris<span class=\"_ _8\"></span>ing fr<span class=\"_ _8\"></span>om changes in<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>emogr<span class=\"_ _1\"></span>ap<span class=\"_ _2\"></span>hic<span class=\"_ _8\"></span> assumpt<span class=\"_ _8\"></span>ions<span class=\"_ _2e8\"> </span><span class=\"ff2 ls77 ws5c\">(15<span class=\"_ _2\"></span>.2)<span class=\"_ _d7\"> </span></span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>0<span class=\"_ _35c\"> </span></span>Actuarial<span class=\"_ _8\"></span> gains r<span class=\"_ _1\"></span>ecognised on fund liabilit<span class=\"_ _8\"></span>ies ari<span class=\"_ _8\"></span>sing fr<span class=\"_ _1\"></span>om changes in financial assumpt<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>ns<span class=\"_ _89\"> </span><span class=\"ff2 ls31 ws97\">(1<span class=\"_ _2\"></span>04.0<span class=\"_ _2\"></span>)<span class=\"_ _59\"> </span></span><span class=\"ls20 ws11\">(22<span class=\"_ _2\"></span>0.0)<span class=\"_ _35c\"> </span></span>Actu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l los<span class=\"_ _2\"></span>ses reco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed on f<span class=\"_ _2\"></span>und l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es aris<span class=\"_ _2\"></span>ing f<span class=\"_ _2\"></span>rom exper<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce (other)<span class=\"_ _90\"> </span><span class=\"ff2 ls31 ws97\">31<span class=\"_ _2\"></span>.0<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">6<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Past service cost<span class=\"_ _26c\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span>Exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge rate adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt<span class=\"_ _2e9\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _d4\"> </span></span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Liability<span class=\"_ _8\"></span> for defined<span class=\"_ _1\"></span> benefit obligations<span class=\"_ _1\"></span> at the end o<span class=\"_ _8\"></span>f y<span class=\"_ _1\"></span>ear<span class=\"_ _2ea\"> </span><span class=\"ls20 ws11\">754<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _4d\"> </span><span class=\"ff6\">8<span class=\"_ _2\"></span>66<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span>Mov<span class=\"_ _8\"></span>ement in<span class=\"_ _1\"></span> plan assets<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of plan a<span class=\"_ _2\"></span>ssets at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of the yea<span class=\"_ _2\"></span>r (incl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng the b<span class=\"_ _2\"></span>ulk a<span class=\"_ _2\"></span>nnu<span class=\"_ _2\"></span>ity p<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>cy (DPF)) <span class=\"_ _2eb\"> </span><span class=\"ff2\">936.<span class=\"_ _2\"></span>3<span class=\"_ _14d\"> </span></span><span class=\"lsba wsaa\">1<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span>Administration e<span class=\"_ _1\"></span>xpe<span class=\"_ _2\"></span>nses<span class=\"_ _263\"> </span><span class=\"ff2 ls77 ws5c\">(0.7)<span class=\"_ _79\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>0.4)<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tions p<span class=\"_ _2\"></span>aid i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>o the p<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>s<span class=\"_ _1f9\"> </span><span class=\"ff2 ls3d ws20\">1.<span class=\"_ _2\"></span>5<span class=\"_ _11f\"> </span></span><span class=\"ls43 ws68\">3.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>its pa<span class=\"_ _2\"></span>id by the pl<span class=\"_ _2\"></span>ans<span class=\"_ _2e7\"> </span><span class=\"ff2 ls57 ws4f\">(56<span class=\"_ _2\"></span>.3)<span class=\"_ _11e\"> </span></span><span class=\"lsb9 wsa9\">(5<span class=\"_ _2\"></span>5.7<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Interest i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me on p<span class=\"_ _2\"></span>lan a<span class=\"_ _2\"></span>ssets<span class=\"_ _2ec\"> </span><span class=\"ff2 ls21 ws5e\">35.4<span class=\"_ _73\"> </span></span><span class=\"lsa6 wsa6\">21.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span>Actuarial<span class=\"_ _8\"></span> losses<span class=\"_ _8\"></span> recogni<span class=\"_ _8\"></span>sed in<span class=\"_ _8\"></span> equity<span class=\"_ _259\"> </span><span class=\"ff2 ls19 ws6a\">(128.6)<span class=\"_ _14d\"> </span></span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of pl<span class=\"_ _2\"></span>an a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s at th<span class=\"_ _2\"></span>e en<span class=\"_ _2\"></span>d of th<span class=\"_ _2\"></span>e year<span class=\"_ _295\"> </span><span class=\"lsbb wsab\">7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>6<span class=\"_ _58\"> </span><span class=\"ff6 ls29 ws28\">936<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Aggregated<span class=\"_ _1\"></span> position o<span class=\"_ _8\"></span>f defined<span class=\"_ _1\"></span> benefit schemes<span class=\"_ _35c\"> </span>Su<span class=\"_ _2\"></span>mma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y of movem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s in Gr<span class=\"_ _2\"></span>oup d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>cit du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Def<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>t in sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s at the star<span class=\"_ _2\"></span>t of the ye<span class=\"_ _2\"></span>ar<span class=\"_ _27c\"> </span><span class=\"ff2 ls57 ws4f\">(<span class=\"_ _2\"></span>8.3)<span class=\"_ _13e\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span>Administration e<span class=\"_ _1\"></span>xpe<span class=\"_ _2\"></span>nses<span class=\"_ _263\"> </span><span class=\"ff2 ls77 ws5c\">(0.7)<span class=\"_ _79\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>0.4)<span class=\"_ _35c\"> </span></span>E<span class=\"_ _2\"></span>xcept<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l co<span class=\"_ _2\"></span>st<span class=\"_ _2ed\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _79\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tions p<span class=\"_ _2\"></span>aid i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>o the p<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>s<span class=\"_ _1f9\"> </span><span class=\"ff2 ls3d ws20\">1.<span class=\"_ _2\"></span>5<span class=\"_ _11f\"> </span></span><span class=\"ls43 ws68\">3.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span>Net p<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>on f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>t <span class=\"_ _2a5\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Actuarial<span class=\"_ _8\"></span> (lo<span class=\"_ _8\"></span>sses<span class=\"_ _8\"></span>)<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>gains r<span class=\"_ _1\"></span>ecognised during t<span class=\"_ _8\"></span>he year<span class=\"_ _1e6\"> </span><span class=\"ff2 ls29 ws28\">(4<span class=\"_ _2\"></span>0.<span class=\"_ _2\"></span>4)<span class=\"_ _13e\"> </span></span><span class=\"lsba wsaa\">2<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _35c\"> </span></span>Movem<span class=\"_ _2\"></span>ent in res<span class=\"_ _2\"></span>tricti<span class=\"_ _2\"></span>on of ass<span class=\"_ _2\"></span>ets<span class=\"_ _227\"> </span><span class=\"ff2 ls3d ws20\">38.3<span class=\"_ _67\"> </span></span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>8<span class=\"_ _6\"></span>)<span class=\"_ _35c\"> </span></span>Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e of add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity<span class=\"_ _1b9\"> </span><span class=\"ff2 ls31 ws97\">3.0<span class=\"_ _5b\"> </span></span><span class=\"lsb9 wsa9\">43<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge rate adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt<span class=\"_ _10f\"> </span><span class=\"ff2 ls77 ws5c\">(0.1)<span class=\"_ _6b\"> </span></span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>0.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Deficit<span class=\"_ _8\"></span> in scheme<span class=\"_ _8\"></span>s at<span class=\"_ _8\"></span> the end<span class=\"_ _1\"></span> of the y<span class=\"_ _8\"></span>ear<span class=\"_ _2ee\"> </span><span class=\"lsaf wsb8\">(6.9)<span class=\"_ _6b\"> </span><span class=\"ff6 ls9c wsb7\">(<span class=\"_ _2\"></span>8.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span></span>Am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d in the G<span class=\"_ _2\"></span>rou<span class=\"_ _2\"></span>p Inc<span class=\"_ _2\"></span>ome Sta<span class=\"_ _2\"></span>teme<span class=\"_ _2\"></span>nt<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Administrativ<span class=\"_ _8\"></span>e e<span class=\"_ _8\"></span>xpenses<span class=\"_ _116\"> </span><span class=\"ff2 ls77 ws5c\">0.7<span class=\"_ _8b\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>Int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span> obligation<span class=\"_ _2ef\"> </span><span class=\"ff2 ls62 ws4b\">32<span class=\"_ _2\"></span>.6<span class=\"_ _6b\"> </span></span><span class=\"lsb9 wsa9\">20.7<span class=\"_ _35c\"> </span></span>Interest i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me on p<span class=\"_ _2\"></span>lan a<span class=\"_ _2\"></span>ssets<span class=\"_ _23b\"> </span><span class=\"ff2 ls5c ws56\">(35<span class=\"_ _2\"></span>.4)<span class=\"_ _75\"> </span></span><span class=\"ls9c wsb7\">(2<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>3)<span class=\"_ _35c\"> </span></span>Int<span class=\"_ _1\"></span>erest on<span class=\"_ _1\"></span> ad<span class=\"_ _2\"></span>dit<span class=\"_ _1\"></span>ion<span class=\"_ _2\"></span>al l<span class=\"_ _8\"></span>iability<span class=\"_ _2f0\"> </span><span class=\"ff2 ls31 ws97\">3.0<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.8<span class=\"_ _35c\"> </span></span>E<span class=\"_ _2\"></span>xcept<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l co<span class=\"_ _2\"></span>st<span class=\"_ _2ed\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>0.4<span class=\"_ _35c\"> </span>0.9<span class=\"_ _49\"> </span><span class=\"ff6 ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span>Th<span class=\"_ _2\"></span>e expen<span class=\"_ _2\"></span>se is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng li<span class=\"_ _2\"></span>ne ite<span class=\"_ _2\"></span>ms in t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up I<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Administrativ<span class=\"_ _8\"></span>e e<span class=\"_ _8\"></span>xpenses<span class=\"_ _116\"> </span><span class=\"ff2 ls77 ws5c\">0.7<span class=\"_ _8b\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>E<span class=\"_ _2\"></span>xcept<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l co<span class=\"_ _2\"></span>st<span class=\"_ _2ed\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>0.4<span class=\"_ _35c\"> </span>Net<span class=\"_ _1\"></span> finance char<span class=\"_ _1\"></span>ge<span class=\"_ _2ef\"> </span><span class=\"ff2 ls77 ws5c\">0.2<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>0.9<span class=\"_ _49\"> </span><span class=\"ff6 ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span>Actuarial lo<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ses<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>(gains)<span class=\"_ _8\"></span> recognised<span class=\"_ _8\"></span> in the<span class=\"_ _1\"></span> Group Stat<span class=\"_ _1\"></span>ement of Comprehensiv<span class=\"_ _1\"></span>e Income<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Cum<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>tive los<span class=\"_ _2\"></span>s at the star<span class=\"_ _2\"></span>t of the ye<span class=\"_ _2\"></span>ar<span class=\"_ _78\"> </span><span class=\"ff2 ls31 ws97\">60.0<span class=\"_ _48\"> </span></span><span class=\"ls75 ws69\">6<span class=\"_ _2\"></span>0.3<span class=\"_ _35c\"> </span></span>Actuarial<span class=\"_ _8\"></span> losses<span class=\"_ _1\"></span>/<span class=\"_ _8\"></span>(gains<span class=\"_ _1\"></span>) recognised<span class=\"_ _8\"></span> during t<span class=\"_ _8\"></span>he year<span class=\"_ _1d7\"> </span><span class=\"ff2 ls77 ws5c\">40.<span class=\"_ _2\"></span>4<span class=\"_ _142\"> </span></span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Movem<span class=\"_ _2\"></span>ent in res<span class=\"_ _2\"></span>tricti<span class=\"_ _2\"></span>on of ass<span class=\"_ _2\"></span>ets<span class=\"_ _2b9\"> </span><span class=\"ff2 ls20 ws11\">(3<span class=\"_ _2\"></span>8.<span class=\"_ _2\"></span>3)<span class=\"_ _5b\"> </span></span><span class=\"lsc1 wsb1\">6<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>8<span class=\"_ _35c\"> </span></span>Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e of add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity<span class=\"_ _2f1\"> </span><span class=\"ff2 ls20 ws11\">(3.0<span class=\"_ _2\"></span>)<span class=\"_ _58\"> </span></span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span>Exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge rate adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt<span class=\"_ _2e9\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _d4\"> </span></span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Cum<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ve loss a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e end of t<span class=\"_ _2\"></span>he ye<span class=\"_ _2\"></span>ar<span class=\"_ _17f\"> </span><span class=\"lsa3 ws96\">5<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>2<span class=\"_ _48\"> </span><span class=\"ff6 ls20 ws11\">6<span class=\"_ _2\"></span>0.0<span class=\"_ _35c\"> </span></span></span>Actuarial a<span class=\"_ _8\"></span>ssumptions<span class=\"_ _8\"></span> and sensit<span class=\"_ _8\"></span>ivity analysis<span class=\"_ _35c\"> </span>Prin<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>pal a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons (exp<span class=\"_ _2\"></span>resse<span class=\"_ _2\"></span>d as we<span class=\"_ _2\"></span>ighted a<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>es) are:<span class=\"_ _35c\"> </span>2023 <span class=\"_ _79\"> </span><span class=\"ff6 ls3 ws3\">202<span class=\"_ _2\"></span>2 </span>Discount rat<span class=\"_ _1\"></span>e<span class=\"_ _2f2\"> </span><span class=\"ff2 ls76 ws5d\">5.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>5%<span class=\"_ _ca\"> </span></span><span class=\"ls43 ws68\">3.90<span class=\"_ _1\"></span>%<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>nsum<span class=\"_ _2\"></span>er Pri<span class=\"_ _2\"></span>ce In<span class=\"_ _2\"></span>dex <span class=\"_ _118\"> </span><span class=\"ff2 ls76 ws5d\">2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>65%<span class=\"_ _cb\"> </span><span class=\"ff6\">2.<span class=\"_ _2\"></span>40%<span class=\"_ _35c\"> </span></span></span>Retail Pri<span class=\"_ _2\"></span>ce In<span class=\"_ _2\"></span>dex <span class=\"_ _23d\"> </span><span class=\"ff2 ls76 ws5d\">3<span class=\"_ _2\"></span>.05%<span class=\"_ _14d\"> </span></span><span class=\"ls3e ws38\">2<span class=\"_ _2\"></span>.9<span class=\"_ _6\"></span>0%<span class=\"_ _35c\"> </span></span>Th<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns use<span class=\"_ _2\"></span>d are co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>stent wi<span class=\"_ _2\"></span>th those re<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ed by the sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>mes\u2019 a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s and ref<span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ct the l<span class=\"_ _2\"></span>atest ava<span class=\"_ _2\"></span>ila<span class=\"_ _2\"></span>ble tab<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span>, adju<span class=\"_ _2\"></span>sted fo<span class=\"_ _2\"></span>r the exp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e of the sc<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>me wh<span class=\"_ _2\"></span>ere ap<span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>riate. Fo<span class=\"_ _2\"></span>r 2023, the m<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty tab<span class=\"_ _2\"></span>les us<span class=\"_ _2\"></span>ed are 1<span class=\"_ _2\"></span>00% of the S3<span class=\"_ _2\"></span>PMA (mal<span class=\"_ _2\"></span>es)<span class=\"_ _1\"></span>/S3PFA<span class=\"_ _2\"></span>_M (fem<span class=\"_ _2\"></span>ale<span class=\"_ _2\"></span>s) all li<span class=\"_ _2\"></span>ves tabl<span class=\"_ _2\"></span>es, wi<span class=\"_ _2\"></span>th bir<span class=\"_ _2\"></span>th yea<span class=\"_ _2\"></span>r and C<span class=\"_ _2\"></span>MI 2022 p<span class=\"_ _2\"></span>rojec<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s with pa<span class=\"_ _2\"></span>ramete<span class=\"_ _2\"></span>rs of Sk=<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>.0 a<span class=\"_ _2\"></span>nd A=0.5% a<span class=\"_ _2\"></span>nd wei<span class=\"_ _2\"></span>ghtin<span class=\"_ _2\"></span>g pa<span class=\"_ _2\"></span>rameter<span class=\"_ _2\"></span>s of w2020=0%, w2021<span class=\"_ _2\"></span>=0% an<span class=\"_ _2\"></span>d w2022=<span class=\"_ _1\"></span>25%, s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to a lo<span class=\"_ _2\"></span>ng-t<span class=\"_ _8\"></span>erm ra<span class=\"_ _2\"></span>te of imp<span class=\"_ _2\"></span>roveme<span class=\"_ _2\"></span>nt of 1.5<span class=\"_ _2\"></span>0% per an<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>m for ma<span class=\"_ _2\"></span>les a<span class=\"_ _2\"></span>nd fe<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d for 2022, th<span class=\"_ _2\"></span>e mo<span class=\"_ _2\"></span>rtal<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y table<span class=\"_ _2\"></span>s use<span class=\"_ _2\"></span>d are 10<span class=\"_ _2\"></span>0% of the S3<span class=\"_ _2\"></span>PMA (ma<span class=\"_ _2\"></span>les)<span class=\"_ _8\"></span>/<span class=\"_ _1\"></span>S<span class=\"_ _2\"></span>3PFA_<span class=\"_ _2\"></span>M (fema<span class=\"_ _2\"></span>les) al<span class=\"_ _2\"></span>l live<span class=\"_ _2\"></span>s table<span class=\"_ _2\"></span>s, with b<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>th yea<span class=\"_ _2\"></span>r and 2021 C<span class=\"_ _2\"></span>MI proj<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ons w<span class=\"_ _2\"></span>ith a sm<span class=\"_ _2\"></span>oothi<span class=\"_ _2\"></span>ng pa<span class=\"_ _2\"></span>rame<span class=\"_ _2\"></span>ter of Sk=<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>.0 an<span class=\"_ _2\"></span>d A=0.5%, s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to a lo<span class=\"_ _2\"></span>ng-t<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rm rate of im<span class=\"_ _2\"></span>provem<span class=\"_ _2\"></span>ent of 1<span class=\"_ _2\"></span>.5% per annum f<span class=\"_ _8\"></span>or males<span class=\"_ _8\"></span> and females.<span class=\"_ _35c\"> </span><span class=\"_ _1\"></span> Aggregated<span class=\"_ _1\"></span> position o<span class=\"_ _8\"></span>f defined<span class=\"_ _1\"></span> benefit schemes<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g table s<span class=\"_ _2\"></span>hows th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons u<span class=\"_ _2\"></span>sed fo<span class=\"_ _2\"></span>r all s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>s and i<span class=\"_ _2\"></span>llu<span class=\"_ _2\"></span>strates th<span class=\"_ _2\"></span>e life exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tancy of a<span class=\"_ _2\"></span>n ave<span class=\"_ _2\"></span>rage m<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er reti<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g at ag<span class=\"_ _2\"></span>e 65 at th<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate and a m<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ber re<span class=\"_ _2\"></span>ach<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g age 6<span class=\"_ _2\"></span>5 in 20 yea<span class=\"_ _2\"></span>rs\u2019 tim<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>Y<span class=\"_ _1\"></span>ears<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  Ye<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>Retiri<span class=\"_ _2\"></span>ng at b<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce sh<span class=\"_ _2\"></span>eet da<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>e at ag<span class=\"_ _2\"></span>e 65<span class=\"_ _204\"> </span><span class=\"lsa6 wsa6\">Male<span class=\"_ _5e\"> </span><span class=\"ff2 lsc4 wsa7\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _5b\"> </span></span><span class=\"ls3a ws1a\">22.6<span class=\"_ _35c\"> </span></span></span>Female<span class=\"_ _26\"> </span><span class=\"ff2 ls31 ws97\">2<span class=\"_ _2\"></span>4.0<span class=\"_ _69\"> </span></span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.4<span class=\"_ _35c\"> </span></span>Retiri<span class=\"_ _2\"></span>ng at a<span class=\"_ _2\"></span>ge 65 i<span class=\"_ _2\"></span>n 20 years\u2019 ti<span class=\"_ _2\"></span>me<span class=\"_ _2f3\"> </span><span class=\"lsa6 wsa6\">Male<span class=\"_ _69\"> </span><span class=\"ff2 ls77 ws5c\">2<span class=\"_ _2\"></span>3.7<span class=\"_ _69\"> </span></span><span class=\"ls29 ws28\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Female<span class=\"_ _48\"> </span><span class=\"ff2 lse wsd\">25.8<span class=\"_ _6b\"> </span></span><span class=\"lsb1 wsac\">26.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Duration of<span class=\"_ _8\"></span> benefit obligations<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>Y<span class=\"_ _1\"></span>ears<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  Ye<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>Weighted a<span class=\"_ _2\"></span>verage d<span class=\"_ _2\"></span>uration of th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>nefi<span class=\"_ _2\"></span>t obl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons<span class=\"_ _110\"> </span><span class=\"ff2 lsc4 wsa7\">10<span class=\"_ _2\"></span>.1<span class=\"_ _8b\"> </span></span><span class=\"ls3a ws1a\">11.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>Weighted a<span class=\"_ _2\"></span>verage d<span class=\"_ _2\"></span>uration of th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>nefi<span class=\"_ _2\"></span>t obl<span class=\"_ _2\"></span>igati<span class=\"_ _2\"></span>ons,  ex<span class=\"_ _1\"></span>clu<span class=\"_ _2\"></span>ding de<span class=\"_ _8\"></span>fined benefit obligations back<span class=\"_ _1\"></span>ed by pur<span class=\"_ _1\"></span>ch<span class=\"_ _2\"></span>ased<span class=\"_ _8\"></span> annuities<span class=\"_ _2be\"> </span><span class=\"ff2 ls6 ws6\">12.4<span class=\"_ _13e\"> </span></span><span class=\"ls50 ws10\">14<span class=\"_ _2\"></span>.3<span class=\"_ _35c\"> </span></span>Sensitivity analysis<span class=\"_ _35c\"> </span>Me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt of the G<span class=\"_ _2\"></span>roup\u2019s def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n is se<span class=\"_ _2\"></span>nsiti<span class=\"_ _2\"></span>ve to cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in ce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>n key assu<span class=\"_ _2\"></span>mptio<span class=\"_ _2\"></span>ns. T<span class=\"_ _2\"></span>he se<span class=\"_ _2\"></span>nsiti<span class=\"_ _2\"></span>vit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alys<span class=\"_ _2\"></span>is be<span class=\"_ _2\"></span>low sh<span class=\"_ _2\"></span>ows how a rea<span class=\"_ _2\"></span>son<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>y pos<span class=\"_ _2\"></span>sib<span class=\"_ _2\"></span>le in<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se or d<span class=\"_ _2\"></span>ecre<span class=\"_ _2\"></span>ase in a p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>r ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>on wou<span class=\"_ _2\"></span>ld, in i<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n, resu<span class=\"_ _2\"></span>lt in an i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>rease o<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se in th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>s at 30 J<span class=\"_ _2\"></span>une 2023<span class=\"_ _2\"></span>. We have in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d add<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>nal s<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itivi<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h exclu<span class=\"_ _2\"></span>des th<span class=\"_ _2\"></span>e val<span class=\"_ _2\"></span>ue of ou<span class=\"_ _2\"></span>r def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns ba<span class=\"_ _2\"></span>cked by pu<span class=\"_ _2\"></span>rcha<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>nnu<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s, as th<span class=\"_ _2\"></span>e asset va<span class=\"_ _2\"></span>lue i<span class=\"_ _2\"></span>s the d<span class=\"_ _2\"></span>eem<span class=\"_ _2\"></span>ed p<span class=\"_ _2\"></span>resent va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>e of ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns, with n<span class=\"_ _2\"></span>o move<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t to the overal<span class=\"_ _2\"></span>l sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>icit<span class=\"_ _2\"></span>s. Give<span class=\"_ _2\"></span>n rece<span class=\"_ _2\"></span>nt ma<span class=\"_ _2\"></span>rket volati<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y du<span class=\"_ _2\"></span>e to the im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t of COVID<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>19 an<span class=\"_ _2\"></span>d the co<span class=\"_ _2\"></span>nfli<span class=\"_ _2\"></span>ct in U<span class=\"_ _2\"></span>krai<span class=\"_ _2\"></span>ne, we co<span class=\"_ _2\"></span>ntinu<span class=\"_ _2\"></span>e to use a se<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>sis of 0.5%. Discount rate<span class=\"_ _16e\"> </span><span class=\"lsa0 ws93\">Rate o<span class=\"_ _8\"></span>f inflation<span class=\"_ _b9\"> </span><span class=\"ls6c ws61\">Life expectancy<span class=\"_ _35c\"> </span></span></span>Decrease by 0.<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Increase by 0.<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Decrease by 0.<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Increase by 0.<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Decrease by 1 yea<span class=\"_ _2\"></span>r<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Increase by 1 yea<span class=\"_ _2\"></span>r<span class=\"_ _35c\"> </span>\u00a3m<span class=\"_ _35c\"> </span>In<span class=\"_ _2\"></span>crease/<span class=\"_ _8\"></span>(dec<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>ea<span class=\"_ _2\"></span>se) in prese<span class=\"_ _2\"></span>nt value of d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n<span class=\"_ _f0\"> </span><span class=\"ls8a wsad\">4<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _6a\"> </span><span class=\"lsd8 wsbd\">(41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _58\"> </span><span class=\"ls9c wsb7\">(3<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>3)<span class=\"_ _79\"> </span><span class=\"ls75 ws69\">30.<span class=\"_ _2\"></span>6<span class=\"_ _52\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>.5)<span class=\"_ _6b\"> </span><span class=\"ls55 ws3f\">28.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span></span></span></span></span>Excluding pur<span class=\"_ _8\"></span>chased annuity obligations<span class=\"ls3 ws3\"> </span>in<span class=\"_ _2\"></span>crease/<span class=\"_ _1\"></span>(d<span class=\"_ _2\"></span>ecrea<span class=\"_ _2\"></span>se) in prese<span class=\"_ _2\"></span>nt valu<span class=\"_ _2\"></span>e of defi<span class=\"_ _2\"></span>ned o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n<span class=\"_ _c7\"> </span><span class=\"ls6 ws6\">16.<span class=\"_ _2\"></span>3<span class=\"_ _142\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>4)<span class=\"_ _142\"> </span><span class=\"ls20 ws11\">(1<span class=\"_ _2\"></span>3.0)<span class=\"_ _8b\"> </span><span class=\"ls3a ws1a\">11.<span class=\"_ _2\"></span>3<span class=\"_ _142\"> </span></span></span>(10.<span class=\"_ _2\"></span>5)<span class=\"_ _5e\"> </span><span class=\"ls75 ws69\">1<span class=\"_ _2\"></span>0.5<span class=\"_ _35c\"> </span></span></span></span>Th<span class=\"_ _2\"></span>e sens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ysis m<span class=\"_ _2\"></span>ay n<span class=\"_ _2\"></span>ot be rep<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>tative of an a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>it obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>, as it is u<span class=\"_ _2\"></span>nli<span class=\"_ _2\"></span>kely th<span class=\"_ _2\"></span>at ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>ns wou<span class=\"_ _2\"></span>ld oc<span class=\"_ _2\"></span>cur i<span class=\"_ _2\"></span>n isol<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n from o<span class=\"_ _2\"></span>ne a<span class=\"_ _2\"></span>nothe<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e sens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>me th<span class=\"_ _2\"></span>e fun<span class=\"_ _2\"></span>ds\u2019 as<span class=\"_ _2\"></span>sets rem<span class=\"_ _2\"></span>ain u<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>d. Howeve<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, in p<span class=\"_ _2\"></span>racti<span class=\"_ _2\"></span>ce ch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n interes<span class=\"_ _2\"></span>t rates an<span class=\"_ _2\"></span>d inf<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n wil<span class=\"_ _2\"></span>l also a<span class=\"_ _2\"></span>ff<span class=\"_ _2\"></span>ect the va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>nds\u2019 a<span class=\"_ _2\"></span>ssets<span class=\"_ _2\"></span>. The f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>ds\u2019 inve<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy is to ho<span class=\"_ _2\"></span>ld m<span class=\"_ _2\"></span>atchi<span class=\"_ _2\"></span>ng as<span class=\"_ _2\"></span>sets with va<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span>s that m<span class=\"_ _2\"></span>ove in li<span class=\"_ _2\"></span>ne wi<span class=\"_ _2\"></span>th the li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es of the f<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>d, to protect a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in inte<span class=\"_ _2\"></span>rest rates a<span class=\"_ _2\"></span>nd in<span class=\"_ _2\"></span>fla<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>is sen<span class=\"_ _2\"></span>sitiv<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y ana<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s has b<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>n prep<span class=\"_ _2\"></span>ared u<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g the sa<span class=\"_ _2\"></span>me me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>dopte<span class=\"_ _2\"></span>d whe<span class=\"_ _2\"></span>n adju<span class=\"_ _2\"></span>stin<span class=\"_ _2\"></span>g resu<span class=\"_ _2\"></span>lts of th<span class=\"_ _2\"></span>e lates<span class=\"_ _2\"></span>t fun<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on to the ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>eet d<span class=\"_ _2\"></span>ate. This i<span class=\"_ _2\"></span>s the sa<span class=\"_ _2\"></span>me a<span class=\"_ _2\"></span>pproa<span class=\"_ _2\"></span>ch a<span class=\"_ _2\"></span>dopted i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ods<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e his<span class=\"_ _2\"></span>tory of ex<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t is as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>1  \u00a3m<span class=\"_ _35c\"> </span>2020 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>201<span class=\"_ _2\"></span>9  \u00a3m<span class=\"_ _35c\"> </span>Present va<span class=\"_ _2\"></span>lue of th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n<span class=\"_ _6d\"> </span><span class=\"ff2 ls20 ws11\">75<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>2<span class=\"_ _45\"> </span><span class=\"ff6\">86<span class=\"_ _2\"></span>6.0<span class=\"_ _150\"> </span><span class=\"ls19 ws6a\">1,<span class=\"_ _8\"></span>106.6<span class=\"_ _cb\"> </span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>3<span class=\"_ _4f\"> </span>1<span class=\"_ _6\"></span>,1<span class=\"_ _2\"></span>7<span class=\"_ _6\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _35c\"> </span></span></span></span></span>Fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of plan a<span class=\"_ _2\"></span>ssets<span class=\"_ _2c6\"> </span><span class=\"ff2 lsbb wsab\">(7<span class=\"_ _2\"></span>8<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _4e\"> </span></span><span class=\"ls78 ws6b\">(93<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>3)<span class=\"_ _86\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>47.<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>)<span class=\"_ _84\"> </span><span class=\"lsd2 wsc9\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5)<span class=\"_ _86\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span></span></span>Res<span class=\"_ _2\"></span>trict rec<span class=\"_ _2\"></span>ogni<span class=\"_ _2\"></span>tion of as<span class=\"_ _2\"></span>set an<span class=\"_ _2\"></span>d recogn<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n of add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity<span class=\"_ _103\"> </span><span class=\"ff2 ls77 ws5c\">40.3<span class=\"_ _5b\"> </span></span><span class=\"ls76 ws5d\">78.<span class=\"_ _2\"></span>6<span class=\"_ _76\"> </span><span class=\"lsb9 wsa9\">5<span class=\"_ _2\"></span>1.7<span class=\"_ _6e\"> </span><span class=\"lsa6 wsa6\">31.3<span class=\"_ _79\"> </span><span class=\"lse wsd\">45.8<span class=\"_ _35c\"> </span></span></span></span></span>Deficit<span class=\"_ _8\"></span> in the<span class=\"_ _8\"></span> plans<span class=\"_ _204\"> </span><span class=\"lsb8 wsa8\">6.9<span class=\"_ _192\"> </span><span class=\"ff6 lsd ws5\">8.3<span class=\"_ _d7\"> </span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _11f\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1<span class=\"_ _6b\"> </span><span class=\"ls29 ws28\">24.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span></span></span>Ex<span class=\"_ _2\"></span>peri<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nts aris<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>n pla<span class=\"_ _2\"></span>n liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es (%<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"ff2 lsbb wsab\">1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _13e\"> </span></span><span class=\"ls20 ws11\">2<span class=\"_ _2\"></span>1.0<span class=\"_ _1c\"> </span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>.1<span class=\"_ _5c\"> </span><span class=\"ls19 ws6a\">1.8<span class=\"_ _11f\"> </span>4.8<span class=\"_ _35c\"> </span></span></span></span>Ex<span class=\"_ _2\"></span>peri<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nts aris<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>n pla<span class=\"_ _2\"></span>n assets (%)<span class=\"_ _12e\"> </span><span class=\"ff2 ls13 ws13\">16<span class=\"_ _2\"></span>.3<span class=\"_ _76\"> </span></span><span class=\"lsc1 wsb1\">1<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>3<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>4<span class=\"_ _49\"> </span><span class=\"ls19 ws6a\">1.6<span class=\"_ _192\"> </span></span>2.5<span class=\"_ _35c\"> </span></span></span>30.<span class=\"_ _1\"></span> SHAR<span class=\"_ _2\"></span>E-BASED P<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YME<span class=\"_ _2\"></span>NTS<span class=\"_ _35c\"> </span>We have a n<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ber of s<span class=\"_ _2\"></span>hare p<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>s use<span class=\"_ _2\"></span>d to award sh<span class=\"_ _2\"></span>ares to Di<span class=\"_ _2\"></span>rector<span class=\"_ _2\"></span>s and s<span class=\"_ _2\"></span>eni<span class=\"_ _2\"></span>or m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>eir re<span class=\"_ _2\"></span>mun<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on. To r<span class=\"_ _8\"></span>ec<span class=\"_ _2\"></span>ord the c<span class=\"_ _2\"></span>ost of th<span class=\"_ _2\"></span>ese, a ch<span class=\"_ _2\"></span>arge i<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed ove<span class=\"_ _2\"></span>r the ves<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od in th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ent, b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e award on th<span class=\"_ _2\"></span>e date of g<span class=\"_ _2\"></span>rant. Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of sh<span class=\"_ _2\"></span>are awa<span class=\"_ _2\"></span>rds and o<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>ns gran<span class=\"_ _2\"></span>ted as an e<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>loyee exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e, with a co<span class=\"_ _2\"></span>rresp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e in eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. We mea<span class=\"_ _2\"></span>sure th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e at the g<span class=\"_ _2\"></span>rant da<span class=\"_ _2\"></span>te and sp<span class=\"_ _2\"></span>read i<span class=\"_ _2\"></span>t over the ve<span class=\"_ _2\"></span>stin<span class=\"_ _2\"></span>g pe<span class=\"_ _2\"></span>riod o<span class=\"_ _2\"></span>f eac<span class=\"_ _2\"></span>h optio<span class=\"_ _2\"></span>n. We use a bi<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>mia<span class=\"_ _2\"></span>l valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n mod<span class=\"_ _2\"></span>el to me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>re the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of opti<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>nd a B<span class=\"_ _2\"></span>lac<span class=\"_ _2\"></span>k<span class=\"_ _17\"></span>-Sc<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>es val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on mo<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l to mea<span class=\"_ _2\"></span>sure th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of s<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>re awards. We ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>t the am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt we reco<span class=\"_ _2\"></span>gn<span class=\"_ _2\"></span>ise as a<span class=\"_ _2\"></span>n expe<span class=\"_ _2\"></span>nse, to refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e esti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ted per<span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst n<span class=\"_ _2\"></span>on-m<span class=\"_ _2\"></span>arket rela<span class=\"_ _2\"></span>ted co<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>e nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of sh<span class=\"_ _2\"></span>are award<span class=\"_ _2\"></span>s and o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s that a<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y vest at th<span class=\"_ _2\"></span>e en<span class=\"_ _2\"></span>d of the ves<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g per<span class=\"_ _2\"></span>iod<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed a total sh<span class=\"_ _2\"></span>are-ba<span class=\"_ _2\"></span>sed p<span class=\"_ _2\"></span>aym<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e of \u00a36.0<span class=\"_ _2\"></span>m (2022: \u00a33<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>m), in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>ng Na<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>al In<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontri<span class=\"_ _2\"></span>buti<span class=\"_ _2\"></span>ons c<span class=\"_ _2\"></span>redit of \u00a30.4m (2022<span class=\"_ _2\"></span>: \u00a30<span class=\"_ _8\"></span>.<span class=\"_ _8\"></span>1m c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e)<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Share aw<span class=\"_ _1\"></span>ards<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>ere were 821<span class=\"_ _2\"></span>,68<span class=\"_ _2\"></span>1 con<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l sha<span class=\"_ _2\"></span>re awards o<span class=\"_ _2\"></span>utsta<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng at 3<span class=\"_ _2\"></span>0 Jun<span class=\"_ _2\"></span>e 2023. Th<span class=\"_ _2\"></span>ese c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>nal s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s were award<span class=\"_ _2\"></span>ed to Exe<span class=\"_ _2\"></span>cuti<span class=\"_ _2\"></span>ve Di<span class=\"_ _2\"></span>rector<span class=\"_ _2\"></span>s and s<span class=\"_ _2\"></span>eni<span class=\"_ _2\"></span>or m<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>ment u<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>er the 201<span class=\"_ _2\"></span>4 and 2019 Pe<span class=\"_ _2\"></span>rf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Sha<span class=\"_ _2\"></span>re Plan<span class=\"_ _2\"></span>s. In a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>rdan<span class=\"_ _2\"></span>ce with th<span class=\"_ _2\"></span>e pla<span class=\"_ _2\"></span>n\u2019s t<span class=\"_ _8\"></span>erm<span class=\"_ _2\"></span>s, pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>ants ha<span class=\"_ _2\"></span>ve rece<span class=\"_ _2\"></span>ived a co<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>nal a<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>ual awa<span class=\"_ _2\"></span>rd of sha<span class=\"_ _2\"></span>res or n<span class=\"_ _2\"></span>il cos<span class=\"_ _2\"></span>t optio<span class=\"_ _2\"></span>n awards<span class=\"_ _2\"></span>, whi<span class=\"_ _2\"></span>ch wil<span class=\"_ _2\"></span>l nor<span class=\"_ _2\"></span>mal<span class=\"_ _2\"></span>ly ves<span class=\"_ _2\"></span>t af<span class=\"_ _2\"></span>ter thre<span class=\"_ _2\"></span>e year<span class=\"_ _2\"></span>s, with th<span class=\"_ _2\"></span>e prop<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n of the awa<span class=\"_ _2\"></span>rd vestin<span class=\"_ _2\"></span>g de<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng on g<span class=\"_ _2\"></span>rowth in t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up\u2019s adju<span class=\"_ _2\"></span>sted e<span class=\"_ _2\"></span>arn<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s per s<span class=\"_ _2\"></span>hare. Fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er d<span class=\"_ _2\"></span>etails o<span class=\"_ _2\"></span>f the pl<span class=\"_ _2\"></span>an\u2019s pe<span class=\"_ _2\"></span>rfo<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>ns are g<span class=\"_ _2\"></span>iven i<span class=\"_ _2\"></span>n the D<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>tors\u2019 Re<span class=\"_ _2\"></span>mun<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t.<span class=\"_ _35c\"> </span>Du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar en<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d 30 Ju<span class=\"_ _2\"></span>ne 2023:<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>409<span class=\"_ _1\"></span>,595 a<span class=\"_ _2\"></span>wards were g<span class=\"_ _2\"></span>ranted o<span class=\"_ _2\"></span>n 14 Septe<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2022, 28 Se<span class=\"_ _2\"></span>ptemb<span class=\"_ _2\"></span>er 2022, 1<span class=\"_ _2\"></span>0 Octo<span class=\"_ _2\"></span>ber 2022, 1<span class=\"_ _2\"></span>1 Novem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 and 12 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er 2022 with a<span class=\"_ _2\"></span>n agg<span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>te fair va<span class=\"_ _2\"></span>lue of \u00a3<span class=\"_ _2\"></span>10,5<span class=\"_ _2\"></span>65,0<span class=\"_ _2\"></span>00. Th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d in retur<span class=\"_ _2\"></span>n for sh<span class=\"_ _2\"></span>are awa<span class=\"_ _2\"></span>rds grante<span class=\"_ _2\"></span>d is ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of sh<span class=\"_ _2\"></span>are award<span class=\"_ _2\"></span>s grante<span class=\"_ _2\"></span>d, me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng a B<span class=\"_ _2\"></span>lac<span class=\"_ _2\"></span>k<span class=\"_ _17\"></span>-Sc<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>es val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on mo<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l. At the da<span class=\"_ _2\"></span>te of grant, th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue o<span class=\"_ _2\"></span>f a sha<span class=\"_ _2\"></span>re award<span class=\"_ _2\"></span>ed was \u00a3<span class=\"_ _2\"></span>25.79<span class=\"_ _1\"></span>, b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted div<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>nd y<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>d of 1.5<span class=\"_ _2\"></span>1%.<span class=\"_ _35c\"> </span>\u2022 <span class=\"_ _13\"> </span>126,<span class=\"_ _1\"></span>93<span class=\"_ _2\"></span>5 awards i<span class=\"_ _2\"></span>n tot<span class=\"_ _8\"></span>al we<span class=\"_ _2\"></span>re granted o<span class=\"_ _2\"></span>n 2 May 2023<span class=\"_ _2\"></span>, with an a<span class=\"_ _2\"></span>ggre<span class=\"_ _2\"></span>gate fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of \u00a33<span class=\"_ _2\"></span>,3<span class=\"_ _2\"></span>46,0<span class=\"_ _2\"></span>00. Th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of ser<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>ces re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d in retur<span class=\"_ _2\"></span>n for sh<span class=\"_ _2\"></span>are awa<span class=\"_ _2\"></span>rds grante<span class=\"_ _2\"></span>d is ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e of sh<span class=\"_ _2\"></span>are award<span class=\"_ _2\"></span>s granted<span class=\"_ _2\"></span>, mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng a Bl<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>k<span class=\"_ _17\"></span>-Sc<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>es val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on mo<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l. At the da<span class=\"_ _2\"></span>te of grant, th<span class=\"_ _2\"></span>e agg<span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>te fair va<span class=\"_ _2\"></span>lue of a s<span class=\"_ _2\"></span>hare awa<span class=\"_ _2\"></span>rde<span class=\"_ _2\"></span>d was \u00a326<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>6, bas<span class=\"_ _2\"></span>ed on a<span class=\"_ _2\"></span>n expe<span class=\"_ _2\"></span>cted d<span class=\"_ _2\"></span>ivi<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>d yie<span class=\"_ _2\"></span>ld of 1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>16%<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of awa<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span>s  2023<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of awa<span class=\"_ _2\"></span>rds <span class=\"ls3 ws3\"> </span>2022<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>tstand<span class=\"_ _2\"></span>ing at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of year<span class=\"_ _265\"> </span><span class=\"ff2 ls9c wsb7\">56<span class=\"_ _2\"></span>0,5<span class=\"_ _2\"></span>11<span class=\"_ _24\"> </span></span><span class=\"ls75 ws69\">66<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>522<span class=\"_ _35c\"> </span></span>Exe<span class=\"_ _2\"></span>rcised d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _29e\"> </span><span class=\"ff2 ls3a ws1a\">(137<span class=\"_ _1\"></span>,998)<span class=\"_ _a0\"> </span><span class=\"ff6 lsa6 wsa6\">(2<span class=\"_ _1\"></span>05,010)<span class=\"_ _35c\"> </span></span></span>For<span class=\"_ _2\"></span>fei<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _191\"> </span><span class=\"ff2 ls3a ws1a\">(137<span class=\"_ _1\"></span>,<span class=\"_ _2\"></span>362)<span class=\"_ _85\"> </span><span class=\"ff6 ls6 ws6\">(37<span class=\"_ _17\"></span>,819)<span class=\"_ _35c\"> </span></span></span>Granted d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _2f0\"> </span><span class=\"ff2 ls43 ws68\">536,530<span class=\"_ _7f\"> </span></span><span class=\"lsd5 wscc\">1<span class=\"_ _2\"></span>3<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>8<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span>Outstanding at<span class=\"_ _1\"></span> 30 June<span class=\"_ _25c\"> </span><span class=\"ls77 ws5c\">821,6<span class=\"_ _2\"></span>81<span class=\"_ _84\"> </span><span class=\"ff6 ls29 ws28\">5<span class=\"_ _2\"></span>60,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>1<span class=\"_ _35c\"> </span></span></span>Exercisable<span class=\"_ _1\"></span> at 30 June<span class=\"_ _2f4\"> </span><span class=\"lsfb wseb\">13<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>764<span class=\"_ _cb\"> </span><span class=\"ff6 lsd5 wscc\">1<span class=\"_ _6\"></span>7,<span class=\"_ _6\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _6\"></span>5<span class=\"_ _35c\"> </span></span></span>Bonus and<span class=\"_ _8\"></span> restricted<span class=\"_ _8\"></span> stock<span class=\"_ _1\"></span> share awards<span class=\"_ _35c\"> </span>In a<span class=\"_ _2\"></span>ddit<span class=\"_ _2\"></span>ion to the o<span class=\"_ _2\"></span>uts<span class=\"_ _2\"></span>tandi<span class=\"_ _2\"></span>ng s<span class=\"_ _2\"></span>hare awa<span class=\"_ _2\"></span>rds ab<span class=\"_ _2\"></span>ove, there we<span class=\"_ _2\"></span>re 48,728 b<span class=\"_ _2\"></span>onu<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d restri<span class=\"_ _2\"></span>cted s<span class=\"_ _2\"></span>tock sh<span class=\"_ _2\"></span>are awa<span class=\"_ _2\"></span>rds out<span class=\"_ _2\"></span>stand<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g at 30 Ju<span class=\"_ _2\"></span>ne 2023. Th<span class=\"_ _2\"></span>e bo<span class=\"_ _2\"></span>nus s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s were award<span class=\"_ _2\"></span>ed to Exe<span class=\"_ _2\"></span>cuti<span class=\"_ _2\"></span>ve Dire<span class=\"_ _2\"></span>ctors a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>or ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>uls<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>y defe<span class=\"_ _2\"></span>rred b<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>us, an<span class=\"_ _2\"></span>d restr<span class=\"_ _2\"></span>icte<span class=\"_ _2\"></span>d stock s<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>re awards were g<span class=\"_ _2\"></span>ranted to se<span class=\"_ _2\"></span>nio<span class=\"_ _2\"></span>r ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent in c<span class=\"_ _2\"></span>onn<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>ith recr<span class=\"_ _2\"></span>uitm<span class=\"_ _2\"></span>ent. I<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>orda<span class=\"_ _2\"></span>nce wi<span class=\"_ _2\"></span>th the awa<span class=\"_ _2\"></span>rds\u2019 term<span class=\"_ _2\"></span>s, pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>ants h<span class=\"_ _2\"></span>ave rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d a con<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l ann<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span>l bon<span class=\"_ _2\"></span>us awa<span class=\"_ _2\"></span>rd of sha<span class=\"_ _2\"></span>res or ni<span class=\"_ _2\"></span>l cos<span class=\"_ _2\"></span>t optio<span class=\"_ _2\"></span>n awards, w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h will n<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ly vest bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n one a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>ree yea<span class=\"_ _2\"></span>rs af<span class=\"_ _2\"></span>ter awa<span class=\"_ _2\"></span>rd, provid<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cip<span class=\"_ _2\"></span>ant is e<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>loyed by th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p at tha<span class=\"_ _2\"></span>t time.<span class=\"_ _35c\"> </span>In th<span class=\"_ _2\"></span>e year e<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ed 30 J<span class=\"_ _2\"></span>une 202<span class=\"_ _2\"></span>3, 8,153 bo<span class=\"_ _2\"></span>nus s<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>re awards we<span class=\"_ _2\"></span>re granted o<span class=\"_ _2\"></span>n 14 Se<span class=\"_ _2\"></span>ptemb<span class=\"_ _2\"></span>er 2022, with a<span class=\"_ _2\"></span>n agg<span class=\"_ _2\"></span>reg<span class=\"_ _2\"></span>ate fair va<span class=\"_ _2\"></span>lue of \u00a3<span class=\"_ _2\"></span>209<span class=\"_ _1\"></span>,0<span class=\"_ _2\"></span>00.<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of awa<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span>s  2023<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of awa<span class=\"_ _2\"></span>rds <span class=\"ls3 ws3\"> </span>2022<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>tstand<span class=\"_ _2\"></span>ing at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of year<span class=\"_ _1a3\"> </span><span class=\"ff2 lsb0 wsce\">61<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>13<span class=\"_ _a9\"> </span></span><span class=\"lsb1 wsac\">72,<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Exe<span class=\"_ _2\"></span>rcised d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _2f5\"> </span><span class=\"ff2 ls9c wsb7\">(2<span class=\"_ _2\"></span>0,73<span class=\"_ _2\"></span>8)<span class=\"_ _7b\"> </span></span><span class=\"lsd4 wscb\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9,<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>4<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>For<span class=\"_ _2\"></span>fei<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _190\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Granted d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _2f6\"> </span><span class=\"ff2 lsc4 wsa7\">8<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>53<span class=\"_ _45\"> </span></span><span class=\"lsd2 wsc9\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Outstanding at<span class=\"_ _1\"></span> 30 June<span class=\"_ _1b6\"> </span><span class=\"ls28 ws27\">48,728<span class=\"_ _4f\"> </span><span class=\"ff6 lsd1 ws74\">61<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>13<span class=\"_ _35c\"> </span></span></span>Exercisable<span class=\"_ _1\"></span> at 30 June<span class=\"_ _2f7\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span>Share options<span class=\"_ _35c\"> </span>On 12 A<span class=\"_ _2\"></span>ugu<span class=\"_ _2\"></span>st 200<span class=\"_ _2\"></span>4, the G<span class=\"_ _2\"></span>roup e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lish<span class=\"_ _2\"></span>ed a s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>ption p<span class=\"_ _2\"></span>rogram<span class=\"_ _2\"></span>me th<span class=\"_ _2\"></span>at en<span class=\"_ _2\"></span>titles key ma<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>nd oth<span class=\"_ _2\"></span>er se<span class=\"_ _2\"></span>nio<span class=\"_ _2\"></span>r emp<span class=\"_ _2\"></span>loyee<span class=\"_ _2\"></span>s to pu<span class=\"_ _2\"></span>rcha<span class=\"_ _2\"></span>se sh<span class=\"_ _2\"></span>ares in th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny<span class=\"_ _1\"></span>. Fu<span class=\"_ _2\"></span>rth<span class=\"_ _2\"></span>er g<span class=\"_ _2\"></span>rants on s<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>lar te<span class=\"_ _2\"></span>rms we<span class=\"_ _2\"></span>re offe<span class=\"_ _2\"></span>red to the<span class=\"_ _2\"></span>se em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>e grou<span class=\"_ _2\"></span>ps as set o<span class=\"_ _2\"></span>ut be<span class=\"_ _2\"></span>low. The ter<span class=\"_ _2\"></span>ms an<span class=\"_ _2\"></span>d con<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ons of th<span class=\"_ _2\"></span>e grant<span class=\"_ _2\"></span>s are as set o<span class=\"_ _2\"></span>ut be<span class=\"_ _2\"></span>low. All o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s are to be set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>d by physic<span class=\"_ _2\"></span>al de<span class=\"_ _2\"></span>live<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>y of sha<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>et the cr<span class=\"_ _2\"></span>iteri<span class=\"_ _2\"></span>a for be<span class=\"_ _2\"></span>ing tre<span class=\"_ _2\"></span>ated as e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>ity s<span class=\"_ _2\"></span>ettl<span class=\"_ _2\"></span>ed. Employ<span class=\"_ _8\"></span>ees en<span class=\"_ _1\"></span>titled<span class=\"_ _2f8\"> </span><span class=\"ls100 ws82\">Gra<span class=\"_ _2\"></span>nt d<span class=\"_ _2\"></span>ate<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of in<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts <span class=\"_ _16\"> </span><span class=\"ls36 ws3e\">Vestin<span class=\"_ _2\"></span>g conditi<span class=\"_ _2\"></span>ons<span class=\"_ _c5\"> </span></span></span></span>Opt<span class=\"_ _8\"></span>ion e<span class=\"_ _1\"></span>xercise<span class=\"_ _1\"></span> price<span class=\"_ _b3\"> </span>Contractua<span class=\"_ _8\"></span>l lif<span class=\"_ _1\"></span>e of op<span class=\"_ _1\"></span>tions<span class=\"_ _35c\"> </span>200<span class=\"_ _2\"></span>4 Com<span class=\"_ _2\"></span>pany s<span class=\"_ _2\"></span>hare pl<span class=\"_ _2\"></span>an <span class=\"_ _9f\"> </span><span class=\"lsb1 ws4b\">26 Se<span class=\"_ _2\"></span>pt<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2013<span class=\"_ _187\"> </span><span class=\"ls25 ws21\">3,8<span class=\"_ _2\"></span>84<span class=\"_ _150\"> </span><span class=\"ls3a ws1a\">E<span class=\"_ _2\"></span>x<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>cisa<span class=\"_ _2\"></span>ble<span class=\"_ _123\"> </span><span class=\"lsd8 wsbd\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>p<span class=\"_ _bb\"> </span><span class=\"ls75 wsc\">1<span class=\"_ _2\"></span>0 year<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span></span></span></span></span></span>T<span class=\"_ _1\"></span>otal share<span class=\"_ _8\"></span> options<span class=\"_ _24c\"> </span><span class=\"ff6 ls25 ws21\">3,<span class=\"_ _2\"></span>884<span class=\"_ _35c\"> </span></span>Share options<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e num<span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>r and we<span class=\"_ _2\"></span>ighte<span class=\"_ _2\"></span>d avera<span class=\"_ _2\"></span>ge exerci<span class=\"_ _2\"></span>se pr<span class=\"_ _2\"></span>ices of s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s are as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _35c\"> </span>Weighted<span class=\"_ _8\"></span> average<span class=\"_ _1\"></span> exercise<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>ice  2023<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of options <span class=\"ls3 ws3\"> </span>2023<span class=\"_ _35c\"> </span>Wei<span class=\"_ _2\"></span>ghte<span class=\"_ _2\"></span>d ave<span class=\"_ _2\"></span>rag<span class=\"_ _2\"></span>e exer<span class=\"_ _1\"></span>cise pr<span class=\"_ _2\"></span>ice  2022<span class=\"_ _35c\"> </span>Nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of opti<span class=\"_ _8\"></span>ons <span class=\"ls3 ws3\"> </span>2022<span class=\"_ _35c\"> </span>Ou<span class=\"_ _2\"></span>tstand<span class=\"_ _2\"></span>ing at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of year<span class=\"_ _f4\"> </span><span class=\"ff2 lsa6 wsa6\">1,400p<span class=\"_ _4e\"> </span><span class=\"lsc wsc\">11,4<span class=\"_ _2\"></span>30<span class=\"_ _cb\"> </span></span></span><span class=\"ls13 ws13\">1,331p<span class=\"_ _a9\"> </span><span class=\"ls5c ws56\">32,<span class=\"_ _2\"></span>63<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>For<span class=\"_ _2\"></span>fei<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r<span class=\"_ _291\"> </span><span class=\"ff2 lsb8 wsa8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>413<span class=\"_ _2\"></span>p<span class=\"_ _150\"> </span><span class=\"ls77 ws5c\">(1,975)<span class=\"_ _80\"> </span></span></span><span class=\"ls13 ws13\">1,37<span class=\"_ _8\"></span>4p<span class=\"_ _150\"> </span><span class=\"ls22 ws22\">(2<span class=\"_ _2\"></span>,755)<span class=\"_ _35c\"> </span></span></span>Sh<span class=\"_ _2\"></span>are app<span class=\"_ _2\"></span>reciati<span class=\"_ _2\"></span>on rig<span class=\"_ _2\"></span>hts ef<span class=\"_ _2\"></span>fected d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _68\"> </span><span class=\"ff2 lsa6 wsa6\">1,386p<span class=\"_ _7f\"> </span><span class=\"lsb0 wsce\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,61<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span></span></span><span class=\"ls57 ws4f\">1,<span class=\"_ _2\"></span>312p<span class=\"_ _4e\"> </span><span class=\"ls63 wsb5\">(6,<span class=\"_ _2\"></span>32<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span></span>Exe<span class=\"_ _2\"></span>rcised d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the ye<span class=\"_ _2\"></span>ar<span class=\"_ _2f9\"> </span><span class=\"ff2 ls79 ws6c\">1,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>87p<span class=\"_ _86\"> </span><span class=\"lsb8 wsa8\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,95<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _4e\"> </span></span></span><span class=\"lsb1 wsac\">1,<span class=\"_ _2\"></span>265<span class=\"_ _2\"></span>p<span class=\"_ _59\"> </span><span class=\"ls77 ws5c\">(12,120)<span class=\"_ _35c\"> </span></span></span>Outstanding at<span class=\"_ _1\"></span> 30 June<span class=\"_ _159\"> </span><span class=\"lsb8 wsa8\">1,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>p<span class=\"_ _14d\"> </span><span class=\"ls13 ws13\">3,88<span class=\"_ _2\"></span>4<span class=\"_ _85\"> </span><span class=\"ff6\">1,400<span class=\"_ _2\"></span>p<span class=\"_ _99\"> </span><span class=\"ls3a ws1a\">11,<span class=\"_ _2\"></span>430<span class=\"_ _35c\"> </span></span></span></span></span>Exercisable<span class=\"_ _1\"></span> at 30 June<span class=\"_ _244\"> </span><span class=\"lsb8 wsa8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>3p<span class=\"_ _4f\"> </span><span class=\"ls13 ws13\">3,8<span class=\"_ _2\"></span>84<span class=\"_ _86\"> </span><span class=\"ff6\">1,4<span class=\"_ _2\"></span>00P<span class=\"_ _c8\"> </span><span class=\"ls3a ws1a\">11,4<span class=\"_ _2\"></span>30<span class=\"_ _35c\"> </span></span></span></span></span>Th<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>ns at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023 had a we<span class=\"_ _2\"></span>igh<span class=\"_ _2\"></span>ted avera<span class=\"_ _2\"></span>ge rem<span class=\"_ _2\"></span>ain<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>al lif<span class=\"_ _2\"></span>e of 0.2 yea<span class=\"_ _2\"></span>rs (2022: 1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>1 ye<span class=\"_ _2\"></span>ars). No sh<span class=\"_ _2\"></span>are o<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s were gran<span class=\"_ _2\"></span>ted du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r (2022: n<span class=\"_ _2\"></span>il). The wei<span class=\"_ _2\"></span>ghted a<span class=\"_ _2\"></span>verag<span class=\"_ _2\"></span>e sha<span class=\"_ _2\"></span>re pri<span class=\"_ _2\"></span>ce at th<span class=\"_ _2\"></span>e date of exerci<span class=\"_ _2\"></span>se du<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g the yea<span class=\"_ _2\"></span>r was \u00a3<span class=\"_ _2\"></span>29<span class=\"_ _1\"></span>.5<span class=\"_ _2\"></span>6p (202<span class=\"_ _2\"></span>2: \u00a344<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>8p).<span class=\"_ _35c\"> </span>31.<span class=\"_ _8\"></span> CAPIT<span class=\"_ _17\"></span>AL AND RESE<span class=\"_ _2\"></span>RVES<span class=\"_ _35c\"> </span>Ca<span class=\"_ _2\"></span>lle<span class=\"_ _2\"></span>d up sh<span class=\"_ _2\"></span>are ca<span class=\"_ _2\"></span>pital is th<span class=\"_ _2\"></span>e nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of sh<span class=\"_ _2\"></span>ares i<span class=\"_ _2\"></span>n issu<span class=\"_ _2\"></span>e at the<span class=\"_ _2\"></span>ir p<span class=\"_ _2\"></span>ar val<span class=\"_ _2\"></span>ue. A nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er of sh<span class=\"_ _2\"></span>ares we<span class=\"_ _2\"></span>re issu<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the yea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, i<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tion th<span class=\"_ _2\"></span>e employ<span class=\"_ _8\"></span>ee shar<span class=\"_ _8\"></span>e schemes.<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>Equ<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ents is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the G<span class=\"_ _2\"></span>roup a<span class=\"_ _2\"></span>re record<span class=\"_ _2\"></span>ed at th<span class=\"_ _2\"></span>e am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s of the pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eive<span class=\"_ _2\"></span>d, net of d<span class=\"_ _2\"></span>irec<span class=\"_ _2\"></span>t iss<span class=\"_ _2\"></span>uan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>O<span class=\"_ _35c\"> </span>wn shar<span class=\"_ _8\"></span>es<span class=\"_ _35c\"> </span>We inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>e the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns, as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of the Gro<span class=\"_ _2\"></span>up-sp<span class=\"_ _2\"></span>onso<span class=\"_ _2\"></span>red Q<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g Emp<span class=\"_ _2\"></span>loyee S<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>re Owne<span class=\"_ _2\"></span>rsh<span class=\"_ _2\"></span>ip T<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ust (\u2018QU<span class=\"_ _2\"></span>EST\u2019) in the Group<span class=\"_ _1\"></span> Financial St<span class=\"_ _1\"></span>atements.<span class=\"_ _1\"></span> In particular<span class=\"_ _1\"></span>, the<span class=\"_ _8\"></span> trust\u2019<span class=\"_ _1\"></span>s purchases<span class=\"_ _1\"></span> of the<span class=\"_ _8\"></span> Company\u2019<span class=\"_ _1\"></span>s shares<span class=\"_ _1\"></span> are deduct<span class=\"_ _8\"></span>ed fr<span class=\"_ _8\"></span>om shar<span class=\"_ _1\"></span>eh<span class=\"_ _2\"></span>olders<span class=\"_ _1\"></span>\u2019 funds until<span class=\"_ _1\"></span> the<span class=\"_ _8\"></span>y v<span class=\"_ _8\"></span>est uncondit<span class=\"_ _1\"></span>ionally wit<span class=\"_ _8\"></span>h emplo<span class=\"_ _8\"></span>yees.<span class=\"_ _35c\"> </span>Share capi<span class=\"_ _8\"></span>tal<span class=\"_ _8\"></span> 2023 <span class=\"ls3 ws3\"> </span>Number<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  Number<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Issued and<span class=\"_ _1\"></span> f<span class=\"_ _2\"></span>ully<span class=\"_ _1\"></span> paid<span class=\"_ _35c\"> </span>Ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares of 10 p<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e<span class=\"_ _2fa\"> </span><span class=\"ff2 lsc1 wsb1\">6<span class=\"_ _2\"></span>6<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>7,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>0<span class=\"_ _a0\"> </span></span><span class=\"ls26 ws25\">65,<span class=\"_ _1\"></span>773,6<span class=\"_ _8\"></span>20<span class=\"_ _8b\"> </span><span class=\"ff2 ls19 ws6a\">6.6<span class=\"_ _6c\"> </span><span class=\"ff6\">6.6<span class=\"_ _35c\"> </span></span></span></span>Th<span class=\"_ _2\"></span>ere is n<span class=\"_ _2\"></span>o auth<span class=\"_ _2\"></span>oris<span class=\"_ _2\"></span>ed sh<span class=\"_ _2\"></span>are ca<span class=\"_ _2\"></span>pital l<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>t.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e hol<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>s of ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares a<span class=\"_ _2\"></span>re entitl<span class=\"_ _2\"></span>ed to rec<span class=\"_ _2\"></span>eive d<span class=\"_ _2\"></span>ivid<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ds, as d<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>lare<span class=\"_ _2\"></span>d from ti<span class=\"_ _2\"></span>me to tim<span class=\"_ _2\"></span>e.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e movem<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>n sha<span class=\"_ _2\"></span>re capi<span class=\"_ _2\"></span>tal for th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod wa<span class=\"_ _2\"></span>s as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>Number<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  Number<span class=\"_ _35c\"> </span>2023<span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>2022<span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Iss<span class=\"_ _2\"></span>ued u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r the E<span class=\"_ _2\"></span>xecuti<span class=\"_ _2\"></span>ve Sha<span class=\"_ _2\"></span>re Option Pl<span class=\"_ _2\"></span>an<span class=\"_ _2fb\"> </span><span class=\"ff2 lsb8 wsa8\">2<span class=\"_ _2\"></span>,95<span class=\"_ _2\"></span>3<span class=\"_ _45\"> </span></span><span class=\"ls77 ws5c\">12,<span class=\"_ _1\"></span>120<span class=\"_ _c2\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span></span>Iss<span class=\"_ _2\"></span>ued to Emp<span class=\"_ _2\"></span>loyee B<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit T<span class=\"_ _8\"></span>rus<span class=\"_ _2\"></span>t <span class=\"_ _2fc\"> </span><span class=\"ff2 ls8 ws8\">250<span class=\"_ _1\"></span>,000<span class=\"_ _15b\"> </span><span class=\"ff6 ls3 ws3\">\u2013<span class=\"_ _4a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _4a\"> </span></span>\u2013<span class=\"_ _35c\"> </span></span></span>Iss<span class=\"_ _2\"></span>ued to Ge<span class=\"_ _2\"></span>nus p<span class=\"_ _2\"></span>lc Sh<span class=\"_ _2\"></span>are In<span class=\"_ _2\"></span>centive Pl<span class=\"_ _2\"></span>an<span class=\"_ _1d5\"> </span><span class=\"ff2 ls3a ws1a\">637<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _c2\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>253,<span class=\"_ _2\"></span>590<span class=\"_ _4f\"> </span><span class=\"ff6 ls77 ws5c\">12,120<span class=\"_ _4a\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span>Sh<span class=\"_ _2\"></span>ares is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d un<span class=\"_ _2\"></span>der th<span class=\"_ _2\"></span>e Exe<span class=\"_ _2\"></span>cuti<span class=\"_ _2\"></span>ve Sha<span class=\"_ _2\"></span>re Optio<span class=\"_ _2\"></span>n Plan we<span class=\"_ _2\"></span>re iss<span class=\"_ _2\"></span>ued a<span class=\"_ _2\"></span>t optio<span class=\"_ _2\"></span>n pri<span class=\"_ _2\"></span>ces as fo<span class=\"_ _2\"></span>llow<span class=\"_ _2\"></span>s:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>Number<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>Option price<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  Number<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  Option<span class=\"_ _8\"></span> price<span class=\"_ _35c\"> </span>Executiv<span class=\"_ _1\"></span>e Share Option<span class=\"_ _1\"></span> Plan<span class=\"_ _35c\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"ff6 lsb1 wsac\">2,<span class=\"_ _2\"></span>837<span class=\"_ _7b\"> </span><span class=\"ls19 ws6a\">977<span class=\"_ _17\"></span>.83p<span class=\"_ _35c\"> </span></span></span>983<span class=\"_ _127\"> </span><span class=\"ls31 ws97\">1<span class=\"_ _2\"></span>334<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>p<span class=\"_ _11e\"> </span><span class=\"ff6 lsd5 wscc\">7,<span class=\"_ _6\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>7<span class=\"_ _f6\"> </span><span class=\"ls8 ws8\">1<span class=\"_ _1\"></span>334.00p<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _2\"></span>,97<span class=\"_ _2\"></span>0<span class=\"_ _a0\"> </span>141<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>p<span class=\"_ _58\"> </span><span class=\"ff6 lsb1 wsac\">2,<span class=\"_ _2\"></span>256<span class=\"_ _a2\"> </span><span class=\"lsd8 wsbd\">141<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>p<span class=\"_ _35c\"> </span></span></span>2<span class=\"_ _2\"></span>,95<span class=\"_ _2\"></span>3<span class=\"_ _81\"> </span><span class=\"ff6 ls77 ws5c\">12,<span class=\"_ _1\"></span>120<span class=\"_ _35c\"> </span></span>Reserve<span class=\"_ _1\"></span> for own shar<span class=\"_ _8\"></span>es<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pany<span class=\"_ _2\"></span>\u2019s share<span class=\"_ _2\"></span>s are he<span class=\"_ _2\"></span>ld by a QU<span class=\"_ _2\"></span>EST<span class=\"_ _1\"></span>, whi<span class=\"_ _2\"></span>ch is a<span class=\"_ _2\"></span>n emp<span class=\"_ _2\"></span>loyee b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit t<span class=\"_ _2\"></span>rust e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lish<span class=\"_ _2\"></span>ed to fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>itate the op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on of ou<span class=\"_ _2\"></span>r lo<span class=\"_ _2\"></span>ng-<span class=\"_ _8\"></span>term in<span class=\"_ _2\"></span>centi<span class=\"_ _2\"></span>ve sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e for se<span class=\"_ _2\"></span>nio<span class=\"_ _2\"></span>r ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e rese<span class=\"_ _2\"></span>rve a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt rep<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ts the d<span class=\"_ _2\"></span>edu<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n in ar<span class=\"_ _2\"></span>riv<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>t sha<span class=\"_ _2\"></span>reho<span class=\"_ _2\"></span>lde<span class=\"_ _2\"></span>rs\u2019 fu<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>s for the co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on the tr<span class=\"_ _2\"></span>ust p<span class=\"_ _2\"></span>aid f<span class=\"_ _2\"></span>or the C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pany<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s sh<span class=\"_ _2\"></span>ares, wh<span class=\"_ _2\"></span>ich h<span class=\"_ _2\"></span>ad n<span class=\"_ _2\"></span>ot vested u<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ly at th<span class=\"_ _2\"></span>e bal<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e she<span class=\"_ _2\"></span>et date. T<span class=\"_ _2\"></span>he nu<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>er an<span class=\"_ _2\"></span>d mar<span class=\"_ _2\"></span>ket v<span class=\"_ _8\"></span>al<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e ordin<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares h<span class=\"_ _2\"></span>eld by th<span class=\"_ _2\"></span>e Emp<span class=\"_ _2\"></span>loyee B<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit Trust a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e QUEST we<span class=\"_ _2\"></span>re:<span class=\"_ _35c\"> </span>2023<span class=\"ls3 ws3\"> </span>Number<span class=\"_ _35c\"> </span>2022<span class=\"ls3 ws3\"> </span>Number<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Shares<span class=\"_ _1\"></span> allocated but<span class=\"_ _1\"></span> not ve<span class=\"_ _8\"></span>sted<span class=\"_ _2fd\"> </span><span class=\"ff2 ls3a ws1a\">375,<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>98<span class=\"_ _c9\"> </span><span class=\"ff6 ls28 ws27\">280<span class=\"_ _1\"></span>,<span class=\"_ _2\"></span>80<span class=\"_ _1\"></span>3<span class=\"_ _d7\"> </span><span class=\"ff2 lsc4 wsa7\">8<span class=\"_ _2\"></span>.1<span class=\"_ _54\"> </span></span><span class=\"lsba wsaa\">7.1<span class=\"_ _35c\"> </span></span></span></span>Unallocat<span class=\"_ _8\"></span>ed shar<span class=\"_ _8\"></span>es<span class=\"_ _2fe\"> </span><span class=\"ff2 ls26 ws25\">92,33<span class=\"_ _8\"></span>4<span class=\"_ _59\"> </span><span class=\"ff6 lsb1 wsac\">9<span class=\"_ _2\"></span>2,3<span class=\"_ _2\"></span>34<span class=\"_ _8b\"> </span></span><span class=\"ls31 ws97\">2<span class=\"_ _2\"></span>.0<span class=\"_ _192\"> </span><span class=\"ff6 ls3a ws1a\">2.3<span class=\"_ _35c\"> </span></span></span></span>468<span class=\"_ _2\"></span>,332<span class=\"_ _85\"> </span><span class=\"ff6 ls13 ws13\">373,<span class=\"_ _1\"></span>137<span class=\"_ _73\"> </span><span class=\"ff2 lsc4 wsa7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.1<span class=\"_ _d4\"> </span></span><span class=\"lsc1 wsb1\">9.<span class=\"_ _6\"></span>4<span class=\"_ _35c\"> </span></span></span>Th<span class=\"_ _2\"></span>e sha<span class=\"_ _2\"></span>res ha<span class=\"_ _2\"></span>ve a nom<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>l val<span class=\"_ _2\"></span>ue of \u00a34<span class=\"_ _2\"></span>6,8<span class=\"_ _2\"></span>33 (2022: \u00a3<span class=\"_ _2\"></span>37<span class=\"_ _1\"></span>,3<span class=\"_ _2\"></span>14)<span class=\"_ _8\"></span>.<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>ranslation reserve<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e transl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n rese<span class=\"_ _2\"></span>rve c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s all fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>es ari<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g from tra<span class=\"_ _2\"></span>nsl<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g the f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al state<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts of our f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn op<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>ns.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p uses fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y den<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ted bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs of \u00a34<span class=\"_ _8\"></span>1.0<span class=\"_ _2\"></span>m (2022: \u00a332.<span class=\"_ _2\"></span>3m) a<span class=\"_ _2\"></span>s a hed<span class=\"_ _2\"></span>ge ag<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>nst th<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n expo<span class=\"_ _2\"></span>sure on the G<span class=\"_ _2\"></span>roup\u2019s net i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>n overse<span class=\"_ _2\"></span>as co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>ani<span class=\"_ _2\"></span>es. Wh<span class=\"_ _2\"></span>ere th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>ge is f<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ly ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive at h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing t<span class=\"_ _2\"></span>he vari<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y in th<span class=\"_ _2\"></span>e net as<span class=\"_ _2\"></span>sets of su<span class=\"_ _2\"></span>ch co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>s cau<span class=\"_ _2\"></span>sed by c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n excha<span class=\"_ _2\"></span>nge ra<span class=\"_ _2\"></span>tes, the c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n valu<span class=\"_ _2\"></span>e of the b<span class=\"_ _2\"></span>orrowi<span class=\"_ _2\"></span>ngs a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>nsol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted Stateme<span class=\"_ _2\"></span>nt of Co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>nsive I<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me a<span class=\"_ _2\"></span>nd ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>ated in th<span class=\"_ _2\"></span>e he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d trans<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rese<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ves. Th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve par<span class=\"_ _2\"></span>t of any c<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>nge in val<span class=\"_ _2\"></span>ue c<span class=\"_ _2\"></span>ause<span class=\"_ _2\"></span>d by ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in exch<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ge rates is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e Con<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted Inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e St<span class=\"_ _8\"></span>atem<span class=\"_ _2\"></span>ent.<span class=\"_ _35c\"> </span>Hedging res<span class=\"_ _8\"></span>erve<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span>g rese<span class=\"_ _2\"></span>rve c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f the cu<span class=\"_ _2\"></span>mu<span class=\"_ _2\"></span>lative n<span class=\"_ _2\"></span>et ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue o<span class=\"_ _2\"></span>f cash f<span class=\"_ _2\"></span>low h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nstr<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>ents, net of taxatio<span class=\"_ _2\"></span>n.<span class=\"_ _35c\"> </span>Hedging and<span class=\"_ _8\"></span> translat<span class=\"_ _1\"></span>ion reserves<span class=\"_ _35c\"> </span>Hedging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve  \u00a3m<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>ranslation re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve  \u00a3m<span class=\"_ _35c\"> </span>Balance at<span class=\"_ _1\"></span> 30 June 2021<span class=\"_ _2ff\"> </span><span class=\"ff6 ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>rences o<span class=\"_ _2\"></span>n transl<span class=\"_ _2\"></span>ation of ove<span class=\"_ _2\"></span>rsea<span class=\"_ _2\"></span>s ope<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>atio<span class=\"_ _2\"></span>ns<span class=\"_ _300\"> </span>\u2013<span class=\"_ _13e\"> </span><span class=\"lsba wsaa\">6<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span>Ga<span class=\"_ _2\"></span>in recog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d on n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt he<span class=\"_ _2\"></span>dges<span class=\"_ _1b7\"> </span>\u2013<span class=\"_ _5b\"> </span><span class=\"lsb9 wsa9\">(0.7)<span class=\"_ _35c\"> </span></span>Loss rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised o<span class=\"_ _2\"></span>n cash f<span class=\"_ _2\"></span>low he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s \u2013 interest rate swaps an<span class=\"_ _2\"></span>d cross cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y swaps<span class=\"_ _2e5\"> </span><span class=\"ls3e ws38\">1<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _35c\"> </span>In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>ax rela<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed to net lo<span class=\"_ _2\"></span>sses rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n other co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>hen<span class=\"_ _2\"></span>sive in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e<span class=\"_ _301\"> </span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>5)<span class=\"_ _6e\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2022<span class=\"_ _2b6\"> </span><span class=\"ff6 ls1b ws1f\">1.4<span class=\"_ _69\"> </span><span class=\"ls3e ws38\">5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></span>Exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>rences o<span class=\"_ _2\"></span>n transl<span class=\"_ _2\"></span>ation of ove<span class=\"_ _2\"></span>rsea<span class=\"_ _2\"></span>s ope<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>atio<span class=\"_ _2\"></span>ns<span class=\"_ _300\"> </span><span class=\"ff2\">\u2013<span class=\"_ _52\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Ga<span class=\"_ _2\"></span>in recog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d on n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt he<span class=\"_ _2\"></span>dges<span class=\"_ _266\"> </span><span class=\"ff2\">\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Loss rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised o<span class=\"_ _2\"></span>n cash f<span class=\"_ _2\"></span>low he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s \u2013 interest rate swaps an<span class=\"_ _2\"></span>d cross cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y swaps<span class=\"_ _12f\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>8<span class=\"_ _4a\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _35c\"> </span></span>In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>ax rela<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed to net lo<span class=\"_ _2\"></span>sses rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n other co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>hen<span class=\"_ _2\"></span>sive in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e<span class=\"_ _252\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _64\"> </span><span class=\"lse wsd\">3.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _1cc\"> </span><span class=\"ls31 ws97\">2<span class=\"_ _2\"></span>.0<span class=\"_ _6b\"> </span><span class=\"ls77 ws5c\">26.7<span class=\"_ _35c\"> </span></span></span>32<span class=\"_ _2\"></span>. NOTE<span class=\"_ _2\"></span>S TO TH<span class=\"_ _2\"></span>E CAS<span class=\"_ _2\"></span>H FLOW S<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ATEM<span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NT<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Profit fo<span class=\"_ _2\"></span>r the yea<span class=\"_ _2\"></span>r<span class=\"_ _1c3\"> </span><span class=\"ff2 ls3d ws20\">31.8<span class=\"_ _6b\"> </span></span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for:<span class=\"_ _35c\"> </span>Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _302\"> </span><span class=\"ff2 lsb8 wsa8\">1<span class=\"_ _2\"></span>6.9<span class=\"_ _192\"> </span></span><span class=\"ls1b ws1f\">5.4<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of acq<span class=\"_ _2\"></span>uired i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets<span class=\"_ _27c\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>7<span class=\"_ _192\"> </span></span><span class=\"lsd ws5\">8.3<span class=\"_ _35c\"> </span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _23b\"> </span><span class=\"ff2 ls31 ws97\">6<span class=\"_ _2\"></span>.0<span class=\"_ _d4\"> </span></span><span class=\"lsb9 wsa9\">3<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span>Sh<span class=\"_ _2\"></span>are of profit of j<span class=\"_ _2\"></span>oint vent<span class=\"_ _2\"></span>ures an<span class=\"_ _2\"></span>d asso<span class=\"_ _2\"></span>ciates<span class=\"_ _303\"> </span><span class=\"ff2 ls77 ws5c\">(10.<span class=\"_ _2\"></span>5)<span class=\"_ _6b\"> </span></span><span class=\"ls9c wsb7\">(5.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Other gains and<span class=\"_ _1\"></span> l<span class=\"_ _2\"></span>osse<span class=\"_ _8\"></span>s<span class=\"_ _193\"> </span><span class=\"ff2 ls77 ws5c\">(2<span class=\"_ _2\"></span>.7)<span class=\"_ _4a\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span>Financ<span class=\"_ _8\"></span>e c<span class=\"_ _8\"></span>ost<span class=\"_ _8\"></span>s (<span class=\"_ _1\"></span>net<span class=\"_ _8\"></span>)<span class=\"_ _304\"> </span><span class=\"ff2 ls21 ws5e\">14.<span class=\"_ _2\"></span>3<span class=\"_ _6c\"> </span></span><span class=\"ls19 ws6a\">6.2<span class=\"_ _35c\"> </span></span>Income tax e<span class=\"_ _1\"></span>xp<span class=\"_ _2\"></span>ense<span class=\"_ _146\"> </span><span class=\"ff2 lsbb wsab\">7.<span class=\"_ _2\"></span>6<span class=\"_ _192\"> </span></span><span class=\"lsb9 wsa9\">1<span class=\"_ _2\"></span>1.7<span class=\"_ _35c\"> </span></span>Excep<span class=\"_ _1\"></span>tional it<span class=\"_ _1\"></span>ems (ne<span class=\"_ _8\"></span>t)<span class=\"_ _197\"> </span><span class=\"ff2 lse wsd\">3.5<span class=\"_ _11f\"> </span></span><span class=\"ls20 ws11\">2<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g profit f<span class=\"_ _2\"></span>rom conti<span class=\"_ _2\"></span>nui<span class=\"_ _2\"></span>ng op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>s<span class=\"_ _1ea\"> </span><span class=\"ff2 ls18 ws18\">74<span class=\"_ _6\"></span>.6<span class=\"_ _69\"> </span></span><span class=\"ls19 ws6a\">68.8<span class=\"_ _35c\"> </span></span>De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation of p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, pl<span class=\"_ _2\"></span>ant an<span class=\"_ _2\"></span>d equ<span class=\"_ _2\"></span>ipm<span class=\"_ _2\"></span>ent<span class=\"_ _108\"> </span><span class=\"ff2 ls77 ws5c\">3<span class=\"_ _2\"></span>0.2<span class=\"_ _69\"> </span></span><span class=\"lsb1 wsac\">26<span class=\"_ _2\"></span>.4<span class=\"_ _35c\"> </span></span>Loss o<span class=\"_ _2\"></span>n disp<span class=\"_ _2\"></span>osal of p<span class=\"_ _2\"></span>lant a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>uip<span class=\"_ _2\"></span>ment<span class=\"_ _305\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d imp<span class=\"_ _2\"></span>airm<span class=\"_ _2\"></span>ent of intan<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets<span class=\"_ _306\"> </span><span class=\"ff2 ls77 ws5c\">5.7<span class=\"_ _6c\"> </span></span><span class=\"ls9 ws9\">4.3<span class=\"_ _35c\"> </span></span>Adju<span class=\"_ _2\"></span>sted ea<span class=\"_ _2\"></span>rnin<span class=\"_ _2\"></span>gs befo<span class=\"_ _2\"></span>re interest, tax, de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on<span class=\"_ _307\"> </span><span class=\"ff2 ls19 ws6a\">110<span class=\"_ _8\"></span>.6<span class=\"_ _5b\"> </span><span class=\"ff6 lsc1 wsb1\">9<span class=\"_ _6\"></span>9.9<span class=\"_ _35c\"> </span></span></span>Cas<span class=\"_ _2\"></span>h imp<span class=\"_ _2\"></span>act of exce<span class=\"_ _2\"></span>ptiona<span class=\"_ _2\"></span>l items rel<span class=\"_ _2\"></span>ating to op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g activ<span class=\"_ _2\"></span>ities<span class=\"_ _51\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>7.1<span class=\"_ _2\"></span>)<span class=\"_ _53\"> </span></span><span class=\"ls8a wsad\">1<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er move<span class=\"_ _2\"></span>ments i<span class=\"_ _2\"></span>n bio<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>ical a<span class=\"_ _2\"></span>ssets an<span class=\"_ _2\"></span>d har<span class=\"_ _2\"></span>vested p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ce<span class=\"_ _241\"> </span><span class=\"ff2 lsc4 wsa7\">(1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _5b\"> </span></span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>9.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Decrease in<span class=\"_ _1\"></span> provisions<span class=\"_ _308\"> </span><span class=\"ff2 ls31 ws97\">(1.0)<span class=\"_ _4a\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span>Add<span class=\"_ _2\"></span>ition<span class=\"_ _2\"></span>al pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on contr<span class=\"_ _2\"></span>ibuti<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>n excess of pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>n cha<span class=\"_ _2\"></span>rge<span class=\"_ _232\"> </span><span class=\"ff2 ls77 ws5c\">(0.<span class=\"_ _2\"></span>6)<span class=\"_ _76\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er<span class=\"_ _309\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g cash f<span class=\"_ _2\"></span>lows befo<span class=\"_ _2\"></span>re moveme<span class=\"_ _2\"></span>nt in wor<span class=\"_ _2\"></span>king c<span class=\"_ _2\"></span>apital<span class=\"_ _1e9\"> </span><span class=\"ff2 ls31 ws97\">9<span class=\"_ _2\"></span>1.0<span class=\"_ _5b\"> </span></span><span class=\"lsc1 wsb1\">7<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>0<span class=\"_ _35c\"> </span></span>Increase<span class=\"_ _8\"></span> in inv<span class=\"_ _1\"></span>entories<span class=\"_ _1e0\"> </span><span class=\"ff2 ls76 ws5d\">(9<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _76\"> </span><span class=\"ff6 ls8a wsad\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span>Increase<span class=\"_ _8\"></span> in r<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>ceiv<span class=\"_ _1\"></span>ab<span class=\"_ _2\"></span>les<span class=\"_ _30a\"> </span><span class=\"ff2 lsa3 ws96\">(<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _75\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>.5)<span class=\"_ _35c\"> </span></span>Increase<span class=\"_ _1\"></span> in payables<span class=\"_ _195\"> </span><span class=\"ff2 ls19 ws6a\">6.6<span class=\"_ _6c\"> </span></span><span class=\"ls3a ws1a\">2.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span>Cas<span class=\"_ _2\"></span>h gen<span class=\"_ _2\"></span>erated by op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>s<span class=\"_ _1bc\"> </span><span class=\"ff2 ls77 ws5c\">78<span class=\"_ _2\"></span>.7<span class=\"_ _69\"> </span></span><span class=\"ls19 ws6a\">56.6<span class=\"_ _35c\"> </span></span>In<span class=\"_ _2\"></span>tere<span class=\"_ _2\"></span>st re<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ed<span class=\"_ _20e\"> </span><span class=\"ff2 lsc4 wsa7\">0<span class=\"_ _2\"></span>.1<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span>Interest a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e costs p<span class=\"_ _2\"></span>aid<span class=\"_ _259\"> </span><span class=\"ff2 ls77 ws5c\">(10.7)<span class=\"_ _79\"> </span></span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span>Interest o<span class=\"_ _2\"></span>n lea<span class=\"_ _2\"></span>sed as<span class=\"_ _2\"></span>sets<span class=\"_ _239\"> </span><span class=\"ff2 ls77 ws5c\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _11f\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>Cas<span class=\"_ _2\"></span>h flow f<span class=\"_ _2\"></span>rom de<span class=\"_ _2\"></span>rivative f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents <span class=\"_ _30b\"> </span><span class=\"ff2 ls3d ws20\">1.3<span class=\"_ _73\"> </span></span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>axes pa<span class=\"_ _2\"></span>id<span class=\"_ _220\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _48\"> </span></span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _6\"></span>)<span class=\"_ _35c\"> </span></span>Net cash<span class=\"_ _8\"></span> from operating activities<span class=\"_ _30c\"> </span><span class=\"ls77 ws5c\">50.<span class=\"_ _2\"></span>4<span class=\"_ _79\"> </span><span class=\"ff6 ls8 ws8\">34.3<span class=\"_ _35c\"> </span></span></span>Analysis<span class=\"_ _1\"></span> of net debt<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>otal c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities d<span class=\"_ _2\"></span>ue to f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>re as fol<span class=\"_ _2\"></span>lows: At 1 Ju<span class=\"_ _2\"></span>ly  202<span class=\"_ _2\"></span>2  \u00a3m Ne<span class=\"_ _2\"></span>t  ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows  \u00a3m Foreign exchange<span class=\"_ _1\"></span> <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ot<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r  non-cash movemen<span class=\"_ _8\"></span>ts <span class=\"ls3 ws3\"> </span>\u00a3m At 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Cash and<span class=\"_ _1\"></span> cash equivalen<span class=\"_ _8\"></span>ts<span class=\"ff6 ls3 ws3\"> (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 22)<span class=\"_ _1ae\"> </span><span class=\"ls19 ws6a\">38.8<span class=\"_ _d7\"> </span><span class=\"ff2 ls3d ws20\">1.3<span class=\"_ _6a\"> </span><span class=\"ls20 ws11\">(3.<span class=\"_ _2\"></span>8)<span class=\"_ _4a\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _79\"> </span><span class=\"lse wsd\">36.3<span class=\"_ _35c\"> </span></span></span></span>Interest<span class=\"_ _1\"></span>-be<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng lo<span class=\"_ _2\"></span>ans \u2013 cu<span class=\"_ _2\"></span>rrent (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 27)<span class=\"_ _30d\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _6c\"> </span><span class=\"ff2 lse wsd\">3.8<span class=\"_ _71\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span><span class=\"lsc4 wsa7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _48\"> </span><span class=\"ls29 ws28\">(4.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span></span></span>Leas<span class=\"_ _2\"></span>e liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es \u2013 cur<span class=\"_ _2\"></span>rent (see note 28)<span class=\"_ _30e\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _11f\"> </span><span class=\"ff2 lsc4 wsa7\">11<span class=\"_ _2\"></span>.1<span class=\"_ _64\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>5<span class=\"_ _142\"> </span>(11.5)<span class=\"_ _4d\"> </span>(1<span class=\"_ _2\"></span>0.0)<span class=\"_ _35c\"> </span></span></span></span>(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _5e\"> </span><span class=\"ff2 lsb8 wsa8\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.9<span class=\"_ _6c\"> </span><span class=\"ls77 ws5c\">0.7<span class=\"_ _52\"> </span><span class=\"ls76 ws5d\">(12<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _19f\"> </span></span>(14<span class=\"_ _2\"></span>.2)<span class=\"_ _35c\"> </span></span></span>Interest<span class=\"_ _1\"></span>-be<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng lo<span class=\"_ _2\"></span>ans \u2013 n<span class=\"_ _2\"></span>on-curre<span class=\"_ _2\"></span>nt (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ote 27)<span class=\"_ _182\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _11e\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _192\"> </span><span class=\"lsb8 wsa8\">3<span class=\"_ _2\"></span>.9<span class=\"_ _c2\"> </span></span></span></span><span class=\"ff2\">\u2013<span class=\"_ _59\"> </span><span class=\"ls57 ws4f\">(196<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span>Leas<span class=\"_ _2\"></span>e liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es \u2013 no<span class=\"_ _2\"></span>n-current (se<span class=\"_ _2\"></span>e note 28) <span class=\"_ _30f\"> </span><span class=\"ls22 ws22\">(24<span class=\"_ _2\"></span>.5)<span class=\"_ _c2\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.8<span class=\"_ _d4\"> </span><span class=\"ls3d ws20\">1.8<span class=\"_ _67\"> </span><span class=\"lsb8 wsa8\">(2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9)<span class=\"_ _35c\"> </span></span></span></span></span>(2<span class=\"_ _8\"></span>06.6<span class=\"_ _8\"></span>)<span class=\"_ _67\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _6c\"> </span><span class=\"ls77 ws5c\">4<span class=\"_ _2\"></span>.7<span class=\"_ _d4\"> </span><span class=\"ls3d ws20\">1.8<span class=\"_ _80\"> </span></span></span>(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>7.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> debt financing<span class=\"_ _310\"> </span><span class=\"ff6 ls77 ws5c\">(223<span class=\"_ _2\"></span>.8)<span class=\"_ _48\"> </span></span><span class=\"lsb8 wsa8\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9)<span class=\"_ _11f\"> </span><span class=\"lsd ws5\">5.4<span class=\"_ _4d\"> </span><span class=\"ls77 ws5c\">(1<span class=\"_ _2\"></span>0.8)<span class=\"_ _4e\"> </span><span class=\"lsc4 wsa7\">(2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span></span>Net debt<span class=\"_ _124\"> </span><span class=\"ff6 lse wsd\">(185.0<span class=\"_ _8\"></span>)<span class=\"_ _69\"> </span><span class=\"ff2 ls76 ws5d\">(<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>6)<span class=\"_ _d4\"> </span><span class=\"ls19 ws6a\">1.6<span class=\"_ _45\"> </span><span class=\"ls77 ws5c\">(10.8)<span class=\"_ _7f\"> </span><span class=\"ls55 ws3f\">(195<span class=\"_ _2\"></span>.8)<span class=\"_ _35c\"> </span></span></span></span></span></span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d withi<span class=\"_ _2\"></span>n non-<span class=\"_ _2\"></span>cash m<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>s \u00a39<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>m i<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tion to n<span class=\"_ _2\"></span>et new le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s and \u00a3<span class=\"_ _2\"></span>1.1m in th<span class=\"_ _2\"></span>e unwin<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng of de<span class=\"_ _2\"></span>bt iss<span class=\"_ _2\"></span>ue cos<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>At 1 Ju<span class=\"_ _2\"></span>ly  202<span class=\"_ _2\"></span>1  \u00a3m Net  ca<span class=\"_ _2\"></span>sh fl<span class=\"_ _2\"></span>ows  \u00a3m Fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n ex<span class=\"_ _8\"></span>change <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ot<span class=\"_ _2\"></span>her  no<span class=\"_ _2\"></span>n-ca<span class=\"_ _2\"></span>sh move<span class=\"_ _2\"></span>ments <span class=\"ls3 ws3\"> </span>\u00a3m <span class=\"ff6\">At 30 J<span class=\"_ _2\"></span>une </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Cash and<span class=\"_ _1\"></span> cash equivalen<span class=\"_ _8\"></span>ts<span class=\"ff6 ls3 ws3\"> (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 22)<span class=\"_ _257\"> </span><span class=\"ls20 ws11\">4<span class=\"_ _2\"></span>6.0<span class=\"_ _6a\"> </span>(1<span class=\"_ _2\"></span>1.0)<span class=\"_ _192\"> </span><span class=\"ls43 ws68\">3.8<span class=\"_ _15b\"> </span></span></span>\u2013<span class=\"_ _69\"> </span><span class=\"ls19 ws6a\">38.8<span class=\"_ _35c\"> </span></span></span>Interest<span class=\"_ _1\"></span>-be<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng lo<span class=\"_ _2\"></span>ans \u2013 cu<span class=\"_ _2\"></span>rrent (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 27)<span class=\"_ _311\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9)<span class=\"_ _d7\"> </span>8<span class=\"_ _2\"></span>.9<span class=\"_ _76\"> </span><span class=\"ls31 ws97\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _6b\"> </span></span>(<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.9)<span class=\"_ _11f\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>7.1<span class=\"_ _6\"></span>)<span class=\"_ _35c\"> </span></span></span>Leas<span class=\"_ _2\"></span>e liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es \u2013 cur<span class=\"_ _2\"></span>rent (see note 28)<span class=\"_ _24f\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>0<span class=\"_ _6\"></span>)<span class=\"_ _64\"> </span><span class=\"ls3a ws1a\">11.<span class=\"_ _2\"></span>3<span class=\"_ _6b\"> </span><span class=\"lsb9 wsa9\">(0.7)<span class=\"_ _6b\"> </span>(1<span class=\"_ _2\"></span>1.7<span class=\"_ _2\"></span>)<span class=\"_ _48\"> </span><span class=\"ls8a wsad\">(1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span></span></span>(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9)<span class=\"_ _6b\"> </span><span class=\"ls75 ws69\">20.2<span class=\"_ _71\"> </span></span>(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.9)<span class=\"_ _26\"> </span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>12.<span class=\"_ _2\"></span>6)<span class=\"_ _6a\"> </span><span class=\"lsba wsaa\">(<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>)<span class=\"_ _35c\"> </span></span></span>Interest<span class=\"_ _1\"></span>-be<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>ng lo<span class=\"_ _2\"></span>ans \u2013 n<span class=\"_ _2\"></span>on-curre<span class=\"_ _2\"></span>nt (<span class=\"_ _8\"></span>see n<span class=\"_ _2\"></span>ote 27)<span class=\"_ _165\"> </span><span class=\"ls1b ws1f\">(<span class=\"_ _8\"></span>109<span class=\"_ _1\"></span>.4<span class=\"_ _8\"></span>)<span class=\"_ _75\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>)<span class=\"_ _13e\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6)<span class=\"_ _c2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19f\"> </span></span></span>(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>Leas<span class=\"_ _2\"></span>e liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es \u2013 no<span class=\"_ _2\"></span>n-current (se<span class=\"_ _2\"></span>e note 28) <span class=\"_ _1b3\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _c2\"> </span></span>\u2013<span class=\"_ _6e\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>.6)<span class=\"_ _5b\"> </span>(3<span class=\"_ _2\"></span>.6)<span class=\"_ _58\"> </span>(<span class=\"_ _2\"></span>24.<span class=\"_ _2\"></span>5)<span class=\"_ _35c\"> </span></span>(128.7)<span class=\"_ _271\"> </span><span class=\"ls8a wsad\">(6<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _79\"> </span><span class=\"ls31 ws97\">(11.<span class=\"_ _2\"></span>2)<span class=\"_ _6b\"> </span><span class=\"ls22 ws22\">(3<span class=\"_ _2\"></span>.6)<span class=\"_ _7f\"> </span><span class=\"ls19 ws6a\">(206.6<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span></span></span></span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> debt financing<span class=\"_ _23f\"> </span><span class=\"ff6 ls19 ws6a\">(151.6)<span class=\"_ _67\"> </span><span class=\"ls3e ws38\">(4<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9)<span class=\"_ _6b\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>13<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>)<span class=\"_ _75\"> </span><span class=\"ls31 ws97\">(16<span class=\"_ _2\"></span>.2)<span class=\"_ _a9\"> </span><span class=\"ls77 ws5c\">(2<span class=\"_ _2\"></span>23.8)<span class=\"_ _35c\"> </span></span></span></span></span></span>Net debt<span class=\"_ _124\"> </span><span class=\"ff6 ls22 ws22\">(<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>6)<span class=\"_ _11e\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9)<span class=\"_ _73\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _271\"> </span><span class=\"ls31 ws97\">(1<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>2)<span class=\"_ _4e\"> </span><span class=\"lse wsd\">(185.0)<span class=\"_ _35c\"> </span></span></span></span></span></span>In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d withi<span class=\"_ _2\"></span>n non-<span class=\"_ _2\"></span>cash m<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>s \u00a315.<span class=\"_ _2\"></span>3m i<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tion to net n<span class=\"_ _2\"></span>ew le<span class=\"_ _2\"></span>ases a<span class=\"_ _2\"></span>nd \u00a30.<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>m in the u<span class=\"_ _2\"></span>nwin<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g of de<span class=\"_ _2\"></span>bt iss<span class=\"_ _2\"></span>ue cos<span class=\"_ _2\"></span>ts.<span class=\"_ _35c\"> </span>33. OPER<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>TING LEAS<span class=\"_ _2\"></span>ES<span class=\"_ _35c\"> </span>Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>For s<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>-term le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s (those wi<span class=\"_ _2\"></span>th a term of le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n 12 mo<span class=\"_ _2\"></span>nths) an<span class=\"_ _2\"></span>d low-value i<span class=\"_ _2\"></span>tems, we c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e the re<span class=\"_ _2\"></span>ntals pa<span class=\"_ _2\"></span>yabl<span class=\"_ _2\"></span>e to the In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Stateme<span class=\"_ _2\"></span>nt on a s<span class=\"_ _2\"></span>traig<span class=\"_ _2\"></span>ht<span class=\"_ _1\"></span>-lin<span class=\"_ _2\"></span>e ba<span class=\"_ _2\"></span>sis over th<span class=\"_ _2\"></span>e le<span class=\"_ _2\"></span>ase ter<span class=\"_ _2\"></span>m.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pany h<span class=\"_ _2\"></span>as el<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted not to ap<span class=\"_ _2\"></span>ply I<span class=\"_ _2\"></span>FRS 16 to con<span class=\"_ _2\"></span>tracts w<span class=\"_ _2\"></span>here th<span class=\"_ _2\"></span>e rig<span class=\"_ _2\"></span>ht<span class=\"_ _1\"></span>-of<span class=\"_ _8\"></span>-use a<span class=\"_ _2\"></span>sset wo<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>s an intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble a<span class=\"_ _2\"></span>sset (e.g. sof<span class=\"_ _2\"></span>twa<span class=\"_ _2\"></span>re lic<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>es)<span class=\"_ _35c\"> </span>.<span class=\"_ _35c\"> </span>T<span class=\"_ _1\"></span>otal of f<span class=\"_ _2\"></span>uture m<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>imu<span class=\"_ _2\"></span>m lea<span class=\"_ _2\"></span>se pa<span class=\"_ _2\"></span>yme<span class=\"_ _2\"></span>nts un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r non-<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>cel<span class=\"_ _2\"></span>lab<span class=\"_ _2\"></span>le op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng le<span class=\"_ _2\"></span>ases w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h expi<span class=\"_ _2\"></span>re<span class=\"_ _8\"></span>:<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>In l<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>n one ye<span class=\"_ _2\"></span>ar<span class=\"_ _312\"> </span><span class=\"ff2 ls3d ws20\">1.2<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>Bet<span class=\"_ _2\"></span>ween o<span class=\"_ _2\"></span>ne an<span class=\"_ _2\"></span>d fi<span class=\"_ _2\"></span>ve years<span class=\"_ _1a0\"> </span><span class=\"ff2 ls3d ws20\">1.<span class=\"_ _2\"></span>2<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>In m<span class=\"_ _2\"></span>ore than f<span class=\"_ _2\"></span>ive yea<span class=\"_ _2\"></span>rs<span class=\"_ _313\"> </span><span class=\"ff2\">\u2013<span class=\"_ _15b\"> </span></span>\u2013<span class=\"_ _35c\"> </span>2.4<span class=\"_ _15b\"> </span><span class=\"ff6 ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span>34.<span class=\"_ _1\"></span> CAPI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>AL AND<span class=\"_ _1\"></span> OT<span class=\"_ _8\"></span>HER C<span class=\"_ _1\"></span>OMMITMENT<span class=\"_ _1\"></span>S<span class=\"_ _35c\"> </span>At 30 Ju<span class=\"_ _2\"></span>ne 2023, o<span class=\"_ _2\"></span>utsta<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ted cap<span class=\"_ _2\"></span>ital exp<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>iture a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nted to \u00a3n<span class=\"_ _2\"></span>il (2022: \u00a3<span class=\"_ _2\"></span>nil). 35.<span class=\"_ _8\"></span> CONTINGENCIE<span class=\"_ _2\"></span>S<span class=\"_ _8\"></span> AND BANK GU<span class=\"_ _8\"></span>ARANTEES<span class=\"_ _35c\"> </span>Co<span class=\"_ _2\"></span>nting<span class=\"_ _2\"></span>ent l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>ies are p<span class=\"_ _2\"></span>otentia<span class=\"_ _2\"></span>l fut<span class=\"_ _2\"></span>ure cas<span class=\"_ _2\"></span>h out<span class=\"_ _2\"></span>flows<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>re the li<span class=\"_ _2\"></span>k<span class=\"_ _8\"></span>el<span class=\"_ _2\"></span>iho<span class=\"_ _2\"></span>od of pa<span class=\"_ _2\"></span>ym<span class=\"_ _2\"></span>ents is c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>red mo<span class=\"_ _2\"></span>re tha<span class=\"_ _2\"></span>n remote bu<span class=\"_ _2\"></span>t is not co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered p<span class=\"_ _2\"></span>roba<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e or can<span class=\"_ _2\"></span>not b<span class=\"_ _2\"></span>e me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d reli<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>mou<span class=\"_ _2\"></span>nt of li<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s that a<span class=\"_ _2\"></span>re not pro<span class=\"_ _2\"></span>bab<span class=\"_ _2\"></span>le is h<span class=\"_ _2\"></span>igh<span class=\"_ _2\"></span>ly ju<span class=\"_ _2\"></span>dg<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>ntal.<span class=\"_ _35c\"> </span>Th<span class=\"_ _2\"></span>e retirem<span class=\"_ _2\"></span>ent be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns refe<span class=\"_ _2\"></span>rred to in n<span class=\"_ _2\"></span>ote 29 inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>de ob<span class=\"_ _2\"></span>lig<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns rel<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g to the MPF d<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>efit s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me. G<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>us, toge<span class=\"_ _2\"></span>ther with oth<span class=\"_ _2\"></span>er pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>patin<span class=\"_ _2\"></span>g em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>rs, is j<span class=\"_ _2\"></span>oint a<span class=\"_ _2\"></span>nd seve<span class=\"_ _2\"></span>rall<span class=\"_ _2\"></span>y lia<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>r the s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me\u2019s obl<span class=\"_ _2\"></span>iga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s. Ge<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>s has a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unted fo<span class=\"_ _2\"></span>r its se<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n and i<span class=\"_ _2\"></span>ts sh<span class=\"_ _2\"></span>are of any o<span class=\"_ _2\"></span>rph<span class=\"_ _2\"></span>an as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>, col<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>tivel<span class=\"_ _2\"></span>y repre<span class=\"_ _2\"></span>senti<span class=\"_ _2\"></span>ng ap<span class=\"_ _2\"></span>proxim<span class=\"_ _2\"></span>atel<span class=\"_ _2\"></span>y 86% (2022: 86%) of the M<span class=\"_ _2\"></span>PF<span class=\"_ _17\"></span>. A<span class=\"_ _2\"></span>s a resu<span class=\"_ _2\"></span>lt of the j<span class=\"_ _2\"></span>oint a<span class=\"_ _2\"></span>nd seve<span class=\"_ _2\"></span>ral lia<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>ity, Gen<span class=\"_ _2\"></span>us h<span class=\"_ _2\"></span>as a con<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>ent l<span class=\"_ _2\"></span>iab<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y for t<span class=\"_ _2\"></span>he sch<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>e\u2019s obli<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>ons th<span class=\"_ _2\"></span>at it h<span class=\"_ _2\"></span>as not a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unted fo<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>. T<span class=\"_ _2\"></span>he total def<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>t of the M<span class=\"_ _2\"></span>PF fro<span class=\"_ _2\"></span>m the mo<span class=\"_ _2\"></span>st rec<span class=\"_ _2\"></span>ent tri<span class=\"_ _2\"></span>enn<span class=\"_ _2\"></span>ial va<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>ation c<span class=\"_ _2\"></span>an be f<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>d in note 29.<span class=\"_ _35c\"> </span>As d<span class=\"_ _2\"></span>escr<span class=\"_ _2\"></span>ibe<span class=\"_ _2\"></span>d in note 7<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p is invo<span class=\"_ _2\"></span>lved i<span class=\"_ _2\"></span>n ong<span class=\"_ _2\"></span>oin<span class=\"_ _2\"></span>g liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on proc<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>gs an<span class=\"_ _2\"></span>d inves<span class=\"_ _2\"></span>tiga<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s with ST th<span class=\"_ _2\"></span>at are at va<span class=\"_ _2\"></span>riou<span class=\"_ _2\"></span>s leg<span class=\"_ _2\"></span>al stag<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up ma<span class=\"_ _2\"></span>kes a provis<span class=\"_ _2\"></span>ion fo<span class=\"_ _2\"></span>r am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s to the exte<span class=\"_ _2\"></span>nt whe<span class=\"_ _2\"></span>re an ou<span class=\"_ _2\"></span>tfl<span class=\"_ _2\"></span>ow of eco<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>mic b<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>fit i<span class=\"_ _2\"></span>s proba<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e and c<span class=\"_ _2\"></span>an be re<span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>bly es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>ted. Howeve<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, th<span class=\"_ _2\"></span>ere are s<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>c cla<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>s ide<span class=\"_ _2\"></span>ntifi<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e liti<span class=\"_ _2\"></span>gati<span class=\"_ _2\"></span>on wh<span class=\"_ _2\"></span>ere the G<span class=\"_ _2\"></span>roup c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ide<span class=\"_ _2\"></span>rs the o<span class=\"_ _2\"></span>utcom<span class=\"_ _2\"></span>e of the c<span class=\"_ _2\"></span>lai<span class=\"_ _2\"></span>m is not prob<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>le an<span class=\"_ _2\"></span>d will n<span class=\"_ _2\"></span>ot resu<span class=\"_ _2\"></span>lt in th<span class=\"_ _2\"></span>e out<span class=\"_ _2\"></span>fl<span class=\"_ _2\"></span>ow of eco<span class=\"_ _2\"></span>nom<span class=\"_ _2\"></span>ic be<span class=\"_ _2\"></span>nef<span class=\"_ _2\"></span>it. Th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p\u2019<span class=\"_ _1\"></span>s f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re tax cha<span class=\"_ _2\"></span>rge an<span class=\"_ _2\"></span>d ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive tax rate cou<span class=\"_ _2\"></span>ld b<span class=\"_ _2\"></span>e af<span class=\"_ _2\"></span>fecte<span class=\"_ _2\"></span>d by facto<span class=\"_ _2\"></span>rs suc<span class=\"_ _2\"></span>h as co<span class=\"_ _2\"></span>untr<span class=\"_ _2\"></span>ies refo<span class=\"_ _2\"></span>rmi<span class=\"_ _2\"></span>ng the<span class=\"_ _2\"></span>ir tax le<span class=\"_ _2\"></span>gis<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on to im<span class=\"_ _2\"></span>ple<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt the O<span class=\"_ _2\"></span>ECD\u2019s BEPS rec<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>dati<span class=\"_ _2\"></span>ons a<span class=\"_ _2\"></span>nd by Euro<span class=\"_ _2\"></span>pea<span class=\"_ _2\"></span>n Com<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n ini<span class=\"_ _2\"></span>tiati<span class=\"_ _2\"></span>ves inc<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g state ai<span class=\"_ _2\"></span>d inves<span class=\"_ _2\"></span>tigat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>. Fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r inf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ation c<span class=\"_ _2\"></span>an be f<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>d in note 11<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>At 30 Ju<span class=\"_ _2\"></span>ne 2023, we h<span class=\"_ _2\"></span>ad e<span class=\"_ _2\"></span>ntered in<span class=\"_ _2\"></span>to ban<span class=\"_ _2\"></span>k gua<span class=\"_ _2\"></span>rantees total<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g \u00a312.<span class=\"_ _2\"></span>6m (2022: \u00a3<span class=\"_ _2\"></span>20.2<span class=\"_ _2\"></span>m)<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>36. D<span class=\"_ _2\"></span>IR<span class=\"_ _2\"></span>EC<span class=\"_ _2\"></span>TOR<span class=\"_ _2\"></span>S AN<span class=\"_ _2\"></span>D KE<span class=\"_ _2\"></span>Y MAN<span class=\"_ _2\"></span>AGE<span class=\"_ _2\"></span>ME<span class=\"_ _2\"></span>NT CO<span class=\"_ _2\"></span>MP<span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>SA<span class=\"_ _8\"></span>TI<span class=\"_ _2\"></span>ON<span class=\"_ _35c\"> </span>In a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with IAS 24 \u2018<span class=\"_ _2\"></span>Rel<span class=\"_ _2\"></span>ated Par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Disc<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>ures\u2019<span class=\"_ _1\"></span>, key ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>erso<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>el are th<span class=\"_ _2\"></span>ose h<span class=\"_ _2\"></span>avin<span class=\"_ _2\"></span>g au<span class=\"_ _2\"></span>thor<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>nd res<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>sib<span class=\"_ _2\"></span>ilit<span class=\"_ _2\"></span>y fo<span class=\"_ _2\"></span>r pl<span class=\"_ _2\"></span>ann<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g, dire<span class=\"_ _2\"></span>ctin<span class=\"_ _2\"></span>g an<span class=\"_ _2\"></span>d contro<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e acti<span class=\"_ _2\"></span>vitie<span class=\"_ _2\"></span>s of the G<span class=\"_ _2\"></span>roup, dire<span class=\"_ _2\"></span>ctl<span class=\"_ _2\"></span>y or in<span class=\"_ _2\"></span>dire<span class=\"_ _2\"></span>ctly. K<span class=\"_ _8\"></span>ey ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>erso<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>el co<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>ise th<span class=\"_ _2\"></span>e Dire<span class=\"_ _2\"></span>ctors an<span class=\"_ _2\"></span>d the oth<span class=\"_ _2\"></span>er me<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>ers of G<span class=\"_ _2\"></span>EL<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>. 2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Salaries<span class=\"_ _8\"></span> and short<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _8\"></span>m emplo<span class=\"_ _8\"></span>yee<span class=\"_ _8\"></span> benefits<span class=\"_ _15f\"> </span><span class=\"ff2 lsd ws5\">5.4<span class=\"_ _6c\"> </span></span><span class=\"ls3e ws38\">4<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Post<span class=\"_ _17\"></span>-emplo<span class=\"_ _8\"></span>yment<span class=\"_ _8\"></span> benefits<span class=\"_ _1c2\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>2<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.2<span class=\"_ _35c\"> </span></span>Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _22a\"> </span><span class=\"ff2 ls31 ws97\">3<span class=\"_ _2\"></span>.0<span class=\"_ _5c\"> </span></span><span class=\"lsd ws5\">1.2<span class=\"_ _35c\"> </span></span>8.6<span class=\"_ _6c\"> </span><span class=\"ff6\">6.3<span class=\"_ _35c\"> </span></span>Directors<span class=\"_ _35c\"> </span>Further<span class=\"_ _1\"></span> det<span class=\"_ _8\"></span>ails<span class=\"_ _8\"></span> of<span class=\"_ _1\"></span> Direct<span class=\"_ _8\"></span>ors<span class=\"_ _1\"></span>\u2019 compensat<span class=\"_ _1\"></span>ion are<span class=\"_ _1\"></span> included in<span class=\"_ _8\"></span> the<span class=\"_ _1\"></span> Direct<span class=\"_ _8\"></span>ors<span class=\"_ _1\"></span>\u2019 Remunera<span class=\"_ _8\"></span>tion<span class=\"_ _1\"></span> Report.<span class=\"_ _35c\"> </span>Other transactions<span class=\"_ _1\"></span> with ke<span class=\"_ _1\"></span>y management pers<span class=\"_ _8\"></span>onnel<span class=\"_ _35c\"> </span>Oth<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an rem<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n, the<span class=\"_ _2\"></span>re were no t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns with key ma<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>onn<span class=\"_ _2\"></span>el.<span class=\"_ _35c\"> </span>37<span class=\"_ _1\"></span>. GROUP ENTITI<span class=\"_ _2\"></span>ES<span class=\"_ _35c\"> </span>In a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with se<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n 409 of th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>s Act 20<span class=\"_ _2\"></span>06, a li<span class=\"_ _2\"></span>st of su<span class=\"_ _2\"></span>bsid<span class=\"_ _2\"></span>iar<span class=\"_ _2\"></span>ies a<span class=\"_ _2\"></span>nd jo<span class=\"_ _2\"></span>int vent<span class=\"_ _2\"></span>ures a<span class=\"_ _2\"></span>nd as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates as a<span class=\"_ _2\"></span>t 30 Ju<span class=\"_ _2\"></span>ne 2023 is<span class=\"_ _2\"></span> set<span class=\"_ _1\"></span> o<span class=\"_ _2\"></span>ut<span class=\"_ _1\"></span> below<span class=\"_ _8\"></span>. All<span class=\"_ _1\"></span> subsidiary under<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>akings are<span class=\"_ _1\"></span> subsidiary under<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>akings of<span class=\"_ _8\"></span> their<span class=\"_ _8\"></span> immediate<span class=\"_ _1\"></span> parent undertak<span class=\"_ _8\"></span>ing(s<span class=\"_ _1\"></span>),<span class=\"_ _1\"></span> un<span class=\"_ _2\"></span>less<span class=\"_ _1\"></span> otherwise indic<span class=\"_ _8\"></span>at<span class=\"_ _8\"></span>ed.<span class=\"_ _35c\"> </span>Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span>Bovine<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _52\"> </span><span class=\"lsa0 ws93\">Share class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital/<span class=\"_ _35c\"> </span>voting rights<span class=\"_ _8\"></span> held b<span class=\"_ _8\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>ABS (Beijing<span class=\"_ _8\"></span>) Int<span class=\"_ _1\"></span>ernational <span class=\"ls3 ws3\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e Co., Ltd.<span class=\"_ _35c\"> </span>B16<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>, Luck<span class=\"_ _2\"></span>y T<span class=\"_ _1\"></span>owe<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, Ea<span class=\"_ _2\"></span>st5 3rd Ri<span class=\"_ _2\"></span>ng Ro<span class=\"_ _2\"></span>ad,  Cha<span class=\"_ _2\"></span>oyang D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict, B<span class=\"_ _2\"></span>eiji<span class=\"_ _2\"></span>ng, 1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>027<span class=\"_ _1\"></span>, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a1\"> </span><span class=\"ls9b ws3\">No Par Valu<span class=\"_ _2\"></span>e </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>AB<span class=\"_ _2\"></span>S Argenti<span class=\"_ _2\"></span>na S<span class=\"_ _2\"></span>.A<span class=\"_ _2\"></span>.<span class=\"_ _16e\"> </span>A<span class=\"_ _2\"></span>. C<span class=\"_ _2\"></span>astell<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>os 1169<span class=\"_ _8\"></span>, (30<span class=\"_ _2\"></span>80) Es<span class=\"_ _2\"></span>peran<span class=\"_ _2\"></span>z<span class=\"_ _8\"></span>a,  Sa<span class=\"_ _2\"></span>nte Fe, Argenti<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Ar<span class=\"_ _8\"></span>genti<span class=\"_ _8\"></span>na<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _d\"> </span><span class=\"lsa6 ws20\">ARS1 Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>ABS Chile<span class=\"_ _1\"></span> Limitada<span class=\"_ _a6\"> </span><span class=\"ls3 ws3\">Ave<span class=\"_ _2\"></span>nid<span class=\"_ _2\"></span>a del Pa<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>qu<span class=\"_ _2\"></span>e #4<span class=\"_ _8\"></span>161 of<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>e #601<span class=\"_ _2\"></span>, Hue<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>uraba,  </span>Santiago<span class=\"_ _1\"></span>, Chile<span class=\"_ _35c\"> </span>Chile<span class=\"_ _80\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>t<span class=\"_ _b\"> </span><span class=\"ls43 ws26\">CLP1<span class=\"_ _1\"></span> Com<span class=\"_ _2\"></span>mon </span></span>Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>AB<span class=\"_ _2\"></span>S Gen<span class=\"_ _2\"></span>etics S<span class=\"_ _2\"></span>outh Af<span class=\"_ _2\"></span>ric<span class=\"_ _2\"></span>a (P<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y) Ltd<span class=\"_ _35c\"> </span>Presti<span class=\"_ _2\"></span>ge Park B<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ck B, U<span class=\"_ _2\"></span>nit N<span class=\"_ _2\"></span>o. 5B, Pas<span class=\"_ _2\"></span>torale Street, Durbanville Industr<span class=\"_ _8\"></span>ial P<span class=\"_ _1\"></span>ark, Durbanville,<span class=\"_ _8\"></span> 7550<span class=\"_ _1\"></span>, <span class=\"ls3 ws3\"> </span>So<span class=\"_ _2\"></span>uth Afr<span class=\"_ _2\"></span>ica<span class=\"_ _35c\"> </span>So<span class=\"_ _2\"></span>uth Afri<span class=\"_ _2\"></span>ca<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d\"> </span><span class=\"ws20\">Z<span class=\"_ _2\"></span>AR1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>ABS Global<span class=\"_ _8\"></span> (Canada<span class=\"_ _1\"></span>) Inc.<span class=\"_ _80\"> </span>1525 F<span class=\"_ _8\"></span>lor<span class=\"_ _8\"></span>adale Road<span class=\"_ _8\"></span>, E<span class=\"_ _8\"></span>lmir<span class=\"_ _8\"></span>a ON<span class=\"_ _1\"></span> N3B 2Z1, Canada<span class=\"_ _35c\"> </span>Canada<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _f\"> </span><span class=\"ws50\">CAD1<span class=\"_ _1\"></span> O<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>ABS Global,<span class=\"_ _1\"></span> Inc.<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">1525 R<span class=\"_ _2\"></span>iver Ro<span class=\"_ _2\"></span>ad, D<span class=\"_ _2\"></span>e Fores<span class=\"_ _2\"></span>t WI 535<span class=\"_ _2\"></span>32, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _6a\"> </span><span class=\"ls20 ws11\">US<span class=\"_ _2\"></span>D0.01 </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>ABS It<span class=\"_ _1\"></span>alia S.r<span class=\"_ _8\"></span>.l.<span class=\"_ _c6\"> </span><span class=\"ls3 ws3\">V<span class=\"_ _2\"></span>ia Ba<span class=\"_ _2\"></span>stid<span class=\"_ _2\"></span>a nr<span class=\"_ _8\"></span>. 6, lo<span class=\"_ _2\"></span>c. C<span class=\"_ _2\"></span>avatig<span class=\"_ _2\"></span>ozzi, 26020,  </span>Cremona, Italy<span class=\"_ _35c\"> </span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _19f\"> </span><span class=\"ls18 wsa9\">\u20ac<span class=\"_ _2\"></span>1 Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ota<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>AB<span class=\"_ _2\"></span>S M\u00e9xic<span class=\"_ _2\"></span>o, S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>.<span class=\"_ _48\"> </span>Kansas N<span class=\"_ _2\"></span>o. 2028, Q<span class=\"_ _2\"></span>uin<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>as Ca<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>estre, 312<span class=\"_ _2\"></span>14, Chihua<span class=\"_ _8\"></span>hua,<span class=\"_ _1\"></span> Chih.<span class=\"_ _8\"></span>, Me<span class=\"_ _1\"></span>xico<span class=\"_ _35c\"> </span>Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _c\"> </span><span class=\"ls9b ws3\">MX<span class=\"_ _2\"></span>N10 Cl<span class=\"_ _2\"></span>ass 1<span class=\"_ _35c\"> </span></span></span>MXN<span class=\"_ _2\"></span>10 Cla<span class=\"_ _2\"></span>ss 2<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>AB<span class=\"_ _2\"></span>S Polska Sp. z o.o.<span class=\"_ _100\"> </span>Szafi<span class=\"_ _2\"></span>rowa 22<span class=\"_ _2\"></span>A, 82-<span class=\"_ _8\"></span>30<span class=\"_ _2\"></span>0 Gron<span class=\"_ _2\"></span>owo G\u00f3rn<span class=\"_ _2\"></span>e, Pola<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span>Pol<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _4d\"> </span><span class=\"ls13 ws13\">PLN1,000 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Bove<span class=\"_ _2\"></span>c SAS<span class=\"_ _2\"></span>U <span class=\"_ _314\"> </span><span class=\"ls3 ws3\">69 Ch<span class=\"_ _2\"></span>emi<span class=\"_ _2\"></span>n des M<span class=\"_ _2\"></span>oli\u00e8<span class=\"_ _2\"></span>res, PA du Cha<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>nay, 6921<span class=\"_ _2\"></span>0, </span>Lenti<span class=\"_ _2\"></span>lly, Fr<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nce<span class=\"_ _35c\"> </span>Fra<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _a1\"> </span><span class=\"ws20\">\u20ac10 Ordinary<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Chi<span class=\"_ _2\"></span>tale Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (In<span class=\"_ _2\"></span>dia) Pr<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ate L<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ted<span class=\"_ _35c\"> </span>Ga<span class=\"_ _2\"></span>t No 29<span class=\"_ _8\"></span>, Bram<span class=\"_ _2\"></span>ha Fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ity, Bur<span class=\"_ _2\"></span>ung<span class=\"_ _2\"></span>wadi N<span class=\"_ _2\"></span>ear Bh<span class=\"_ _2\"></span>ilawa<span class=\"_ _2\"></span>di Ra<span class=\"_ _2\"></span>ilway Stati<span class=\"_ _2\"></span>on, T<span class=\"_ _8\"></span>al<span class=\"_ _2\"></span>uka Palus<span class=\"_ _2\"></span>,M<span class=\"_ _2\"></span>aha<span class=\"_ _2\"></span>rashtra, Sangli, 4<span class=\"_ _1\"></span>16303, India<span class=\"_ _35c\"> </span>India<span class=\"_ _154\"> </span>Indirect<span class=\"_ _8b\"> </span><span class=\"ls3 ws3\">I<span class=\"_ _2\"></span>NR10<span class=\"_ _2\"></span>0 </span>Ordinary<span class=\"_ _35c\"> </span>50%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>De N<span class=\"_ _2\"></span>ovo Gen<span class=\"_ _2\"></span>etics L<span class=\"_ _2\"></span>L<span class=\"_ _8\"></span>C<span class=\"_ _11f\"> </span>128<span class=\"_ _2\"></span>6 Ori<span class=\"_ _2\"></span>ole D<span class=\"_ _2\"></span>rive, N<span class=\"_ _2\"></span>ew Albi<span class=\"_ _2\"></span>n IA 521<span class=\"_ _2\"></span>60, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span>LL<span class=\"_ _1\"></span>C Un<span class=\"_ _2\"></span>its<span class=\"_ _35c\"> </span>51%<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (NZ) L<span class=\"_ _2\"></span>imited<span class=\"_ _13e\"> </span>Ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>rate Accou<span class=\"_ _2\"></span>nting G<span class=\"_ _2\"></span>roup L<span class=\"_ _2\"></span>imited<span class=\"_ _2\"></span>, Level 2, 22 Du<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ld Street, Ede<span class=\"_ _2\"></span>n T<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>race, Au<span class=\"_ _2\"></span>ckla<span class=\"_ _2\"></span>nd, 1<span class=\"_ _2\"></span>021,  New Ze<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span>New Z<span class=\"_ _1\"></span>ealand<span class=\"_ _24\"> </span><span class=\"wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _15\"> </span><span class=\"ls9b ws3\">NZD1 Ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Genus ABS<span class=\"_ _8\"></span> Colombia SA<span class=\"_ _8\"></span>S<span class=\"_ _7f\"> </span><span class=\"ls3 ws3\">Aven<span class=\"_ _2\"></span>ida C<span class=\"_ _2\"></span>arrera 70, No. 1<span class=\"_ _2\"></span>05 \u2013 51<span class=\"_ _2\"></span>, Bo<span class=\"_ _2\"></span>gota, Col<span class=\"_ _2\"></span>omb<span class=\"_ _2\"></span>ia<span class=\"_ _35c\"> </span></span>Colombia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _9c\"> </span><span class=\"ls1b ws1f\">COP10,000 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _52\"> </span><span class=\"lsa0 ws93\">Share class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital/<span class=\"_ _35c\"> </span>voting rights<span class=\"_ _8\"></span> held b<span class=\"_ _8\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS Neth<span class=\"_ _2\"></span>erl<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>s B.<span class=\"_ _8\"></span>V<span class=\"_ _1\"></span>.<span class=\"_ _30\"> </span><span class=\"ls74 ws65\">Hoogoor<span class=\"_ _8\"></span>ddr<span class=\"_ _8\"></span>eef<span class=\"_ _8\"></span> 15, Amst<span class=\"_ _1\"></span>erdam,<span class=\"_ _1\"></span> 1101BA, Netherlands<span class=\"_ _35c\"> </span></span>Net<span class=\"_ _1\"></span>herlands<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d\"> </span><span class=\"ws20\">EUR1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>ustrali<span class=\"_ _2\"></span>a Pt<span class=\"_ _2\"></span>y Ltd<span class=\"_ _6b\"> </span><span class=\"ls3d ws20\">15 Scholar driv<span class=\"_ _8\"></span>e,<span class=\"_ _8\"></span> Bundoora VIC 3063,<span class=\"_ _8\"></span> Austr<span class=\"_ _1\"></span>alia<span class=\"_ _35c\"> </span></span>Austr<span class=\"_ _8\"></span>alia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _4d\"> </span><span class=\"ls22 ws22\">AU<span class=\"_ _2\"></span>D1.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>88<span class=\"_ _2\"></span> </span></span>Ordinary 10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a Private Li<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ite<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>5th FLOOR<span class=\"_ _2\"></span>, C WING, E<span class=\"_ _2\"></span>TER<span class=\"_ _2\"></span>NIA PR<span class=\"_ _2\"></span>EMI<span class=\"_ _2\"></span>SES CO-O<span class=\"_ _2\"></span>P SOC<span class=\"_ _2\"></span>, NE<span class=\"_ _2\"></span>AR DA U<span class=\"_ _2\"></span>NIT NO 5<span class=\"_ _2\"></span>05, 5<span class=\"_ _2\"></span>06, DAGD<span class=\"_ _2\"></span>I BU<span class=\"_ _2\"></span>NGLOW<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>AK<span class=\"_ _2\"></span>DEW<span class=\"_ _1\"></span>ADI,<span class=\"_ _2\"></span>Maharash<span class=\"_ _1\"></span>tra, P<span class=\"_ _8\"></span>une, 4<span class=\"_ _1\"></span>11005, India<span class=\"_ _35c\"> </span>India<span class=\"_ _154\"> </span>Indirect<span class=\"_ _136\"> </span><span class=\"ws20\">INR1 Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing L<span class=\"_ _2\"></span>imite<span class=\"_ _2\"></span>d  (0119203<span class=\"_ _2\"></span>7)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,  RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _7b\"> </span></span><span class=\"lsa6\">\u00a31<span class=\"_ _8\"></span> Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>\u2018Ge<span class=\"_ _2\"></span>nus U<span class=\"_ _2\"></span>krain<span class=\"_ _2\"></span>e\u2019 LLC<span class=\"_ _123\"> </span>Pid<span class=\"_ _2\"></span>lisn<span class=\"_ _2\"></span>a str.<span class=\"_ _8\"></span>, 1, K<span class=\"_ _2\"></span>YI<span class=\"_ _2\"></span>V 0316<span class=\"_ _2\"></span>4, U<span class=\"_ _2\"></span>krain<span class=\"_ _2\"></span>e<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>kra<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>JB<span class=\"_ _2\"></span>I Ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s LLC<span class=\"_ _ac\"> </span>13<span class=\"_ _2\"></span>0 Nor<span class=\"_ _2\"></span>th Kels<span class=\"_ _2\"></span>ey Street, Vis<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>a CA 9329<span class=\"_ _2\"></span>1,  U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> State<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>LLC Gen<span class=\"_ _2\"></span>us AB<span class=\"_ _2\"></span>S Rus <span class=\"_ _123\"> </span>Zhel<span class=\"_ _2\"></span>eznod<span class=\"_ _2\"></span>orozhna<span class=\"_ _2\"></span>ya Street, Ho<span class=\"_ _2\"></span>use 5<span class=\"_ _2\"></span>1, Letter Zh<span class=\"_ _2\"></span>, Prem<span class=\"_ _2\"></span>ises 2, 3<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>062, T<span class=\"_ _1\"></span>u<span class=\"_ _2\"></span>la, R<span class=\"_ _2\"></span>ussi<span class=\"_ _2\"></span>an Fe<span class=\"_ _2\"></span>derati<span class=\"_ _2\"></span>on<span class=\"_ _35c\"> </span>Russia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _15\"> </span><span class=\"ws20\">RUB1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>Mi<span class=\"_ _2\"></span>llwoo<span class=\"_ _2\"></span>d Produ<span class=\"_ _2\"></span>cts Ltd (08<span class=\"_ _2\"></span>662<span class=\"_ _2\"></span>101)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire, RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>Unit<span class=\"_ _1\"></span>ed Kingdom<span class=\"_ _35c\"> </span>Indirect<span class=\"_ _154\"> </span><span class=\"ws20\">\u00a31 Ordi<span class=\"_ _8\"></span>nary<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span>Pec<span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>n ABS I<span class=\"_ _2\"></span>mp. e Ex<span class=\"_ _2\"></span>p. Lt<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a.<span class=\"_ _315\"> </span>Rod<span class=\"_ _2\"></span>. BR 0<span class=\"_ _2\"></span>50 Km 1<span class=\"_ _2\"></span>96 + 150<span class=\"_ _2\"></span>metros, Zo<span class=\"_ _2\"></span>na Ru<span class=\"_ _2\"></span>ral, De<span class=\"_ _2\"></span>lta,  MG \u2013 3<span class=\"_ _2\"></span>810<span class=\"_ _2\"></span>8-0<span class=\"_ _2\"></span>00, Brazi<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary <span class=\"_ _ca\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>St Ja<span class=\"_ _2\"></span>cobs A<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al Breeding<span class=\"_ _1\"></span> Corp.<span class=\"_ _35c\"> </span>1525 R<span class=\"_ _2\"></span>iver R<span class=\"_ _2\"></span>oad, D<span class=\"_ _2\"></span>e Fo<span class=\"_ _2\"></span>rest WI 53<span class=\"_ _2\"></span>532, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Zi<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> S<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _13d\"> </span><span class=\"ls3 ws3\">Maxi<span class=\"_ _2\"></span>mo T<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>jes 7<span class=\"_ _2\"></span>189, Urug<span class=\"_ _2\"></span>uay<span class=\"_ _35c\"> </span></span>Uruguay<span class=\"_ _154\"> </span>Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par V<span class=\"_ _8\"></span>alu<span class=\"_ _2\"></span>e </span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span>Porcine<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Agro<span class=\"_ _2\"></span>ceres PI<span class=\"_ _2\"></span>C Gen<span class=\"_ _2\"></span>\u00e9tica de S<span class=\"_ _2\"></span>u\u00edn<span class=\"_ _2\"></span>os Ltda<span class=\"_ _35c\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN, n\u02da 1411, Sa<span class=\"_ _2\"></span>la 16 \u2013 J<span class=\"_ _2\"></span>ardim N<span class=\"_ _2\"></span>ovo, Rio C<span class=\"_ _2\"></span>laro/<span class=\"_ _1\"></span>SP \u2013 CEP<span class=\"_ _1\"></span>, 13.<span class=\"_ _2\"></span>502-<span class=\"_ _17\"></span>74<span class=\"_ _1\"></span>1, B<span class=\"_ _2\"></span>razil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _8b\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>Agro<span class=\"_ _2\"></span>ceres PI<span class=\"_ _2\"></span>C Su\u00ed<span class=\"_ _2\"></span>nos Ltda<span class=\"_ _85\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN<span class=\"_ _2\"></span>, n<span class=\"_ _8\"></span>\u02da 1411, Sa<span class=\"_ _2\"></span>la 17 \u2013 Ja<span class=\"_ _2\"></span>rdim N<span class=\"_ _2\"></span>ovo, Rio Cl<span class=\"_ _2\"></span>aro<span class=\"_ _1\"></span>/SP \u2013 CEP<span class=\"_ _1\"></span>, 13.<span class=\"_ _2\"></span>502-<span class=\"_ _17\"></span>74<span class=\"_ _1\"></span>1, B<span class=\"_ _2\"></span>razil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _8b\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>GENE<span class=\"_ _1\"></span>E<span class=\"_ _2\"></span>TI<span class=\"_ _8\"></span>C Servic<span class=\"_ _8\"></span>e S.R.L.<span class=\"_ _48\"> </span><span class=\"ls3 ws3\">Vial<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>a 71<span class=\"_ _2\"></span>, 3210<span class=\"_ _2\"></span>0, Be<span class=\"_ _2\"></span>llun<span class=\"_ _2\"></span>o, Italy<span class=\"_ _35c\"> </span></span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _11f\"> </span><span class=\"ls16 ws16\">33%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>Inner Mongolia<span class=\"_ _8\"></span> Genus Bi<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Lt<span class=\"_ _8\"></span>d<span class=\"_ _35c\"> </span>3rd Flo<span class=\"_ _2\"></span>or, Buil<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g A<span class=\"_ _8\"></span>-<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>5 Nor<span class=\"_ _2\"></span>th, I<span class=\"_ _2\"></span>ntellig<span class=\"_ _2\"></span>ent Ma<span class=\"_ _2\"></span>nufa<span class=\"_ _2\"></span>ctur<span class=\"_ _2\"></span>ing I<span class=\"_ _2\"></span>ndu<span class=\"_ _2\"></span>stria<span class=\"_ _2\"></span>l Park, I<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>er Mo<span class=\"_ _2\"></span>ngo<span class=\"_ _2\"></span>lia, He<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>ger N<span class=\"_ _2\"></span>ew Area, C<span class=\"_ _2\"></span>hin<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Inner Mongolia<span class=\"_ _8\"></span> Haoxia<span class=\"_ _8\"></span>ng Pi<span class=\"_ _8\"></span>g Bre<span class=\"_ _2\"></span>edin<span class=\"_ _2\"></span>g Co. Ltd<span class=\"_ _35c\"> </span>Ji<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>g Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Jin<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g T<span class=\"_ _1\"></span>own, Z<span class=\"_ _2\"></span>hid<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>unty,  Y<span class=\"_ _1\"></span>an An Municipality<span class=\"_ _1\"></span>, Shaanxi Pro<span class=\"_ _1\"></span>vince, China<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>49%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Liao Ning PIC<span class=\"_ _1\"></span> Agriculture Sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Ltd<span class=\"_ _35c\"> </span>Gu<span class=\"_ _2\"></span>nzigo<span class=\"_ _2\"></span>u Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Gao G<span class=\"_ _2\"></span>uan Town, Be<span class=\"_ _2\"></span>nxi C<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, Be<span class=\"_ _2\"></span>nxi Ci<span class=\"_ _2\"></span>ty, Liao<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g Provin<span class=\"_ _2\"></span>ce, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC (<span class=\"_ _1\"></span>Sh<span class=\"_ _2\"></span>anghai)<span class=\"_ _1\"></span> Agriculture<span class=\"_ _1\"></span> Sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Company<span class=\"_ _8\"></span> Limit<span class=\"_ _1\"></span>ed<span class=\"_ _35c\"> </span>Ro<span class=\"_ _2\"></span>om 702<span class=\"_ _1\"></span>-5, N<span class=\"_ _2\"></span>o. 71<span class=\"_ _2\"></span>9 She<span class=\"_ _2\"></span>n Gui R<span class=\"_ _2\"></span>oad,  Mi<span class=\"_ _2\"></span>n Han<span class=\"_ _2\"></span>g Dis<span class=\"_ _2\"></span>trict, S<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gh<span class=\"_ _2\"></span>a, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC (Z<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gji<span class=\"_ _2\"></span>agan<span class=\"_ _2\"></span>g) Pig  Impro<span class=\"_ _1\"></span>vement Co<span class=\"_ _1\"></span>., L<span class=\"_ _1\"></span>td.<span class=\"_ _35c\"> </span>Of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice 12<span class=\"_ _2\"></span>10, Inter<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e T<span class=\"_ _1\"></span>ower,  20 Ji<span class=\"_ _2\"></span>nga<span class=\"_ _2\"></span>ng Ro<span class=\"_ _2\"></span>ad, Zh<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>jia<span class=\"_ _2\"></span>gan<span class=\"_ _2\"></span>g Bon<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d Zone, Zhangjiagang City<span class=\"_ _1\"></span>, Jiangsu P<span class=\"_ _1\"></span>rovince<span class=\"_ _8\"></span>, China<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _54\"> </span><span class=\"ls22 ws22\">US<span class=\"_ _2\"></span>D1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC A<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>na Sp<span class=\"_ _2\"></span>A<span class=\"_ _be\"> </span>Ave<span class=\"_ _2\"></span>nid<span class=\"_ _2\"></span>a del Pa<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>qu<span class=\"_ _2\"></span>e #4<span class=\"_ _8\"></span>161 of<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>e #601<span class=\"_ _2\"></span>, Hue<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>uraba, Santiago<span class=\"_ _1\"></span>, Chile<span class=\"_ _35c\"> </span>Chile<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _61\"> </span><span class=\"ls3 ws3\">C<span class=\"_ _2\"></span>LP1  </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>PIC A<span class=\"_ _2\"></span>nkang A<span class=\"_ _2\"></span>gric<span class=\"_ _2\"></span>ultu<span class=\"_ _2\"></span>re Scie<span class=\"_ _2\"></span>nce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Ltd.<span class=\"_ _35c\"> </span>Shishubian village,<span class=\"_ _1\"></span> H<span class=\"_ _2\"></span>anbin<span class=\"_ _8\"></span> District<span class=\"_ _8\"></span>, Shaanxi P<span class=\"_ _1\"></span>rovince<span class=\"_ _8\"></span>, A<span class=\"_ _2\"></span>nka<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g,<span class=\"_ _2\"></span> Ch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Canada<span class=\"_ _1\"></span> Lt<span class=\"_ _1\"></span>d.<span class=\"_ _83\"> </span><span class=\"ls3 ws3\">Bord<span class=\"_ _2\"></span>en Ladn<span class=\"_ _2\"></span>er G<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vais LL<span class=\"_ _2\"></span>P<span class=\"_ _17\"></span>, 19<span class=\"_ _2\"></span>00-520, 3<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>d Aven<span class=\"_ _2\"></span>ue, </span>S.W<span class=\"_ _1\"></span>., C<span class=\"_ _2\"></span>alg<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, A<span class=\"_ _2\"></span>lbe<span class=\"_ _2\"></span>rta T2P O<span class=\"_ _2\"></span>R3, Ca<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>da<span class=\"_ _35c\"> </span>Canada<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _1c\"> </span><span class=\"ls22 ws22\">CAD1<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Fran<span class=\"_ _2\"></span>ce SA<span class=\"_ _c6\"> </span>69 Che<span class=\"_ _2\"></span>min d<span class=\"_ _2\"></span>es Mo<span class=\"_ _2\"></span>li\u00e8<span class=\"_ _2\"></span>res, 692<span class=\"_ _2\"></span>10, Lenti<span class=\"_ _2\"></span>lly, Fr<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nce<span class=\"_ _35c\"> </span>Fra<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _f9\"> </span><span class=\"ws20\">\u20ac17 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>PIC G<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cs D<span class=\"_ _2\"></span>esig<span class=\"_ _2\"></span>nated Activity Compan<span class=\"_ _8\"></span>y<span class=\"_ _35c\"> </span>Ri<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>de On<span class=\"_ _2\"></span>e, Sir J<span class=\"_ _2\"></span>ohn R<span class=\"_ _2\"></span>oge<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s Qu<span class=\"_ _2\"></span>ay<span class=\"_ _8\"></span>,  Dublin 2, Ir<span class=\"_ _1\"></span>elan<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>Ireland<span class=\"_ _9c\"> </span>Indirect<span class=\"_ _61\"> </span><span class=\"ls57 ws4f\">\u20ac<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>27 </span>Ordinary<span class=\"_ _35c\"> </span>\u20ac<span class=\"_ _2\"></span>1.27<span class=\"_ _35c\"> </span>Redeemable<span class=\"_ _35c\"> </span>pre<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>ce<span class=\"_ _35c\"> </span>sh<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>res<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC G<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cs LLC<span class=\"_ _b5\"> </span>79 Na<span class=\"_ _2\"></span>rodny<span class=\"_ _2\"></span>y B<span class=\"_ _2\"></span>oul<span class=\"_ _2\"></span>evard, 30<span class=\"_ _2\"></span>800<span class=\"_ _2\"></span>0, Be<span class=\"_ _2\"></span>lgo<span class=\"_ _2\"></span>rod, Russian Federation<span class=\"_ _35c\"> </span>Russia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _54\"> </span><span class=\"ls3 ws3\">RUB1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> de M<span class=\"_ _2\"></span>\u00e9xico, S<span class=\"_ _2\"></span>. de R<span class=\"_ _2\"></span>.L<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>. Wenc<span class=\"_ _2\"></span>esla<span class=\"_ _2\"></span>o de l<span class=\"_ _2\"></span>a Barqu<span class=\"_ _2\"></span>era No.7<span class=\"_ _1\"></span>, C<span class=\"_ _2\"></span>ol. V<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>as de<span class=\"_ _2\"></span>l Sur,<span class=\"_ _35c\"> </span>7<span class=\"_ _1\"></span>6040 Quere<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>ar<span class=\"_ _8\"></span>o,<span class=\"_ _1\"></span> Q<span class=\"_ _2\"></span>uer<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>o, Me<span class=\"_ _1\"></span>xico<span class=\"_ _35c\"> </span>Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIG Impr<span class=\"_ _1\"></span>ovemen<span class=\"_ _8\"></span>t Compan<span class=\"_ _8\"></span>y Deuts<span class=\"_ _8\"></span>chland<span class=\"_ _1\"></span> GmbH<span class=\"_ _35c\"> </span>Ja<span class=\"_ _2\"></span>thost<span class=\"_ _2\"></span>ra\u00dfe 11<span class=\"_ _2\"></span>a, D-3016<span class=\"_ _2\"></span>3 Han<span class=\"_ _2\"></span>nover, Germ<span class=\"_ _2\"></span>any<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>ny<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Valu<span class=\"_ _2\"></span>e </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> <span class=\"ls3 ws3\"> </span>Esp<span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>a, S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>C/<span class=\"_ _1\"></span>Pa<span class=\"_ _2\"></span>u Vi<span class=\"_ _2\"></span>la, 22 2<span class=\"_ _35c\"> </span>0 pu<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ta 6, 081<span class=\"_ _2\"></span>7<span class=\"_ _1\"></span>4 S<span class=\"_ _2\"></span>ant Cu<span class=\"_ _2\"></span>gat d<span class=\"_ _2\"></span>el V<span class=\"_ _1\"></span>alles, Barcelona, Spain<span class=\"_ _35c\"> </span>Spain<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ws20\">\u20ac25<span class=\"_ _1\"></span> O<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> UK Limit<span class=\"_ _8\"></span>ed (00<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>16304)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _46\"> </span><span class=\"ls8a wsad\">\u00a3<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC It<span class=\"_ _1\"></span>alia S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _b4\"> </span><span class=\"ls3 ws3\">Str<span class=\"_ _8\"></span>ada d<span class=\"_ _2\"></span>ei Log<span class=\"_ _2\"></span>gi 22<span class=\"_ _2\"></span>, 06135, Ponte S<span class=\"_ _2\"></span>an Giova<span class=\"_ _2\"></span>nni<span class=\"_ _2\"></span>, </span>Perugia,<span class=\"_ _1\"></span> Italy<span class=\"_ _35c\"> </span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _8b\"> </span><span class=\"ls22 ws22\">8<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span></span></span></span>PIC P<span class=\"_ _8\"></span>hilippines, Inc.<span class=\"_ _a6\"> </span><span class=\"ls3 ws3\">Unit 2<span class=\"_ _2\"></span>101-<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>103 an<span class=\"_ _2\"></span>d 2203<span class=\"_ _2\"></span>, Jol<span class=\"_ _2\"></span>lib<span class=\"_ _2\"></span>ee Plaza, F<span class=\"_ _1\"></span>. O<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>igas<span class=\"_ _2\"></span>,  </span>Jr. Rd., Or<span class=\"_ _2\"></span>tig<span class=\"_ _2\"></span>as Ce<span class=\"_ _2\"></span>nter<span class=\"_ _1\"></span>, Pa<span class=\"_ _2\"></span>sig Cit<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>, 16<span class=\"_ _2\"></span>05, Ph<span class=\"_ _2\"></span>ilip<span class=\"_ _2\"></span>pin<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span>Philippines<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _75\"> </span><span class=\"ls57 ws4f\">PH<span class=\"_ _2\"></span>P10<span class=\"_ _2\"></span>0 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC U<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>.<span class=\"_ _e0\"> </span>10<span class=\"_ _2\"></span>0 Bl<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>Grass C<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>ons B<span class=\"_ _2\"></span>lvd, S<span class=\"_ _2\"></span>uite 220<span class=\"_ _2\"></span>0, He<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>vill<span class=\"_ _2\"></span>e, TN 37075, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>RenOV<span class=\"_ _1\"></span>Ate<span class=\"_ _1\"></span> B<span class=\"_ _2\"></span>iosciences, Inc.<span class=\"_ _24\"> </span><span class=\"ls3 ws3\">6<span class=\"_ _2\"></span>87<span class=\"_ _1\"></span>4 C<span class=\"_ _2\"></span>aravan C<span class=\"_ _2\"></span>t, Col<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>bia M<span class=\"_ _2\"></span>D 210<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted States<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _99\"> </span><span class=\"ls51 ws4c\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _c5\"> </span><span class=\"ls20 ws11\">US<span class=\"_ _2\"></span>D0.0<span class=\"_ _2\"></span>01 </span></span>Series<span class=\"_ _1\"></span> Seed Pref<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red<span class=\"_ _35c\"> </span>33%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Repr<span class=\"_ _8\"></span>odut<span class=\"_ _1\"></span>ores P<span class=\"_ _8\"></span>IC, L<span class=\"_ _1\"></span>da<span class=\"_ _64\"> </span><span class=\"ls3 ws3\">Av<span class=\"_ _8\"></span>. Eng<span class=\"_ _2\"></span>. Dua<span class=\"_ _2\"></span>rte Pac<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>o, Amo<span class=\"_ _2\"></span>reiras, T<span class=\"_ _8\"></span>orre 2 \u2013 14<span class=\"_ _35c\"> </span></span>0<span class=\"_ _35c\"> </span>A,<span class=\"_ _35c\"> </span>107<span class=\"_ _1\"></span>0-<span class=\"_ _1\"></span>102 L<span class=\"_ _8\"></span>isboa,<span class=\"_ _8\"></span> Portugal<span class=\"_ _35c\"> </span>Portugal<span class=\"_ _154\"> </span>Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par V<span class=\"_ _8\"></span>alu<span class=\"_ _2\"></span>e </span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _35c\"> </span>S.R.L.<span class=\"_ _35c\"> </span>Vi<span class=\"_ _2\"></span>a March<span class=\"_ _2\"></span>e n. 2, 42<span class=\"_ _2\"></span>122, Re<span class=\"_ _2\"></span>ggi<span class=\"_ _2\"></span>on Emi<span class=\"_ _2\"></span>lia, I<span class=\"_ _2\"></span>taly<span class=\"_ _35c\"> </span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _11f\"> </span><span class=\"ls16 ws16\">33%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>Shaanxi P<span class=\"_ _8\"></span>IC P<span class=\"_ _8\"></span>ig Impr<span class=\"_ _1\"></span>ovement<span class=\"_ _1\"></span> Co., Ltd.<span class=\"_ _35c\"> </span>121<span class=\"_ _2\"></span>05, 2<span class=\"_ _2\"></span>1st f<span class=\"_ _2\"></span>loo<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, Yun tia<span class=\"_ _2\"></span>n Bui<span class=\"_ _2\"></span>ldi<span class=\"_ _2\"></span>ng, 12 F<span class=\"_ _2\"></span>eng C<span class=\"_ _2\"></span>hen<span class=\"_ _2\"></span>g Se<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>d Street, Xia<span class=\"_ _2\"></span>n Econ<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c Deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>ment D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict, Xia<span class=\"_ _2\"></span>n Cit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, S<span class=\"_ _2\"></span>haa<span class=\"_ _2\"></span>nxi Provi<span class=\"_ _2\"></span>nce, Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Y<span class=\"_ _1\"></span>an\u2019<span class=\"_ _1\"></span>an Xinyongxi<span class=\"_ _8\"></span>ang<span class=\"_ _35c\"> </span>Agricultur<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>echno<span class=\"_ _2\"></span>logy<span class=\"_ _35c\"> </span>Co., Ltd.<span class=\"_ _35c\"> </span>Ji<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>g Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Jia<span class=\"_ _2\"></span>njun Town Zhid<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, Y<span class=\"_ _8\"></span>an A<span class=\"_ _2\"></span>n Municipality,<span class=\"_ _1\"></span> in Shaanxi Pro<span class=\"_ _1\"></span>vin<span class=\"_ _2\"></span>ce<span class=\"_ _8\"></span>, China<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>49%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span>Othe<span class=\"_ _2\"></span>r<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Acc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng &amp; Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>al Se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices S<span class=\"_ _2\"></span>. de R<span class=\"_ _2\"></span>.L<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Kansa<span class=\"_ _2\"></span>s No. 2028<span class=\"_ _2\"></span>, Qui<span class=\"_ _2\"></span>ntas Cam<span class=\"_ _2\"></span>pes<span class=\"_ _2\"></span>tre, 31214<span class=\"_ _2\"></span>, Chihua<span class=\"_ _8\"></span>hua,<span class=\"_ _1\"></span>Chih.<span class=\"_ _1\"></span>, Mexi<span class=\"_ _8\"></span>co<span class=\"_ _35c\"> </span>Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _f9\"> </span><span class=\"ls9b ws3\">MXN1 Cl<span class=\"_ _2\"></span>ass 1<span class=\"_ _11f\"> </span><span class=\"ls63 wsb5\">96%<span class=\"_ _35c\"> </span></span></span></span>ABS Int<span class=\"_ _1\"></span>ernational, Inc.<span class=\"_ _49\"> </span><span class=\"ls3 ws3\">1525 Ri<span class=\"_ _2\"></span>ver Ro<span class=\"_ _2\"></span>ad, De F<span class=\"_ _2\"></span>orest W<span class=\"_ _2\"></span>I 535<span class=\"_ _2\"></span>32, Uni<span class=\"_ _2\"></span>ted States<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>ABS P<span class=\"_ _8\"></span>ecplan L<span class=\"_ _1\"></span>tda.<span class=\"_ _a5\"> </span><span class=\"ls3 ws3\">Rod. B<span class=\"_ _2\"></span>R 050 K<span class=\"_ _2\"></span>m 196 + 1<span class=\"_ _2\"></span>50m<span class=\"_ _2\"></span>etros, Zona R<span class=\"_ _2\"></span>ural, D<span class=\"_ _2\"></span>elta,<span class=\"_ _35c\"> </span></span>MG \u2013 3<span class=\"_ _2\"></span>810<span class=\"_ _2\"></span>8-0<span class=\"_ _2\"></span>00, Brazi<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _80\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _e\"> </span><span class=\"lsa6 ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Agence Spil<span class=\"_ _8\"></span>lers<span class=\"_ _8\"></span> N.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>.<span class=\"_ _f0\"> </span><span class=\"ls3 ws13a\">Pla<span class=\"_ _2\"></span>ce Sa<span class=\"_ _2\"></span>int<span class=\"_ _1\"></span>-Lam<span class=\"_ _2\"></span>ber<span class=\"_ _2\"></span>t 14, 1<span class=\"_ _2\"></span>200 Wol<span class=\"_ _2\"></span>uwe-Saint<span class=\"_ _8\"></span>-Lamb<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t, </span>Belgium<span class=\"_ _35c\"> </span>Belgium<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">No Par Val<span class=\"_ _2\"></span>ue </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Bra<span class=\"_ _8\"></span>zilian Holdings Limit<span class=\"_ _1\"></span>ed (004<span class=\"_ _1\"></span>79048)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Bra<span class=\"_ _8\"></span>zilian P<span class=\"_ _1\"></span>roper<span class=\"_ _2\"></span>tie<span class=\"_ _8\"></span>s Limit<span class=\"_ _1\"></span>ed<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g View, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>pshi<span class=\"_ _2\"></span>re,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y <span class=\"_ _142\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Busby P<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>rticipa\u00e7\u00f5es L<span class=\"_ _1\"></span>tda.<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Av. L<span class=\"_ _8\"></span>eo<span class=\"_ _2\"></span>pol<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>o de O<span class=\"_ _2\"></span>livei<span class=\"_ _2\"></span>ra, 4.113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro<span class=\"_ _8\"></span>,<span class=\"_ _35c\"> </span></span>CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Cannavarr<span class=\"_ _8\"></span>o P<span class=\"_ _8\"></span>articipa\u00e7\u00f5es L<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>da.<span class=\"_ _35c\"> </span>Av<span class=\"_ _1\"></span>. Le<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Oli<span class=\"_ _2\"></span>veira, 4<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro,<span class=\"_ _35c\"> </span>CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Dalco Export<span class=\"_ _8\"></span>adora<span class=\"_ _1\"></span> Lt<span class=\"_ _1\"></span>da.<span class=\"_ _4d\"> </span><span class=\"ls3 ws3\">Av. Leop<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Ol<span class=\"_ _2\"></span>iveira, 4113 \u2013 Sa<span class=\"_ _2\"></span>la 303<span class=\"_ _2\"></span>, Ube<span class=\"_ _2\"></span>raba,<span class=\"_ _35c\"> </span></span>Mi<span class=\"_ _2\"></span>nas G<span class=\"_ _2\"></span>erais, C<span class=\"_ _2\"></span>EP 38<span class=\"_ _2\"></span>010-<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0, Brazil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Da<span class=\"_ _2\"></span>lget<span class=\"_ _2\"></span>y Pens<span class=\"_ _2\"></span>ion Trust Li<span class=\"_ _2\"></span>mited<span class=\"_ _d6\"> </span>Mat<span class=\"_ _2\"></span>rix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asin<span class=\"_ _2\"></span>g Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>oke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld (S<span class=\"_ _2\"></span>M) Lim<span class=\"_ _2\"></span>ited (01026<span class=\"_ _2\"></span>475<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld D<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ant<span class=\"_ _fc\"> </span>Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Ba<span class=\"_ _2\"></span>sing V<span class=\"_ _2\"></span>iew, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>pshi<span class=\"_ _2\"></span>re,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>F<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d B<span class=\"_ _6\"></span>.V.<span class=\"_ _b0\"> </span><span class=\"ls3 ws3\">Matr<span class=\"_ _2\"></span>ix Ho<span class=\"_ _2\"></span>use, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g View, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>gstoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>Net<span class=\"_ _1\"></span>herlands<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _c4\"> </span><span class=\"ls14c ws142\">N<span class=\"_ _2\"></span>LG<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Fyfield Ir<span class=\"_ _1\"></span>eland Limit<span class=\"_ _1\"></span>ed<span class=\"_ _d7\"> </span><span class=\"ls3 ws3\">Ri<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>de On<span class=\"_ _2\"></span>e, Sir J<span class=\"_ _2\"></span>oh<span class=\"_ _2\"></span>n Rog<span class=\"_ _2\"></span>erso<span class=\"_ _2\"></span>n\u2019s Qua<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>,  </span>Dublin 2, Ir<span class=\"_ _1\"></span>elan<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>Ireland<span class=\"_ _9c\"> </span>Indirect<span class=\"_ _271\"> </span><span class=\"ls12f ws81\">\u20ac<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> \u2018A\u2019<span class=\"_ _2\"></span> </span>Ordinary<span class=\"_ _35c\"> </span>\u20ac1.25 \u2018B\u2019<span class=\"_ _8\"></span> Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus I<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents Li<span class=\"_ _2\"></span>mited (02028<span class=\"_ _2\"></span>517)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Genus Quest T<span class=\"_ _1\"></span>rustees Limit<span class=\"_ _1\"></span>ed<span class=\"_ _d8\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix H<span class=\"_ _2\"></span>ouse, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus R&amp;<span class=\"_ _2\"></span>D, Inc.<span class=\"_ _be\"> </span>1525 R<span class=\"_ _2\"></span>iver Ro<span class=\"_ _2\"></span>ad, D<span class=\"_ _2\"></span>e Fores<span class=\"_ _2\"></span>t WI 535<span class=\"_ _2\"></span>32, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _142\"> </span><span class=\"ls20 ws11\">U<span class=\"_ _2\"></span>S$0<span class=\"_ _2\"></span>.01 </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Genus T<span class=\"_ _1\"></span>rustees L<span class=\"_ _8\"></span>imited<span class=\"_ _5b\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>GIL Finance S.<span class=\"_ _8\"></span>\u00e0.r<span class=\"_ _1\"></span>.l.<span class=\"_ _bd\"> </span><span class=\"ls3 ws3\">121 Aven<span class=\"_ _2\"></span>ue d<span class=\"_ _2\"></span>e la Fai<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ceri<span class=\"_ _2\"></span>e, L \u2013 151<span class=\"_ _2\"></span>1, Luxem<span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>urg<span class=\"_ _35c\"> </span></span>Lu<span class=\"_ _2\"></span>xe<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>urg<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _316\"> </span><span class=\"ls22 ws22\">US<span class=\"_ _2\"></span>D1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Do<span class=\"_ _1\"></span> B<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>asil Empr<span class=\"_ _1\"></span>eendimentos<span class=\"_ _8\"></span> e P<span class=\"_ _8\"></span>articipa\u00e7\u00f5es<span class=\"_ _1\"></span> Lt<span class=\"_ _8\"></span>da.<span class=\"_ _35c\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN, n<span class=\"_ _2\"></span>o. 1411, Sa<span class=\"_ _2\"></span>la 13, J<span class=\"_ _2\"></span>ardim N<span class=\"_ _2\"></span>ovo, Rio Cl<span class=\"_ _2\"></span>aro,<span class=\"_ _35c\"> </span>Estad<span class=\"_ _2\"></span>o De S<span class=\"_ _2\"></span>\u00e3o Pau<span class=\"_ _2\"></span>lo, CEP 13<span class=\"_ _2\"></span>.502<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>41, Brazil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _271\"> </span><span class=\"ls63 wsb5\">B<span class=\"_ _2\"></span>RL0<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Fy<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>d Lim<span class=\"_ _2\"></span>ited (00<span class=\"_ _2\"></span>019<span class=\"_ _2\"></span>739)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> Over<span class=\"_ _1\"></span>seas Limi<span class=\"_ _1\"></span>ted<span class=\"_ _8\"></span> (0<span class=\"_ _8\"></span>1583814<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Pigtal<span class=\"_ _2\"></span>es Li<span class=\"_ _2\"></span>mited (0<span class=\"_ _2\"></span>0723762)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Prom<span class=\"_ _2\"></span>ar Intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l Limi<span class=\"_ _2\"></span>ted (030<span class=\"_ _2\"></span>045<span class=\"_ _2\"></span>62)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Skogluno<span class=\"_ _8\"></span> Participa\u00e7\u00f5es L<span class=\"_ _1\"></span>tda.<span class=\"_ _d1\"> </span><span class=\"ls3 ws3\">Av<span class=\"_ _1\"></span>. Le<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>oldi<span class=\"_ _2\"></span>no d<span class=\"_ _2\"></span>e Oli<span class=\"_ _2\"></span>veira, 4<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro,<span class=\"_ _35c\"> </span></span>CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Spillers Limit<span class=\"_ _8\"></span>ed<span class=\"_ _17a\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix H<span class=\"_ _2\"></span>ouse, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng V<span class=\"_ _2\"></span>iew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>gstoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _5c\"> </span><span class=\"ls78 ws6b\">\u00a30<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Sp<span class=\"_ _2\"></span>ille<span class=\"_ _2\"></span>rs Ove<span class=\"_ _2\"></span>rsea<span class=\"_ _2\"></span>s Lim<span class=\"_ _2\"></span>ited (000<span class=\"_ _2\"></span>69723<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _5c\"> </span><span class=\"ls78 ws6b\">\u00a30<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Syge<span class=\"_ _2\"></span>n, In<span class=\"_ _2\"></span>c.<span class=\"_ _242\"> </span>100 B<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>eGras<span class=\"_ _2\"></span>s Co<span class=\"_ _2\"></span>mmo<span class=\"_ _2\"></span>ns B<span class=\"_ _2\"></span>lvd, Su<span class=\"_ _2\"></span>ite 220<span class=\"_ _2\"></span>0, He<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>vill<span class=\"_ _2\"></span>e, TN 37075 Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Syge<span class=\"_ _2\"></span>n Intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal L<span class=\"_ _2\"></span>imite<span class=\"_ _2\"></span>d (<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>74)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _316\"> </span><span class=\"ls8a wsad\">\u00a3<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Sy<span class=\"_ _8\"></span>gen In<span class=\"_ _8\"></span>ves<span class=\"_ _8\"></span>timen<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>os L<span class=\"_ _1\"></span>tda.<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Av. Leop<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Ol<span class=\"_ _2\"></span>iveira, 4113 \u2013 Sa<span class=\"_ _2\"></span>la 303<span class=\"_ _2\"></span>, Ube<span class=\"_ _2\"></span>raba,<span class=\"_ _35c\"> </span></span>Mi<span class=\"_ _2\"></span>nas G<span class=\"_ _2\"></span>erais, C<span class=\"_ _2\"></span>EP 38<span class=\"_ _2\"></span>010-<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0, Brazil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _11e\"> </span><span class=\"ls19 ws6a\">BRL0<span class=\"_ _8\"></span>.63 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Usicaf\u00e9 SA<span class=\"_ _242\"> </span><span class=\"ls3 ws3\">c/<span class=\"_ _17\"></span>o C<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>net Ma<span class=\"_ _2\"></span>yor<span class=\"_ _8\"></span>, avo<span class=\"_ _2\"></span>cats, R<span class=\"_ _2\"></span>ue J<span class=\"_ _2\"></span>ean-G<span class=\"_ _2\"></span>abr<span class=\"_ _2\"></span>iel </span>Eyn<span class=\"_ _2\"></span>ard 6, 120<span class=\"_ _2\"></span>5 Gen<span class=\"_ _2\"></span>\u00e8ve<span class=\"_ _35c\"> </span>Switz<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rland<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _86\"> </span><span class=\"ls13 ws13\">CHF1,00<span class=\"_ _2\"></span>0 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Xelec<span class=\"_ _8\"></span>t Limi<span class=\"_ _8\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _131\"> </span><span class=\"ls3 ws3\">Ho<span class=\"_ _2\"></span>rizon Ho<span class=\"_ _2\"></span>use, A<span class=\"_ _2\"></span>bbey Wal<span class=\"_ _2\"></span>k, St And<span class=\"_ _2\"></span>rews, Fife, </span>Scotl<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>, K<span class=\"_ _2\"></span>Y1<span class=\"_ _2\"></span>6 9LB<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _76\"> </span><span class=\"ls78 ws6b\">\u00a30.<span class=\"_ _2\"></span>001<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>39%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>1 <span class=\"_ _d9\"> </span>Associated undertakings<span class=\"_ _8\"></span> including joint<span class=\"_ _8\"></span> ventur<span class=\"_ _1\"></span>e inter<span class=\"_ _1\"></span>ests<span class=\"_ _35c\"> </span>2 <span class=\"_ _12\"> </span>UK s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s taki<span class=\"_ _2\"></span>ng ad<span class=\"_ _2\"></span>vanta<span class=\"_ _2\"></span>ge of th<span class=\"_ _2\"></span>e aud<span class=\"_ _2\"></span>it exem<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n with<span class=\"_ _2\"></span>in se<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>on 479A of the C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies A<span class=\"_ _2\"></span>ct 20<span class=\"_ _2\"></span>06<span class=\"_ _35c\"> </span>38<span class=\"_ _8\"></span>.<span class=\"_ _1\"></span> DEFERRED<span class=\"_ _1\"></span> CON<span class=\"_ _1\"></span>SIDERA<span class=\"_ _1\"></span>TI<span class=\"_ _8\"></span>ON<span class=\"_ _1\"></span> Accounting<span class=\"_ _8\"></span> policies<span class=\"_ _35c\"> </span>We recog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>e defe<span class=\"_ _2\"></span>rred co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>n the B<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nce S<span class=\"_ _2\"></span>heet w<span class=\"_ _2\"></span>hen a b<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s com<span class=\"_ _2\"></span>bin<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n con<span class=\"_ _2\"></span>tains a c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>l cla<span class=\"_ _2\"></span>use th<span class=\"_ _2\"></span>at def<span class=\"_ _2\"></span>ers a po<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>on of the p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase p<span class=\"_ _2\"></span>ric<span class=\"_ _2\"></span>e. Whe<span class=\"_ _2\"></span>n the co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on tran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rred by the G<span class=\"_ _2\"></span>roup i<span class=\"_ _2\"></span>n a bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span>cl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s a conti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ent co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on ar<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt, the c<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>nt con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n is m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured at i<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uis<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n date fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of the co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on tran<span class=\"_ _2\"></span>sfer<span class=\"_ _2\"></span>red in a b<span class=\"_ _2\"></span>usi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s com<span class=\"_ _2\"></span>bin<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n. Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e conti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ent co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>derat<span class=\"_ _2\"></span>ion th<span class=\"_ _2\"></span>at qu<span class=\"_ _2\"></span>alif<span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>s me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt period a<span class=\"_ _8\"></span>djustmen<span class=\"_ _1\"></span>ts are<span class=\"_ _1\"></span> adjusted<span class=\"_ _8\"></span> re<span class=\"_ _1\"></span>trospect<span class=\"_ _1\"></span>ively<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h corr<span class=\"_ _8\"></span>esponding ad<span class=\"_ _8\"></span>justment<span class=\"_ _1\"></span>s against good<span class=\"_ _8\"></span>will.<span class=\"_ _1\"></span> Me<span class=\"_ _2\"></span>asur<span class=\"_ _1\"></span>ement period<span class=\"_ _8\"></span> adjust<span class=\"_ _8\"></span>ments<span class=\"_ _1\"></span> are a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts tha<span class=\"_ _2\"></span>t aris<span class=\"_ _2\"></span>e from a<span class=\"_ _2\"></span>ddit<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>al inf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>btain<span class=\"_ _2\"></span>ed d<span class=\"_ _2\"></span>urin<span class=\"_ _2\"></span>g the \u2018m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>urem<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d\u2019 (whi<span class=\"_ _2\"></span>ch ca<span class=\"_ _2\"></span>nnot exce<span class=\"_ _2\"></span>ed o<span class=\"_ _2\"></span>ne yea<span class=\"_ _2\"></span>r from the a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>isiti<span class=\"_ _2\"></span>on d<span class=\"_ _2\"></span>ate) abo<span class=\"_ _2\"></span>ut fac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d circ<span class=\"_ _2\"></span>ums<span class=\"_ _2\"></span>tance<span class=\"_ _2\"></span>s that exi<span class=\"_ _2\"></span>sted a<span class=\"_ _2\"></span>t the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n date. Su<span class=\"_ _2\"></span>bseq<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>nt conti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ent co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dera<span class=\"_ _2\"></span>tion fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue rem<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s that d<span class=\"_ _2\"></span>o not qu<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>y as me<span class=\"_ _2\"></span>asu<span class=\"_ _2\"></span>reme<span class=\"_ _2\"></span>nt pe<span class=\"_ _2\"></span>rio<span class=\"_ _2\"></span>d adju<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re rec<span class=\"_ _8\"></span>ognised<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> Income St<span class=\"_ _1\"></span>at<span class=\"_ _8\"></span>ement.<span class=\"_ _35c\"> </span>Co<span class=\"_ _2\"></span>nting<span class=\"_ _2\"></span>ent d<span class=\"_ _2\"></span>efer<span class=\"_ _2\"></span>red co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on is m<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ured a<span class=\"_ _2\"></span>t fair va<span class=\"_ _2\"></span>lue a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n bas<span class=\"_ _2\"></span>is is Level 3 c<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>tion, w<span class=\"_ _2\"></span>here fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue tec<span class=\"_ _2\"></span>hn<span class=\"_ _2\"></span>iqu<span class=\"_ _2\"></span>es use i<span class=\"_ _2\"></span>np<span class=\"_ _2\"></span>uts whi<span class=\"_ _2\"></span>ch h<span class=\"_ _2\"></span>ave a sig<span class=\"_ _2\"></span>nif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t on th<span class=\"_ _2\"></span>e record<span class=\"_ _2\"></span>ed fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue tha<span class=\"_ _2\"></span>t are not b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vab<span class=\"_ _2\"></span>le ma<span class=\"_ _2\"></span>rket data.<span class=\"_ _35c\"> </span>Contingent deferred consideration \u00a3m<span class=\"_ _35c\"> </span>Deferred<span class=\"_ _8\"></span> consideration \u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 1 J<span class=\"_ _2\"></span>uly 2021<span class=\"_ _35c\"> </span>1<span class=\"_ _2\"></span>.7<span class=\"_ _15b\"> </span><span class=\"ls75 ws69\">0.4<span class=\"_ _1c\"> </span><span class=\"ls8a wsad\">2<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span>Business combination<span class=\"_ _317\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _c2\"> </span><span class=\"ls75 ws69\">0.2<span class=\"_ _11f\"> </span>0.<span class=\"_ _2\"></span>3<span class=\"_ _35c\"> </span></span></span>Paym<span class=\"_ _2\"></span>ent of co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n<span class=\"_ _78\"> </span><span class=\"ls22 ws22\">(0<span class=\"_ _2\"></span>.6)<span class=\"_ _d7\"> </span>(<span class=\"_ _2\"></span>0.4)<span class=\"_ _73\"> </span><span class=\"ls20 ws11\">(1.0<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ansfer<span class=\"_ _247\"> </span><span class=\"ls20 ws11\">(0.8<span class=\"_ _2\"></span>)<span class=\"_ _15b\"> </span><span class=\"ls75 ws69\">0.8<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _35c\"> </span></span></span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement i<span class=\"_ _2\"></span>n exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _318\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _a6\"> </span></span>\u2013<span class=\"_ _5c\"> </span><span class=\"ls8a wsad\">0.1<span class=\"_ _35c\"> </span></span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022<span class=\"_ _319\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _100\"> </span><span class=\"ls20 ws11\">1.0<span class=\"_ _5c\"> </span><span class=\"lsd ws5\">1.5<span class=\"_ _35c\"> </span></span></span></span>Business combination<span class=\"_ _31a\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _a6\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Paym<span class=\"_ _2\"></span>ent of co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n<span class=\"_ _2ba\"> </span><span class=\"ff2\">\u2013<span class=\"_ _11f\"> </span><span class=\"ls77 ws5c\">(0.<span class=\"_ _2\"></span>8)<span class=\"_ _271\"> </span>(0.<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>r<span class=\"_ _8\"></span>ansfer<span class=\"_ _2b3\"> </span><span class=\"ff2 ls3 ws3\">\u2013<span class=\"_ _a6\"> </span>\u2013<span class=\"_ _4a\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Eff<span class=\"_ _2\"></span>ect of m<span class=\"_ _2\"></span>ovement i<span class=\"_ _2\"></span>n exchan<span class=\"_ _2\"></span>ge rates<span class=\"_ _d0\"> </span><span class=\"ff2 ls77 ws5c\">(0.1)<span class=\"_ _a6\"> </span></span><span class=\"ff2\">\u2013<span class=\"_ _69\"> </span><span class=\"ls77 ws5c\">(0.1)<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _237\"> </span><span class=\"ls77 ws5c\">0.4<span class=\"_ _31b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _8b\"> </span>0.6<span class=\"_ _35c\"> </span></span>Current<span class=\"_ _217\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a6\"> </span>\u2013<span class=\"_ _c2\"> </span>\u2013<span class=\"_ _35c\"> </span></span>Non-current<span class=\"_ _2e9\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _31b\"> </span>0.2<span class=\"_ _8b\"> </span>0.<span class=\"_ _2\"></span>6<span class=\"_ _35c\"> </span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _237\"> </span><span class=\"ls77 ws5c\">0.4<span class=\"_ _31b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _8b\"> </span>0.6<span class=\"_ _35c\"> </span></span>Cu<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>nt<span class=\"_ _31c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ls75 ws69\">0.8<span class=\"_ _11f\"> </span>0.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span></span>Non-<span class=\"_ _8\"></span>curr<span class=\"_ _1\"></span>ent<span class=\"_ _263\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>5<span class=\"_ _15b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _192\"> </span><span class=\"lsb9 wsa9\">0.7<span class=\"_ _35c\"> </span></span></span>Ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce at 30 J<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>e 2022<span class=\"_ _319\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _100\"> </span><span class=\"ls20 ws11\">1.0<span class=\"_ _5c\"> </span><span class=\"lsd ws5\">1.5<span class=\"_ _35c\"> </span></span></span></span>Th<span class=\"_ _2\"></span>e bal<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e at 30 J<span class=\"_ _2\"></span>une 2023 re<span class=\"_ _2\"></span>lates to th<span class=\"_ _2\"></span>e foll<span class=\"_ _2\"></span>owin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons:<span class=\"_ _35c\"> </span>Fis<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>l year o<span class=\"_ _2\"></span>f transaction<span class=\"_ _35c\"> </span>Contingent deferred consideration \u00a3m<span class=\"_ _35c\"> </span>Deferred<span class=\"_ _8\"></span> consideration \u00a3m<span class=\"_ _35c\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y LL<span class=\"_ _8\"></span>C (also kn<span class=\"_ _2\"></span>own as B<span class=\"_ _2\"></span>oviSyn<span class=\"_ _2\"></span>c)<span class=\"_ _31d\"> </span><span class=\"ff2 ls9b ws90\">201<span class=\"_ _2\"></span>9<span class=\"_ _61\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _a6\"> </span></span></span><span class=\"ff2\">\u2013<span class=\"_ _71\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>4<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>.A<span class=\"_ _2\"></span>.C<span class=\"_ _8\"></span>. \u2013<span class=\"_ _8\"></span> Labor<span class=\"_ _1\"></span>at\u00f3r<span class=\"_ _8\"></span>io de<span class=\"_ _1\"></span> Reprodu\u00e7\u00e3o Ani<span class=\"_ _8\"></span>mal L<span class=\"_ _1\"></span>tda.<span class=\"_ _68\"> </span><span class=\"ff2 ls3 ws3\">2022<span class=\"_ _a6\"> </span>\u2013<span class=\"_ _31b\"> </span><span class=\"ls77 ws5c\">0.2<span class=\"_ _8b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _35c\"> </span></span></span>Balance at<span class=\"_ _1\"></span> 30 June 2023<span class=\"_ _237\"> </span><span class=\"ls77 ws5c\">0.4<span class=\"_ _31b\"> </span>0.<span class=\"_ _2\"></span>2<span class=\"_ _8b\"> </span>0.6<span class=\"_ _35c\"> </span></span>39<span class=\"_ _1\"></span>. NON-CONTROLLI<span class=\"_ _2\"></span>NG INTER<span class=\"_ _2\"></span>EST<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>No<span class=\"_ _2\"></span>n-controll<span class=\"_ _2\"></span>ing interes<span class=\"_ _2\"></span>t<span class=\"_ _193\"> </span><span class=\"ff2 lsc wsc\">(2.<span class=\"_ _2\"></span>2)<span class=\"_ _6b\"> </span></span><span class=\"lsb9 wsa9\">(<span class=\"_ _2\"></span>0.7)<span class=\"_ _35c\"> </span></span>Put o<span class=\"_ _2\"></span>ption over n<span class=\"_ _2\"></span>on-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interest at in<span class=\"_ _2\"></span>ceptio<span class=\"_ _2\"></span>n<span class=\"_ _22c\"> </span><span class=\"ff2 ls77 ws5c\">(5.<span class=\"_ _2\"></span>5)<span class=\"_ _5b\"> </span></span><span class=\"lsb9 wsa9\">(5<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal non-con<span class=\"_ _8\"></span>trolling interest<span class=\"_ _1c8\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _6\"></span>7.7<span class=\"_ _2\"></span>)<span class=\"_ _5e\"> </span><span class=\"ff6 ls63 wsb5\">(6.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span></span>Su<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>aris<span class=\"_ _2\"></span>ed fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al inf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n in resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of eac<span class=\"_ _2\"></span>h of the G<span class=\"_ _2\"></span>roup\u2019s sub<span class=\"_ _2\"></span>sidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es tha<span class=\"_ _2\"></span>t has a m<span class=\"_ _2\"></span>ateri<span class=\"_ _2\"></span>al no<span class=\"_ _2\"></span>n-co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nterest i<span class=\"_ _2\"></span>s set ou<span class=\"_ _2\"></span>t below be<span class=\"_ _8\"></span>for<span class=\"_ _8\"></span>e int<span class=\"_ _1\"></span>ra-Gr<span class=\"_ _1\"></span>ou<span class=\"_ _2\"></span>p<span class=\"_ _8\"></span> eliminations.<span class=\"_ _35c\"> </span>De N<span class=\"_ _2\"></span>ovo Ge<span class=\"_ _2\"></span>net<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>s LLC \u00a3m<span class=\"_ _35c\"> </span>PI<span class=\"_ _2\"></span>C Ita<span class=\"_ _2\"></span>lia S.r.l.<span class=\"_ _1\"></span> \u00a3m<span class=\"_ _35c\"> </span>2023 <span class=\"ls3 ws3\"> </span>\u00a3m<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e<span class=\"_ _31e\"> </span><span class=\"ff2 lsc4 wsa7\">4<span class=\"_ _2\"></span>.1<span class=\"_ _49\"> </span>5<span class=\"_ _2\"></span>.1<span class=\"_ _192\"> </span><span class=\"lsa3 ws96\">9.<span class=\"_ _6\"></span>2<span class=\"_ _35c\"> </span></span></span>Expe<span class=\"_ _2\"></span>nses<span class=\"_ _247\"> </span><span class=\"ff2 lsbb wsab\">(<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>4)<span class=\"_ _48\"> </span><span class=\"ls29 ws28\">(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6)<span class=\"_ _45\"> </span><span class=\"ls31 ws97\">(12<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>otal com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>ve (e<span class=\"_ _8\"></span>xpe<span class=\"_ _2\"></span>nse)/<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me for th<span class=\"_ _2\"></span>e year<span class=\"_ _31f\"> </span><span class=\"ff2 ls20 ws11\">(3.<span class=\"_ _2\"></span>3)<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.<span class=\"_ _2\"></span>5<span class=\"_ _6a\"> </span><span class=\"ls55 ws3f\">(2.<span class=\"_ _2\"></span>8)<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>otal com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>ve (e<span class=\"_ _8\"></span>xpe<span class=\"_ _2\"></span>nse)/<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to owne<span class=\"_ _2\"></span>rs of the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any<span class=\"_ _4c\"> </span><span class=\"ff2 ls77 ws5c\">(1<span class=\"_ _2\"></span>.7)<span class=\"_ _71\"> </span>0.<span class=\"_ _2\"></span>4<span class=\"_ _69\"> </span><span class=\"ls57 ws4f\">(1<span class=\"_ _2\"></span>.3)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>ve (e<span class=\"_ _8\"></span>xpe<span class=\"_ _2\"></span>nse)/<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to the n<span class=\"_ _2\"></span>on-co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>oll<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>erest<span class=\"_ _63\"> </span><span class=\"ff2 ls76 ws5d\">(1.6)<span class=\"_ _d7\"> </span><span class=\"lsc4 wsa7\">0.1<span class=\"_ _5b\"> </span><span class=\"ls77 ws5c\">(1.<span class=\"_ _2\"></span>5)<span class=\"_ _35c\"> </span></span></span></span>Biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _1cd\"> </span><span class=\"ff2 ls7 ws7\">15.<span class=\"_ _2\"></span>6<span class=\"_ _15b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _5b\"> </span></span>15.6<span class=\"_ _35c\"> </span></span>Cur<span class=\"_ _2\"></span>rent assets<span class=\"_ _35c\"> </span>\u2013<span class=\"_ _49\"> </span><span class=\"ls77 ws5c\">1.7<span class=\"_ _49\"> </span>1.7<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er no<span class=\"_ _2\"></span>n-current a<span class=\"_ _2\"></span>ssets<span class=\"_ _1c4\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>8<span class=\"_ _192\"> </span><span class=\"ls3d ws20\">1.4<span class=\"_ _11f\"> </span><span class=\"ls80 wsde\">2.2<span class=\"_ _35c\"> </span></span></span></span>Curr<span class=\"_ _8\"></span>ent liabili<span class=\"_ _8\"></span>ties<span class=\"_ _1dd\"> </span><span class=\"ff2 lsb8 wsa8\">(<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _26\"> </span><span class=\"ls31 ws97\">(<span class=\"_ _2\"></span>2.0)<span class=\"_ _4f\"> </span></span>(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.9)<span class=\"_ _35c\"> </span></span>Net (<span class=\"_ _1\"></span>liabilities)<span class=\"_ _1\"></span>/<span class=\"_ _17\"></span>assets<span class=\"_ _2b9\"> </span><span class=\"lsaf wsb8\">(6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5)<span class=\"_ _1c\"> </span><span class=\"lsc4 wsa7\">1<span class=\"_ _2\"></span>.1<span class=\"_ _48\"> </span><span class=\"ls5c ws56\">(5.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span></span></span>Equ<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>o owne<span class=\"_ _2\"></span>rs of the Co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>any<span class=\"_ _109\"> </span><span class=\"ff2 lsc4 wsa7\">4<span class=\"_ _2\"></span>.1<span class=\"_ _48\"> </span><span class=\"ls77 ws5c\">(0.9<span class=\"_ _8\"></span>)<span class=\"_ _11f\"> </span><span class=\"lse wsd\">3.2<span class=\"_ _35c\"> </span></span></span></span>Non-controlling intere<span class=\"_ _8\"></span>st<span class=\"_ _2d0\"> </span><span class=\"ls5c ws56\">(2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _8b\"> </span><span class=\"ls77 ws5c\">0.2<span class=\"_ _48\"> </span><span class=\"lsc wsc\">(2.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></span></span>Di<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>s of \u00a30.<span class=\"_ _1\"></span>1m we<span class=\"_ _2\"></span>re pai<span class=\"_ _2\"></span>d to non-c<span class=\"_ _2\"></span>ontrol<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g intere<span class=\"_ _2\"></span>sts (2022: \u00a30.1m).<span class=\"_ _35c\"> </span>De N<span class=\"_ _2\"></span>ovo Ge<span class=\"_ _2\"></span>neti<span class=\"_ _2\"></span>cs LLC \u00a3m<span class=\"_ _35c\"> </span>PIC I<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>a S.r<span class=\"_ _8\"></span>.l. \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2  \u00a3m<span class=\"_ _35c\"> </span>Reve<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>e<span class=\"_ _35c\"> </span>3.7<span class=\"_ _192\"> </span><span class=\"ls43 ws68\">3.4<span class=\"_ _46\"> </span><span class=\"lsba wsaa\">7.<span class=\"_ _2\"></span>1<span class=\"_ _35c\"> </span></span></span>Expe<span class=\"_ _2\"></span>nses<span class=\"_ _117\"> </span><span class=\"ls22 ws22\">(1<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>6)<span class=\"_ _5b\"> </span>(2.<span class=\"_ _2\"></span>6)<span class=\"_ _c4\"> </span><span class=\"ls31 ws97\">(15<span class=\"_ _2\"></span>.2)<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>ve (e<span class=\"_ _8\"></span>xpe<span class=\"_ _2\"></span>nse)/<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me for th<span class=\"_ _2\"></span>e year<span class=\"_ _241\"> </span><span class=\"ls3e ws38\">(8<span class=\"_ _6\"></span>.9)<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.8<span class=\"_ _76\"> </span><span class=\"ls8a wsad\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.1)<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>otal com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>ve (e<span class=\"_ _8\"></span>xpe<span class=\"_ _2\"></span>nse)/<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to owne<span class=\"_ _2\"></span>rs of the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any<span class=\"_ _25\"> </span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>.5)<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.6<span class=\"_ _5e\"> </span><span class=\"ls3e ws38\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></span>T<span class=\"_ _1\"></span>otal com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>ve (e<span class=\"_ _8\"></span>xpe<span class=\"_ _2\"></span>nse)/<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>nco<span class=\"_ _2\"></span>me at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to the n<span class=\"_ _2\"></span>on-co<span class=\"_ _2\"></span>ntr<span class=\"_ _8\"></span>oll<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>erest<span class=\"_ _120\"> </span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>.4)<span class=\"_ _6c\"> </span><span class=\"ls75 ws69\">0.2<span class=\"_ _6b\"> </span></span>(4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span>Biological asse<span class=\"_ _1\"></span>ts<span class=\"_ _1d8\"> </span><span class=\"ls43 ws68\">15.2<span class=\"_ _4a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _73\"> </span></span>15.2<span class=\"_ _35c\"> </span></span>Cur<span class=\"_ _2\"></span>rent assets<span class=\"_ _258\"> </span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _49\"> </span><span class=\"ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _1c\"> </span></span>1<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span>Oth<span class=\"_ _2\"></span>er no<span class=\"_ _2\"></span>n-current a<span class=\"_ _2\"></span>ssets<span class=\"_ _19a\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>8<span class=\"_ _192\"> </span><span class=\"ls3a ws1a\">2.3<span class=\"_ _1c\"> </span><span class=\"ls8a wsad\">3<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></span></span>Curr<span class=\"_ _8\"></span>ent liabili<span class=\"_ _8\"></span>ties<span class=\"_ _2f5\"> </span><span class=\"lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _6\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _76\"> </span><span class=\"ls77 ws5c\">(1.<span class=\"_ _2\"></span>8)<span class=\"_ _c4\"> </span><span class=\"ls22 ws22\">(21<span class=\"_ _2\"></span>.4)<span class=\"_ _35c\"> </span></span></span></span>Net (<span class=\"_ _1\"></span>liabilities)<span class=\"_ _1\"></span>/<span class=\"_ _17\"></span>assets<span class=\"_ _206\"> </span><span class=\"ff6 lsb9 wsa9\">(2<span class=\"_ _2\"></span>.7)<span class=\"_ _5c\"> </span><span class=\"lsd ws5\">1.5<span class=\"_ _73\"> </span><span class=\"ls31 ws97\">(1<span class=\"_ _2\"></span>.2)<span class=\"_ _35c\"> </span></span></span></span>Equ<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e t<span class=\"_ _8\"></span>o owne<span class=\"_ _2\"></span>rs of the Co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>any<span class=\"_ _320\"> </span><span class=\"ls19 ws6a\">1.8<span class=\"_ _73\"> </span><span class=\"ls9c wsb7\">(<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>3)<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.5<span class=\"_ _35c\"> </span></span></span></span>Non-controlling intere<span class=\"_ _8\"></span>st<span class=\"_ _19a\"> </span><span class=\"ff6 ls3e ws38\">(0<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _11f\"> </span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>2<span class=\"_ _5b\"> </span><span class=\"lsb9 wsa9\">(0.7)<span class=\"_ _35c\"> </span></span></span></span>40.<span class=\"_ _8\"></span> RE<span class=\"_ _2\"></span>LA<span class=\"_ _1\"></span>TE<span class=\"_ _2\"></span>D-PARTY TRA<span class=\"_ _2\"></span>NSACTIONS<span class=\"_ _35c\"> </span>Bo<span class=\"_ _2\"></span>maz, In<span class=\"_ _2\"></span>c. an<span class=\"_ _2\"></span>d Bo<span class=\"_ _2\"></span>gz Dai<span class=\"_ _2\"></span>ry, LL<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>, are well-re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nis<span class=\"_ _2\"></span>ed bre<span class=\"_ _2\"></span>ede<span class=\"_ _2\"></span>rs in th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>dus<span class=\"_ _2\"></span>try, and a<span class=\"_ _2\"></span>re relate<span class=\"_ _2\"></span>d par<span class=\"_ _2\"></span>tie<span class=\"_ _2\"></span>s to the Gro<span class=\"_ _2\"></span>up as th<span class=\"_ _2\"></span>ese e<span class=\"_ _2\"></span>ntities are un<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>r the co<span class=\"_ _2\"></span>ntrol of re<span class=\"_ _2\"></span>lative<span class=\"_ _2\"></span>s of Nate Zwald<span class=\"_ _2\"></span>, our A<span class=\"_ _2\"></span>BS Da<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>y COO. We transa<span class=\"_ _2\"></span>ct with B<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>az, Inc<span class=\"_ _2\"></span>. and B<span class=\"_ _2\"></span>ogz D<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, L<span class=\"_ _2\"></span>L<span class=\"_ _1\"></span>C a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of ou<span class=\"_ _2\"></span>r bu<span class=\"_ _2\"></span>ll prod<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>t devel<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ment e<span class=\"_ _2\"></span>ffo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>t, und<span class=\"_ _2\"></span>er a vari<span class=\"_ _2\"></span>ety of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Paym<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n 2023 am<span class=\"_ _2\"></span>ounte<span class=\"_ _2\"></span>d to \u00a31.3<span class=\"_ _2\"></span>m (2022: \u00a3<span class=\"_ _2\"></span>1.3<span class=\"_ _2\"></span>m). As at 30 J<span class=\"_ _2\"></span>une 2023<span class=\"_ _2\"></span>, the ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ce owi<span class=\"_ _2\"></span>ng to the<span class=\"_ _2\"></span>se enti<span class=\"_ _2\"></span>ties was \u00a30.1m (2022: \u00a3<span class=\"_ _2\"></span>nil). All a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unts we<span class=\"_ _2\"></span>re settl<span class=\"_ _2\"></span>ed in c<span class=\"_ _2\"></span>ash<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>ese rel<span class=\"_ _2\"></span>ated-pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s were ma<span class=\"_ _2\"></span>de on te<span class=\"_ _2\"></span>rms e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>vale<span class=\"_ _2\"></span>nt to those th<span class=\"_ _2\"></span>at preva<span class=\"_ _2\"></span>il in a<span class=\"_ _2\"></span>rm\u2019s len<span class=\"_ _2\"></span>gth tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "1. REPORTING ENTITY Genus plc (the \u2018Company\u2019) is a public company limited by shares and incorporated in England, United Kingdom under the Companies Act 2006. Its company number is 02972325 and its registered office is Matrix House, Basing View, Basingstoke, Hampshire RG21 4DZ. The Group Financial Statements for the year ended 30 June 2023 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019). We have used the equity method to account for the Group\u2019s interests in joint ventures and associates. Our business model on pages 12 to 13 explains the Group\u2019s operations and principal activities. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "Genus plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "public company limited by shares",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "England",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "Matrix House, Basing View, Basingstoke, Hampshire RG21 4DZ",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "2. BASIS OF PREPARATION We have prepared the Group Financial Statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The Group Financial Statements have also been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019). Unless otherwise stated, we have consistently applied the significant accounting policies set out below to all periods presented in these Group Financial Statements. The going concern statement has been included in the Strategic Report on page 65 and forms part of these statements. Functional and presentational currency We present the Group Financial Statements in Sterling, which is the Company\u2019s functional and presentational currency. All financial information presented in Sterling has been rounded to the nearest \u00a30.1m. Use of estimates Preparing financial statements requires management to make judgements, estimates and assumptions that affect our application of accounting policies and our reported assets, liabilities, income and expenses. Our actual results may differ from these estimates. We review our estimates and underlying assumptions on an ongoing basis, and recognise revisions to accounting estimates in the period in which we revise the estimate and in any future periods affected. Note 4 provides information about significant areas of estimation uncertainty and the critical judgements we made in applying accounting policies that have the most effect on the amounts recognised in the Financial Statements. Alternative Performance Measures (\u2018APMs\u2019) In reporting \ufb01nancial information, the Group presents APMs, which are not de\ufb01ned or speci\ufb01ed under the requirements of IFRS and which are not considered to be a substitute for, or superior to, IFRS measures. The Group believes that these APMs provide stakeholders with additional helpful information on the performance of the business. The APMs are consistent with how we plan our business performance and report on it in our internal management reporting to the Board and GELT. Some of these measures are also used for the purpose of setting remuneration targets. For a full list of all APMs please see the Alternative Performance Measures section of the Annual Report on pages 200 to 207. Change in trade and other receivables It was identified that certain contract assets were previously incorrectly classified as current trade receivables. The prior periods have been restated, reducing current trade receivables by \u00a39.6m in June 2022, with a corresponding increase in current contract assets. 3. SIGNIFICANT ACCOUNTING POLICIES APPLIED IN THE CURRENT REPORTING PERIOD THAT RELATE TO THE FINANCIAL STATEMENTS AS A WHOLE This section sets out our significant accounting policies that relate to the Financial Statements as a whole. Where an accounting policy is generally applicable to a specific note to the Financial Statements, the policy has been described in that note. We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact they will have on our financial reporting. Accounting convention We prepare the Group Financial Statements under the historical cost convention, except for our biological assets, share-based payment expense, pension liabilities and derivative financial instruments. In accordance with IFRS, we measure biological assets at fair value less point-of-sale costs, which represent distribution costs and selling expenses, and share-based payment expense, pension liabilities, and certain financial instruments at fair value. Basis of consolidation Subsidiaries are entities the Group controls. We have control of an entity when we are exposed, or have the rights, to variable returns from the entity and have the ability to affect the returns through power over the entity. In assessing control, we take into account potential voting rights that we can currently exercise or convert. We fully consolidate the results of subsidiaries we acquire from the date that control transfers to the Group. We cease consolidating the results of subsidiaries that we cease to control from the date that control passes. In preparing the Group Financial Statements, we eliminate intra-Group balances and any unrealised income and expenses arising from intra-Group transactions. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment, to the extent of our interest in the investee. We eliminate unrealised losses in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Foreign currencies We record foreign currency transactions in the relevant Group entity\u2019s functional currency, at the exchange rate on the transaction date. At each balance sheet date, we retranslate monetary assets and liabilities denominated in foreign currencies at the exchange rate on the balance sheet date. We recognise the foreign exchange differences arising on retranslation in the Group Income Statement. at the transaction date. When non-monetary assets and liabilities are stated at fair value in a foreign currency, we translate them at the prevailing exchange rate on the date we determined the fair value. We recognise the foreign exchange differences arising on retranslation in the Group Statement of Comprehensive Income. The assets and liabilities of foreign operations, including goodwill arising on consolidation, are translated into Sterling at the prevailing exchange rates at the balance sheet date. The resulting exchange differences are booked into foreign currency translation reserves and reported in the Group Statement of Comprehensive Income. We translate these operations\u2019 revenues and expenses using an average rate for the period. When exchange differences arise from the fair value movement of related effective hedges, we take them to the foreign currency translation reserve. When we dispose of a foreign operation, we release these differences to the Income Statement. Exchange movements on inter-company loans considered to be permanent equity are recognised in the Group Statement of Comprehensive Income, together with any related taxation. The principal exchange rates were as follows: Average Closing 2023 2022 2021 2023 2022 2021 US Dollar/\u00a3 1.21 1.32 1.36 1.27 1.22 1.38 Euro/\u00a3 1.15 1.18 1.13 1.16 1.16 1.17 Brazilian Real/\u00a3 6.20 6.94 7.33 6.08 6.39 6.87 Mexican Peso/\u00a3 22.84 26.97 28.15 21.74 24.45 27.57 Chinese Yuan/\u00a3 8.44 8.55 8.94 9.21 8.15 8.93 Russian Rouble/\u00a3 86.29 98.75 102.04 112.79 66.73 101.10 Research and development We undertake research with the aim of gaining new scientific or technical knowledge, and recognise this expenditure in the Income Statement as it is incurred. The Group constantly monitors its research activities. When research projects achieve technical feasibility and are commercially viable, our policy is to capitalise further development costs within intangible assets, in accordance with IAS 38. Our development activities include developing and maintaining our porcine genetic nucleus herd and our bovine pre-stud herds. We do not capitalise development expenditure separately for these herds, as their fair value is included in the fair value of the Group\u2019s biological assets, in accordance with IAS 41. We disclose the costs of research and development activities, as required by IAS 38 (see note 8). Other income and deferred income During the year ended 30 June 2019, the Company entered into a strategic collaboration with Beijing Capital Agribusiness (\u2018BCA\u2019) under which BCA will establish and fund a collaboration specific entity (\u2018BCA Future Bio-Tech\u2019) which will use Genus\u2019s intellectual property and know-how to pursue the PRRSv resistance regulatory and development work in China. Genus will receive consideration after meeting certain milestones in the development programme. Each milestone is considered to be either a separate performance obligation, or a set of groups of separate performance obligations, under this agreement and are unbundled in the contractual arrangement as if they are distinct from one another. We assess each separate performance obligation relating to the milestone payments, and upon completion of those performance obligations recognise the fair value of amounts earned in other income. Some performance obligations, such as the transfer of know- how, are recognised at a point in time whereas others, such as the provision of technical services, are recognised over time. We recognise any received but unearned consideration as deferred income. We will apply the same accounting policy to any other comparable agreements. Reversals of impairment We reverse an impairment loss in respect of assets other than goodwill when the impairment loss may no longer exist and we have changed the estimates we used to determine the recoverable amount. We only reverse an impairment loss to the extent that the asset\u2019s carrying amount does not exceed the carrying amount it would have had, net of depreciation or amortisation, if we had not recognised the impairment loss. Climate change In preparing these consolidated financial statements we have considered the impact of both physical and transition climate change risks on the current valuation of our assets and liabilities. We do not believe that there is a material impact on the financial reporting judgements and estimates arising from our considerations and as a result the valuations of our assets or liabilities have not been significantly impacted by these risks as at 30 June 2023. In concluding, we specifically considered the impact of climate change on the growth rates and projected cash flows as part of our goodwill impairment testing (see note 14). As government policies evolve as a result of commitments to limit global warming to 1.5\u00b0C, we will continue to monitor implications on the valuations of our assets and liabilities that could arise in future years. New standards and interpretations In the current year, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board that are mandatorily effective for an accounting period that begins after 1 January 2022 and have been implemented with effect from 1 July 2022. These are: \u2022  Amendments to IFRS 3 \u2013 \u2018Business Combinations\u2019 \u2013 References to the Conceptual Framework; \u2022  Amendments to IAS 12 \u2013 \u2018Income Taxes\u2019 \u2013 International tax reform \u2013 Pillar two model rules; \u2022  Amendments to IAS 16 \u2013 \u2018Property, Plant and Equipment\u2019 \u2013 Proceeds before Intended Use; \u2022  Amendments to IAS 37 \u2013 \u2018Onerous Contracts\u2019 \u2014 Cost of Fulfilling a Contract; and \u2022  Annual Improvements 2018-2020 Cycle. Their addition has not had any material impact on the disclosures, or amounts reported in the Group Financial Statements. New standards and interpretations not yet adopted At the date of the Annual Report, the following standards and interpretations which have not been applied in the report were in issue but not yet effective (and in some cases had not yet been adopted by the UK). The Group will continue to assess the impact of these amendments prior to their adoption. These are: \u2022  Amendments to IFRS 16 \u2013 \u2018Lease Liability in a Sale and Leaseback\u2019; \u2022  Amendments to IAS 1 \u2013 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022  Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 \u2018Disclosure of Accounting Policies\u2019; \u2022  Amendments to IAS 7 and IFRS 7 \u2013 \u2018Disclosures: Supplier Finance Arrangements\u2019; \u2022  Amendments to IAS 8 \u2013 \u2018Definition of Accounting Estimates\u2019; and \u2022  Amendments to IAS 12 \u2013 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. 4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of Consolidated Financial Statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts. Critical judgements represent key decisions made by management in the application of the Group\u2019s accounting policies, where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next 12 months are discussed below. Critical accounting judgements Adjusting items The Directors believe that the adjusted profit and earnings per share measures provide additional information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and GELT. The profit before tax and adjusting items measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. The classification of adjusting items requires significant judgement, after considering the nature and intentions of a transaction. The Group\u2019s definitions of adjusting items are outlined within the Group accounting policies and have been applied consistently year-on-year. Key sources of estimation uncertainty Determination of the fair value of biological assets including those held in equity-accounted investees (note 16) and (note 18) Determining the fair values of our bovine and porcine biological assets requires the application of a number of estimates and assumptions. Below is a list of these estimates and assumptions, showing whether we consider them to be observable or unobservable inputs to the fair value determination. In addition, we identify those inputs that are \u2018readily obtainable\u2019 transactional data or \u2018open market prices\u2019. Sensitivities of the estimates and assumptions given below are disclosed in note 16. Estimates and assumptions Observable/unobservable Source Bovine Long-term dairy volume growth rate  Unobservable n/a Short-term dairy volume growth rate Unobservable n/a Value at point of production 1 Unobservable n/a Current unit prices Observable Readily obtainable Growth in unit prices 1 Unobservable n/a Animals\u2019 useful lifespan Observable Readily obtainable Percentage of new dairy bulls to be produced internally each year 1 Unobservable n/a Age profile of bulls 1  Unobservable n/a Risk-adjusted discount rate 1 Unobservable n/a Porcine (non pure line herds) Animals\u2019 useful lifespan Observable Readily obtainable The proportion of animals that go to slaughter Observable Readily obtainable The mix of boars and gilts Observable Readily obtainable Risk-adjusted discount rate Unobservable n/a Porcine (pure line herds) Number of future generations attributable to the current herds Observable Readily obtainable Fair value prices achieved on sales Observable Open market prices Animals\u2019 expected useful lifespan and productivity Observable Readily obtainable The proportion of animals that go to breeding sales 1 Observable Readily obtainable Risk-adjusted discount rate 1 Unobservable n/a 1  Key sources of estimation uncertainty Impact of Russian Sanctions The Group has two group operating companies that are incorporated in Russia \u2013 Limited Liability Co. Genus ABS Russia and PIC Genetics LLC (\u2018Russian-based subsidiaries/entities\u2019). Following the sanctions that have been put in place by the UK and other governments, the Group implemented a comprehensive screening process with external counsel to ensure that its Russian entities  do not trade with sanctioned individuals or entities controlled by them. The main impact of the sanctions regime on our business has been to categorise the banks in Russia into sanctioned and non-sanctioned banks. Where we receive money from sanctioned banks we are unable to use the cash without a licence from His Majesty\u2019s Treasury (\u2018HMT\u2019). For cash receipts from non-sanctioned banks into the entities\u2019 non-sanctioned banks we are able to use the cash in Russia for day-to-day operations. The Group applied to HMT for a licence on 25 April 2022, to allow the use of payments from sanctioned banks by non-sanctioned Russian customers for the delivery of porcine and bovine genetics; to allow the use of money in a non-sanctioned Russian bank account in the name of Genus Russia to pay Russian suppliers who continue to use sanctioned Russian bank accounts; and to remit any excess money in Genus Russia\u2019s non-sanctioned Russian bank account (regardless of whether it was received from a sanctioned or non- sanctioned Russian bank account) to other Genus Group company UK bank accounts. The UK Office of Financial Sanctions Implementation (\u2018OFSI\u2019) issued a general licence for trading in agricultural commodities in Russia effective on the 4 November 2022 which provides exemptions to the sanctions regime in connection with the export, production and transport of agricultural commodities. This definition includes reproductive materials such as are supplied by Genus. Under this general licence, receipts from non-sanctioned customers received from and before 4 November 2022 from sanctioned banks no longer need to be frozen and can be freely used. Also receipts from a sanctioned customer, if made through a non-sanctioned bank, no longer need to be frozen and can be freely used. If any customer is or becomes sanctioned and pays through a sanctioned bank, these funds would still need to be frozen even after 4 November 2022. Under the requirements of IAS 7, where there is cash that is not available to be used by the rest of the Group this needs to be disclosed. On 24 February 2023, the UralSib bank was put on the UK financial sanctions list and as such ABS and PIC Russia subsequently opened new bank accounts with the OTP Bank on 21 March 2023 and on 16 May 2023 respectively. Any receipts from sanctioned banks into the sanctioned UralSib account have been frozen and are not used for business disbursements. As at 30 June 2023, we had a cash balance of \u00a33.1m (30 June 2022 \u00a34.5m) in the Russian entities of which \u00a30.8m (30 June 2022: \u00a30.2m) is not currently available to be used by the Group due to being received from sanctioned banks and held in a sanctioned bank. Management has reviewed the operations and cash flow over a period of 18 months from 30 June 2023 to 31 December 2024, based upon the 2024 plans, to determine whether the Russian entities have sufficient non-sanctioned cash flow to enable them to continue day-to-day operations and to meet liabilities as they fall due. The analysis indicates they do have sufficient non-sanctioned cash flow to enable them to meet their day-to-day operational needs. Critical accounting judgement \u2013 exercise of control Management has assessed whether the actions of the UK and Russian Governments have caused the Group to lose control of these Russian-based subsidiaries. Genus PLC applied for a licence to the Department for International Trade (\u2018DIT\u2019) on 22 September 2022, to allow for UK-based employees within the Genus group to provide accounting, business and management consulting services to the Russian-based subsidiaries, for the purpose of helping them carry out business operations in Russia, delivery of humanitarian assistance activity and for the production or distribution of food, provided that it is for the benefit of the civilian population. The licence was authorised by the DIT and came into force on 11 January 2023. It authorises the following services: \u2022  The fullest possible range of accounting services, business and management consulting services, to include advisory, guidance and operational assistance services provided for business policy and strategy, and the overall planning, structuring, and control of the organisation. \u2022  The oversight that a parent company would typically provide to its subsidiaries in the areas of accounting, financial controls, tax, treasury, finance and human resources, along with similar oversight in the areas of information technology, supply chain and other types of technology. The licence expires on 11 January 2025 and, provided the facts and circumstances surrounding the issuance of the licence currently in place do not change materially we do not foresee any reasons why the licence could not be renewed. We have concluded that we do have control over the Russian-based subsidiaries for the year ended 30 June 2023, as defined under IFRS 10 \u2018Consolidated financial statements\u2019, and we are still able to consolidate them despite short-term restrictions on extracting cash. We have also assessed each of the asset balances for impairment. The material areas that could give rise to impairment are: \u2022  PIC Russia farm: \u00a32.4m (30 June 2022: \u00a33.7m) \u2013 the value of the farm is predicated on the future economic benefit of the animals that are being reared there. We would need to assess if the property\u2019s open market price (less cost to sell) would support the carrying value. \u2022  Trade receivables: \u00a32.7m (30 June 2022: \u00a36.0m) \u2013 the ongoing financial sanctions may affect our customers\u2019 ability to pay us for their goods. If determined that our customers are unlikely to repay these amounts, then they should be provided for. \u2022  IAS 41 valuation: \u00a33.9m (30 June 2022: \u00a32.8m) \u2013 the ongoing impacts of both the local economic outlook and our customers\u2019 ability to pay us could result in a reversal of the fair value of the Russian biological assets in the June valuation. Management\u2019s impairment analysis indicates that, under the current business environment and based on the plans for the Financial Year 2024 no impairment is required as at 30 June 2023. Management will continue to monitor the situation closely to see if any further changes require additional analysis that may result in a different conclusion. In the event of changes in legislation, such as more restrictive sanctions imposed by the UK Government or actions taken by the Russian Government, we may determine that we do not exercise control, as defined under IFRS 10 \u2018Consolidated financial statements\u2019, over the assets and operations of the Russian entities and we would not be able to consolidate these companies into the Financial Statements. The deconsolidation would mean that we would reclassify the Russian entities as investments and we would need to assess for impairment. A charge of up to \u00a311.7m (2022: \u00a316.6m) may need to be recognised in the Income Statement, representing the total net assets of the two Russian entities. Dependent on the nature of the events leading to the decision to deconsolidate the entities, there may be additional expenses incurred which we are unable to estimate at this time. In addition, revenues would not be consolidated into the Financial Statements from the date of any deconsolidation. Revenues from the Russian entities were \u00a321.7m in the year ended 30 June 2023 (2022: \u00a314.6m). Accounting policy The Group recognises revenue from the following sources: \u2022  sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products; \u2022  royalties; \u2022  consulting; \u2022  technical services and advice revenues; \u2022  installation and maintenance of IntelliGen technology; \u2022  licensing of IntelliGen technology; \u2022  slaughter animal sales; and \u2022  bovine partnership contracts. Revenue is measured based on the consideration the Group expects to be entitled to under a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products Revenue from the sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products is recognised when the control of the goods has transferred to the customer or distributor. This is either when we ship to customers or on delivery, depending on the terms of sale. Payment of the transaction price is due immediately, or within a short period of time, from the point the customer or distributor controls the goods. Royalties Royalties are recognised when the performance obligation is met. We receive royalty payments from certain porcine customers based on key performance variables, such as the number of pigs born per litter, the number of litters born per sow and the average slaughter weight of the animals born. This amount is confirmed directly to Genus by the customer. Payment of the transaction price is due immediately from the customer, or within a short period of time, once the performance obligation is satisfied. Consulting Revenue from consulting represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise consulting services provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues Revenue from technical services and advice revenues represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise technical services and advice revenues provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues are presented in ancillary services in the table on the following page. Installation and maintenance of IntelliGen technology Revenue from the installation of IntelliGen technology is recognised by reference to the stage of completion of the installation and is based on milestones being met. Maintenance is provided as a distinct service to customers and is recognised over the period of the service agreement. These revenues are presented in ancillary services in the following table. Licensing of IntelliGen technology Revenue from the licensing of IntelliGen technology is recognised at a point in time when the licence is granted. In determining the transaction price, any minimum royalties due under the contracts are included in the value apportioned to the grant of the licence, excluding any royalties that arise on units produced in excess of the guaranteed minimums. These additional royalties have been determined to be a usage-based royalty and are recognised as revenue at the point in time that the units are produced. These revenues are presented in ancillary services in the following table. Slaughter of animals Revenue from the slaughter of animals is recognised when control of the goods has transferred to the slaughterhouse, which is generally on the delivery of animals to the slaughterhouse. Payment of the transaction price is due immediately, or within a short period of time, from the point the slaughterhouse controls the goods. Bovine partnership contracts Partnership contracts include the provision of multiple bovine products and services for a single price. The contract price is allocated to the individual performance obligations based on their standalone selling prices. The expected revenue is recognised for the products and services once the individual performance obligation has been satisfied. Revenues from partnership contracts are presented in sale of animals, semen, embryos and ancillary products and services. Accounting policy We present exceptional items separately, as we believe it helps to improve the understanding of the Group\u2019s underlying performance. In determining whether an item should be presented as exceptional, we consider items which are material either because of their size or their nature, and those which are non-recurring. For an item to be considered as exceptional, it must initially meet at least one of the following criteria: \u2022  it is a one-off material item; \u2022  it has been directly incurred as the result of either an acquisition, integration or other major restructuring programme; \u2022  it has been previously classified as an exceptional item, and as such consistent accounting treatment is being applied; or \u2022  it is unusual in nature, e.g. outside the normal course of business. If an item meets at least one of the criteria, we then exercise judgement as to whether the item should be classified as exceptional. For the tax and cash impact of exceptional items see notes 11 and 32, respectively. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022  it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022  it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022  our initial recognition of goodwill; or \u2022  our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash-generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022  goodwill arising on acquisition of a foreign operation; and \u2022  any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022  Porcine and bovine genetics technology  20 years \u2022  Multiplier contracts      15 years \u2022  Brands     10 to 15 years \u2022  Customer relationships      10 to 17 years \u2022  IntelliGen    10 years \u2022  Patents and licences      term of agreement (4 years) \u2022  Software        2 to 10 years Accounting policies Biological assets and inventories In bovine, we use research and development to identify genetically superior bulls in a number of breeds, primarily the Holstein dairy breed. Each selected bull has its performance measured against its peers, by using genomic evaluations and progeny testing of its daughters\u2019 performance. We collect and freeze semen from the best bulls, to satisfy our customers\u2019 demand. Farmers use semen from dairy breeds to breed replacement milking stock. They use the semen we sell from beef breeds in either specialist beef breeding herds, for multiplying breeding bulls for use in natural service, or on dairy cows to produce animals to be reared for meat. Our research and development also enables us to produce and select our own genetically superior females, from which we will breed future bulls. We hold our bovine biological assets for long-term internal use and classify them as non-current assets. We transfer bull semen to inventory at its fair value at the point of harvest, which becomes its deemed cost under IAS 2. We state our inventories at the lower of this deemed cost and net realisable value. Sorting semen is a production process rather than a biological process. As a result, we transfer semen inventory into sexed semen production at its fair value at the point of harvest, less the cost to sell, and it becomes a component of the production process. We carry sexed semen in finished goods at production cost. In porcine, we maintain and develop a central breeding stock (the \u2018nucleus herd\u2019), to provide genetically superior animals. These genetics help make farmers and food processors more profitable, by increasing their output of consistently high-quality products, which yield higher value. So we can capitalise on our intellectual property, we outsource the vast majority of our pig production to our global multiplier network. We also sell the offspring or semen we obtain from animals in the nucleus herd to customers, for use in commercial farming. Pig sales generally occur in one of two ways: \u2018upfront\u2019 and \u2018royalty\u2019. Under upfront sales, we receive the full fair value of the animal at the point we transfer it to the customer. Under royalty sales, the pig is regarded as comprising two separately identifiable components: its carcass and its genetic potential. We receive the initial consideration, which is approximately the animal\u2019s carcass value, at the point we transfer the pig to the customer. We retain our interest in the pig\u2019s genetic potential and receive royalties for the customer\u2019s use of this genetic potential. The breeding animal biological assets we own, and our retained interest in the biological assets we have sold under royalty contracts, are recognised and measured at fair value at each balance sheet date. We recognise changes in fair value in the Income Statement, within operating profit for the period. We classify the porcine biological assets we are using as breeding animals as non-current assets and carry them at fair value. The porcine biological assets we are holding for resale, which are the offspring of the breeding herd, are carried at fair value and classified as current assets. Determination of fair values \u2013 biological assets IAS 41 \u2018Agriculture\u2019 requires us to show the carrying value of biological assets in the Group Balance Sheet. We determine this carrying value according to IAS 41\u2019s provisions and show the net valuation movement in the Income Statement. There are important differences in how we value our bovine and porcine assets, as explained below. Bovine \u2013 we base the fair value of all bulls on the net cash flows we expect to receive from selling their semen, discounted at a current risk-adjusted market-determined rate. The significant assumptions determining the fair values are the expected future demand for semen, the estimated biological value and the marketable life of bulls. The biological value is the estimated value at the point of production. We adjust the fair value of the bovine herd and semen inventory where a third party earns a royalty from semen sales from a particular bull. Females are valued by reference to market prices and published independent genetic evaluations. Porcine \u2013 the fair value of porcine biological assets includes the animals we own entirely and our retained interest in the genetics of animals we have sold under royalty arrangements. The fair value of animals we own is calculated using the animals\u2019 average live weights, plus a premium where we believe that their genetics make them saleable. We base the live weight value and the genetic premium on recent transaction prices we have achieved. The significant assumptions in determining fair values are the breeding animals\u2019 expected life, the percentage of production animals that are saleable as breeding animals and the expected sales prices. For our retained interest in the genetics of animals sold under royalty contracts, we base the initial fair value on the fair values we achieved in recent direct sales of similar animals, less the amount we received upfront for the carcass element. We then remeasure the fair value of our retained interest at each reporting date. The significant assumption in determining the fair value of the retained interest is the animals\u2019 expected life. We value the pigs in our pure line herds, which are the repository of our proprietary genetics, as a single unit of account. We do this using a discounted cash flow model, applied to the herds\u2019 future outputs at current prices. The significant assumptions we make are the number of future generations attributable to the current herds, the fair value prices we achieve on sales, the animals\u2019 expected useful lifespan and productivity, and the risk-adjusted discount rate. Non-recognition of porcine multiplier contracts where the Group does not retain a contractual interest To manage commercial risk, a very large part of our porcine business model involves selling pigs to farmers (\u2018multipliers\u2019) who produce piglets on farms we neither manage nor control. We have the option, but not the obligation, to buy the offspring at slaughter market value plus a premium. Because the offspring have superior genetics, we can then sell them to other farmers at a premium. We do not recognise the right to purchase offspring on the Group Balance Sheet, as we enter into the contracts and continue to hold them for the purpose of receiving non-financial items (the offspring), in accordance with our expected purchase requirements. This means the option is outside the scope of IFRS 9. We do not recognise the offspring as biological assets under IAS 41, as we do not own or control them. Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022  Freehold buildings  10 to 40 years \u2022  Leasehold buildings   over the term of the lease \u2022  Plant and equipment  3 to 20 years \u2022  Motor vehicles    3 to 5 years We do not depreciate land or assets under construction. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). Accounting policies Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income statement, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through income statement are expensed in the Income Statement. Accounting policies Inventory (excluding biological assets\u2019 harvest) is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where appropriate, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses. Accounting policies Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand form an integral part of our cash management and are included in interest-bearing loans and borrowings less than one year. Accounting policies Trade payables are not interest bearing and are stated at their nominal value. Accounting policy A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match the pattern of performance under the contract. Where payment is received ahead of performance a contract liability will be created, and where performance obligations are satisfied ahead of billing, then a contract asset will be recognised. Accounting policies We recognise a provision in the Balance Sheet when an event results in the Group having a current legal or constructive obligation, and it is probable that we will have to settle the obligation through an outflow of economic benefits. If the effect is material, we discount provisions to their present value. Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship . A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market price at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022  there is an economic relationship between the hedged item and the hedging instrument; \u2022  the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022  the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. Accounting policies In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term leases (those with a term of less than 12 months) and leases for low-value items, on a straight-line basis over the life of the lease. For all other leases we recognise a liability at the date at which the leased asset is made available for use, and a corresponding right-of-use asset is recognised and depreciated over the term of the lease (see note 17). Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in-substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options, to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022  The lease term has changed or there is a change in the assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022  The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022  A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Group did not make any such adjustments during the periods presented. Accounting policies Defined contribution pension schemes A number of our employees are members of defined contribution pension schemes. We charge contributions to the Income Statement as they become payable under the scheme rules. We show differences between the contributions payable and the amount we have paid as either accruals or prepayments in the Balance Sheet. The schemes\u2019 assets are held separately from the Group\u2019s assets. Defined benefit pension schemes The Group operates defined benefit pension schemes for some of its employees. These schemes are closed to new members and to further accrual. We calculate our net obligation separately for each scheme, by estimating the amount of future benefit that employees have earned, in return for their service to date. We discount that benefit to determine its present value and deduct the fair value of the plan\u2019s assets (at bid price). The liability discount rate we use is the market yield at the balance sheet date on high-quality corporate bonds, with terms to maturity approximating our pension liabilities. Qualified actuaries perform the calculations, using the projected unit method. We recognise actuarial gains and losses in equity in the period in which they occur, through the Group Statement of Comprehensive Income. Actuarial gains and losses include the difference between the expected and actual return on scheme assets and experience gains and losses on scheme liabilities. Genus and the other participating employers are jointly and severally liable for the MPF\u2019s obligations. We account for our section of the scheme and our share of any orphan assets and liabilities, and provide for any amounts we believe we will have to pay under our joint and several liability. The joint and several liability also means we have a contingent liability for the scheme\u2019s obligations that we have not accounted for. Under the joint and several liability, we initially recognise any changes in our share of orphan assets and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on the orphan assets and liabilities are recognised directly in equity through the Group Statement of Changes in Equity, in the period in which they occur. During the year, the DPF defined benefit pension scheme purchased annuities in order to hedge longevity risk for pensioners within the scheme. As permitted by IAS 19, the Group has opted to recognise the difference between the fair value of the plan assets and the cost of the policy as an actuarial loss in Other Comprehensive Income. We measure the fair value our qualifying insurance policy assets to be the deemed present value of the related obligation. Accounting policies We recognise the fair value of share awards and options granted as an employee expense, with a corresponding increase in equity. We measure the fair value at the grant date and spread it over the vesting period of each option. We use a binomial valuation model to measure the fair value of options and a Black-Scholes valuation model to measure the fair value of share awards. We adjust the amount we recognise as an expense, to reflect the estimated performance against non-market related conditions and the number of share awards and options that actually vest at the end of the vesting period. The Group recognised a total share-based payment expense of \u00a36.0m (2022: \u00a33.7m), including National Insurance contributions credit of \u00a30.4m (2022: \u00a30.1m charge). Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. Accounting policies For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income Statement on a straight-line basis over the lease term. The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset (e.g. software licences) Accounting policies We recognise deferred consideration on the Balance Sheet when a business combination contains a contractual clause that defers a portion of the purchase price. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequent contingent consideration fair value remeasurements that do not qualify as measurement period adjustments are recognised in the Income Statement. Contingent deferred consideration is measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value that are not based on observable market data. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "2. BASIS OF PREPARATION We have prepared the Group Financial Statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The Group Financial Statements have also been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019). Unless otherwise stated, we have consistently applied the significant accounting policies set out below to all periods presented in these Group Financial Statements. The going concern statement has been included in the Strategic Report on page 65 and forms part of these statements. Functional and presentational currency We present the Group Financial Statements in Sterling, which is the Company\u2019s functional and presentational currency. All financial information presented in Sterling has been rounded to the nearest \u00a30.1m. Use of estimates Preparing financial statements requires management to make judgements, estimates and assumptions that affect our application of accounting policies and our reported assets, liabilities, income and expenses. Our actual results may differ from these estimates. We review our estimates and underlying assumptions on an ongoing basis, and recognise revisions to accounting estimates in the period in which we revise the estimate and in any future periods affected. Note 4 provides information about significant areas of estimation uncertainty and the critical judgements we made in applying accounting policies that have the most effect on the amounts recognised in the Financial Statements. Alternative Performance Measures (\u2018APMs\u2019) In reporting \ufb01nancial information, the Group presents APMs, which are not de\ufb01ned or speci\ufb01ed under the requirements of IFRS and which are not considered to be a substitute for, or superior to, IFRS measures. The Group believes that these APMs provide stakeholders with additional helpful information on the performance of the business. The APMs are consistent with how we plan our business performance and report on it in our internal management reporting to the Board and GELT. Some of these measures are also used for the purpose of setting remuneration targets. For a full list of all APMs please see the Alternative Performance Measures section of the Annual Report on pages 200 to 207. Change in trade and other receivables It was identified that certain contract assets were previously incorrectly classified as current trade receivables. The prior periods have been restated, reducing current trade receivables by \u00a39.6m in June 2022, with a corresponding increase in current contract assets. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "We have prepared the Group Financial Statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The Group Financial Statements have also been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019). ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "Functional and presentational currency We present the Group Financial Statements in Sterling, which is the Company\u2019s functional and presentational currency. All financial information presented in Sterling has been rounded to the nearest \u00a30.1m. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "Basis of consolidation Subsidiaries are entities the Group controls. We have control of an entity when we are exposed, or have the rights, to variable returns from the entity and have the ability to affect the returns through power over the entity. In assessing control, we take into account potential voting rights that we can currently exercise or convert. We fully consolidate the results of subsidiaries we acquire from the date that control transfers to the Group. We cease consolidating the results of subsidiaries that we cease to control from the date that control passes. In preparing the Group Financial Statements, we eliminate intra-Group balances and any unrealised income and expenses arising from intra-Group transactions. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment, to the extent of our interest in the investee. We eliminate unrealised losses in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "Foreign currencies We record foreign currency transactions in the relevant Group entity\u2019s functional currency, at the exchange rate on the transaction date. At each balance sheet date, we retranslate monetary assets and liabilities denominated in foreign currencies at the exchange rate on the balance sheet date. We recognise the foreign exchange differences arising on retranslation in the Group Income Statement. When non-monetary assets and liabilities are measured at historical cost in a foreign currency, we translate them at the exchange rate at the transaction date. When non-monetary assets and liabilities are stated at fair value in a foreign currency, we translate them at the prevailing exchange rate on the date we determined the fair value. We recognise the foreign exchange differences arising on retranslation in the Group Statement of Comprehensive Income. The assets and liabilities of foreign operations, including goodwill arising on consolidation, are translated into Sterling at the prevailing exchange rates at the balance sheet date. The resulting exchange differences are booked into foreign currency translation reserves and reported in the Group Statement of Comprehensive Income. We translate these operations\u2019 revenues and expenses using an average rate for the period. When exchange differences arise from the fair value movement of related effective hedges, we take them to the foreign currency translation reserve. When we dispose of a foreign operation, we release these differences to the Income Statement. Exchange movements on inter-company loans considered to be permanent equity are recognised in the Group Statement of Comprehensive Income, together with any related taxation. The principal exchange rates were as follows: Average Closing 2023 2022 2021 2023 2022 2021 US Dollar/\u00a3 1.21 1.32 1.36 1.27 1.22 1.38 Euro/\u00a3 1.15 1.18 1.13 1.16 1.16 1.17 Brazilian Real/\u00a3 6.20 6.94 7.33 6.08 6.39 6.87 Mexican Peso/\u00a3 22.84 26.97 28.15 21.74 24.45 27.57 Chinese Yuan/\u00a3 8.44 8.55 8.94 9.21 8.15 8.93 Russian Rouble/\u00a3 86.29 98.75 102.04 112.79 66.73 101.10 ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "Research and development We undertake research with the aim of gaining new scientific or technical knowledge, and recognise this expenditure in the Income Statement as it is incurred. The Group constantly monitors its research activities. When research projects achieve technical feasibility and are commercially viable, our policy is to capitalise further development costs within intangible assets, in accordance with IAS 38. Our development activities include developing and maintaining our porcine genetic nucleus herd and our bovine pre-stud herds. We do not capitalise development expenditure separately for these herds, as their fair value is included in the fair value of the Group\u2019s biological assets, in accordance with IAS 41. We disclose the costs of research and development activities, as required by IAS 38 (see note 8). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "Other income and deferred income During the year ended 30 June 2019, the Company entered into a strategic collaboration with Beijing Capital Agribusiness (\u2018BCA\u2019) under which BCA will establish and fund a collaboration specific entity (\u2018BCA Future Bio-Tech\u2019) which will use Genus\u2019s intellectual property and know-how to pursue the PRRSv resistance regulatory and development work in China. Genus will receive consideration after meeting certain milestones in the development programme. Each milestone is considered to be either a separate performance obligation, or a set of groups of separate performance obligations, under this agreement and are unbundled in the contractual arrangement as if they are distinct from one another. We assess each separate performance obligation relating to the milestone payments, and upon completion of those performance obligations recognise the fair value of amounts earned in other income. Some performance obligations, such as the transfer of know- how, are recognised at a point in time whereas others, such as the provision of technical services, are recognised over time. We recognise any received but unearned consideration as deferred income. We will apply the same accounting policy to any other comparable agreements. ",
   "dimensions": {
    "concept": "genusplc:DescriptionOfAccountingPolicyForOtherIncomeAndDeferredIncome",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "Reversals of impairment We reverse an impairment loss in respect of assets other than goodwill when the impairment loss may no longer exist and we have changed the estimates we used to determine the recoverable amount. We only reverse an impairment loss to the extent that the asset\u2019s carrying amount does not exceed the carrying amount it would have had, net of depreciation or amortisation, if we had not recognised the impairment loss. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "Climate change In preparing these consolidated financial statements we have considered the impact of both physical and transition climate change risks on the current valuation of our assets and liabilities. We do not believe that there is a material impact on the financial reporting judgements and estimates arising from our considerations and as a result the valuations of our assets or liabilities have not been significantly impacted by these risks as at 30 June 2023. In concluding, we specifically considered the impact of climate change on the growth rates and projected cash flows as part of our goodwill impairment testing (see note 14). As government policies evolve as a result of commitments to limit global warming to 1.5\u00b0C, we will continue to monitor implications on the valuations of our assets and liabilities that could arise in future years. ",
   "dimensions": {
    "concept": "genusplc:DescriptionOfAccountingPolicyForClimateChange",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "New standards and interpretations In the current year, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board that are mandatorily effective for an accounting period that begins after 1 January 2022 and have been implemented with effect from 1 July 2022. These are: \u2022  Amendments to IFRS 3 \u2013 \u2018Business Combinations\u2019 \u2013 References to the Conceptual Framework; \u2022  Amendments to IAS 12 \u2013 \u2018Income Taxes\u2019 \u2013 International tax reform \u2013 Pillar two model rules; \u2022  Amendments to IAS 16 \u2013 \u2018Property, Plant and Equipment\u2019 \u2013 Proceeds before Intended Use; \u2022  Amendments to IAS 37 \u2013 \u2018Onerous Contracts\u2019 \u2014 Cost of Fulfilling a Contract; and \u2022  Annual Improvements 2018-2020 Cycle. Their addition has not had any material impact on the disclosures, or amounts reported in the Group Financial Statements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "New standards and interpretations In the current year, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board that are mandatorily effective for an accounting period that begins after 1 January 2022 and have been implemented with effect from 1 July 2022. These are: \u2022  Amendments to IFRS 3 \u2013 \u2018Business Combinations\u2019 \u2013 References to the Conceptual Framework; \u2022  Amendments to IAS 12 \u2013 \u2018Income Taxes\u2019 \u2013 International tax reform \u2013 Pillar two model rules; \u2022  Amendments to IAS 16 \u2013 \u2018Property, Plant and Equipment\u2019 \u2013 Proceeds before Intended Use; \u2022  Amendments to IAS 37 \u2013 \u2018Onerous Contracts\u2019 \u2014 Cost of Fulfilling a Contract; and \u2022  Annual Improvements 2018-2020 Cycle. Their addition has not had any material impact on the disclosures, or amounts reported in the Group Financial Statements. New standards and interpretations not yet adopted At the date of the Annual Report, the following standards and interpretations which have not been applied in the report were in issue but not yet effective (and in some cases had not yet been adopted by the UK). The Group will continue to assess the impact of these amendments prior to their adoption. These are: \u2022  Amendments to IFRS 16 \u2013 \u2018Lease Liability in a Sale and Leaseback\u2019; \u2022  Amendments to IAS 1 \u2013 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022  Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 \u2018Disclosure of Accounting Policies\u2019; \u2022  Amendments to IAS 7 and IFRS 7 \u2013 \u2018Disclosures: Supplier Finance Arrangements\u2019; \u2022  Amendments to IAS 8 \u2013 \u2018Definition of Accounting Estimates\u2019; and \u2022  Amendments to IAS 12 \u2013 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. ",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "New standards and interpretations not yet adopted At the date of the Annual Report, the following standards and interpretations which have not been applied in the report were in issue but not yet effective (and in some cases had not yet been adopted by the UK). The Group will continue to assess the impact of these amendments prior to their adoption. These are: \u2022  Amendments to IFRS 16 \u2013 \u2018Lease Liability in a Sale and Leaseback\u2019; \u2022  Amendments to IAS 1 \u2013 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022  Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 \u2018Disclosure of Accounting Policies\u2019; \u2022  Amendments to IAS 7 and IFRS 7 \u2013 \u2018Disclosures: Supplier Finance Arrangements\u2019; \u2022  Amendments to IAS 8 \u2013 \u2018Definition of Accounting Estimates\u2019; and \u2022  Amendments to IAS 12 \u2013 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of Consolidated Financial Statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts. Critical judgements represent key decisions made by management in the application of the Group\u2019s accounting policies, where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next 12 months are discussed below. Critical accounting judgements Adjusting items The Directors believe that the adjusted profit and earnings per share measures provide additional information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and GELT. The profit before tax and adjusting items measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. The classification of adjusting items requires significant judgement, after considering the nature and intentions of a transaction. The Group\u2019s definitions of adjusting items are outlined within the Group accounting policies and have been applied consistently year-on-year. Key sources of estimation uncertainty Determination of the fair value of biological assets including those held in equity-accounted investees (note 16) and (note 18) Determining the fair values of our bovine and porcine biological assets requires the application of a number of estimates and assumptions. Below is a list of these estimates and assumptions, showing whether we consider them to be observable or unobservable inputs to the fair value determination. In addition, we identify those inputs that are \u2018readily obtainable\u2019 transactional data or \u2018open market prices\u2019. Sensitivities of the estimates and assumptions given below are disclosed in note 16. Estimates and assumptions Observable/unobservable Source Bovine Long-term dairy volume growth rate  Unobservable n/a Short-term dairy volume growth rate Unobservable n/a Value at point of production 1 Unobservable n/a Current unit prices Observable Readily obtainable Growth in unit prices 1 Unobservable n/a Animals\u2019 useful lifespan Observable Readily obtainable Percentage of new dairy bulls to be produced internally each year 1 Unobservable n/a Age profile of bulls 1  Unobservable n/a Risk-adjusted discount rate 1 Unobservable n/a Porcine (non pure line herds) Animals\u2019 useful lifespan Observable Readily obtainable The proportion of animals that go to slaughter Observable Readily obtainable The mix of boars and gilts Observable Readily obtainable Risk-adjusted discount rate Unobservable n/a Porcine (pure line herds) Number of future generations attributable to the current herds Observable Readily obtainable Fair value prices achieved on sales Observable Open market prices Animals\u2019 expected useful lifespan and productivity Observable Readily obtainable The proportion of animals that go to breeding sales 1 Observable Readily obtainable Risk-adjusted discount rate 1 Unobservable n/a 1  Key sources of estimation uncertainty Impact of Russian Sanctions The Group has two group operating companies that are incorporated in Russia \u2013 Limited Liability Co. Genus ABS Russia and PIC Genetics LLC (\u2018Russian-based subsidiaries/entities\u2019). Following the sanctions that have been put in place by the UK and other governments, the Group implemented a comprehensive screening process with external counsel to ensure that its Russian entities  do not trade with sanctioned individuals or entities controlled by them. The main impact of the sanctions regime on our business has been to categorise the banks in Russia into sanctioned and non-sanctioned banks. Where we receive money from sanctioned banks we are unable to use the cash without a licence from His Majesty\u2019s Treasury (\u2018HMT\u2019). For cash receipts from non-sanctioned banks into the entities\u2019 non-sanctioned banks we are able to use the cash in Russia for day-to-day operations. The Group applied to HMT for a licence on 25 April 2022, to allow the use of payments from sanctioned banks by non-sanctioned Russian customers for the delivery of porcine and bovine genetics; to allow the use of money in a non-sanctioned Russian bank account in the name of Genus Russia to pay Russian suppliers who continue to use sanctioned Russian bank accounts; and to remit any excess money in Genus Russia\u2019s non-sanctioned Russian bank account (regardless of whether it was received from a sanctioned or non- sanctioned Russian bank account) to other Genus Group company UK bank accounts. The UK Office of Financial Sanctions Implementation (\u2018OFSI\u2019) issued a general licence for trading in agricultural commodities in Russia effective on the 4 November 2022 which provides exemptions to the sanctions regime in connection with the export, production and transport of agricultural commodities. This definition includes reproductive materials such as are supplied by Genus. Under this general licence, receipts from non-sanctioned customers received from and before 4 November 2022 from sanctioned banks no longer need to be frozen and can be freely used. Also receipts from a sanctioned customer, if made through a non-sanctioned bank, no longer need to be frozen and can be freely used. If any customer is or becomes sanctioned and pays through a sanctioned bank, these funds would still need to be frozen even after 4 November 2022. Under the requirements of IAS 7, where there is cash that is not available to be used by the rest of the Group this needs to be disclosed. On 24 February 2023, the UralSib bank was put on the UK financial sanctions list and as such ABS and PIC Russia subsequently opened new bank accounts with the OTP Bank on 21 March 2023 and on 16 May 2023 respectively. Any receipts from sanctioned banks into the sanctioned UralSib account have been frozen and are not used for business disbursements. As at 30 June 2023, we had a cash balance of \u00a33.1m (30 June 2022 \u00a34.5m) in the Russian entities of which \u00a30.8m (30 June 2022: \u00a30.2m) is not currently available to be used by the Group due to being received from sanctioned banks and held in a sanctioned bank. Management has reviewed the operations and cash flow over a period of 18 months from 30 June 2023 to 31 December 2024, based upon the 2024 plans, to determine whether the Russian entities have sufficient non-sanctioned cash flow to enable them to continue day-to-day operations and to meet liabilities as they fall due. The analysis indicates they do have sufficient non-sanctioned cash flow to enable them to meet their day-to-day operational needs. Critical accounting judgement \u2013 exercise of control Management has assessed whether the actions of the UK and Russian Governments have caused the Group to lose control of these Russian-based subsidiaries. Genus PLC applied for a licence to the Department for International Trade (\u2018DIT\u2019) on 22 September 2022, to allow for UK-based employees within the Genus group to provide accounting, business and management consulting services to the Russian-based subsidiaries, for the purpose of helping them carry out business operations in Russia, delivery of humanitarian assistance activity and for the production or distribution of food, provided that it is for the benefit of the civilian population. The licence was authorised by the DIT and came into force on 11 January 2023. It authorises the following services: \u2022  The fullest possible range of accounting services, business and management consulting services, to include advisory, guidance and operational assistance services provided for business policy and strategy, and the overall planning, structuring, and control of the organisation. \u2022  The oversight that a parent company would typically provide to its subsidiaries in the areas of accounting, financial controls, tax, treasury, finance and human resources, along with similar oversight in the areas of information technology, supply chain and other types of technology. The licence expires on 11 January 2025 and, provided the facts and circumstances surrounding the issuance of the licence currently in place do not change materially we do not foresee any reasons why the licence could not be renewed. We have concluded that we do have control over the Russian-based subsidiaries for the year ended 30 June 2023, as defined under IFRS 10 \u2018Consolidated financial statements\u2019, and we are still able to consolidate them despite short-term restrictions on extracting cash. We have also assessed each of the asset balances for impairment. The material areas that could give rise to impairment are: \u2022  PIC Russia farm: \u00a32.4m (30 June 2022: \u00a33.7m) \u2013 the value of the farm is predicated on the future economic benefit of the animals that are being reared there. We would need to assess if the property\u2019s open market price (less cost to sell) would support the carrying value. \u2022  Trade receivables: \u00a32.7m (30 June 2022: \u00a36.0m) \u2013 the ongoing financial sanctions may affect our customers\u2019 ability to pay us for their goods. If determined that our customers are unlikely to repay these amounts, then they should be provided for. \u2022  IAS 41 valuation: \u00a33.9m (30 June 2022: \u00a32.8m) \u2013 the ongoing impacts of both the local economic outlook and our customers\u2019 ability to pay us could result in a reversal of the fair value of the Russian biological assets in the June valuation. Management\u2019s impairment analysis indicates that, under the current business environment and based on the plans for the Financial Year 2024 no impairment is required as at 30 June 2023. Management will continue to monitor the situation closely to see if any further changes require additional analysis that may result in a different conclusion. In the event of changes in legislation, such as more restrictive sanctions imposed by the UK Government or actions taken by the Russian Government, we may determine that we do not exercise control, as defined under IFRS 10 \u2018Consolidated financial statements\u2019, over the assets and operations of the Russian entities and we would not be able to consolidate these companies into the Financial Statements. The deconsolidation would mean that we would reclassify the Russian entities as investments and we would need to assess for impairment. A charge of up to \u00a311.7m (2022: \u00a316.6m) may need to be recognised in the Income Statement, representing the total net assets of the two Russian entities. Dependent on the nature of the events leading to the decision to deconsolidate the entities, there may be additional expenses incurred which we are unable to estimate at this time. In addition, revenues would not be consolidated into the Financial Statements from the date of any deconsolidation. Revenues from the Russian entities were \u00a321.7m in the year ended 30 June 2023 (2022: \u00a314.6m). ",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "5. SEGMENTAL INFORMATION IFRS 8 \u2018Operating Segments\u2019 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Executive and the Board, to allocate resources to the segments and to assess their performance. The Group\u2019s operating and reporting structure comprises three operating segments: Genus PIC, Genus ABS and Genus Research and Development. These segments are the basis on which the Group reports its segmental information. The principal activities of each segment are as follows: \u2022  Genus PIC \u2013 our global porcine sales business; \u2022  Genus ABS \u2013 our global bovine sales business; and \u2022  Genus Research and Development \u2013 our global spend on research and development. A segmental analysis of revenue, operating profit, depreciation, amortisation, non-current asset additions, segment assets and liabilities and geographical information is provided below. We do not include our adjusting items in the segments, as we believe these do not reflect the underlying performance of the segments. The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies, as described in the Financial Statements. Revenue 2023 \u00a3m 2022 \u00a3m Genus PIC 349.5 306.6 Genus ABS 318.8 272.0 Genus Research and Development Porcine product development 18.5 12.4 Bovine product development 2.8 1.7 Gene editing 0.1 0.7 Other research and development \u2013 \u2013 21.4 14.8 689.7 593.4 Adjusted operating profit by segment is set out below and reconciled to the Group\u2019s adjusted operating profit. A reconciliation of adjusted operating profit to profit for the year is shown on the face of the Group Income Statement. Adjusted operating profit 2023 \u00a3m 2022 \u00a3m Genus PIC 135.0 112.3 Genus ABS 43.4 40.5 Genus Research and Development Porcine product development (29.7) (22.4) Bovine product development (25.6) (22.8) Gene editing (14.3) (7.9) Other research and development (17.4) (14.0) (87.0) (67.1) Adjusted segment operating profit 91.4 85.7 Central (16.8) (16.9) Adjusted operating profit 74.6 68.8 Our business is not highly seasonal and our customer base is diversified, with no individual customer generating more than 2% of revenue. Exceptional items of \u00a33.5m net expense (2022: \u00a32.0m net expense) relate to Genus ABS (\u00a32.7m net expense) (2022: \u00a34.2m net expense), Genus PIC (\u00a3nil ) (2022: \u00a30.6m net expense) and our central segment (\u00a30.8m net expense) (2022: \u00a32.8m net credit). Note 7 provides details of these exceptional items. We consider share-based payment expenses on a Group-wide basis and do not allocate them to reportable segments. Other segment information Depreciation Amortisation Additions to non-current assets (excluding deferred taxation and financial instruments) 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Genus PIC 5.0 4.5 6.8 7.4 6.8 45.2 Genus ABS 16.0 14.3 4.4 3.4 21.8 25.4 Genus Research and Development Research 1.3 1.0 \u2013 \u2013 1.6 3.3 Porcine product development 4.5 2.2 \u2013 \u2013 1.2 1.3 Bovine product development 1.7 2.0 0.4 0.2 4.9 2.7 7.5 5.2 0.4 0.2 7.7 7.3 Segment total 28.5 24.0 11.6 11.0 36.3 77.9 Central 1.7 2.4 1.8 1.6 7.0 5.8 Total 30.2 26.4 13.4 12.6 43.3 83.7 Segment assets Segment liabilities 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Genus PIC 265.4 305.4 (66.0) (73.4) Genus ABS 281.7 261.4 (72.5) (78.9) Genus Research and Development Research 11.4 14.7 (4.5) (4.4) Porcine product development 269.1 275.0 (55.3) (57.7) Bovine product development 125.0 119.6 (19.6) (16.7) 405.5 409.3 (79.4) (78.8) Segment total 952.6 976.1 (217.9) (231.1) Central  54.9 41.8 (222.4) (214.7) Total 1,007.5 1,017.9 (440.3) (445.8) Geographical information The Group\u2019s revenue by geographical segment is analysed below. This analysis is stated on the basis of where the customer is located. Revenue 2023 \u00a3m 2022 \u00a3m North America 288.5 238.5 Latin America 105.6 94.6 UK 93.1 88.7 Rest of Europe, Middle East, Russia and Africa 109.6 88.3 Asia 92.9 83.3 Total revenue 689.7 593.4 Non-current assets (excluding deferred taxation and financial instruments) The Group\u2019s non-current assets by geographical segment are analysed below and are stated on the basis of where the assets are located. 2023 \u00a3m 2022 \u00a3m North America 508.6 529.6 Latin America 69.6 56.7 UK 71.5 69.8 Rest of Europe, Middle East, Russia and Africa 43.8 45.7 Asia 33.6 46.3 Non-current assets (excluding deferred taxation and financial instruments) 727.1 748.1 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "Geographical information The Group\u2019s revenue by geographical segment is analysed below. This analysis is stated on the basis of where the customer is located. Revenue 2023 \u00a3m 2022 \u00a3m North America 288.5 238.5 Latin America 105.6 94.6 UK 93.1 88.7 Rest of Europe, Middle East, Russia and Africa 109.6 88.3 Asia 92.9 83.3 Total revenue 689.7 593.4 Non-current assets (excluding deferred taxation and financial instruments) The Group\u2019s non-current assets by geographical segment are analysed below and are stated on the basis of where the assets are located. 2023 \u00a3m 2022 \u00a3m North America 508.6 529.6 Latin America 69.6 56.7 UK 71.5 69.8 Rest of Europe, Middle East, Russia and Africa 43.8 45.7 Asia 33.6 46.3 Non-current assets (excluding deferred taxation and financial instruments) 727.1 748.1 ",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "6. REVENUE Accounting policy The Group recognises revenue from the following sources: \u2022  sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products; \u2022  royalties; \u2022  consulting; \u2022  technical services and advice revenues; \u2022  installation and maintenance of IntelliGen technology; \u2022  licensing of IntelliGen technology; \u2022  slaughter animal sales; and \u2022  bovine partnership contracts. Revenue is measured based on the consideration the Group expects to be entitled to under a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products Revenue from the sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products is recognised when the control of the goods has transferred to the customer or distributor. This is either when we ship to customers or on delivery, depending on the terms of sale. Payment of the transaction price is due immediately, or within a short period of time, from the point the customer or distributor controls the goods. Royalties Royalties are recognised when the performance obligation is met. We receive royalty payments from certain porcine customers based on key performance variables, such as the number of pigs born per litter, the number of litters born per sow and the average slaughter weight of the animals born. This amount is confirmed directly to Genus by the customer. Payment of the transaction price is due immediately from the customer, or within a short period of time, once the performance obligation is satisfied. Consulting Revenue from consulting represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise consulting services provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues Revenue from technical services and advice revenues represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise technical services and advice revenues provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues are presented in ancillary services in the table on the following page. Installation and maintenance of IntelliGen technology Revenue from the installation of IntelliGen technology is recognised by reference to the stage of completion of the installation and is based on milestones being met. Maintenance is provided as a distinct service to customers and is recognised over the period of the service agreement. These revenues are presented in ancillary services in the following table. Licensing of IntelliGen technology Revenue from the licensing of IntelliGen technology is recognised at a point in time when the licence is granted. In determining the transaction price, any minimum royalties due under the contracts are included in the value apportioned to the grant of the licence, excluding any royalties that arise on units produced in excess of the guaranteed minimums. These additional royalties have been determined to be a usage-based royalty and are recognised as revenue at the point in time that the units are produced. These revenues are presented in ancillary services in the following table. Slaughter of animals Revenue from the slaughter of animals is recognised when control of the goods has transferred to the slaughterhouse, which is generally on the delivery of animals to the slaughterhouse. Payment of the transaction price is due immediately, or within a short period of time, from the point the slaughterhouse controls the goods. Bovine partnership contracts Partnership contracts include the provision of multiple bovine products and services for a single price. The contract price is allocated to the individual performance obligations based on their standalone selling prices. The expected revenue is recognised for the products and services once the individual performance obligation has been satisfied. Revenues from partnership contracts are presented in sale of animals, semen, embryos and ancillary products and services. 2023 \u00a3m 2022 \u00a3m Genus PIC 173.5 158.4 Genus ABS 307.8 262.5 Genus Research and Development 21.4 14.8 Sale of animals, semen, embryos and ancillary products and services 502.7 435.7 Genus PIC 176.0 148.2 Genus ABS 1.4 1.1 Genus Research and Development \u2013 \u2013 Royalties 177.4 149.3 Genus PIC \u2013 \u2013 Genus ABS 9.6 8.4 Genus Research and Development \u2013 \u2013 Consulting services 9.6 8.4 Total revenue 689.7 593.4 Revenue from contracts with customers The Group\u2019s revenue is analysed below by the timing at which it is recognised. 2023 \u00a3m 2022 \u00a3m Genus PIC 343.7 303.2 Genus ABS 293.0 247.2 Genus Research and Development 21.3 14.1 Recognised at a point in time 658.0 564.5 Genus PIC 5.8 3.4 Genus ABS 25.8 24.8 Genus Research and Development 0.1 0.7 Recognised over time 31.7 28.9 Total revenue 689.7 593.4 An analysis of contract assets and contract liabilities is provided in note 24. ",
   "dimensions": {
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    "language": "en",
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    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "Accounting policy The Group recognises revenue from the following sources: \u2022  sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products; \u2022  royalties; \u2022  consulting; \u2022  technical services and advice revenues; \u2022  installation and maintenance of IntelliGen technology; \u2022  licensing of IntelliGen technology; \u2022  slaughter animal sales; and \u2022  bovine partnership contracts. Revenue is measured based on the consideration the Group expects to be entitled to under a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products Revenue from the sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products is recognised when the control of the goods has transferred to the customer or distributor. This is either when we ship to customers or on delivery, depending on the terms of sale. Payment of the transaction price is due immediately, or within a short period of time, from the point the customer or distributor controls the goods. Royalties Royalties are recognised when the performance obligation is met. We receive royalty payments from certain porcine customers based on key performance variables, such as the number of pigs born per litter, the number of litters born per sow and the average slaughter weight of the animals born. This amount is confirmed directly to Genus by the customer. Payment of the transaction price is due immediately from the customer, or within a short period of time, once the performance obligation is satisfied. Consulting Revenue from consulting represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise consulting services provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues Revenue from technical services and advice revenues represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise technical services and advice revenues provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues are presented in ancillary services in the table on the following page. Installation and maintenance of IntelliGen technology Revenue from the installation of IntelliGen technology is recognised by reference to the stage of completion of the installation and is based on milestones being met. Maintenance is provided as a distinct service to customers and is recognised over the period of the service agreement. These revenues are presented in ancillary services in the following table. Licensing of IntelliGen technology Revenue from the licensing of IntelliGen technology is recognised at a point in time when the licence is granted. In determining the transaction price, any minimum royalties due under the contracts are included in the value apportioned to the grant of the licence, excluding any royalties that arise on units produced in excess of the guaranteed minimums. These additional royalties have been determined to be a usage-based royalty and are recognised as revenue at the point in time that the units are produced. These revenues are presented in ancillary services in the following table. Slaughter of animals Revenue from the slaughter of animals is recognised when control of the goods has transferred to the slaughterhouse, which is generally on the delivery of animals to the slaughterhouse. Payment of the transaction price is due immediately, or within a short period of time, from the point the slaughterhouse controls the goods. Bovine partnership contracts Partnership contracts include the provision of multiple bovine products and services for a single price. The contract price is allocated to the individual performance obligations based on their standalone selling prices. The expected revenue is recognised for the products and services once the individual performance obligation has been satisfied. Revenues from partnership contracts are presented in sale of animals, semen, embryos and ancillary products and services. ",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-529": {
   "value": "7. EXCEPTIONAL ITEMS Accounting policy We present exceptional items separately, as we believe it helps to improve the understanding of the Group\u2019s underlying performance. In determining whether an item should be presented as exceptional, we consider items which are material either because of their size or their nature, and those which are non-recurring. For an item to be considered as exceptional, it must initially meet at least one of the following criteria: \u2022  it is a one-off material item; \u2022  it has been directly incurred as the result of either an acquisition, integration or other major restructuring programme; \u2022  it has been previously classified as an exceptional item, and as such consistent accounting treatment is being applied; or \u2022  it is unusual in nature, e.g. outside the normal course of business. If an item meets at least one of the criteria, we then exercise judgement as to whether the item should be classified as exceptional. For the tax and cash impact of exceptional items see notes 11 and 32, respectively. Operating (expense)/credit 2023 \u00a3m 2022 \u00a3m Litigation (4.5) (1.4) Acquisition and integration (0.4) (0.3) Pension related \u2013 (0.4) Legacy legal claim \u2013 3.3 ABS production restructuring 1.7 (2.8) Other (0.3) (0.4) Net exceptional items (3.5) (2.0) Litigation Litigation includes legal fees and related costs of \u00a34.5m (2022: \u00a31.4m) related to the actions between ABS Global, Inc. and certain affiliates (\u2018ABS\u2019) and Inguran, LLC and certain affiliates (also known as STgenetics (\u2018ST\u2019)). The net expense comprises \u00a35.4m of legal costs and a \u00a30.9m settlement credit (see below for further details). Material litigation activities to 31 August 2023 In July 2014, ABS launched a legal action against ST in the US District Court for the Western District of Wisconsin and initiated anti-trust proceedings, which ultimately enabled the launch of ABS\u2019s IntelliGen sexing technology in the US market (\u2018ABS I\u2019). In June 2017, ST filed proceedings against ABS in the same District Court, where ST alleged that ABS infringed seven patents and asserted trade secret and breach of contract claims (\u2018ABS II\u2019). The ABS I and ABS II proceedings in the periods before the year ended 30 June 2021 are more fully described in the Notes to the Financial Statements in previous Annual Reports. On 29 January 2020, ST filed a new US complaint against ABS (\u2018ABS III\u2019). ABS has prepared and filed a response to the ABS III complaint, including a motion to dismiss, on the basis that all these issues were fully resolved in either the ABS I or ABS II litigations. On 10 March 2020, the United States Patent and Trademark Office (\u2018USPTO\u2019) issued patent 10,583,439 (the \u2018\u2019439 patent\u2019), and subsequently ST asked the court for permission to file a supplemental complaint in ABS III asserting infringement of the \u2019439 patent. On 15 April 2020, ST filed a new complaint (\u2018ABS IV\u2019), asserting the same claim of infringement of the \u2019439 patent alleged in its supplemental complaint and then moved to consolidate the ABS IV and ABS III litigation. ABS opposed this action and has filed a motion for summary dismissal. On 23 June 2020, the USPTO issued patent 10,689,210 (the \u2018\u2019210 patent\u2019), and on 6 July 2020, ST sought a second supplement of ABS III by adding a claim of \u2019210 patent infringement. ABS opposed this action. On 20 September 2022 the USPTO issued patent 11,446,665 (the \u2018\u2019665 patent\u2019) and ST subsequently sought a third-party supplement of ABS III by adding a claim of infringement of the \u2019665 patent. ABS has opposed this action as well, and sought dismissal of all infringement claims. On 26 October 2020 and 10 December 2020, ABS filed Inter Partes Reviews (\u2018IPR\u2019) against the \u2019439 and \u2019210 patents with the USPTO. On 4 May 2021, the Patent Trial and Appeal Board (\u2018PTAB\u2019) instituted the \u2019439 patent IPR, and the hearing was completed on 2 February 2022. On 7 June 2021, PTAB declined to institute the \u2019210 patent IPR and on 28 April 2022, PTAB issued its decision and declined to invalidate the claims of the \u2019439 patent. ABS has appealed the \u2019439 patent decision (the \u2018\u2019439 Appeal\u2019). On 20 December 2021, the Wisconsin Federal Court reached a decision on the ABS III and IV motions, granting ABS\u2019s motion to dismiss all claims relating to US patent 8,206,987 (the \u2018\u2019987 patent\u2019), and denying ST\u2019s motion to amend ABS III to add the \u2019439 and \u2019210 patents. The court dismissed ABS III in its entirety and entered judgment in favour of ABS. ST appealed certain aspects of the decision relating to technology transfer to third parties, one of the three arguments put forward by ST in ABS III (the \u2018ABS III Appeal\u2019). On 5 July 2023, the Court of Appeals accepted ST\u2019s argument that claim preclusion from the ABS I decision did not apply against ABS III in relation to technology transfer, and that the Federal court improperly broadened the scope of the ABS I judgment to address induced infringement. On 1 July 2022, the court reached a decision on the ABS II post-judgment motions as well as the pending motions in ABS IV. The court deferred to the jury\u2019s verdict in ABS II confirming the validity and infringement of US patents 7,311,476, and 7,611,309 (the \u2018\u2019476 and \u2019309 patents\u2019 respectively) and the \u2019987 patent, and further confirmed the award of costs to ABS of $5.3m in connection with ABS I. In relation to ABS IV, the Court denied ABS\u2019s motion to dismiss the \u2019439 and \u2018210 patent claims on the basis that the challenges were too fact- based to be resolved at this stage. ABS filed counterclaims alleging, among other things, anti-competitive conduct and infringement of four ABS patents, later narrowed to three ABS patents. The hearing date of 15 July 2024 has been confirmed for ABS IV. Appeals were filed by ABS on the validity and infringement of the \u2019987 patent (the \u2018987 Appeal\u2019), the \u2019476 and the \u2019309 patents (the \u2018ABS II Appeal\u2019) and ST has appealed the award of the $5.3m costs (the \u2018Fee Award Appeal\u2019). On 27 December 2022, ABS and ST settled the 987 Appeal, the Fee Award Appeal and the Indian Patent Proceedings (along with related patent oppositions in India), delivering lower patent royalty payments for ABS and a settlement exceptional credit of \u00a30.9m. The ABS II Appeal, the ABS III Appeal, the ABS IV litigation, the 439 Appeal, and the CCI Appeal remain ongoing. The 439 Appeal is scheduled for hearing on 5 September 2023 and the ABS II appeal is likely to be heard before the end of the year. Indian Litigation: In September 2019, ST also filed parallel patent infringement proceedings against ABS in India, alleging infringement of the Indian patent 240790 (\u2018\u2019790 patent\u2019). The \u2019790 patent is the equivalent of the US \u2018476, \u2018309 patents and US patent 7, 311,476 asserted in ABS II. ABS had already sought the revocation of the \u2019790 patent in April 2017 before the Indian Patent Office and has now consolidated the revocation petition as a counterclaim in the Indian court proceedings (the \u2018Indian Patent Proceedings\u2019). In June 2021, ST appealed the decision of the Competition Commission of India (\u2018CCI\u2019) which had confirmed that ABS India had not breached the Indian Competition Act in relation to its participation in a sexed semen tender offered by the Utter Pradesh Livestock Development Board (the \u2018CCI Appeal\u2019). The CCI Appeal is scheduled for 11 October 2023. NZ litigation: On 14 June 2023, ST initiated proceedings against ABS, Genus, ABS Genus (NZ) Limited, CRV International BV and CRV Limited (together \u2018CRV\u2019) in New Zealand, alleging patent infringement and seeking a preliminary injunction. ABS had previously been awarded the semen sexing services for CRV\u2019s bovine semen in New Zealand and other jurisdictions. ABS has sought a stay of the New Zealand proceedings while the US court\u2019s consider whether the settlement agreement between ABS and ST dated 27 December 2022 precludes the New Zealand proceedings. The hearing of the ABS\u2019s stay application and ST\u2019s preliminary injunction application is scheduled for 27 November 2023. Acquisitions and integration During the year, \u00a30.4m (2022: \u00a30.3m) of expenses were incurred in relation to potential acquisitions. ABS production restructuring A one-off credit of \u00a31.7m primarily related to the sale of our Canadian ABS facilities as part of a production restructuring. The cash inflow of \u00a31.8m is included in investing activities. Other Included in Other is an expense of \u00a30.3m relating to the sign-on bonus of the newly appointed CEO, a \u00a30.2m credit resulting from a share forfeiture exercise and \u00a30.2m in relation to the prior year IT incident. In the prior year, a \u00a30.5m expense relating to legal advice, IT consultancy and one-time costs was incurred as the direct result of an IT security incident in June 2022. ",
   "dimensions": {
    "concept": "genusplc:DisclosureOfExceptionalItems",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "Accounting policy We present exceptional items separately, as we believe it helps to improve the understanding of the Group\u2019s underlying performance. In determining whether an item should be presented as exceptional, we consider items which are material either because of their size or their nature, and those which are non-recurring. For an item to be considered as exceptional, it must initially meet at least one of the following criteria: \u2022  it is a one-off material item; \u2022  it has been directly incurred as the result of either an acquisition, integration or other major restructuring programme; \u2022  it has been previously classified as an exceptional item, and as such consistent accounting treatment is being applied; or \u2022  it is unusual in nature, e.g. outside the normal course of business. If an item meets at least one of the criteria, we then exercise judgement as to whether the item should be classified as exceptional. For the tax and cash impact of exceptional items see notes 11 and 32, respectively. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-530": {
   "value": "<div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 ws5 gs287\">8. OPER<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>TIN<span class=\"_ _2\"></span>G<span class=\"_ _8\"></span> PROFIT<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls19 ws6a gs288\">Operating costs comprise:<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gs289\">2023 </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsb ws2a gs28a\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls3 ws3 gs28b\">202<span class=\"_ _2\"></span>2 </div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls6c ws61 gs28c\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs28d\">Cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s exclud<span class=\"_ _2\"></span>ing n<span class=\"_ _2\"></span>et IAS 4<span class=\"_ _8\"></span>1 valu<span class=\"_ _2\"></span>ation m<span class=\"_ _2\"></span>ovem<span class=\"_ _2\"></span>ent on bi<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gica<span class=\"_ _2\"></span>l assets a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of mu<span class=\"_ _2\"></span>ltip<span class=\"_ _2\"></span>lier </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs28e\">contrac<span class=\"_ _2\"></span>t intang<span class=\"_ _2\"></span>ible a<span class=\"_ _2\"></span>ssets<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 lsa3 ws96 gs28f\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _6\"></span>9.0<span class=\"_ _2\"></span>)<span class=\"_ _99\"> </span><span class=\"ff6 lsb9 wsa9\">(<span class=\"_ _2\"></span>252<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs290\">Net IA<span class=\"_ _2\"></span>S 4<span class=\"_ _1\"></span>1 val<span class=\"_ _2\"></span>uati<span class=\"_ _2\"></span>on movem<span class=\"_ _2\"></span>ent o<span class=\"_ _2\"></span>n biol<span class=\"_ _2\"></span>ogi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets<span class=\"_ _1de\"> </span><span class=\"ff2 lsb8 wsa8\">(<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>.9)<span class=\"_ _5b\"> </span></span><span class=\"ls22 ws22\">(5.<span class=\"_ _2\"></span>4)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs291\">Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of mu<span class=\"_ _2\"></span>ltipl<span class=\"_ _2\"></span>ier co<span class=\"_ _2\"></span>ntract intan<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>e assets<span class=\"_ _d0\"> </span><span class=\"ff2 ls77 ws5c\">(1.<span class=\"_ _2\"></span>2)<span class=\"_ _69\"> </span></span><span class=\"ls22 ws22\">(0.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls3 ws3 gs292\">Cos<span class=\"_ _2\"></span>t of go<span class=\"_ _2\"></span>ods so<span class=\"_ _2\"></span>ld<span class=\"_ _220\"> </span><span class=\"lsbb wsab\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7.1<span class=\"_ _6\"></span>)<span class=\"_ _150\"> </span><span class=\"ff6 lsb9 wsa9\">(2<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs293\">Oth<span class=\"_ _2\"></span>er cos<span class=\"_ _2\"></span>t of sale<span class=\"_ _2\"></span>s (ex<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisa<span class=\"_ _2\"></span>tion of a<span class=\"_ _2\"></span>cqui<span class=\"_ _2\"></span>red intang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>es)<span class=\"_ _221\"> </span><span class=\"ff2 ls77 ws5c\">(130.1)<span class=\"_ _45\"> </span></span><span class=\"lsb9 wsa9\">(1<span class=\"_ _2\"></span>14<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs294\">Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of cus<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>om<span class=\"_ _2\"></span>er rela<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>hip i<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>ang<span class=\"_ _2\"></span>ibl<span class=\"_ _2\"></span>e assets<span class=\"_ _207\"> </span><span class=\"ff2 ls20 ws11\">(3<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>)<span class=\"_ _69\"> </span></span><span class=\"ls16 ws16\">(4<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls3 ws3 gs295\">Ot<span class=\"_ _2\"></span>her c<span class=\"_ _2\"></span>ost o<span class=\"_ _2\"></span>f sale<span class=\"_ _2\"></span>s<span class=\"_ _1bd\"> </span><span class=\"ls57 ws4f\">(13<span class=\"_ _2\"></span>3.3)<span class=\"_ _52\"> </span><span class=\"ff6 lsc1 wsb1\">(<span class=\"_ _2\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs296\">Res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d Devel<span class=\"_ _2\"></span>opm<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>iture<span class=\"_ _222\"> </span><span class=\"ff2 ls55 ws3f\">(87<span class=\"_ _1\"></span>.1)<span class=\"_ _c4\"> </span><span class=\"ff6 lsba wsaa\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>7.<span class=\"_ _6\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs297\">Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d imp<span class=\"_ _2\"></span>airm<span class=\"_ _2\"></span>ent of tech<span class=\"_ _2\"></span>nol<span class=\"_ _2\"></span>ogy, sof<span class=\"_ _2\"></span>tware an<span class=\"_ _2\"></span>d lice<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>nd p<span class=\"_ _2\"></span>atents <span class=\"_ _223\"> </span><span class=\"ff2 lsaf wsb8\">(6.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _6b\"> </span></span><span class=\"ls22 ws22\">(<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>6)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls5 wsb gs298\">Research<span class=\"_ _1\"></span> and Devel<span class=\"_ _8\"></span>opment c<span class=\"_ _8\"></span>osts<span class=\"_ _224\"> </span><span class=\"ls76 ws5d\">(93<span class=\"_ _2\"></span>.3)<span class=\"_ _c4\"> </span><span class=\"ff6 ls3a ws1a\">(72.<span class=\"_ _1\"></span>9)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls28 ws27 gs299\">Administr<span class=\"_ _1\"></span>ativ<span class=\"_ _8\"></span>e e<span class=\"_ _1\"></span>xpenses (<span class=\"_ _8\"></span>ex<span class=\"_ _1\"></span>cluding ex<span class=\"_ _1\"></span>ceptional i<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>ems<span class=\"_ _8\"></span>) <span class=\"_ _225\"> </span><span class=\"ff2 lsc4 wsa7\">(9<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.1)<span class=\"_ _67\"> </span></span><span class=\"lse wsd\">(85.5<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs29a\">Sh<span class=\"_ _2\"></span>are-base<span class=\"_ _2\"></span>d pay<span class=\"_ _2\"></span>ment exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _213\"> </span><span class=\"ff2 lsaf wsb8\">(6<span class=\"_ _2\"></span>.0)<span class=\"_ _5e\"> </span></span><span class=\"lsb9 wsa9\">(3<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs29b\">Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of sof<span class=\"_ _2\"></span>twa<span class=\"_ _2\"></span>re<span class=\"_ _8\"></span>, lic<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>atents<span class=\"_ _1e5\"> </span><span class=\"ff2 lsb8 wsa8\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9)<span class=\"_ _71\"> </span></span><span class=\"lsb9 wsa9\">(1<span class=\"_ _2\"></span>.7)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs29c\">Net excepti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l items with<span class=\"_ _2\"></span>in adm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>strative expe<span class=\"_ _2\"></span>nses<span class=\"_ _226\"> </span><span class=\"ff2 ls20 ws11\">(3.<span class=\"_ _2\"></span>5)<span class=\"_ _69\"> </span><span class=\"ff6\">(2<span class=\"_ _2\"></span>.0)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls28 ws27 gs29d\">T<span class=\"_ _1\"></span>otal administrative e<span class=\"_ _1\"></span>xpenses<span class=\"_ _227\"> </span><span class=\"ls77 ws5c\">(105<span class=\"_ _2\"></span>.5)<span class=\"_ _142\"> </span><span class=\"ff6 ls3e ws38\">(9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls9 ws9 gs29e\">T<span class=\"_ _1\"></span>otal operating<span class=\"_ _8\"></span> costs<span class=\"_ _118\"> </span><span class=\"lsa3 ws96\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>2<span class=\"_ _6\"></span>)<span class=\"_ _86\"> </span><span class=\"ff6 ls9c wsb7\">(5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4.0)<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs2a0\">Profi<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e year i<span class=\"_ _2\"></span>s stated af<span class=\"_ _2\"></span>ter c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>ing/(credi<span class=\"_ _2\"></span>ting):<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gs2a1\">2023 </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsb ws2a gs2a2\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls3 ws3 gs2a3\">202<span class=\"_ _2\"></span>2 </div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls6c ws61 gs2a4\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2a5\">Net fo<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>eig<span class=\"_ _2\"></span>n exchan<span class=\"_ _2\"></span>ge lo<span class=\"_ _2\"></span>sses<span class=\"_ _21d\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>8<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.<span class=\"_ _2\"></span>8<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2a6\">De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation of own<span class=\"_ _2\"></span>ed f<span class=\"_ _2\"></span>ixed as<span class=\"_ _2\"></span>sets (see note 17)<span class=\"_ _228\"> </span><span class=\"ff2 lsd ws5\">18.4<span class=\"_ _13e\"> </span></span><span class=\"ls50 ws10\">14.8<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2a7\">De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation of r<span class=\"_ _2\"></span>ight<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-us<span class=\"_ _2\"></span>e assets (se<span class=\"_ _2\"></span>e note 17)<span class=\"_ _229\"> </span><span class=\"ff2 ls3d ws20\">11.8<span class=\"_ _8b\"> </span></span><span class=\"ls3a ws1a\">11.6<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2a8\">(Profit)/loss o<span class=\"_ _2\"></span>n disp<span class=\"_ _2\"></span>osal of f<span class=\"_ _2\"></span>ixed a<span class=\"_ _2\"></span>ssets an<span class=\"_ _2\"></span>d right<span class=\"_ _1\"></span>-of-<span class=\"_ _8\"></span>use a<span class=\"_ _2\"></span>ssets<span class=\"_ _1e3\"> </span><span class=\"ff2 ls5c ws56\">(1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>4)<span class=\"_ _64\"> </span></span><span class=\"ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2a9\">Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rment of own<span class=\"_ _2\"></span>ed f<span class=\"_ _2\"></span>ixed as<span class=\"_ _2\"></span>sets<span class=\"_ _22a\"> </span><span class=\"ff2\">\u2013<span class=\"_ _6c\"> </span></span><span class=\"ls3e ws38\">0<span class=\"_ _2\"></span>.9<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2aa\">Rental exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e for sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _17\"></span>-t<span class=\"_ _8\"></span>erm l<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>s<span class=\"_ _1c6\"> </span><span class=\"ff2 lsc4 wsa7\">0.1<span class=\"_ _5c\"> </span></span><span class=\"ls8a wsad\">0<span class=\"_ _2\"></span>.1<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2ab\">Emp<span class=\"_ _2\"></span>loyee co<span class=\"_ _2\"></span>sts (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 9)<span class=\"_ _22b\"> </span><span class=\"ff2 lsbb wsab\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>9<span class=\"_ _75\"> </span></span><span class=\"ls19 ws6a\">196.8<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2ac\">Net d<span class=\"_ _2\"></span>ecrea<span class=\"_ _2\"></span>se in expe<span class=\"_ _2\"></span>cted cred<span class=\"_ _2\"></span>it los<span class=\"_ _2\"></span>ses (see n<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>e 21)<span class=\"_ _22c\"> </span><span class=\"ff2 ls77 ws5c\">(0.5)<span class=\"_ _5b\"> </span></span><span class=\"ls3e ws38\">(0<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2ad\">In<span class=\"_ _2\"></span>crease/<span class=\"_ _8\"></span>(relea<span class=\"_ _2\"></span>se) of inventor<span class=\"_ _2\"></span>y imp<span class=\"_ _2\"></span>air<span class=\"_ _2\"></span>ment<span class=\"_ _22d\"> </span><span class=\"ff2 ls77 ws5c\">0.6<span class=\"_ _69\"> </span></span><span class=\"ls20 ws11\">(0.<span class=\"_ _2\"></span>2)<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2ae\">Cos<span class=\"_ _2\"></span>t of inventori<span class=\"_ _2\"></span>es recog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d as an exp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>e<span class=\"_ _22e\"> </span><span class=\"ff2 ls1b ws1f\">105.8<span class=\"_ _142\"> </span></span><span class=\"lsb9 wsa9\">1<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>.7<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls9 ws9 gs2af\">Auditor\u2019<span class=\"_ _8\"></span>s remuneration<span class=\"_ _8\"></span> is as<span class=\"_ _8\"></span> follows<span class=\"_ _8\"></span>:<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gs2b0\">2023 </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsb ws2a gs2b1\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls3 ws3 gs2b2\">202<span class=\"_ _2\"></span>2 </div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls6c ws61 gs2b3\">\u00a3m<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2b4\">Fee<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble to the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any\u2019s au<span class=\"_ _2\"></span>ditor an<span class=\"_ _2\"></span>d its as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates for the a<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>t of the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s Ann<span class=\"_ _2\"></span>ual R<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2b5\">Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial Stateme<span class=\"_ _2\"></span>nts<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls77 ws5c gs2b6\">0.5<span class=\"_ _11f\"> </span><span class=\"ff6 ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3 ws3 gs2b7\">Fee<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble to the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any\u2019s au<span class=\"_ _2\"></span>ditor an<span class=\"_ _2\"></span>d its as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates for the a<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>t of the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>aries<span class=\"_ _e4\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>5<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.6<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls5 wsb gs2b8\">T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> audit fees<span class=\"_ _22f\"> </span><span class=\"ls31 ws97\">1.0<span class=\"_ _49\"> </span><span class=\"ff6 ls20 ws11\">1.0<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls5 wsb gs2b9\">T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> fees t<span class=\"_ _8\"></span>o the<span class=\"_ _1\"></span> G<span class=\"_ _2\"></span>roup<span class=\"_ _1\"></span>\u2019s audi<span class=\"_ _8\"></span>tor<span class=\"_ _1f9\"> </span><span class=\"ls31 ws97\">1<span class=\"_ _2\"></span>.0<span class=\"_ _d7\"> </span><span class=\"ff6 ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff2 fs2 fc2 sc0 ls5 wsb gs2ba\">Fees<span class=\"_ _8\"></span> payable<span class=\"_ _1\"></span> to other audi<span class=\"_ _8\"></span>tors<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> Group compani<span class=\"_ _8\"></span>es<span class=\"_ _230\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs2bb\">No<span class=\"_ _2\"></span>n-aud<span class=\"_ _2\"></span>it se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>s of \u00a322,0<span class=\"_ _2\"></span>00 (2022<span class=\"_ _2\"></span>: \u00a320,00<span class=\"_ _2\"></span>0) pri<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>pal<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>ise of a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d upo<span class=\"_ _2\"></span>n proc<span class=\"_ _2\"></span>edu<span class=\"_ _2\"></span>res in re<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n to hal<span class=\"_ _2\"></span>f<span class=\"_ _1\"></span>-yea<span class=\"_ _2\"></span>r repo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng. T<span class=\"_ _2\"></span>hese </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls3 ws3 gs2bc\">se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices f<span class=\"_ _2\"></span>all wi<span class=\"_ _2\"></span>thin th<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>n-aud<span class=\"_ _2\"></span>it se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icy ap<span class=\"_ _2\"></span>proved by th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny\u2019s Audi<span class=\"_ _2\"></span>t &amp; Ris<span class=\"_ _2\"></span>k Com<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>tee at th<span class=\"_ _2\"></span>e tim<span class=\"_ _2\"></span>e of eng<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt.<span class=\"_ _35c\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "Auditor\u2019<span class=\"_ _8\"></span>s remuneration<span class=\"_ _8\"></span> is as<span class=\"_ _8\"></span> follows<span class=\"_ _8\"></span>:<span class=\"_ _35c\"> </span>2023 \u00a3m<span class=\"_ _35c\"> </span>202<span class=\"_ _2\"></span>2 \u00a3m<span class=\"_ _35c\"> </span>Fee<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble to the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any\u2019s au<span class=\"_ _2\"></span>ditor an<span class=\"_ _2\"></span>d its as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates for the a<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>t of the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s Ann<span class=\"_ _2\"></span>ual R<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt a<span class=\"_ _2\"></span>nd Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial Stateme<span class=\"_ _2\"></span>nts<span class=\"_ _35c\"> </span>0.5<span class=\"_ _11f\"> </span><span class=\"ff6 ls75 ws69\">0.4<span class=\"_ _35c\"> </span></span>Fee<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble to the C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any\u2019s au<span class=\"_ _2\"></span>ditor an<span class=\"_ _2\"></span>d its as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates for the a<span class=\"_ _2\"></span>udi<span class=\"_ _2\"></span>t of the Co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>ny\u2019s subs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>aries<span class=\"_ _e4\"> </span><span class=\"ff2 ls77 ws5c\">0.<span class=\"_ _2\"></span>5<span class=\"_ _11f\"> </span></span><span class=\"ls75 ws69\">0.6<span class=\"_ _35c\"> </span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> audit fees<span class=\"_ _22f\"> </span><span class=\"ls31 ws97\">1.0<span class=\"_ _49\"> </span><span class=\"ff6 ls20 ws11\">1.0<span class=\"_ _35c\"> </span></span></span>T<span class=\"_ _1\"></span>otal<span class=\"_ _8\"></span> fees t<span class=\"_ _8\"></span>o the<span class=\"_ _1\"></span> G<span class=\"_ _2\"></span>roup<span class=\"_ _1\"></span>\u2019s audi<span class=\"_ _8\"></span>tor<span class=\"_ _1f9\"> </span><span class=\"ls31 ws97\">1<span class=\"_ _2\"></span>.0<span class=\"_ _d7\"> </span><span class=\"ff6 ls20 ws11\">1<span class=\"_ _2\"></span>.0<span class=\"_ _35c\"> </span></span></span>Fees<span class=\"_ _8\"></span> payable<span class=\"_ _1\"></span> to other audi<span class=\"_ _8\"></span>tors<span class=\"_ _8\"></span> of<span class=\"_ _8\"></span> Group compani<span class=\"_ _8\"></span>es<span class=\"_ _230\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15b\"> </span><span class=\"ff6\">\u2013<span class=\"_ _35c\"> </span></span></span>No<span class=\"_ _2\"></span>n-aud<span class=\"_ _2\"></span>it se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ice<span class=\"_ _2\"></span>s of \u00a322,0<span class=\"_ _2\"></span>00 (2022<span class=\"_ _2\"></span>: \u00a320,00<span class=\"_ _2\"></span>0) pri<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>pal<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>ise of a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d upo<span class=\"_ _2\"></span>n proc<span class=\"_ _2\"></span>edu<span class=\"_ _2\"></span>res in re<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n to hal<span class=\"_ _2\"></span>f<span class=\"_ _1\"></span>-yea<span class=\"_ _2\"></span>r repo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng. T<span class=\"_ _2\"></span>hese se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices f<span class=\"_ _2\"></span>all wi<span class=\"_ _2\"></span>thin th<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>n-aud<span class=\"_ _2\"></span>it se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices p<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>icy ap<span class=\"_ _2\"></span>proved by th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny\u2019s Audi<span class=\"_ _2\"></span>t &amp; Ris<span class=\"_ _2\"></span>k Com<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>tee at th<span class=\"_ _2\"></span>e tim<span class=\"_ _2\"></span>e of eng<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt.<span class=\"_ _35c\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "9. EMPLOYEE COSTS This note shows the total employment costs and the average number of people employed by segment during the year. Employee costs, including Directors\u2019 remuneration, amounted to: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including bonuses and sales commission) 198.1 170.9 Social security costs 18.1 16.5 Contributions to defined contribution pension plans 7.1 6.2 Share-based payment expense (excluding National Insurance) 6.4 3.6 229.7 197.2 The employee costs above include \u00a31.8m (2022: \u00a30.4m) which has been capitalised into intangible assets as part of the development of GenusOne and other digital projects. The average monthly number of employees and full-time equivalent employees, including Directors, was as follows: Number of employees Full-time equivalent 2023 Number 2022 Number 2023 Number 2022 Number Genus PIC 646 602 627 580 Genus ABS 2,430 2,362 2,334 2,255 Research and Development 472 446 447 422 Central 80 80 68 68 3,628 3,490 3,476 3,325 Included in the totals above: UK 889 909 798 818 The Directors\u2019 Remuneration Report sets out details of the Directors\u2019 remuneration, pensions and share options. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (12.3) (4.1) Amortisation of debt issue costs  (1.1) (0.9) Other interest payable (0.3) (0.1) Unwinding of discount on put options (0.3) (0.2) Net interest cost in respect of pension scheme liabilities (0.2) (0.2) Interest on lease liabilities (1.2) (1.1) Total interest expense (15.4) (6.6) Interest income on bank deposits 0.1 0.4 Net interest income on derivative financial instruments 1.0 \u2013 Total interest income 1.1 0.4 Net finance costs (14.3) (6.2) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (12.3) (4.1) Amortisation of debt issue costs  (1.1) (0.9) Other interest payable (0.3) (0.1) Unwinding of discount on put options (0.3) (0.2) Net interest cost in respect of pension scheme liabilities (0.2) (0.2) Interest on lease liabilities (1.2) (1.1) Total interest expense (15.4) (6.6) Interest income on bank deposits 0.1 0.4 Net interest income on derivative financial instruments 1.0 \u2013 Total interest income 1.1 0.4 Net finance costs (14.3) (6.2) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (12.3) (4.1) Amortisation of debt issue costs  (1.1) (0.9) Other interest payable (0.3) (0.1) Unwinding of discount on put options (0.3) (0.2) Net interest cost in respect of pension scheme liabilities (0.2) (0.2) Interest on lease liabilities (1.2) (1.1) Total interest expense (15.4) (6.6) Interest income on bank deposits 0.1 0.4 Net interest income on derivative financial instruments 1.0 \u2013 Total interest income 1.1 0.4 Net finance costs (14.3) (6.2) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (12.3) (4.1) Amortisation of debt issue costs  (1.1) (0.9) Other interest payable (0.3) (0.1) Unwinding of discount on put options (0.3) (0.2) Net interest cost in respect of pension scheme liabilities (0.2) (0.2) Interest on lease liabilities (1.2) (1.1) Total interest expense (15.4) (6.6) Interest income on bank deposits 0.1 0.4 Net interest income on derivative financial instruments 1.0 \u2013 Total interest income 1.1 0.4 Net finance costs (14.3) (6.2) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (12.3) (4.1) Amortisation of debt issue costs  (1.1) (0.9) Other interest payable (0.3) (0.1) Unwinding of discount on put options (0.3) (0.2) Net interest cost in respect of pension scheme liabilities (0.2) (0.2) Interest on lease liabilities (1.2) (1.1) Total interest expense (15.4) (6.6) Interest income on bank deposits 0.1 0.4 Net interest income on derivative financial instruments 1.0 \u2013 Total interest income 1.1 0.4 Net finance costs (14.3) (6.2) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (12.3) (4.1) Amortisation of debt issue costs  (1.1) (0.9) Other interest payable (0.3) (0.1) Unwinding of discount on put options (0.3) (0.2) Net interest cost in respect of pension scheme liabilities (0.2) (0.2) Interest on lease liabilities (1.2) (1.1) Total interest expense (15.4) (6.6) Interest income on bank deposits 0.1 0.4 Net interest income on derivative financial instruments 1.0 \u2013 Total interest income 1.1 0.4 Net finance costs (14.3) (6.2) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-623": {
   "value": "Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "11. TAXATION AND DEFERRED TAXATION This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets and liabilities held across the Group, together with our view on whether or not we expect to be able to make use of them in the future. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022  it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022  it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022  our initial recognition of goodwill; or \u2022  our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Income tax expense 2023 \u00a3m 2022 \u00a3m Current tax expense Current period 20.6 13.6 Adjustment for prior periods 0.9 1.8 Total current tax expense in the Group Income Statement 21.5 15.4 Deferred tax expense Origination and reversal of temporary differences (9.2) (0.5) Adjustment for prior periods (4.7) (3.2) Total deferred tax credit in the Group Income Statement (13.9) (3.7) Total income tax expense excluding share of income tax of equity-accounted investees 7.6 11.7 Share of income tax of equity-accounted investees (see note 18) 3.9 2.6 Total income tax expense in the Group Income Statement 11.5 14.3 Reconciliation of effective tax rate 2023 % 2023 \u00a3m 2022 % 2022 \u00a3m Profit before tax 39.4 48.4 Add back share of income tax of equity-accounted investees 3.9 2.6 Profit before tax excluding share of income tax of equity-accounted investees 43.3 51.0 Income tax at UK corporation tax of 20.5% (2022: 19.0%) 20.5 8.9 19.0 9.7 Effect of tax rates in foreign jurisdictions 13.6 5.9 9.2 4.7 Non-deductible expenses 6.7 2.9 4.3 2.2 Tax exempt income and incentives (3.0) (1.3) (1.8) (0.9) Change in tax rate (1.2) (0.5) 2.5 1.3 Movements in recognition of tax losses (5.0) (2.2) 0.2 0.1 Change in unrecognised temporary differences (7.8) (3.4) (3.7) (1.9) Tax over / (under) provided in prior periods 1.8 0.8 (2.1) (1.1) Change in provisions 0.5 0.2 (0.2) (0.1) Tax on undistributed reserves  0.5 0.2 0.6 0.3 Total income tax expense in the Group Income Statement 26.6 11.5 28.0 14.3 The tax rate for the year depends on our mix of profits by country and our ability to recognise deferred tax assets in respect of losses in some of our smaller territories. Tax is calculated using prevailing tax legislation, reliefs and existing interpretations and practice. Included in \u2018Movements in recognition of tax losses\u2019 in the year is a credit of \u00a34.5m in respect of the recognition of previously unrecognised losses in the Group\u2019s subsidiaries in Australia and France, as these companies have delivered profits and utilised tax losses in each of the last two years and are forecast to continue to be profitable in the future. The Group has also reassessed the deferred tax attributes of its UK subsidiaries in the light of updated forecast information in respect of future profitability, resulting in a \u00a32.4m credit recognised in changes in unrecognised temporary differences, from the recognition of additional timing differences in respect of fixed assets and a \u00a32.0m charge included in movements in recognition of tax losses, in respect of certain company specific losses that are not capable of being group relieved against profits in other UK entities. The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European Commission initiatives including state aid investigations. During prior periods, the Group provided \u00a31.6m in total for its exposure to the challenge by the European Commission to the UK\u2019s Finance Company (\u2018FinCo\u2019) exemption from its Controlled Foreign Companies (\u2018CFC\u2019) taxing regime. As at 30 June 2023, Genus had been charged and paid \u00a31.4m (30 June 2022: \u00a31.4m) by HMRC under various charging notices in respect of its assessment of our liability under this judgment, leaving a remaining provision balance at 30 June 2023 of \u00a30.2m (30 June 2022: \u00a30.2m). The Group has appealed the amounts paid to HMRC on the following grounds: \u2022  the amount charged is not state aid (i.e. the original EU Commission decision is unsound in law); and \u2022  the amount charged is not wholly attributable to UK significant people functions (and therefore either partly or wholly outside the circumstances described by the EU Commission as state aid). HMRC and several other large taxpayers have also appealed against the original EU Commission decision. On 8 June 2022, the EU General Court dismissed HMRC\u2019s application to annul the European Commission decision concerning the CFC Group financing exemption. We understand that HMRC has lodged an appeal against the judgment to the Court of Justice of the European Union. As there are many appeals to be considered, it may be a number of years before the full court/appeal process is exhausted and this matter is finally resolved. The tax credit attributable to exceptional items is a credit of \u00a30.9m (2022: credit of \u00a30.8m). Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity 2023 \u00a3m 2022 \u00a3m Financial instruments (0.5) (0.5) Foreign exchange differences on long-term intra-Group currency loans and balances 0.4 0.1 Gain on equity instruments measured at fair value (1.0) 1.5 Actuarial movement on retirement benefit obligations (0.2) (0.4) Foreign exchange differences on translation of biological assets, intangible assets and leases 3.2 (7.8) Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity 1.9 (7.1) Income tax recognised directly to the Statement of Changes in Equity Share-based payment expense (0.1) (0.4) Income tax recognised directly to the Statement of Changes in Equity (0.1) (0.4) Unrecognised deferred tax assets and liabilities At the balance sheet date, the Group had unused tax losses which were available for offset against future profits, with a potential tax benefit of \u00a318.1m (2022: \u00a319.3m). We have recognised a deferred tax asset in respect of \u00a312.6m (2022: \u00a311.6m) of these benefits, as we expect these losses to be offset against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred tax asset in respect of the remaining \u00a35.5m (2022: \u00a37.7m), due to uncertainty about the availability of future taxable profits in the relevant jurisdictions. At 30 June 2023, the expiry dates of deferred tax assets in respect of losses available for the carry forward were as follows: Expiring within 1\u201310 years \u00a3m 11\u201320 years \u00a3m Unlimited \u00a3m Total \u00a3m Losses for which a deferred tax asset is recognised 0.2 \u2013 12.4 12.6 Losses for which no deferred tax asset is recognised 0.2 \u2013 5.3 5.5 Total tax losses 0.4 \u2013 17.7 18.1 In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of fixed asset timing differences of nil (2022: \u00a32.4m) and other timing differences of \u00a32.3m (2022: \u00a31.3m). These unrecognised timing differences have an unlimited expiry date. At 30 June 2022, the expiry dates of deferred tax assets in respect of losses available for the carry forward were as follows: Expiring within 1\u201310 years \u00a3m 11\u201320 years \u00a3m Unlimited \u00a3m Total \u00a3m Losses for which a deferred tax asset is recognised 0.6 0.4 10.6 11.6 Losses for which no deferred tax asset is recognised 0.1 \u2013 7.6 7.7 Total tax losses 0.7 0.4 18.2 19.3 The gross value of losses for which deferred tax assets are recognised is \u00a349.7m (2022: \u00a345.2m). The gross value of losses for which deferred tax assets are not recognised is \u00a319.3m (2022: \u00a324.8m). We have not recognised deferred tax liabilities totalling \u00a34.0m (2022: \u00a33.6m) for the withholding tax and other taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we can control the timing and reversal of these differences and it is probable that the differences will not reverse in the foreseeable future. Recognised deferred tax assets and liabilities We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction. The analysis of deferred tax balances is set out below: 2023 \u00a3m 2022 \u00a3m Deferred tax assets  (16.5) (10.1) Deferred tax liabilities 51.2 60.3 Net deferred tax assets 34.7 50.2 The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15% and is expected to first apply to Genus in the year ended 30 June 2025. In the current year, the Group has applied the exception under the related IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes . Movement in net deferred tax liabilities during the year As at 1 July 2022 \u00a3m Recognised in Income Statement \u00a3m Changes in tax rate recognised in Income Statement \u00a3m Prior year adjustments recognised in Income Statement \u00a3m Recognised in equity \u00a3m Foreign exchange difference \u00a3m As at 30 June 2023 \u00a3m Property, plant and equipment 3.5 2.6 0.4 (2.4) (0.1) (0.3) 3.7 Intangible assets 6.7 (0.6) \u2013 (0.9) (0.2) \u2013 5.0 Biological assets 73.0 (3.0) (0.2) 1.6 (3.5) (0.2) 67.7 Retirement benefit obligations (1.3) 0.2 \u2013 (0.4) 0.2 \u2013 (1.3) Share-based payment expense (2.4) (0.1) \u2013 0.1 0.1 0.1 (2.2) Short-term timing differences (17.7) (9.1) (0.8) (0.6) 1.8 0.8 (25.6) Tax loss carry-forwards (11.6) 1.2 0.1 (2.1) \u2013 (0.2) (12.6) Net deferred tax assets / (liabilities) 50.2 (8.8) (0.5) (4.7) (1.7) 0.2 34.7 As at 1 July 2021 \u00a3m Recognised in Income Statement \u00a3m Changes in tax rate recognised in Income Statement \u00a3m Prior year adjustments recognised in Income Statement \u00a3m Recognised in equity \u00a3m Foreign exchange difference \u00a3m As at 30 June 2022 \u00a3m Property, plant and equipment 3.6 (1.9) (0.3) 1.4 \u2013 0.7 3.5 Intangible assets 8.2 (0.6) (0.3) (1.3) 0.4 0.3 6.7 Biological assets 63.7 0.1 2.2 (1.3) 7.9 0.4 73.0 Retirement benefit obligations (2.1) 0.3 0.2 \u2013 0.4 (0.1) (1.3) Share-based payment expense (4.7) (0.4) 0.9 \u2013 1.9 (0.1) (2.4) Short-term timing differences (16.4) 1.6 0.7 (0.9) (1.5) (1.2) (17.7) Tax loss carry-forwards (7.3) (2.4) (0.6) (1.1) \u2013 (0.2) (11.6) Net deferred tax assets / (liabilities) 45.0 (3.3) 2.8 (3.2) 9.1 (0.2) 50.2 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "11. TAXATION AND DEFERRED TAXATION This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets and liabilities held across the Group, together with our view on whether or not we expect to be able to make use of them in the future. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022  it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022  it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022  our initial recognition of goodwill; or \u2022  our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Income tax expense 2023 \u00a3m 2022 \u00a3m Current tax expense Current period 20.6 13.6 Adjustment for prior periods 0.9 1.8 Total current tax expense in the Group Income Statement 21.5 15.4 Deferred tax expense Origination and reversal of temporary differences (9.2) (0.5) Adjustment for prior periods (4.7) (3.2) Total deferred tax credit in the Group Income Statement (13.9) (3.7) Total income tax expense excluding share of income tax of equity-accounted investees 7.6 11.7 Share of income tax of equity-accounted investees (see note 18) 3.9 2.6 Total income tax expense in the Group Income Statement 11.5 14.3 Reconciliation of effective tax rate 2023 % 2023 \u00a3m 2022 % 2022 \u00a3m Profit before tax 39.4 48.4 Add back share of income tax of equity-accounted investees 3.9 2.6 Profit before tax excluding share of income tax of equity-accounted investees 43.3 51.0 Income tax at UK corporation tax of 20.5% (2022: 19.0%) 20.5 8.9 19.0 9.7 Effect of tax rates in foreign jurisdictions 13.6 5.9 9.2 4.7 Non-deductible expenses 6.7 2.9 4.3 2.2 Tax exempt income and incentives (3.0) (1.3) (1.8) (0.9) Change in tax rate (1.2) (0.5) 2.5 1.3 Movements in recognition of tax losses (5.0) (2.2) 0.2 0.1 Change in unrecognised temporary differences (7.8) (3.4) (3.7) (1.9) Tax over / (under) provided in prior periods 1.8 0.8 (2.1) (1.1) Change in provisions 0.5 0.2 (0.2) (0.1) Tax on undistributed reserves  0.5 0.2 0.6 0.3 Total income tax expense in the Group Income Statement 26.6 11.5 28.0 14.3 The tax rate for the year depends on our mix of profits by country and our ability to recognise deferred tax assets in respect of losses in some of our smaller territories. Tax is calculated using prevailing tax legislation, reliefs and existing interpretations and practice. Included in \u2018Movements in recognition of tax losses\u2019 in the year is a credit of \u00a34.5m in respect of the recognition of previously unrecognised losses in the Group\u2019s subsidiaries in Australia and France, as these companies have delivered profits and utilised tax losses in each of the last two years and are forecast to continue to be profitable in the future. The Group has also reassessed the deferred tax attributes of its UK subsidiaries in the light of updated forecast information in respect of future profitability, resulting in a \u00a32.4m credit recognised in changes in unrecognised temporary differences, from the recognition of additional timing differences in respect of fixed assets and a \u00a32.0m charge included in movements in recognition of tax losses, in respect of certain company specific losses that are not capable of being group relieved against profits in other UK entities. The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European Commission initiatives including state aid investigations. During prior periods, the Group provided \u00a31.6m in total for its exposure to the challenge by the European Commission to the UK\u2019s Finance Company (\u2018FinCo\u2019) exemption from its Controlled Foreign Companies (\u2018CFC\u2019) taxing regime. As at 30 June 2023, Genus had been charged and paid \u00a31.4m (30 June 2022: \u00a31.4m) by HMRC under various charging notices in respect of its assessment of our liability under this judgment, leaving a remaining provision balance at 30 June 2023 of \u00a30.2m (30 June 2022: \u00a30.2m). The Group has appealed the amounts paid to HMRC on the following grounds: \u2022  the amount charged is not state aid (i.e. the original EU Commission decision is unsound in law); and \u2022  the amount charged is not wholly attributable to UK significant people functions (and therefore either partly or wholly outside the circumstances described by the EU Commission as state aid). HMRC and several other large taxpayers have also appealed against the original EU Commission decision. On 8 June 2022, the EU General Court dismissed HMRC\u2019s application to annul the European Commission decision concerning the CFC Group financing exemption. We understand that HMRC has lodged an appeal against the judgment to the Court of Justice of the European Union. As there are many appeals to be considered, it may be a number of years before the full court/appeal process is exhausted and this matter is finally resolved. The tax credit attributable to exceptional items is a credit of \u00a30.9m (2022: credit of \u00a30.8m). Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity 2023 \u00a3m 2022 \u00a3m Financial instruments (0.5) (0.5) Foreign exchange differences on long-term intra-Group currency loans and balances 0.4 0.1 Gain on equity instruments measured at fair value (1.0) 1.5 Actuarial movement on retirement benefit obligations (0.2) (0.4) Foreign exchange differences on translation of biological assets, intangible assets and leases 3.2 (7.8) Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity 1.9 (7.1) Income tax recognised directly to the Statement of Changes in Equity Share-based payment expense (0.1) (0.4) Income tax recognised directly to the Statement of Changes in Equity (0.1) (0.4) Unrecognised deferred tax assets and liabilities At the balance sheet date, the Group had unused tax losses which were available for offset against future profits, with a potential tax benefit of \u00a318.1m (2022: \u00a319.3m). We have recognised a deferred tax asset in respect of \u00a312.6m (2022: \u00a311.6m) of these benefits, as we expect these losses to be offset against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred tax asset in respect of the remaining \u00a35.5m (2022: \u00a37.7m), due to uncertainty about the availability of future taxable profits in the relevant jurisdictions. At 30 June 2023, the expiry dates of deferred tax assets in respect of losses available for the carry forward were as follows: Expiring within 1\u201310 years \u00a3m 11\u201320 years \u00a3m Unlimited \u00a3m Total \u00a3m Losses for which a deferred tax asset is recognised 0.2 \u2013 12.4 12.6 Losses for which no deferred tax asset is recognised 0.2 \u2013 5.3 5.5 Total tax losses 0.4 \u2013 17.7 18.1 In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of fixed asset timing differences of nil (2022: \u00a32.4m) and other timing differences of \u00a32.3m (2022: \u00a31.3m). These unrecognised timing differences have an unlimited expiry date. At 30 June 2022, the expiry dates of deferred tax assets in respect of losses available for the carry forward were as follows: Expiring within 1\u201310 years \u00a3m 11\u201320 years \u00a3m Unlimited \u00a3m Total \u00a3m Losses for which a deferred tax asset is recognised 0.6 0.4 10.6 11.6 Losses for which no deferred tax asset is recognised 0.1 \u2013 7.6 7.7 Total tax losses 0.7 0.4 18.2 19.3 The gross value of losses for which deferred tax assets are recognised is \u00a349.7m (2022: \u00a345.2m). The gross value of losses for which deferred tax assets are not recognised is \u00a319.3m (2022: \u00a324.8m). We have not recognised deferred tax liabilities totalling \u00a34.0m (2022: \u00a33.6m) for the withholding tax and other taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we can control the timing and reversal of these differences and it is probable that the differences will not reverse in the foreseeable future. Recognised deferred tax assets and liabilities We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction. The analysis of deferred tax balances is set out below: 2023 \u00a3m 2022 \u00a3m Deferred tax assets  (16.5) (10.1) Deferred tax liabilities 51.2 60.3 Net deferred tax assets 34.7 50.2 The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15% and is expected to first apply to Genus in the year ended 30 June 2025. In the current year, the Group has applied the exception under the related IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes Movement in net deferred tax liabilities during the year As at 1 July 2022 \u00a3m Recognised in Income Statement \u00a3m Changes in tax rate recognised in Income Statement \u00a3m Prior year adjustments recognised in Income Statement \u00a3m Recognised in equity \u00a3m Foreign exchange difference \u00a3m As at 30 June 2023 \u00a3m Property, plant and equipment 3.5 2.6 0.4 (2.4) (0.1) (0.3) 3.7 Intangible assets 6.7 (0.6) \u2013 (0.9) (0.2) \u2013 5.0 Biological assets 73.0 (3.0) (0.2) 1.6 (3.5) (0.2) 67.7 Retirement benefit obligations (1.3) 0.2 \u2013 (0.4) 0.2 \u2013 (1.3) Share-based payment expense (2.4) (0.1) \u2013 0.1 0.1 0.1 (2.2) Short-term timing differences (17.7) (9.1) (0.8) (0.6) 1.8 0.8 (25.6) Tax loss carry-forwards (11.6) 1.2 0.1 (2.1) \u2013 (0.2) (12.6) Net deferred tax assets / (liabilities) 50.2 (8.8) (0.5) (4.7) (1.7) 0.2 34.7 As at 1 July 2021 \u00a3m Recognised in Income Statement \u00a3m Changes in tax rate recognised in Income Statement \u00a3m Prior year adjustments recognised in Income Statement \u00a3m Recognised in equity \u00a3m Foreign exchange difference \u00a3m As at 30 June 2022 \u00a3m Property, plant and equipment 3.6 (1.9) (0.3) 1.4 \u2013 0.7 3.5 Intangible assets 8.2 (0.6) (0.3) (1.3) 0.4 0.3 6.7 Biological assets 63.7 0.1 2.2 (1.3) 7.9 0.4 73.0 Retirement benefit obligations (2.1) 0.3 0.2 \u2013 0.4 (0.1) (1.3) Share-based payment expense (4.7) (0.4) 0.9 \u2013 1.9 (0.1) (2.4) Short-term timing differences (16.4) 1.6 0.7 (0.9) (1.5) (1.2) (17.7) Tax loss carry-forwards (7.3) (2.4) (0.6) (1.1) \u2013 (0.2) (11.6) Net deferred tax assets / (liabilities) 45.0 (3.3) 2.8 (3.2) 9.1 (0.2) 50.2 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022  it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022  it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022  our initial recognition of goodwill; or \u2022  our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022  it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022  it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022  our initial recognition of goodwill; or \u2022  our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "12. EARNINGS PER SHARE Basic earnings per share is the profit generated for the financial year attributable to equity shareholders, divided by the weighted average number of shares in issue during the year. Basic earnings per share from continuing operations 2023 (pence) 2022 (pence) Basic earnings per share 50.8 62.5 The calculation of basic earnings per share from continuing operations is based on the net profit attributable to owners of the Company from continuing operations of \u00a333.3m (2022: \u00a340.9m) and a weighted average number of ordinary shares outstanding of 65,557,000 (2022: 65,395,000), which is calculated as follows: Weighted average number of ordinary shares (basic) 2023 000s 2022 000s Issued ordinary shares at the start of the year 65,774 65,761 Effect of own shares held (468) (373) Shares issued on exercise of stock options 1 7 Shares issued in relation to Employee Benefit Trust 250 \u2013 Weighted average number of ordinary shares in year 65,557 65,395 Diluted earnings per share from continuing operations 2023 (pence) 2022 (pence) Diluted earnings per share 50.5 62.2 The calculation of diluted earnings per share from continuing operations is based on the net profit attributable to owners of the Company from continuing operations of \u00a333.3m (2022: \u00a340.9m) and a weighted average number of ordinary shares outstanding, after adjusting for the effects of all potential dilutive ordinary shares, of 65,988,000 (2022: 65,714,000), which is calculated as follows: Weighted average number of ordinary shares (diluted) 2023 000s 2022 000s Weighted average number of ordinary shares (basic) 65,557 65,395 Dilutive effect of share awards and options 441 319 Weighted average number of ordinary shares for the purposes of diluted earnings per share 65,998 65,714 Adjusted earnings per share from continuing operations 2023 (pence) 2022 (pence) Adjusted earnings per share 84.8 82.7 Diluted adjusted earnings per share 84.2 82.3 Adjusted earnings per share is calculated on profit before the net IAS 41 valuation movement on biological assets, amortisation of acquired intangible assets, share-based payment expense, other gains and losses and exceptional items, after charging taxation associated with those profits, of \u00a355.6m (2022: \u00a354.1m), which is calculated as follows: 2023 \u00a3m 2022 \u00a3m Profit before tax from continuing operations 39.4 48.4 Add/(deduct): Net IAS 41 valuation movement on biological assets (see note 16) 16.9 5.4 Amortisation of acquired intangible assets (see note 15) 7.7 8.3 Share-based payment expense (see note 30) 6.0 3.7 Exceptional items (see note 7) 3.5 2.0 Other gains and losses (see note 26) (2.7) \u2013 Net IAS 41 valuation movement on biological assets in joint ventures (see note 18) (3.6) 1.4 Tax on joint ventures and associates (see note 18) 3.9 2.6 Attributable to non-controlling interest 0.4 (0.3) Adjusted profit before tax 71.5 71.5 Adjusted tax charge (15.9) (17.4) Adjusted profit after tax 55.6 54.1 Effective tax rate on adjusted profit  22.2% 24.3% Reconciliation of effective tax rate 2023 Profit \u00a3m 2023 Tax \u00a3m 2023 % Profit before tax excluding share of income tax of equity-accounted investees 43.3 11.5 26.6 Net IAS 41 valuation movement on biological assets 16.9 1.5 8.9 Amortisation of acquired intangible assets 7.7 1.9 24.7 Share-based payment expense 6.0 0.8 13.0 Other gains and losses (2.7) (0.7) 25.0 Exceptional items (see note 7) 3.5 0.9 25.7 Net IAS 41 valuation movement on biological assets in joint ventures (3.6) \u2013 \u2013 Attributable to non-controlling interest 0.4 \u2013 \u2013 Adjusted profit before tax 71.5 15.9 22.2 2022 Profit \u00a3m 2022 Tax \u00a3m 2022 % Profit before tax excluding share of income tax of equity-accounted investees 51.0 14.3 28.0 Net IAS 41 valuation movement on biological assets 5.4 (1.5) (27.8) Amortisation of acquired intangible assets 8.3 3.3 39.8 Share-based payment expense 3.7 0.5 13.5 Exceptional items (see note 7) 2.0 0.8 40.0 Net IAS 41 valuation movement on biological assets in joint ventures 1.4 \u2013 \u2013 Attributable to non-controlling interest (0.3) \u2013 \u2013 Adjusted profit before tax 71.5 17.4 24.3 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "13. DIVIDENDS Dividends are one type of shareholder return, historically paid to our shareholders in late November/early December and late March. Amounts recognised as distributions to equity holders in the year 2023 \u00a3m 2022 \u00a3m Final dividend Final dividend for the year ended 30 June 2022 of 21.7 pence per share 14.3 \u2013 Final dividend for the year ended 30 June 2021 of 21.7 pence per share \u2013 14.2 Interim dividend Interim dividend for the year ended 30 June 2023 of 10.3 pence per share 6.7 \u2013 Interim dividend for the year ended 30 June 2022 of 10.3 pence per share \u2013 6.7 Total dividend 21.0 20.9 The Directors have proposed a final dividend of 21.7 pence per share for 2023. This is subject to shareholders\u2019 approval at the AGM and we have therefore not included it as a liability in these Financial Statements. The total proposed and paid dividend for year ended 30 June 2023 is 32.0 pence per share (2022: 32.0 pence per share). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "14. GOODWILL Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash-generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022  goodwill arising on acquisition of a foreign operation; and \u2022  any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Impairment We review the carrying amounts of our tangible and intangible assets at each balance sheet date, to determine whether there is any indication of impairment. If any indication exists, we estimate the asset\u2019s recoverable amount. For goodwill, and tangible and intangible assets that are not yet available for use, we estimate the recoverable amount at each balance sheet date. The recoverable amount is the greater of their fair value less cost to sell and value in use. In assessing value in use, we discount the estimated future cash flows to their present value, using a pre-tax discount rate, which is derived from the Group\u2019s weighted average cost of capital (\u2018WACC\u2019). For some countries we add a premium to this rate, to reflect the risk attributable to that country. If the asset does not generate largely independent cash inflows, we determine the recoverable amount for the CGU that the asset belongs to. We recognise an impairment loss in the Income Statement whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. When we recognise an impairment loss in respect of a CGU, we first allocate it to reduce the carrying amount of any goodwill allocated to the CGU, and then apply any remaining loss to reduce the carrying amount of the unit\u2019s other assets on a pro rata basis. The aggregate carrying amounts of goodwill allocated to each operating segment are as follows: Genus PIC \u00a3m Genus ABS \u00a3m Total \u00a3m Cost Balance at 1 July 2021 72.5 29.0 101.5 Business combinations \u2013 0.3 0.3 Effect of movements in exchange rates 5.8 3.4 9.2 Balance at 30 June 2022 78.3 32.7 111.0 Effect of movements in exchange rates (2.1) (1.1) (3.2) Balance at 30 June 2023 76.2 31.6 107.8 Impairment losses Balance at 1 July 2021, 30 June 2022 and 30 June 2023 \u2013 \u2013 \u2013 Carrying amounts At 30 June 2023 76.2 31.6 107.8 At 30 June 2022 78.3 32.7 111.0 To test impairment, we allocate goodwill to our CGUs, which are in line with our operating segments. These are the lowest level within the Group at which we monitor goodwill for internal management purposes. We test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. We determine the recoverable amount of our CGUs by using value in use calculations. The key assumptions for these calculations relate to discount rates, long-term growth rates and short-term growth rates (which includes consideration of expected changes to selling prices, cost savings derived from the IntelliGen technologies, and changes in product mix). We have estimated the pre-tax discount rate using the Group\u2019s WACC. We risk-adjusted the discount rate for risks specific to each market, adding between nil and 27% (2022: nil and 17%) to the WACC as appropriate. The pre-tax discount rate of 11.9% (2022: 11.2%) we applied to our cash flow projections equates to a post-tax rate of 9.8% (2022: 9.3%). Our estimates of changes in selling prices and direct costs are based on past experience and our expectations of future changes in the market. The annual impairment test is performed on 31 March (2022: 31 March). There have been no additional indicators of impairment identified after this date that would require the impairment test to be reperformed. It is based on cash flows derived from our most recent financial and strategic plans approved by management, over the next five years taking into account the impact of climate change. A growth rate of 2.5% (2022: 2.5%) has been used to extrapolate cash flows beyond this period. Short-term profitability and growth rates are based on past experience, current trading conditions (including the impact of inflation) and our expectations of future changes in the market. The Genus PIC and Genus ABS CGUs are deemed to be significant. The individual country assumptions used to determine value in use for these CGUs are: Risk premium used to adjust discount rate Short-term growth rates (CAGR) Long-term growth rates 2023 2022 2023 2022 2023 2022 Genus PIC nil\u201319% nil\u201315% nil\u201364% nil\u201344% 2.5% 2.5% Genus ABS nil\u201327% nil\u201317% nil\u201352% 1%\u201342% 2.5% 2.5% Weighted average risk adjusted pre-tax discount rate Weighted average risk adjusted post-tax discount rate Weighted average short-term growth rates (CAGR) 2023 2022 2023 2022 2023 2022 Genus PIC 11.4% 11.0% 9.3% 9.0% 12% 12% Genus ABS 12.4% 11.3% 10.3% 9.5% 16% 22% The rates towards the higher end of the range above represent those which are applied to our smaller entities and those in emerging markets and hence appear high relative to others. Sensitivity to changes in assumptions Management has performed the following sensitivity analysis: \u2022  changing the key assumptions, with other variables held constant; \u2022  simultaneously changing the key assumptions; and \u2022  incorporating the potential impact of the principal risks and uncertainties outlined on pages 62 to 64, in particular the impacts of biosecurity, market downturns, continuity of supply, increased competition and the impact of a global pandemic, taking into account the likely degree of available mitigating actions. Management has concluded that there are no reasonably possible changes in any one of the key assumptions that would cause the carrying amounts of goodwill to exceed the value in use of PIC and ABS. 15. INTANGIBLE ASSETS Our Group Balance Sheet contains significant intangible assets, including acquired technology, customer relationships, software and our IntelliGen development project. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022  Porcine and bovine genetics technology  20 years \u2022  Multiplier contracts      15 years \u2022  Brands     10 to 15 years \u2022  Customer relationships      10 to 17 years \u2022  IntelliGen    10 years \u2022  Patents and licences      term of agreement (4 years) \u2022  Software        2 to 10 years Intangible assets acquired separately We carry intangible assets acquired other than through a business combination at cost less accumulated amortisation and any impairment loss. We charge amortisation on a straight-line basis over their estimated useful lives and review the useful life and amortisation method at the end of each financial year, accounting for the effect of any changes in estimate on a prospective basis. Porcine and bovine genetics technology \u00a3m Brands, multiplier contracts and customer relationships \u00a3m Separately identified acquired intangible assets \u00a3m Software \u00a3m Assets under construction \u00a3m IntelliGen \u00a3m Patents, licences and other \u00a3m Total \u00a3m Cost Balance at 1 July 2021 51.7 81.6 133.3 20.0 2.7 23.6 4.3 183.9 Additions 4.2 10.3 14.5 0.2 8.6 \u2013 \u2013 23.3 Acquisition  \u2013 0.4 0.4 \u2013 \u2013 \u2013 \u2013 0.4 Transfers \u2013 \u2013 \u2013 7.7 (7.7) \u2013 \u2013 \u2013 Effect of movements in exchange rates 0.6 10.6 11.2 1.0 0.1 3.2 0.1 15.6 Balance at 30 June 2022 56.5 102.9 159.4 28.9 3.7 26.8 4.4 223.2 Additions \u2013 \u2013 \u2013 \u2013 9.3 \u2013 \u2013 9.3 Transfers \u2013 \u2013 \u2013 5.9 (5.9) \u2013 \u2013 \u2013 Effect of movements in exchange rates (0.2) (4.0) (4.2) (0.3) (0.1) (1.1) \u2013 (5.7) Balance at 30 June 2023 56.3 98.9 155.2 34.5 7.0 25.7 4.4 226.8 Amortisation and impairment losses Balance at 1 July 2021 36.0 66.2 102.2 13.0 \u2013 8.4 4.0 127.6 Amortisation for the year 3.0 5.3 8.3 1.7 \u2013 2.5 0.1 12.6 Effect of movements in exchange rates 0.1 8.6 8.7 0.8 \u2013 1.4 0.1 11.0 Balance at 30 June 2022 39.1 80.1 119.2 15.5 \u2013 12.3 4.2 151.2 Amortisation for the year 3.3 4.4 7.7 2.9 \u2013 2.7 0.1 13.4 Effect of movements in exchange rates 0.1 (3.3) (3.2) (0.2) \u2013 (0.6) \u2013 (4.0) Balance at 30 June 2023 42.5 81.2 123.7 18.2 \u2013 14.4 4.3 160.6 Carrying amounts At 30 June 2023 13.8 17.7 31.5 16.3 7.0 11.3 0.1 66.2 At 30 June 2022 17.4 22.8 40.2 13.4 3.7 14.5 0.2 72.0 At 30 June 2021 15.7 15.4 31.1 7.0 2.7 15.2 0.3 56.3 Included within brands, multiplier contracts and customer relationships are carrying amounts for brands of \u00a30.6m (2022: \u00a30.5m), multiplier contracts of \u00a39.2m (2022: \u00a311.1m) and customer relationships of \u00a37.9m (2022: \u00a311.2m). Included within the software class of assets is \u00a39.5m (2022: \u00a36.9m) and included in assets in the course of construction is \u00a32.3m (2022: \u00a32.7m) that relate to the ongoing development costs of GenusOne, our single global enterprise system and \u00a31.6m (2022: \u00a3nil) that relate to IntelliGen.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "14. GOODWILL Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash-generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022  goodwill arising on acquisition of a foreign operation; and \u2022  any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Impairment We review the carrying amounts of our tangible and intangible assets at each balance sheet date, to determine whether there is any indication of impairment. If any indication exists, we estimate the asset\u2019s recoverable amount. For goodwill, and tangible and intangible assets that are not yet available for use, we estimate the recoverable amount at each balance sheet date. The recoverable amount is the greater of their fair value less cost to sell and value in use. In assessing value in use, we discount the estimated future cash flows to their present value, using a pre-tax discount rate, which is derived from the Group\u2019s weighted average cost of capital (\u2018WACC\u2019). For some countries we add a premium to this rate, to reflect the risk attributable to that country. If the asset does not generate largely independent cash inflows, we determine the recoverable amount for the CGU that the asset belongs to. We recognise an impairment loss in the Income Statement whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. When we recognise an impairment loss in respect of a CGU, we first allocate it to reduce the carrying amount of any goodwill allocated to the CGU, and then apply any remaining loss to reduce the carrying amount of the unit\u2019s other assets on a pro rata basis. The aggregate carrying amounts of goodwill allocated to each operating segment are as follows: Genus PIC \u00a3m Genus ABS \u00a3m Total \u00a3m Cost Balance at 1 July 2021 72.5 29.0 101.5 Business combinations \u2013 0.3 0.3 Effect of movements in exchange rates 5.8 3.4 9.2 Balance at 30 June 2022 78.3 32.7 111.0 Effect of movements in exchange rates (2.1) (1.1) (3.2) Balance at 30 June 2023 76.2 31.6 107.8 Impairment losses Balance at 1 July 2021, 30 June 2022 and 30 June 2023 \u2013 \u2013 \u2013 Carrying amounts At 30 June 2023 76.2 31.6 107.8 At 30 June 2022 78.3 32.7 111.0 To test impairment, we allocate goodwill to our CGUs, which are in line with our operating segments. These are the lowest level within the Group at which we monitor goodwill for internal management purposes. We test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. We determine the recoverable amount of our CGUs by using value in use calculations. The key assumptions for these calculations relate to discount rates, long-term growth rates and short-term growth rates (which includes consideration of expected changes to selling prices, cost savings derived from the IntelliGen technologies, and changes in product mix). We have estimated the pre-tax discount rate using the Group\u2019s WACC. We risk-adjusted the discount rate for risks specific to each market, adding between nil and 27% (2022: nil and 17%) to the WACC as appropriate. The pre-tax discount rate of 11.9% (2022: 11.2%) we applied to our cash flow projections equates to a post-tax rate of 9.8% (2022: 9.3%). Our estimates of changes in selling prices and direct costs are based on past experience and our expectations of future changes in the market. The annual impairment test is performed on 31 March (2022: 31 March). There have been no additional indicators of impairment identified after this date that would require the impairment test to be reperformed. It is based on cash flows derived from our most recent financial and strategic plans approved by management, over the next five years taking into account the impact of climate change. A growth rate of 2.5% (2022: 2.5%) has been used to extrapolate cash flows beyond this period. Short-term profitability and growth rates are based on past experience, current trading conditions (including the impact of inflation) and our expectations of future changes in the market. The Genus PIC and Genus ABS CGUs are deemed to be significant. The individual country assumptions used to determine value in use for these CGUs are: Risk premium used to adjust discount rate Short-term growth rates (CAGR) Long-term growth rates 2023 2022 2023 2022 2023 2022 Genus PIC nil\u201319% nil\u201315% nil\u201364% nil\u201344% 2.5% 2.5% Genus ABS nil\u201327% nil\u201317% nil\u201352% 1%\u201342% 2.5% 2.5% Weighted average risk adjusted pre-tax discount rate Weighted average risk adjusted post-tax discount rate Weighted average short-term growth rates (CAGR) 2023 2022 2023 2022 2023 2022 Genus PIC 11.4% 11.0% 9.3% 9.0% 12% 12% Genus ABS 12.4% 11.3% 10.3% 9.5% 16% 22% The rates towards the higher end of the range above represent those which are applied to our smaller entities and those in emerging markets and hence appear high relative to others. Sensitivity to changes in assumptions Management has performed the following sensitivity analysis: \u2022  changing the key assumptions, with other variables held constant; \u2022  simultaneously changing the key assumptions; and \u2022  incorporating the potential impact of the principal risks and uncertainties outlined on pages 62 to 64, in particular the impacts of biosecurity, market downturns, continuity of supply, increased competition and the impact of a global pandemic, taking into account the likely degree of available mitigating actions. Management has concluded that there are no reasonably possible changes in any one of the key assumptions that would cause the carrying amounts of goodwill to exceed the value in use of PIC and ABS. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash-generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022  goodwill arising on acquisition of a foreign operation; and \u2022  any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-597": {
   "value": "Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash-generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022  goodwill arising on acquisition of a foreign operation; and \u2022  any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022  Porcine and bovine genetics technology  20 years \u2022  Multiplier contracts      15 years \u2022  Brands     10 to 15 years \u2022  Customer relationships      10 to 17 years \u2022  IntelliGen    10 years \u2022  Patents and licences      term of agreement (4 years) \u2022  Software        2 to 10 years ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "15. INTANGIBLE ASSETS Our Group Balance Sheet contains significant intangible assets, including acquired technology, customer relationships, software and our IntelliGen development project. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022  Porcine and bovine genetics technology  20 years \u2022  Multiplier contracts      15 years \u2022  Brands     10 to 15 years \u2022  Customer relationships      10 to 17 years \u2022  IntelliGen    10 years \u2022  Patents and licences      term of agreement (4 years) \u2022  Software        2 to 10 years Intangible assets acquired separately We carry intangible assets acquired other than through a business combination at cost less accumulated amortisation and any impairment loss. We charge amortisation on a straight-line basis over their estimated useful lives and review the useful life and amortisation method at the end of each financial year, accounting for the effect of any changes in estimate on a prospective basis. Porcine and bovine genetics technology \u00a3m Brands, multiplier contracts and customer relationships \u00a3m Separately identified acquired intangible assets \u00a3m Software \u00a3m Assets under construction \u00a3m IntelliGen \u00a3m Patents, licences and other \u00a3m Total \u00a3m Cost Balance at 1 July 2021 51.7 81.6 133.3 20.0 2.7 23.6 4.3 183.9 Additions 4.2 10.3 14.5 0.2 8.6 \u2013 \u2013 23.3 Acquisition  \u2013 0.4 0.4 \u2013 \u2013 \u2013 \u2013 0.4 Transfers \u2013 \u2013 \u2013 7.7 (7.7) \u2013 \u2013 \u2013 Effect of movements in exchange rates 0.6 10.6 11.2 1.0 0.1 3.2 0.1 15.6 Balance at 30 June 2022 56.5 102.9 159.4 28.9 3.7 26.8 4.4 223.2 Additions \u2013 \u2013 \u2013 \u2013 9.3 \u2013 \u2013 9.3 Transfers \u2013 \u2013 \u2013 5.9 (5.9) \u2013 \u2013 \u2013 Effect of movements in exchange rates (0.2) (4.0) (4.2) (0.3) (0.1) (1.1) \u2013 (5.7) Balance at 30 June 2023 56.3 98.9 155.2 34.5 7.0 25.7 4.4 226.8 Amortisation and impairment losses Balance at 1 July 2021 36.0 66.2 102.2 13.0 \u2013 8.4 4.0 127.6 Amortisation for the year 3.0 5.3 8.3 1.7 \u2013 2.5 0.1 12.6 Effect of movements in exchange rates 0.1 8.6 8.7 0.8 \u2013 1.4 0.1 11.0 Balance at 30 June 2022 39.1 80.1 119.2 15.5 \u2013 12.3 4.2 151.2 Amortisation for the year 3.3 4.4 7.7 2.9 \u2013 2.7 0.1 13.4 Effect of movements in exchange rates 0.1 (3.3) (3.2) (0.2) \u2013 (0.6) \u2013 (4.0) Balance at 30 June 2023 42.5 81.2 123.7 18.2 \u2013 14.4 4.3 160.6 Carrying amounts At 30 June 2023 13.8 17.7 31.5 16.3 7.0 11.3 0.1 66.2 At 30 June 2022 17.4 22.8 40.2 13.4 3.7 14.5 0.2 72.0 At 30 June 2021 15.7 15.4 31.1 7.0 2.7 15.2 0.3 56.3 Included within brands, multiplier contracts and customer relationships are carrying amounts for brands of \u00a30.6m (2022: \u00a30.5m), multiplier contracts of \u00a39.2m (2022: \u00a311.1m) and customer relationships of \u00a37.9m (2022: \u00a311.2m). Included within the software class of assets is \u00a39.5m (2022: \u00a36.9m) and included in assets in the course of construction is \u00a32.3m (2022: \u00a32.7m) that relate to the ongoing development costs of GenusOne, our single global enterprise system and \u00a31.6m (2022: \u00a3nil) that relate to IntelliGen.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022  Porcine and bovine genetics technology  20 years \u2022  Multiplier contracts      15 years \u2022  Brands     10 to 15 years \u2022  Customer relationships      10 to 17 years \u2022  IntelliGen    10 years \u2022  Patents and licences      term of agreement (4 years) \u2022  Software        2 to 10 years ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "16. BIOLOGICAL ASSETS The Group applies quantitative genetics and biotechnology to animal breeding. We use these techniques to identify and select animals with the genes responsible for superior milk and meat, high health and performance traits. We sell breeding animals, semen and embryos to customers, who use them to produce offspring which yield greater production efficiency and milk and meat quality, for the global dairy and meat supply chain. We recognise that accounting for biological assets is an area which includes key sources of estimation uncertainty. These are outlined in note 4 and sensitivities are provided below. Accounting policies Biological assets and inventories In bovine, we use research and development to identify genetically superior bulls in a number of breeds, primarily the Holstein dairy breed. Each selected bull has its performance measured against its peers, by using genomic evaluations and progeny testing of its daughters\u2019 performance. We collect and freeze semen from the best bulls, to satisfy our customers\u2019 demand. Farmers use semen from dairy breeds to breed replacement milking stock. They use the semen we sell from beef breeds in either specialist beef breeding herds, for multiplying breeding bulls for use in natural service, or on dairy cows to produce animals to be reared for meat. Our research and development also enables us to produce and select our own genetically superior females, from which we will breed future bulls. We hold our bovine biological assets for long-term internal use and classify them as non-current assets. We transfer bull semen to inventory at its fair value at the point of harvest, which becomes its deemed cost under IAS 2. We state our inventories at the lower of this deemed cost and net realisable value. Sorting semen is a production process rather than a biological process. As a result, we transfer semen inventory into sexed semen production at its fair value at the point of harvest, less the cost to sell, and it becomes a component of the production process. We carry sexed semen in finished goods at production cost. In porcine, we maintain and develop a central breeding stock (the \u2018nucleus herd\u2019), to provide genetically superior animals. These genetics help make farmers and food processors more profitable, by increasing their output of consistently high-quality products, which yield higher value. So we can capitalise on our intellectual property, we outsource the vast majority of our pig production to our global multiplier network. We also sell the offspring or semen we obtain from animals in the nucleus herd to customers, for use in commercial farming. Pig sales generally occur in one of two ways: \u2018upfront\u2019 and \u2018royalty\u2019. Under upfront sales, we receive the full fair value of the animal at the point we transfer it to the customer. Under royalty sales, the pig is regarded as comprising two separately identifiable components: its carcass and its genetic potential. We receive the initial consideration, which is approximately the animal\u2019s carcass value, at the point we transfer the pig to the customer. We retain our interest in the pig\u2019s genetic potential and receive royalties for the customer\u2019s use of this genetic potential. The breeding animal biological assets we own, and our retained interest in the biological assets we have sold under royalty contracts, are recognised and measured at fair value at each balance sheet date. We recognise changes in fair value in the Income Statement, within operating profit for the period. We classify the porcine biological assets we are using as breeding animals as non-current assets and carry them at fair value. The porcine biological assets we are holding for resale, which are the offspring of the breeding herd, are carried at fair value and classified as current assets. Determination of fair values \u2013 biological assets IAS 41 \u2018Agriculture\u2019 requires us to show the carrying value of biological assets in the Group Balance Sheet. We determine this carrying value according to IAS 41\u2019s provisions and show the net valuation movement in the Income Statement. There are important differences in how we value our bovine and porcine assets, as explained below. Bovine \u2013 we base the fair value of all bulls on the net cash flows we expect to receive from selling their semen, discounted at a current risk-adjusted market-determined rate. The significant assumptions determining the fair values are the expected future demand for semen, the estimated biological value and the marketable life of bulls. The biological value is the estimated value at the point of production. We adjust the fair value of the bovine herd and semen inventory where a third party earns a royalty from semen sales from a particular bull. Females are valued by reference to market prices and published independent genetic evaluations. Porcine \u2013 the fair value of porcine biological assets includes the animals we own entirely and our retained interest in the genetics of animals we have sold under royalty arrangements. The fair value of animals we own is calculated using the animals\u2019 average live weights, plus a premium where we believe that their genetics make them saleable. We base the live weight value and the genetic premium on recent transaction prices we have achieved. The significant assumptions in determining fair values are the breeding animals\u2019 expected life, the percentage of production animals that are saleable as breeding animals and the expected sales prices. For our retained interest in the genetics of animals sold under royalty contracts, we base the initial fair value on the fair values we achieved in recent direct sales of similar animals, less the amount we received upfront for the carcass element. We then remeasure the fair value of our retained interest at each reporting date. The significant assumption in determining the fair value of the retained interest is the animals\u2019 expected life. We value the pigs in our pure line herds, which are the repository of our proprietary genetics, as a single unit of account. We do this using a discounted cash flow model, applied to the herds\u2019 future outputs at current prices. The significant assumptions we make are the number of future generations attributable to the current herds, the fair value prices we achieve on sales, the animals\u2019 expected useful lifespan and productivity, and the risk-adjusted discount rate. Non-recognition of porcine multiplier contracts where the Group does not retain a contractual interest To manage commercial risk, a very large part of our porcine business model involves selling pigs to farmers (\u2018multipliers\u2019) who produce piglets on farms we neither manage nor control. We have the option, but not the obligation, to buy the offspring at slaughter market value plus a premium. Because the offspring have superior genetics, we can then sell them to other farmers at a premium. We do not recognise the right to purchase offspring on the Group Balance Sheet, as we enter into the contracts and continue to hold them for the purpose of receiving non-financial items (the offspring), in accordance with our expected purchase requirements. This means the option is outside the scope of IFRS 9. We do not recognise the offspring as biological assets under IAS 41, as we do not own or control them. Fair value of biological assets Bovine \u00a3m Porcine \u00a3m Total \u00a3m Non-current biological assets 92.0 187.9 279.9 Current biological assets \u2013 39.6 39.6 Balance at 30 June 2021 92.0 227.5 319.5 Increases due to purchases 23.3 225.8 249.1 Decreases attributable to sales \u2013 (234.8) (234.8) Decrease due to harvest (17.7) (26.3) (44.0) Changes in fair value less estimated sale costs (19.6) 61.2 41.6 Effect of movements in exchange rates 10.0 25.4 35.4 Balance at 30 June 2022 88.0 278.8 366.8 Non-current biological assets 88.0 245.7 333.7 Current biological assets \u2013 33.1 33.1 Balance at 30 June 2022 88.0 278.8 366.8 Increases due to purchases 23.2 228.9 252.1 Decreases attributable to sales \u2013 (259.4) (259.4) Decrease due to harvest (14.6) (31.4) (46.0) Changes in fair value less estimated sale costs 6.6 38.2 44.8 Effect of movements in exchange rates (3.9) (12.4) (16.3) Balance at 30 June 2023 99.3 242.7 342.0 Non-current biological assets 99.3 218.9 318.2 Current biological assets \u2013 23.8 23.8 Balance at 30 June 2023 99.3 242.7 342.0 Bovine Bovine biological assets include \u00a38.9m (2022: \u00a36.9m) representing the fair value of bulls owned by third parties but managed by the Group, net of expected future payments to such third parties, which are therefore treated as assets held under leases. There were no movements in the carrying value of the bovine biological assets in respect of sales or other changes during the year. A risk-adjusted rate of 13.2% (2022: 12.5%) has been used to discount future net cash flows from the sale of bull semen. Decreases due to harvest represent the semen extracted from the biological assets. Inventories of such semen are shown as biological asset harvest in note 20. Porcine Included in increases due to purchases is the aggregate increase arising during the year on initial recognition of biological assets in respect of multiplier purchases, other than parent gilts, of \u00a391.5m (2022: \u00a3101.2m). Decreases attributable to sales during the year of \u00a3259.4m (2022: \u00a3234.8) include \u00a3104.6 (2022: \u00a374.0m) in respect of the reduction in fair value of the retained interest in the genetics of animals, other than parent gilts, transferred under royalty contracts. Also included is \u00a396.5m (2022: \u00a3119.0m) relating to the fair value of the retained interest in the genetics in respect of animals, other than parent gilts, sold to customers under royalty contracts in the year. Total revenue in the year, including parent gilts, includes \u00a3281.9m (2022: \u00a3231.4m) in respect of these contracts, comprising \u00a3105.9m (2022: \u00a383.2m) on initial transfer of animals and semen to customers and \u00a3176.0m (2022: \u00a3148.2m) in respect of royalties received. A risk-adjusted rate of 12.9% (2022: 10.3%) has been used to discount future net cash flows from the expected output of the pure line porcine herds. The number of future generations which have been taken into account is seven (2022: seven) and their estimated useful lifespan is 1.4 years (2022: 1.4 years). Year ended 30 June 2023 Bovine \u00a3m Porcine \u00a3m Total \u00a3m Changes in fair value of biological assets 6.6 38.2 44.8 Inventory transferred to cost of sales at fair value 1.4 (31.4) (30.0) Biological assets transferred to cost of sales at fair value \u2013 (31.4) (31.4) 8.0 (24.6) (16.6) Fair value movement in related financial derivative  \u2013 (0.3) (0.3) Net IAS 41 valuation movement on biological assets 1 8.0 (24.9) (16.9) Year ended 30 June 2022 Bovine \u00a3m Porcine \u00a3m Total \u00a3m Changes in fair value of biological assets (19.6) 61.2 41.6 Inventory transferred to cost of sales at fair value (10.3) (26.3) (36.6) Biological assets transferred to cost of sales at fair value \u2013 (10.3) (10.3) (29.9) 24.6 (5.3) Fair value movement in related financial derivative  \u2013 (0.1) (0.1) Net IAS 41 valuation movement on biological assets 1 (29.9) 24.5 (5.4) 1  This represents the difference between operating profit prepared under IAS 41 and operating profit prepared under historical cost accounting, which forms part of the reconciliation to adjusted operating profit (see APMs)   Fair value measurement All of the biological assets inputs fall under Level 3 of the hierarchy defined in IFRS 13. Significant increases/(decreases) in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Unobservable inputs and key sources of estimation uncertainty 2023 2022 Sensitivity Bovine Risk-adjusted discount rate 1 13.2% 12.5% 1 percentage point increase in the discount rate would result in approximately a \u00a32.7m (2022: \u00a32.3m) reduction in value. Value at point of production 1 32.7% 32.1% 1 percentage point decrease in the rate would result in approximately a \u00a36.2m (2022: \u00a35.1m) reduction in value. Percentage of new dairy bulls to be produced internally in future years 1 FY24 76% FY25 81% FY26 84% FY27 and thereafter 85% FY23 71% FY24 81% FY25 86% FY26 and thereafter 87% If percentage remained at FY23 level of 79% (2022: 61%) there would be a decrease in value of approximately \u00a30.4m (2022: \u00a33.6m). Age profile of Holstein bulls generating future sales 1 FY24 \u2013 avg age 4.0 yrs FY25 \u2013 avg age 4.0 yrs FY26 \u2013 avg age 4.0 yrs FY27 and thereafter \u2013 avg age 4.0 yrs FY23 \u2013 avg age 4.0 yrs FY24 \u2013 avg age 4.0 yrs FY25 \u2013 avg age 4.0 yrs FY26 and thereafter \u2013 avg age 4.0 yrs If age profile remains at FY23 average age of 4.1 years (2022: 4.2 years), there would be an increase in value of approximately \u00a30.5m (2022: \u00a31.4m). Age profile of US beef-on-dairy bulls generating  future sales 1 FY24 \u2013 avg age 4.5 yrs FY25 \u2013 avg age 4.5 yrs FY26 \u2013 avg age 4.5 yrs FY27 and thereafter \u2013 avg age 4.3 yrs FY23 \u2013 avg age 5.1 yrs FY24 \u2013 avg age 4.8 yrs FY25 \u2013 avg age 4.8 yrs FY26 and thereafter \u2013 avg age 4.8 yrs If age profile remains at FY23 average age of 3.9 years (2022: 5.7 years), there would be a decrease in value of approximately \u00a31.2m (2022: \u00a33.0m increase). Long-term dairy volume growth rate 1.8% 2.4% 1 percentage point decrease in the growth rate would result in approximately a \u00a30.2m (2022: \u00a30.2m) reduction in value. Short-term dairy volume growth rate 1.9% 3.7% 1 percentage point decrease in the growth rate would result in approximately a \u00a31.4m (2022: \u00a31.2m) reduction in value. Growth in unit prices 1 4.3% 1.2% 1 percentage point increase in the forecasted unit price growth would result in approximately \u00a35.0m increase in value (2022: \u00a34.5m). Porcine Risk-adjusted discount rate \u2013 pure line herd 1 12.9% 10.3% 1 percentage point increase in the discount rate would result in approximately a \u00a33.1m (2022: \u00a33.5m) reduction in value. Any additional increase in the percentage would lead to a linear impact. Proportion of animals that go to breeding sales 1 Gilts \u2013 10.7% Gilts \u2013 7.9% 1 percentage point increase in the go to breeding sales would result in approximately \u00a36.7 (2022: \u00a310.5m) increase in value. Boars \u2013 10.6% Boars \u2013 8.2% 1 percentage point increase in the go to breeding sales would result in approximately \u00a37.5m (2022: \u00a312.0m) increase in value. 1  Key sources of estimation uncertainty Additional information 2023 2022 Bovine Quantities at period end Number of bulls in production 953 1,015 Number of bulls under development (including calves) 749 696 Total number of bulls 1,702 1,711 Number of doses of semen valued in inventory 16.1m 17.2m Amounts during the year Fair value of agricultural produce \u2013 semen harvested during the period \u00a314.6m \u00a317.7m Porcine Quantities at period end Number of pigs (own farms) 81,846 95,050 Number of pigs, excluding parent gilts, despatched on a royalty basis and valued at fair value 65,407 91,591 Amounts during the year Fair value of agricultural produce \u2013 semen harvested during the period \u00a331.3m \u00a326.3m ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "Accounting policies Biological assets and inventories In bovine, we use research and development to identify genetically superior bulls in a number of breeds, primarily the Holstein dairy breed. Each selected bull has its performance measured against its peers, by using genomic evaluations and progeny testing of its daughters\u2019 performance. We collect and freeze semen from the best bulls, to satisfy our customers\u2019 demand. Farmers use semen from dairy breeds to breed replacement milking stock. They use the semen we sell from beef breeds in either specialist beef breeding herds, for multiplying breeding bulls for use in natural service, or on dairy cows to produce animals to be reared for meat. Our research and development also enables us to produce and select our own genetically superior females, from which we will breed future bulls. We hold our bovine biological assets for long-term internal use and classify them as non-current assets. We transfer bull semen to inventory at its fair value at the point of harvest, which becomes its deemed cost under IAS 2. We state our inventories at the lower of this deemed cost and net realisable value. Sorting semen is a production process rather than a biological process. As a result, we transfer semen inventory into sexed semen production at its fair value at the point of harvest, less the cost to sell, and it becomes a component of the production process. We carry sexed semen in finished goods at production cost. In porcine, we maintain and develop a central breeding stock (the \u2018nucleus herd\u2019), to provide genetically superior animals. These genetics help make farmers and food processors more profitable, by increasing their output of consistently high-quality products, which yield higher value. So we can capitalise on our intellectual property, we outsource the vast majority of our pig production to our global multiplier network. We also sell the offspring or semen we obtain from animals in the nucleus herd to customers, for use in commercial farming. Pig sales generally occur in one of two ways: \u2018upfront\u2019 and \u2018royalty\u2019. Under upfront sales, we receive the full fair value of the animal at the point we transfer it to the customer. Under royalty sales, the pig is regarded as comprising two separately identifiable components: its carcass and its genetic potential. We receive the initial consideration, which is approximately the animal\u2019s carcass value, at the point we transfer the pig to the customer. We retain our interest in the pig\u2019s genetic potential and receive royalties for the customer\u2019s use of this genetic potential. The breeding animal biological assets we own, and our retained interest in the biological assets we have sold under royalty contracts, are recognised and measured at fair value at each balance sheet date. We recognise changes in fair value in the Income Statement, within operating profit for the period. We classify the porcine biological assets we are using as breeding animals as non-current assets and carry them at fair value. The porcine biological assets we are holding for resale, which are the offspring of the breeding herd, are carried at fair value and classified as current assets. Determination of fair values \u2013 biological assets IAS 41 \u2018Agriculture\u2019 requires us to show the carrying value of biological assets in the Group Balance Sheet. We determine this carrying value according to IAS 41\u2019s provisions and show the net valuation movement in the Income Statement. There are important differences in how we value our bovine and porcine assets, as explained below. Bovine \u2013 we base the fair value of all bulls on the net cash flows we expect to receive from selling their semen, discounted at a current risk-adjusted market-determined rate. The significant assumptions determining the fair values are the expected future demand for semen, the estimated biological value and the marketable life of bulls. The biological value is the estimated value at the point of production. We adjust the fair value of the bovine herd and semen inventory where a third party earns a royalty from semen sales from a particular bull. Females are valued by reference to market prices and published independent genetic evaluations. Porcine \u2013 the fair value of porcine biological assets includes the animals we own entirely and our retained interest in the genetics of animals we have sold under royalty arrangements. The fair value of animals we own is calculated using the animals\u2019 average live weights, plus a premium where we believe that their genetics make them saleable. We base the live weight value and the genetic premium on recent transaction prices we have achieved. The significant assumptions in determining fair values are the breeding animals\u2019 expected life, the percentage of production animals that are saleable as breeding animals and the expected sales prices. For our retained interest in the genetics of animals sold under royalty contracts, we base the initial fair value on the fair values we achieved in recent direct sales of similar animals, less the amount we received upfront for the carcass element. We then remeasure the fair value of our retained interest at each reporting date. The significant assumption in determining the fair value of the retained interest is the animals\u2019 expected life. We value the pigs in our pure line herds, which are the repository of our proprietary genetics, as a single unit of account. We do this using a discounted cash flow model, applied to the herds\u2019 future outputs at current prices. The significant assumptions we make are the number of future generations attributable to the current herds, the fair value prices we achieve on sales, the animals\u2019 expected useful lifespan and productivity, and the risk-adjusted discount rate. Non-recognition of porcine multiplier contracts where the Group does not retain a contractual interest To manage commercial risk, a very large part of our porcine business model involves selling pigs to farmers (\u2018multipliers\u2019) who produce piglets on farms we neither manage nor control. We have the option, but not the obligation, to buy the offspring at slaughter market value plus a premium. Because the offspring have superior genetics, we can then sell them to other farmers at a premium. We do not recognise the right to purchase offspring on the Group Balance Sheet, as we enter into the contracts and continue to hold them for the purpose of receiving non-financial items (the offspring), in accordance with our expected purchase requirements. This means the option is outside the scope of IFRS 9. We do not recognise the offspring as biological assets under IAS 41, as we do not own or control them. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "17. PROPERTY, PLANT AND EQUIPMENT We make significant investments in our property, plant and equipment. All assets are depreciated over their useful economic lives. Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022  Freehold buildings  10 to 40 years \u2022  Leasehold buildings   over the term of the lease \u2022  Plant and equipment  3 to 20 years \u2022  Motor vehicles    3 to 5 years We do not depreciate land or assets under construction. Right-of-use assets Right-of-use assets are measured initially at cost, based on the value of the associated lease liability, adjusted for any payments made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, we record an interest charge in respect of the lease liability. The related right-of-use asset is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. Land and buildings \u00a3m Plant, motor vehicles and equipment \u00a3m Assets under construction \u00a3m Total  owned  assets \u00a3m Land and buildings \u00a3m Plant, motor vehicles and equipment \u00a3m Total  right-of-use assets \u00a3m Total \u00a3m Cost or deemed cost Balance at 1 July 2021 66.6 88.0 22.1 176.7 20.7 26.0 46.7 223.4 Additions  0.2 3.9 40.3 44.4 9.2 6.1 15.3 59.7 Transfers  23.5 12.8 (36.3) \u2013 \u2013 \u2013 \u2013 \u2013 Disposals  (1.4) (2.0) \u2013 (3.4) (0.5) (6.0) (6.5) (9.9) Effect of movements in exchange rates  11.3 10.9 3.5 25.7 2.1 2.3 4.4 30.1 Balance at 30 June 2022 100.2 113.6 29.6 243.4 31.5 28.4 59.9 303.3 Additions 0.2 3.1 19.8 23.1 2.0 8.9 10.9 34.0 Transferred from assets held for sale 0.2 \u2013 \u2013 0.2 \u2013 \u2013 \u2013 0.2 Transfers 18.3 12.1 (30.4) \u2013 \u2013 \u2013 \u2013 \u2013 Disposals (1.3) (3.7) (0.3) (5.3) \u2013 (4.9) (4.9) (10.2) Effect of movements in exchange rates (6.4) (5.4) (1.8) (13.6) (1.8) (0.8) (2.6) (16.2) Balance at 30 June 2023 111.2 119.7 16.9 247.8 31.7 31.6 63.3 311.1 Depreciation and impairment losses Balance at 1 July 2021 24.5 56.9 \u2013 81.4 6.5 12.5 19.0 100.4 Depreciation for the year  3.8 11.0 \u2013 14.8 4.8 6.8 11.6 26.4 Disposals  (1.3) (1.8) \u2013 (3.1) (0.5) (5.9) (6.4) (9.5) Impairment 0.8 0.1 \u2013 0.9 \u2013 \u2013 \u2013 0.9 Effect of movements in exchange rates 4.4 7.1 \u2013 11.5 0.6 1.6 2.2 13.7 Balance at 30 June 2022 32.2 73.3 \u2013 105.5 11.4 15.0 26.4 131.9 Depreciation for the year 5.6 12.8 \u2013 18.4 4.6 7.2 11.8 30.2 Disposals (1.1) (2.7) \u2013 (3.8) \u2013 (4.7) (4.7) (8.5) Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Effect of movements in exchange rates (2.2) (3.6) \u2013 (5.8) (0.7) (0.4) (1.1) (6.9) Balance at 30 June 2023 34.5 79.8 \u2013 114.3 15.3 17.1 32.4 146.7 Carrying amounts At 30 June 2023 76.7 39.9 16.9 133.5 16.4 14.5 30.9 164.4 At 30 June 2022 68.0 40.3 29.6 137.9 20.1 13.4 33.5 171.4 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022  Freehold buildings  10 to 40 years \u2022  Leasehold buildings   over the term of the lease \u2022  Plant and equipment  3 to 20 years \u2022  Motor vehicles    3 to 5 years We do not depreciate land or assets under construction. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). The carrying value of the investments is reconciled as follows: 2023  \u00a3m 2022  \u00a3m Balance at 1 July  41.2 34.1 Share of post-tax retained profits of joint ventures and associates 10.5 5.2 Additions 1.0 2.2 Long-term loan investment 1.9 \u2013 Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) (2.4) (3.1) Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy) (0.2) (0.1) Effect of other movements including exchange rates 1.5 2.9 Balance at 30 June  53.5 41.2 The additions in the year solely relate to cash injections made to Inner Mongolia Haoxiang Pig Breeding Co. Ltd. to fund their operation. There are no significant restrictions on the ability of the joint ventures and associates to transfer funds to the Parent, other than those imposed by the Companies Act 2006 or equivalent government rules within the joint venture\u2019s jurisdiction. Related-party transactions with joint ventures and associates Transaction value Balance outstanding 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Sale of goods and services to joint ventures and associates \u2013 \u2013 \u2013 0.3 Purchase of goods and services from joint ventures and associates  4.1 6.5 \u2013 \u2013 All outstanding balances with joint ventures and associates are priced on an arm\u2019s length basis and are to be settled in cash within six months of the reporting date. None of the balances are secured. Summary financial information for equity-accounted investees, adjusted for the Group\u2019s percentage ownership, is shown on the following page. Joint ventures and associates \u2013 year ended 30 June 2023 Net assets Ownership Cash and cash equivalent \u00a3m Other current  assets \u00a3m Non-current assets \u00a3m Biological assets \u00a3m Total  assets \u00a3m Current liabilities \u00a3m Total  liabilities \u00a3m Net  assets \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 3.1 10.9 40.2 9.8 64.0 (19.5) (19.5) 44.5 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% 0.2 1.0 5.0 (0.1) 6.1 (0.2) (5.1) 1.0 Chitale Genus ABS (India) Private Limited (India) 50% 0.3 1.0 \u2013 0.2 1.5 \u2013 (0.1) 1.4 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 2.0 1.4 0.7 (0.3) 3.8 (0.3) (0.3) 3.5 Xelect Limited (United Kingdom) 1 39% 0.1 0.2 2.3 \u2013 2.6 (0.1) (0.1) 2.5 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 0.1 0.6 \u2013 0.4 1.1 (0.6) (0.6) 0.5 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Net assets 5.8 15.1 48.2 10.1 79.2 (20.7) (25.7) 53.5 1  Classified as an associate. All other investments are classified as joint ventures Income Statement Ownership Revenue \u00a3m Net IAS 41 valuation movement on biological assets \u00a3m Expenses \u00a3m Operating profit / (loss) \u00a3m Taxation \u00a3m Profit / (loss) after tax \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 38.8 2.5 (25.7) 15.6 (3.9) 11.7 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% 1.8 1.1 (4.4) (1.5) \u2013 (1.5) Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 5.2 \u2013 (5.3) (0.1) \u2013 (0.1) Chitale Genus ABS (India) Private Limited (India) 50% 0.5 \u2013 (0.3) 0.2 \u2013 0.2 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Xelect Limited (United Kingdom) 1 39% 0.7 \u2013 (0.6) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 1.0 \u2013 (0.9) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% 0.1 \u2013 (0.1) \u2013 \u2013 \u2013 Profit / (loss) 48.1 3.6 (37.3) 14.4 (3.9) 10.5 1  Classified as an associate. All other investments are classified as joint ventures Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end, and Xelect Limited, which has a June year end. Where the year end differs from the year of the Group this is due to local regulatory requirements. Joint ventures and associates \u2013 year ended 30 June 2022 Net assets Ownership Cash and cash equivalent \u00a3m Other current  assets \u00a3m Non-current assets \u00a3m Biological assets \u00a3m Total  assets \u00a3m Current liabilities \u00a3m Total  liabilities \u00a3m Net  assets / (liabilities) \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 0.2 17.6 23.6 6.9 48.3 (15.2) (15.2) 33.1 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% \u2013 0.4 1.4 (1.2) 0.6 (0.8) (0.8) (0.2) Chitale Genus ABS (India) Private Limited (India) 50% 0.3 0.3 1.1 \u2013 1.7 (0.1) (0.4) 1.3 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 2.7 1.3 0.8 (0.5) 4.3 (0.3) (0.3) 4.0 Xelect Limited (United Kingdom) 1 39% 0.1 0.2 2.2 \u2013 2.5 (0.1) (0.1) 2.4 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% \u2013 0.6 0.4 \u2013 1.0 (0.4) (0.4) 0.6 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Net assets 3.3 20.4 29.5 5.2 58.4 (16.9) (17.2) 41.2 1  Classified as an associate. All other investments are classified as joint ventures Income Statement Ownership Revenue \u00a3m Net IAS 41 valuation movement on biological assets \u00a3m Expenses \u00a3m Operating profit / (loss) \u00a3m Taxation \u00a3m Profit /(loss) after tax \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 31.6 (0.7) (21.7) 9.2 (2.6) 6.6 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% \u2013 (1.2) (1.0) (2.2) \u2013 (2.2) Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 5.5 0.5 (5.6) 0.4 \u2013 0.4 Chitale Genus ABS (India) Private Limited (India) 50% 0.3 \u2013 (0.2) 0.1 \u2013 0.1 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Xelect Limited (United Kingdom) 1 39% 0.6 \u2013 (0.5) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 1.9 \u2013 (1.7) 0.2 \u2013 0.2 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Profit / (loss) 39.9 (1.4) (30.7) 7.8 (2.6) 5.2 1  Classified as an associate. All other investments are classified as joint ventures ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). The carrying value of the investments is reconciled as follows: 2023  \u00a3m 2022  \u00a3m Balance at 1 July  41.2 34.1 Share of post-tax retained profits of joint ventures and associates 10.5 5.2 Additions 1.0 2.2 Long-term loan investment 1.9 \u2013 Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) (2.4) (3.1) Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy) (0.2) (0.1) Effect of other movements including exchange rates 1.5 2.9 Balance at 30 June  53.5 41.2 The additions in the year solely relate to cash injections made to Inner Mongolia Haoxiang Pig Breeding Co. Ltd. to fund their operation. There are no significant restrictions on the ability of the joint ventures and associates to transfer funds to the Parent, other than those imposed by the Companies Act 2006 or equivalent government rules within the joint venture\u2019s jurisdiction. Related-party transactions with joint ventures and associates Transaction value Balance outstanding 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Sale of goods and services to joint ventures and associates \u2013 \u2013 \u2013 0.3 Purchase of goods and services from joint ventures and associates  4.1 6.5 \u2013 \u2013 All outstanding balances with joint ventures and associates are priced on an arm\u2019s length basis and are to be settled in cash within six months of the reporting date. None of the balances are secured. Summary financial information for equity-accounted investees, adjusted for the Group\u2019s percentage ownership, is shown on the following page. Joint ventures and associates \u2013 year ended 30 June 2023 Net assets Ownership Cash and cash equivalent \u00a3m Other current  assets \u00a3m Non-current assets \u00a3m Biological assets \u00a3m Total  assets \u00a3m Current liabilities \u00a3m Total  liabilities \u00a3m Net  assets \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 3.1 10.9 40.2 9.8 64.0 (19.5) (19.5) 44.5 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% 0.2 1.0 5.0 (0.1) 6.1 (0.2) (5.1) 1.0 Chitale Genus ABS (India) Private Limited (India) 50% 0.3 1.0 \u2013 0.2 1.5 \u2013 (0.1) 1.4 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 2.0 1.4 0.7 (0.3) 3.8 (0.3) (0.3) 3.5 Xelect Limited (United Kingdom) 1 39% 0.1 0.2 2.3 \u2013 2.6 (0.1) (0.1) 2.5 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 0.1 0.6 \u2013 0.4 1.1 (0.6) (0.6) 0.5 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Net assets 5.8 15.1 48.2 10.1 79.2 (20.7) (25.7) 53.5 1  Classified as an associate. All other investments are classified as joint ventures Income Statement Ownership Revenue \u00a3m Net IAS 41 valuation movement on biological assets \u00a3m Expenses \u00a3m Operating profit / (loss) \u00a3m Taxation \u00a3m Profit / (loss) after tax \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 38.8 2.5 (25.7) 15.6 (3.9) 11.7 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% 1.8 1.1 (4.4) (1.5) \u2013 (1.5) Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 5.2 \u2013 (5.3) (0.1) \u2013 (0.1) Chitale Genus ABS (India) Private Limited (India) 50% 0.5 \u2013 (0.3) 0.2 \u2013 0.2 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Xelect Limited (United Kingdom) 1 39% 0.7 \u2013 (0.6) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 1.0 \u2013 (0.9) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% 0.1 \u2013 (0.1) \u2013 \u2013 \u2013 Profit / (loss) 48.1 3.6 (37.3) 14.4 (3.9) 10.5 1  Classified as an associate. All other investments are classified as joint ventures Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end, and Xelect Limited, which has a June year end. Where the year end differs from the year of the Group this is due to local regulatory requirements. Joint ventures and associates \u2013 year ended 30 June 2022 Net assets Ownership Cash and cash equivalent \u00a3m Other current  assets \u00a3m Non-current assets \u00a3m Biological assets \u00a3m Total  assets \u00a3m Current liabilities \u00a3m Total  liabilities \u00a3m Net  assets / (liabilities) \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 0.2 17.6 23.6 6.9 48.3 (15.2) (15.2) 33.1 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% \u2013 0.4 1.4 (1.2) 0.6 (0.8) (0.8) (0.2) Chitale Genus ABS (India) Private Limited (India) 50% 0.3 0.3 1.1 \u2013 1.7 (0.1) (0.4) 1.3 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 2.7 1.3 0.8 (0.5) 4.3 (0.3) (0.3) 4.0 Xelect Limited (United Kingdom) 1 39% 0.1 0.2 2.2 \u2013 2.5 (0.1) (0.1) 2.4 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% \u2013 0.6 0.4 \u2013 1.0 (0.4) (0.4) 0.6 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Net assets 3.3 20.4 29.5 5.2 58.4 (16.9) (17.2) 41.2 1  Classified as an associate. All other investments are classified as joint ventures Income Statement Ownership Revenue \u00a3m Net IAS 41 valuation movement on biological assets \u00a3m Expenses \u00a3m Operating profit / (loss) \u00a3m Taxation \u00a3m Profit /(loss) after tax \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 31.6 (0.7) (21.7) 9.2 (2.6) 6.6 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% \u2013 (1.2) (1.0) (2.2) \u2013 (2.2) Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 5.5 0.5 (5.6) 0.4 \u2013 0.4 Chitale Genus ABS (India) Private Limited (India) 50% 0.3 \u2013 (0.2) 0.1 \u2013 0.1 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Xelect Limited (United Kingdom) 1 39% 0.6 \u2013 (0.5) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 1.9 \u2013 (1.7) 0.2 \u2013 0.2 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Profit / (loss) 39.9 (1.4) (30.7) 7.8 (2.6) 5.2 1  Classified as an associate. All other investments are classified as joint ventures ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). The carrying value of the investments is reconciled as follows: 2023  \u00a3m 2022  \u00a3m Balance at 1 July  41.2 34.1 Share of post-tax retained profits of joint ventures and associates 10.5 5.2 Additions 1.0 2.2 Long-term loan investment 1.9 \u2013 Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) (2.4) (3.1) Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy) (0.2) (0.1) Effect of other movements including exchange rates 1.5 2.9 Balance at 30 June  53.5 41.2 The additions in the year solely relate to cash injections made to Inner Mongolia Haoxiang Pig Breeding Co. Ltd. to fund their operation. There are no significant restrictions on the ability of the joint ventures and associates to transfer funds to the Parent, other than those imposed by the Companies Act 2006 or equivalent government rules within the joint venture\u2019s jurisdiction. Related-party transactions with joint ventures and associates Transaction value Balance outstanding 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Sale of goods and services to joint ventures and associates \u2013 \u2013 \u2013 0.3 Purchase of goods and services from joint ventures and associates  4.1 6.5 \u2013 \u2013 All outstanding balances with joint ventures and associates are priced on an arm\u2019s length basis and are to be settled in cash within six months of the reporting date. None of the balances are secured. Summary financial information for equity-accounted investees, adjusted for the Group\u2019s percentage ownership, is shown on the following page. Joint ventures and associates \u2013 year ended 30 June 2023 Net assets Ownership Cash and cash equivalent \u00a3m Other current  assets \u00a3m Non-current assets \u00a3m Biological assets \u00a3m Total  assets \u00a3m Current liabilities \u00a3m Total  liabilities \u00a3m Net  assets \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 3.1 10.9 40.2 9.8 64.0 (19.5) (19.5) 44.5 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% 0.2 1.0 5.0 (0.1) 6.1 (0.2) (5.1) 1.0 Chitale Genus ABS (India) Private Limited (India) 50% 0.3 1.0 \u2013 0.2 1.5 \u2013 (0.1) 1.4 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 2.0 1.4 0.7 (0.3) 3.8 (0.3) (0.3) 3.5 Xelect Limited (United Kingdom) 1 39% 0.1 0.2 2.3 \u2013 2.6 (0.1) (0.1) 2.5 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 0.1 0.6 \u2013 0.4 1.1 (0.6) (0.6) 0.5 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Net assets 5.8 15.1 48.2 10.1 79.2 (20.7) (25.7) 53.5 1  Classified as an associate. All other investments are classified as joint ventures Income Statement Ownership Revenue \u00a3m Net IAS 41 valuation movement on biological assets \u00a3m Expenses \u00a3m Operating profit / (loss) \u00a3m Taxation \u00a3m Profit / (loss) after tax \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 38.8 2.5 (25.7) 15.6 (3.9) 11.7 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% 1.8 1.1 (4.4) (1.5) \u2013 (1.5) Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 5.2 \u2013 (5.3) (0.1) \u2013 (0.1) Chitale Genus ABS (India) Private Limited (India) 50% 0.5 \u2013 (0.3) 0.2 \u2013 0.2 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Xelect Limited (United Kingdom) 1 39% 0.7 \u2013 (0.6) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 1.0 \u2013 (0.9) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% 0.1 \u2013 (0.1) \u2013 \u2013 \u2013 Profit / (loss) 48.1 3.6 (37.3) 14.4 (3.9) 10.5 1  Classified as an associate. All other investments are classified as joint ventures Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end, and Xelect Limited, which has a June year end. Where the year end differs from the year of the Group this is due to local regulatory requirements. Joint ventures and associates \u2013 year ended 30 June 2022 Net assets Ownership Cash and cash equivalent \u00a3m Other current  assets \u00a3m Non-current assets \u00a3m Biological assets \u00a3m Total  assets \u00a3m Current liabilities \u00a3m Total  liabilities \u00a3m Net  assets / (liabilities) \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 0.2 17.6 23.6 6.9 48.3 (15.2) (15.2) 33.1 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% \u2013 0.4 1.4 (1.2) 0.6 (0.8) (0.8) (0.2) Chitale Genus ABS (India) Private Limited (India) 50% 0.3 0.3 1.1 \u2013 1.7 (0.1) (0.4) 1.3 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 2.7 1.3 0.8 (0.5) 4.3 (0.3) (0.3) 4.0 Xelect Limited (United Kingdom) 1 39% 0.1 0.2 2.2 \u2013 2.5 (0.1) (0.1) 2.4 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% \u2013 0.6 0.4 \u2013 1.0 (0.4) (0.4) 0.6 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Net assets 3.3 20.4 29.5 5.2 58.4 (16.9) (17.2) 41.2 1  Classified as an associate. All other investments are classified as joint ventures Income Statement Ownership Revenue \u00a3m Net IAS 41 valuation movement on biological assets \u00a3m Expenses \u00a3m Operating profit / (loss) \u00a3m Taxation \u00a3m Profit /(loss) after tax \u00a3m Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil) 49% 31.6 (0.7) (21.7) 9.2 (2.6) 6.6 Inner Mongolia Haoxiang Pig Breeding Co. Ltd. (China) 1 49% \u2013 (1.2) (1.0) (2.2) \u2013 (2.2) Yan\u2019an Xinyongxiang Technology Co., Ltd (China) 1 49% 5.5 0.5 (5.6) 0.4 \u2013 0.4 Chitale Genus ABS (India) Private Limited (India) 50% 0.3 \u2013 (0.2) 0.1 \u2013 0.1 Avlscenter M\u00f8llevang A/S 1 49% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Xelect Limited (United Kingdom) 1 39% 0.6 \u2013 (0.5) 0.1 \u2013 0.1 Societ\u00e0 Agricola GENEETIC S.r.l. (Italy) 1 33% 1.9 \u2013 (1.7) 0.2 \u2013 0.2 Societ\u00e0 Agricola GENEETIC Service S.r.l. (Italy) 1 33% \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Profit / (loss) 39.9 (1.4) (30.7) 7.8 (2.6) 5.2 1  Classified as an associate. All other investments are classified as joint ventures ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-624": {
   "value": "Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related-party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. As each arrangement is a separate legal entity and control rights are substantially equal with the other parties, no significant judgements are required. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a310.5m (2022: \u00a35.2m). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "19. OTHER INVESTMENTS We hold a number of unlisted and listed investments, mainly comprising shares in listed entity National Milk Records plc (\u2018NMR\u2019). Accounting policies Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income statement, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through income statement are expensed in the Income Statement. Other investments may include equity investments (where the Group does not have control, joint control or significant influence in the investee), short-term deposits with banks and other investments with original maturities of more than three months. Any dividends received are recognised in the Income Statement. Investments carried at fair value 2023  \u00a3m 2022  \u00a3m Listed equity shares \u2013 Caribou Biosciences, Inc. 0.4 4.4 Unlisted equity shares \u2013 Dairy LLC (\u2018BoviSync\u2019) 2.4 2.2 Listed equity shares \u2013 NMR 4.4 2.1 Unlisted equity shares \u2013 Other 1.6 1.5 Other investments 8.8 10.2 Caribou Biosciences Inc shares are measured at fair value using the valuation basis of a Level 1 classification. Caribou shares are publicly traded on the NASDAQ. We hold a strategic non-controlling interest in BoviSync, a herd management software company. The investment is measured at fair value and the valuation basis of a Level 3 classification. NMR ordinary shares were acquired as part of the NMR pension agreement, and are measured at fair value. The valuation basis is Level 1 classification, where fair value techniques are quoted (unadjusted) prices in active markets for identical assets and liabilities. Other unlisted equity investments primarily consist of strategic non-controlling interests in bovine technology companies, which are measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value and are not based on observable market data. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "Accounting policies Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income statement, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through income statement are expensed in the Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "20. INVENTORIES Our inventory primarily consists of bovine semen, raw materials and ancillary products. Accounting policies Inventory (excluding biological assets\u2019 harvest) is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where appropriate, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. For our biological assets accounting policies, see note 16. 2023  \u00a3m 2022  \u00a3m Biological assets\u2019 harvest classed as inventories 22.7 20.9 Raw materials and consumables 3.9 3.6 Goods held for resale 34.7 26.4 Inventories 61.3 50.9 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "Accounting policies Inventory (excluding biological assets\u2019 harvest) is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where appropriate, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "21. TRADE AND OTHER RECEIVABLES Our trade and other receivables mainly consist of amounts owed to us by customers and amounts we pay to our suppliers in advance. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses. 2023  \u00a3m (restated 1 ) 2022  \u00a3m Trade receivables (restated 1 ) 95.4 95.7 Less expected credit loss allowance (3.9) (4.3) Trade receivables net of impairment 91.5 91.4 Other debtors 8.1 10.7 Prepayments  7.7 8.5 Contract assets (restated 1 ) (note 24) 22.4 17.3 Other taxes and social security 2.4 1.6 Current trade and other receivables  132.1 129.5 Other debtors 3.0 3.7 Contract assets (note 24) 5.2 4.9 Non-current other receivables 8.2 8.6 Trade and other receivables 140.3 138.1 1  See note 2 for details of the prior period restatement Trade receivables The average credit period our customers take on the sales of goods is 48 days (2022 (restated 1 ): 56 days). We do not charge interest on receivables for the first 30 days from the date of the invoice. The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). The ECLs on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the general economic conditions of the industry and country in which the debtor operates and an assessment of both the current and the forecast direction of conditions at the reporting date. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The Group recognises ECLs with reference to the following matrix, in accordance with the simplified approach permitted in IFRS 9. There has been no change in the estimation techniques during the current reporting period. A component of the calculation is the risk premium of the countries in which our customers operate. The risk premiums are updated on each reporting date, to reflect changes in the global economy. North America Latin America EMEA Asia 2023 Risk premium (%) 1.0% 5.6% 3.1% 2.6% Trade receivables (\u00a3m) 19.8 23.6 34.5 17.5 2022 Risk premium (%) 1.0% 5.1% 3.5% 3.7% Trade receivables (\u00a3m) (restated*) 23.2 22.3 37.6 12.6 The following table shows the movement in lifetime ECLs that has been recognised for trade receivables, in accordance with the simplified approach set out in IFRS 9. 2023  \u00a3m 2022  \u00a3m Balance at the start of the year 4.3 5.0 Change in loss allowance due to new trade and other receivables originated net of those derecognised due to settlement 3.4 2.3 Amounts written off as uncollectable \u2013 \u2013 Impairment losses reversed (3.9) (3.2) Effect of movements in exchange rates 0.1 0.2 Balance at the end of the year 3.9 4.3 The aging of trade receivables is presented below: Trade receivables Trade receivables  net of impairment Days past due 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Not yet due  69.3 72.1 67.1 69.7 0\u201330 days 13.2 11.7 12.8 11.4 31\u201390 days  8.1 7.4 7.7 7. 2 91\u2013180 days 3.7 3.0 3.1 2.5 Over 180 days 1.1 1.5 0.8 0.6 95.4 95.7 91.5 91.4 No customer represents more than 5% of the total balance of trade receivables (2022: no more than 5%). The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Trade and other receivables denominated in currencies other than Sterling comprise \u00a342.3m denominated in US Dollars (2022: \u00a344.1m), \u00a315.5m denominated in Euros (2022: \u00a313.3m) and \u00a349.8m denominated in other currencies (2022: \u00a349.7m). Other debtors Included in other debtors is an amount of \u00a32.3m (2022: \u00a33.5m) which comprises security deposits held over farms being constructed. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "Accounting policies We state trade and other receivables at their amortised cost less any impairment losses. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "22. CASH AND CASH EQUIVALENTS We hold cash and bank deposits which have a maturity of three months or less, to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand form an integral part of our cash management and are included in interest-bearing loans and borrowings less than one year. 2023  \u00a3m 2022  \u00a3m Cash at bank and in hand 36.3 38.8 The carrying amount of these assets approximates to their fair value. The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings of the counterparty where the account or deposit is placed. Counterparties with external credit ratings 2023  \u00a3m 2022  \u00a3m A to AA- 25.8 24.1 BBB- to BBB 8.0 8.0 B- to BB+ 1.1 1.9 CCC to CCC- 0.6 0.3 No ratings 0.8 4.5 Cash at bank and in hand 36.3 38.8 Within our cash and cash equivalents there is a cash balance of \u00a33.1m (2022: \u00a34.5m) in our Russian entities of which \u00a30.8m (2022: \u00a30.2m) is not currently available to be used by the Group due to being received from and held in sanctioned banks. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "Accounting policies Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand form an integral part of our cash management and are included in interest-bearing loans and borrowings less than one year. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "23. TRADE AND OTHER PAYABLES Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Accounting policies Trade payables are not interest bearing and are stated at their nominal value. 2023  \u00a3m 2022  \u00a3m Trade payables 34.8 36.0 Other payables 11.6 8.2 Accrued expenses 58.1 61.4 Contract liabilities (note 24) 9.8 10.1 Other taxes and social security 7.7 9.0 Current trade and other payables 122.0 124.7 Contract liabilities (note 24) \u2013 0.2 Non-current trade and other payables \u2013 0.2 The average credit period taken for trade purchases is 32 days (2022: 39 days). Other payables include an amount of \u00a37.5m (2022: \u00a35.1m) being repayable on demand with a third-party business partner. Payables denominated in currencies other than Sterling comprise \u00a352.9m denominated in US Dollars (2022: \u00a355.9m), \u00a314.9m denominated in Euros (2022: \u00a311.8m) and \u00a330.3m denominated in other currencies (2022: \u00a333.7m). The carrying values of these liabilities are a reasonable approximation of their fair values. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "Accounting policies Trade payables are not interest bearing and are stated at their nominal value. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "24. CONTRACT BALANCES Accounting policy A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match the pattern of performance under the contract. Where payment is received ahead of performance a contract liability will be created, and where performance obligations are satisfied ahead of billing, then a contract asset will be recognised. 2023  \u00a3m (restated 1 ) 2022  \u00a3m Current contract assets (restated 1 ) 22.4 17.3 Non-current contract assets 5.2 4.9 Contract assets (note 21) 27.6 22.2 Current contract liabilities (9.8) (10.1) Non-current contract liabilities \u2013 (0.2) Contract liabilities (note 23) (9.8) (10.3) (restated 1 ) Contract  assets  \u00a3m Contract liabilities  \u00a3m Balance at 1 July 2021 16.2 (12.0) Increases as a result of performance in advance of billing  159.0 \u2013 Transfers to receivables during the year (153.3) \u2013 Increases as a result of billing ahead of performance \u2013 (80.8) Decreases as a result of revenue recognised in the year \u2013 83.4 Effect of movements in exchange rates 0.3 (0.9) Balance at 30 June 2022 22.2 (10.3) Increases as a result of performance in advance of billing 175.5 \u2013 Transfers to receivables during the year (169.2) \u2013 Increases as a result of billing ahead of performance \u2013 (63.8) Decreases as a result of revenue recognised in the year \u2013 63.6 Effect of movements in exchange rates (0.9) 0.7 Balance at 30 June 2023 27.6 (9.8) 1  See note 2 for details of the prior period restatement In some cases, the Group receives payments from customers based on a billing schedule, as established in our contracts. The contract assets relate to revenue recognised for performance in advance of scheduled billing and have increased, as the Group has provided more services ahead of the agreed payment schedules for certain contracts. The contract liability relates to payments received in advance of performance under contract and varies based on performance under these contracts. The transaction price allocated to partially unsatisfied performance obligations at 30 June 2023 is \u00a315.0m (2022: \u00a312.1m). It is expected that the Group will recognise this revenue over the next six years. ",
   "dimensions": {
    "concept": "genusplc:DisclosureOfContractBalances",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "Accounting policy A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match the pattern of performance under the contract. Where payment is received ahead of performance a contract liability will be created, and where performance obligations are satisfied ahead of billing, then a contract asset will be recognised. ",
   "dimensions": {
    "concept": "genusplc:DescriptionOfAccountingPolicyForContractBalances",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "25. PROVISIONS A provision is a liability recorded in the Group Balance Sheet, where there is uncertainty over the timing or amount that will be paid, and is therefore estimated. The main provisions we hold relate to litigation damages, legal provisions, customer claims and share forfeiture. Accounting policies We recognise a provision in the Balance Sheet when an event results in the Group having a current legal or constructive obligation, and it is probable that we will have to settle the obligation through an outflow of economic benefits. If the effect is material, we discount provisions to their present value. ST  litigation  \u00a3m Share  forfeiture  \u00a3m Other provisions  \u00a3m Total  \u00a3m Balance at 1 July 2021 9.4 0.3 2.7 12.4 Additional provision in the year \u2013 0.2 0.5 0.7 Utilisation of provision (0.4) \u2013 (0.1) (0.5) Release of provision (0.1) \u2013 (0.1) (0.2) Effect of movement in exchange rates 1.2 \u2013 0.3 1.5 Balance at 30 June 2022 10.1 0.5 3.3 13.9 Additional provision in the year  0.1 \u2013 0.5 0.6 Utilisation of provision  (0.1) \u2013 (1.1) (1.2) Release of provision \u2013 (0.2) (0.4) (0.6) Effect of movement in exchange rates (0.4) \u2013 (0.2) (0.6) Balance at 30 June 2023 9.7 0.3 2.1 12.1 2023  \u00a3m 2022  \u00a3m Current  1.8 1.9 Non-current 10.3 12.0 12.1 13.9 ST litigation relates specifically to our litigation only with Sexing Technologies, as described in note 7. The share forfeiture provision of \u00a30.3m relates to potential claims that could be made by untraced members over the next three years, relating to the resale proceeds of shares that were identified during the prior year as being forfeited. Other provisions mainly relate to legal provisions (excluding ST litigation) and customers\u2019 claims. The timing and cash flows associated with the majority of legal claims are expected to be less than one year. However, for some legal claims the timing of cash flows may be long term in nature and are disclosed as such. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "Accounting policies We recognise a provision in the Balance Sheet when an event results in the Group having a current legal or constructive obligation, and it is probable that we will have to settle the obligation through an outflow of economic benefits. If the effect is material, we discount provisions to their present value. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "26. FINANCIAL INSTRUMENTS This note details our treasury management and financial risk management objectives and policies, as well as the Group\u2019s exposure and sensitivity to credit, liquidity, interest and foreign exchange rate risk, and the policies in place to monitor and manage these risks. Financial risk management objectives The Group\u2019s corporate treasury function provides services to the business, coordinates our access to domestic and international financial markets, and monitors and manages the financial risks relating to the Group\u2019s operations, through internal risk reports that analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. We seek to minimise the effects of these risks by hedging them using derivative financial instruments. Our use of financial derivatives is governed by policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. The Board of Directors regularly reviews our compliance with policies and exposure limits. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Key financial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal financial risks our activities expose us to are the risks of changes in foreign currency exchange rates, interest rates and commodity prices. We use derivative financial instruments to manage our exposure to interest rate, foreign currency and commodity price risks, including: \u2022  forward foreign exchange contracts, to hedge the exchange rate risk arising on the sale of goods and purchase of supplies in foreign currencies; \u2022  interest rate swaps, to mitigate the risk of rising interest rates; and \u2022  forward commodity contracts, to hedge commodity price risk. Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship . A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market price at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022  there is an economic relationship between the hedged item and the hedging instrument; \u2022  the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022  the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. Other gains and losses Included with other gains and losses is a \u00a32.7m gain on the mark to market valuation (\u2018MTM\u2019) in relation to \u00a360m of SONIA interest rate swaps executed in April 2023. Whilst the interest rate swaps are a perfect commercial hedge of a similar amount of our GBP borrowings for at least a three-year period, as the executing banks have a written option at the three-year point to unilaterally terminate the swaps at no cost, the transaction does not qualify for hedge accounting treatment. Accordingly the MTM gain on the valuation of these swaps as at 30 June 2023 is recognised in the Group Income Statement. 2023  \u00a3m 2022  \u00a3m Gain on derivative 2.7 \u2013 Other gains and losses 2.7 \u2013 Capital risk management The Group manages its capital to ensure that Group entities can continue as going concerns, while maximising the return to shareholders by optimising our debt and equity balance. The Group\u2019s capital structure consists of debt, which includes the borrowings disclosed in note 27, cash and cash equivalents, and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings, as disclosed in note 31. Gearing ratio The Group keeps its capital structure under review and monitors it monthly to ensure the gearing ratio remains below 60%. The Group is not subject to externally imposed capital requirements. The gearing ratio at the year end was as follows: 2023  \u00a3m 2022  \u00a3m Debt (see note 27) 232.1 223.8 Cash and cash equivalents (see note 22) (36.3) (38.8) Net debt (see note 32) 195.8 185.0 Equity 567.2 572.1 Net debt to equity ratio 35% 32% Debt is defined as long and short-term borrowings, including lease obligations as detailed in note 27. Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. Categories of financial instruments We have categorised financial instruments held at valuation into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, we base the category level on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. We have estimated the fair values of the Group\u2019s outstanding interest rate swaps by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 2023 Carrying value 2022 Carrying value Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m Total  \u00a3m Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m Total  \u00a3m Financial assets Other investments 4.8 \u2013 4.0 8.8 6.5 \u2013 3.7 10.2 Trade receivables and other debtors, excluding prepayments \u2013 132.6 \u2013 132.6 \u2013 129.6 \u2013 129.6 Cash and cash equivalents \u2013 36.3 \u2013 36.3 \u2013 38.8 \u2013 38.8 Derivative instruments in non- designated hedge accounting relationships \u2013 0.8 \u2013 0.8 \u2013 1.0 \u2013 1.0 Derivative instruments in designated hedge accounting relationships \u2013 5.6 \u2013 5.6 \u2013 2.2 \u2013 2.2 4.8 175.3 4.0 184.1 6.5 171.6 3.7 181.8 Financial liabilities Trade and other payables, excluding other taxes and social security (see note 23) \u2013 (114.3) \u2013 (114.3) \u2013 (115.9) \u2013 (115.9) Loans and overdrafts (see note 27) \u2013 (200.2) \u2013 (200.2) \u2013 (189.2) \u2013 (189.2) Leasing obligations (see note 28) \u2013 (31.9) \u2013 (31.9) \u2013 (34.6) \u2013 (34.6) Derivative instruments in non-designated hedge accounting relationships \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) Derivative instruments in designated hedge accounting relationships \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 (0.3) Put option over non-controlling interest \u2013 (7.1) \u2013 (7.1) \u2013 (7.0) \u2013 (7.0) Deferred consideration (see note 38) \u2013 \u2013 (0.6) (0.6) \u2013 \u2013 (1.5) (1.5) \u2013 (354.4) (0.6) (355.0) \u2013 (347.9) (1.5) (349.4) Foreign currency risk management We undertake transactions denominated in foreign currencies. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities (excluding short-term amounts related to our ongoing trade, recognised as trade receivables and trade payables) at the reporting date were as follows: Liabilities Assets 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m US Dollar (87.7) (88.0) 3.5 2.2 Euro (30.5) (11.3) 0.7 0.5 Canadian Dollar (0.1) (0.4) \u2013 \u2013 Foreign currency Income Statement sensitivity analysis The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese Yuan and Russian Rouble exchange rates. The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management and represents our assessment of a significant change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign currency rates. It includes external loans, as well as loans to foreign operations within the Group where the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number below indicates an increase in profit when Sterling weakens against the relevant currency. A strengthening of Sterling against the relevant currency would produce an equal but opposite reduction in profit, and the balances below would be negative. 20% currency movement 10% currency movement 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Euro 3.2 2.8 1.6 1.4 US Dollar 1.5 1.2 0.7 0.6 Brazilian Real 3.0 2.7 1.5 1.3 Mexican Peso 3.9 3.1 2.0 1.5 Chinese Yuan  3.2 2.3 1.6 1.2 Russian Rouble 2.1 1.5 1.1 0.7 Forward foreign exchange contracts The Group\u2019s policy is to enter into forward foreign exchange contracts, to cover specific foreign currency payments and receipts. The following table details the forward foreign currency contracts outstanding as at the year end: Average exchange rate Foreign currency Contract value Fair value 2023 2022 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Outstanding contracts Buy CHF 0.88 1.18 CHF 0.5 0.9 \u2013 \u2013 Sell CNY 9.02 8.24 CNY 0.3 1.2 \u2013 \u2013 Buy AUD 1.91 1.76 AUD 2.3 1.8 \u2013 \u2013 Buy PHP 70.39 67.01 PHP \u2013 0.3 \u2013 \u2013 Buy EUR 1.16 0.86 EUR 6.6 7.2 \u2013 \u2013 Buy MXN 22.03 24.74 MXN 14.7 2.9 0.2 0.1 Buy USD 1.26 1.23 USD 3.4 1.1 0.2 (0.1) Sell BRL 6.17 \u2013 BRL 0.2 \u2013 \u2013 \u2013 Sell INR 102.79 \u2013 INR 0.3 \u2013 \u2013 \u2013 Sell CAD 1.67 \u2013 CAD 0.1 \u2013 \u2013 \u2013 Buy CHF/Sell EUR \u2013 1.01 CHF \u2013 3.4 \u2013 \u2013 Buy USD/Sell UAH 37.84 33.06 UAH 0.7 0.3 \u2013 \u2013 Buy USD/Sell BRL 4.94 4.90 BRL 3.0 1.8 (0.2) 0.1 Buy USD/Sell CNY 7.19 6.69 CNY 2.9 3.7 \u2013 \u2013 Buy PHP/Sell USD 55.57 53.53 PHP 7.1 7.4 \u2013 (0.2) Buy CAD/Sell USD \u2013 1.29 CAD \u2013 0.4 \u2013 \u2013 Buy USD/Sell CAD 1.33 \u2013 CAD 6.8 \u2013 (0.1) \u2013 Buy USD/Sell EUR 1.10 1.06 EUR 0.1 0.3 \u2013 \u2013 Buy USD/Sell RUB \u2013 56.85 RUB \u2013 1.2 \u2013 (0.1) Buy USD/Sell INR 82.49 78.76 INR 4.0 1.3 \u2013 \u2013 Buy USD/Sell ZAR 18.44 16.09 ZAR 0.4 3.4 \u2013 \u2013 Buy USD/Sell ARS \u2013 129.69 ARS \u2013 0.3 \u2013 \u2013 Buy MXN/Sell USD 17.31 \u2013 MXN 0.2 \u2013 \u2013 \u2013 0.1 (0.2) Interest rate risk management The Group is exposed to interest rate risk, as Group entities borrow funds at both fixed and floating interest rates. We manage this risk centrally, by maintaining an appropriate mix between fixed and floating rate borrowings, using interest rate swaps. We regularly review our hedging activities, to align with our interest rate views and defined risk appetite, thereby ensuring we apply optimal hedging strategies to minimise the adverse impact of fluctuations in interest expense through different interest rate cycles. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. Interest rate sensitivity analysis We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk internally to key management and is our assessment of a significant change in interest rates. If interest rates had been 1.0 percentage point higher or lower and all other variables were held constant, the Group\u2019s profit would have decreased or increased by \u00a31.6m (2022: decrease/increase by \u00a31.8m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts, calculated on agreed notional principal amounts. These contracts enable us to mitigate the risk of changing interest rates on the cash flow exposures on the variable-rate debt we hold. We determine the fair value of interest rate swaps at the reporting date by discounting the future cash flows, using the yield curves at the reporting date and the credit risk inherent in the contract. This fair value is disclosed on the following pages. The average interest rate is based on the outstanding balances at the end of the financial year. Cash flow hedges The following table details the notional principal amounts and remaining terms of interest rate swap contracts outstanding, as at the reporting date: Average contract  fixed interest rate Notional principal amount Fair value Outstanding receive floating pay fixed contracts 2023  % 2022  % 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m USD interest rate swaps One to five years 3.43 3.32 66.9 37.0 1.3 (0.3) EUR interest rate swaps One to five years 0.36 0.36 21.4 21.5 1.2 0.6 GBP interest rate swaps One to five years 3.45 \u2013 60.0 \u2013 2.8 \u2013 The interest rate swaps settle on a quarterly basis. The corresponding floating rate on the interest rate swaps is three months. We settle the difference between the fixed and floating interest rate on a net basis. Interest rate swap contracts that exchange floating-rate interest amounts for fixed-rate interest amounts are designated as cash flow hedges, to reduce our cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur simultaneously and we recognise the amount deferred in equity in the Income Statement, over the period that the floating rate interest payments on debt affect the Income Statement. Commodity hedges The Group hedges both feed and slaughter exposures using Chicago Mercantile Exchange lean hog, corn and soybean meal commodity futures contracts. Average price Notional principal amount Fair value Commodity hedge 2023  US$ 2022  US$ 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Open commodity contracts as at June Lean hog 0.97 0.92 8.5 10.2 0.6 (0.1) Corn 5.68 6.87 (6.4) (4.9) (0.6) 0.1 Soybean meal 402 390 (4.6) (3.0) (0.1) 0.1 (2.5) 2.3 (0.1) 0.1 Net investment hedges The Group\u2019s Net Investment Policy is to hedge up to 90% of the net investment value of its wholly owned subsidiaries in a particular currency. At the beginning of the year the Group had a net investment hedge designating the first EUR 12.5 million of the net assets of Pig Improvement Company Espa\u00f1a S.A. as a hedged item, using EUR 12.5 million of borrowings. On 31 May 2023, the Group designated a further EUR 3 million of the net assets of Pig Improvement Company Espa\u00f1a S.A. as a hedged item, using EUR 3 million of borrowings as an additional net investment hedge. In February 2022, the Group entered into a second net investment hedge designating the first EUR 25 million Net Assets of its subsidiary Fyfield Holland BV as the hedged item in a net investment hedge using USD 28m of borrowings converted to a EUR 25m liability, using a cross currency swap as the related hedging instrument. On 28 November 2022, USD 14.1m/EUR 12.5m of the cross currency swap was closed out and replaced in the net investment hedge designation by a new EUR 12.5 million borrowing, maintaining the existing hedge amount. On 31 May 2023, the Group designated a further EUR 7 million of the net assets of Fyfield Holland BV as a hedged item using EUR 7 million of borrowings as an additional net investment hedge. In summary, as at 30 June 2023 the Group has designated EUR 15.5m (GBP \u00a313.4m) of the net assets of its subsidiary Pig Improvement Company Espa\u00f1a S.A. and EUR 32m (GBP \u00a327.6m) of the net assets of its subsidiary Fyfield Holland B.V. as net investment hedges. These Net Investment Hedges represent 69% of the Group\u2019s Euro net assets as at this date. The table below shows a reconciliation of the gains or loss deferred in equity: 2023  \u00a3m 2022  \u00a3m Loss at the start of the year  (0.8) (0.1) Effective (losses)/gains recognised in equity in period 0.3 (0.7) Balance carried forward in equity as effective losses (0.5) (0.8) Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. We have a policy of only dealing with creditworthy counterparties. We regularly monitor our exposure and the credit ratings of our counterparties, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure on financial instruments is controlled by counterparty limits that the Board reviews and approves annually. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. We carry out ongoing credit evaluation of the financial condition of accounts receivable. Liquidity risk management The Board of Directors has ultimate responsibility for managing liquidity risk. We manage this risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables For non-derivative financial liabilities, see notes 27, 28 and 38. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note 23, have an average credit period of 32 days (2022: 39 days). We have drawn up the table based on the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required to pay. The table includes both interest and principal cash flows. Weighted average effective interest rate % Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Loans and borrowings 5.48 6.6 1.7 9.4 197.9 \u2013 215.6 Lease liabilities 3.74 1.0 2.5 7.3 20.2 3.7 34.7 Deferred consideration \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Variable interest rate instruments 5.23 7.6 4.2 16.7 218.7 3.7 250.9 2022 Loans and borrowings 2.31 8.4 1.2 4.6 183.0 \u2013 197.2 Lease liabilities 2.91 1.0 3.0 6.8 20.7 6.1 37.6 Deferred consideration \u2013 \u2013 \u2013 \u2013 0.5 \u2013 0.5 Variable interest rate instruments 2.41 9.4 4.2 11.4 204.2 6.1 235.3 The following table details the Group\u2019s expected maturity for other non-derivative financial assets, excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted contractual maturities of the assets, including interest we will earn on them, except where we expect the cash flow to occur in a different period. Weighted average effective interest rate % Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Variable interest rate instruments 0.42 36.3 \u2013 \u2013 \u2013 \u2013 36.3 2022 Variable interest rate instruments 1.12 38.8 \u2013 \u2013 \u2013 \u2013 38.8 The Group has financing facilities with a total unused amount of \u00a3118.7m (2022: \u00a377.8m) at the balance sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease through repayment from operating cash flows. The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We have drawn up the table based on the undiscounted net cash outflows on derivative instruments that settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement. When the amount payable or receivable is not fixed, we have determined the amount disclosed by reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the reporting date. Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Foreign exchange contracts 0.1 \u2013 \u2013 \u2013 \u2013 0.1 Commodity swaps \u2013 \u2013 (0.1) \u2013 \u2013 (0.1) Interest rate swaps 0.2 0.5 2.6 2.3 \u2013 5.6 2022 Foreign exchange contracts (0.2) \u2013 \u2013 \u2013 \u2013 (0.2) Commodity swaps \u2013 \u2013 0.1 \u2013 \u2013 0.1 Interest rate swaps \u2013 0.1 0.2 0.1 \u2013 0.4 Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange contracts can be settled on a net or gross basis; the net cash flows presented in the table above reflect an inflow of \u00a3110.6m and outflow of \u00a3110.5m (2022: inflow of \u00a373.7m and outflow of \u00a373.9m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "26. FINANCIAL INSTRUMENTS This note details our treasury management and financial risk management objectives and policies, as well as the Group\u2019s exposure and sensitivity to credit, liquidity, interest and foreign exchange rate risk, and the policies in place to monitor and manage these risks. Financial risk management objectives The Group\u2019s corporate treasury function provides services to the business, coordinates our access to domestic and international financial markets, and monitors and manages the financial risks relating to the Group\u2019s operations, through internal risk reports that analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. We seek to minimise the effects of these risks by hedging them using derivative financial instruments. Our use of financial derivatives is governed by policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. The Board of Directors regularly reviews our compliance with policies and exposure limits. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Key financial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal financial risks our activities expose us to are the risks of changes in foreign currency exchange rates, interest rates and commodity prices. We use derivative financial instruments to manage our exposure to interest rate, foreign currency and commodity price risks, including: \u2022  forward foreign exchange contracts, to hedge the exchange rate risk arising on the sale of goods and purchase of supplies in foreign currencies; \u2022  interest rate swaps, to mitigate the risk of rising interest rates; and \u2022  forward commodity contracts, to hedge commodity price risk. Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship . A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market price at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022  there is an economic relationship between the hedged item and the hedging instrument; \u2022  the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022  the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. 162 GENUS PLC / ANNUAL REPORT 2023 FINANCIAL STATEMENTS 26. FINANCIAL INSTRUMENTS CONTINUED If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. Other gains and losses Included with other gains and losses is a \u00a32.7m gain on the mark to market valuation (\u2018MTM\u2019) in relation to \u00a360m of SONIA interest rate swaps executed in April 2023. Whilst the interest rate swaps are a perfect commercial hedge of a similar amount of our GBP borrowings for at least a three-year period, as the executing banks have a written option at the three-year point to unilaterally terminate the swaps at no cost, the transaction does not qualify for hedge accounting treatment. Accordingly the MTM gain on the valuation of these swaps as at 30 June 2023 is recognised in the Group Income Statement. 2023  \u00a3m 2022  \u00a3m Gain on derivative 2.7 \u2013 Other gains and losses 2.7 \u2013 Capital risk management The Group manages its capital to ensure that Group entities can continue as going concerns, while maximising the return to shareholders by optimising our debt and equity balance. The Group\u2019s capital structure consists of debt, which includes the borrowings disclosed in note 27, cash and cash equivalents, and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings, as disclosed in note 31. Gearing ratio The Group keeps its capital structure under review and monitors it monthly to ensure the gearing ratio remains below 60%. The Group is not subject to externally imposed capital requirements. The gearing ratio at the year end was as follows: 2023  \u00a3m 2022  \u00a3m Debt (see note 27) 232.1 223.8 Cash and cash equivalents (see note 22) (36.3) (38.8) Net debt (see note 32) 195.8 185.0 Equity 567.2 572.1 Net debt to equity ratio 35% 32% Debt is defined as long and short-term borrowings, including lease obligations as detailed in note 27. Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. NOTES TO THE GROUP FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 Categories of financial instruments We have categorised financial instruments held at valuation into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, we base the category level on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. We have estimated the fair values of the Group\u2019s outstanding interest rate swaps by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 2023 Carrying value 2022 Carrying value Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m Total  \u00a3m Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m Total  \u00a3m Financial assets Other investments 4.8 \u2013 4.0 8.8 6.5 \u2013 3.7 10.2 Trade receivables and other debtors, excluding prepayments \u2013 132.6 \u2013 132.6 \u2013 129.6 \u2013 129.6 Cash and cash equivalents \u2013 36.3 \u2013 36.3 \u2013 38.8 \u2013 38.8 Derivative instruments in non- designated hedge accounting relationships \u2013 0.8 \u2013 0.8 \u2013 1.0 \u2013 1.0 Derivative instruments in designated hedge accounting relationships \u2013 5.6 \u2013 5.6 \u2013 2.2 \u2013 2.2 4.8 175.3 4.0 184.1 6.5 171.6 3.7 181.8 Financial liabilities Trade and other payables, excluding other taxes and social security (see note 23) \u2013 (114.3) \u2013 (114.3) \u2013 (115.9) \u2013 (115.9) Loans and overdrafts (see note 27) \u2013 (200.2) \u2013 (200.2) \u2013 (189.2) \u2013 (189.2) Leasing obligations (see note 28) \u2013 (31.9) \u2013 (31.9) \u2013 (34.6) \u2013 (34.6) Derivative instruments in non-designated hedge accounting relationships \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) Derivative instruments in designated hedge accounting relationships \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 (0.3) Put option over non-controlling interest \u2013 (7.1) \u2013 (7.1) \u2013 (7.0) \u2013 (7.0) Deferred consideration (see note 38) \u2013 \u2013 (0.6) (0.6) \u2013 \u2013 (1.5) (1.5) \u2013 (354.4) (0.6) (355.0) \u2013 (347.9) (1.5) (349.4) Foreign currency risk management We undertake transactions denominated in foreign currencies. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities (excluding short-term amounts related to our ongoing trade, recognised as trade receivables and trade payables) at the reporting date were as follows: Liabilities Assets 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m US Dollar (87.7) (88.0) 3.5 2.2 Euro (30.5) (11.3) 0.7 0.5 Canadian Dollar (0.1) (0.4) \u2013 \u2013 Foreign currency Income Statement sensitivity analysis The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese Yuan and Russian Rouble exchange rates. The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management and represents our assessment of a significant change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign currency rates. It includes external loans, as well as loans to foreign operations within the Group where the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number below indicates an increase in profit when Sterling weakens against the relevant currency. A strengthening of Sterling against the relevant currency would produce an equal but opposite reduction in profit, and the balances below would be negative. 20% currency movement 10% currency movement 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Euro 3.2 2.8 1.6 1.4 US Dollar 1.5 1.2 0.7 0.6 Brazilian Real 3.0 2.7 1.5 1.3 Mexican Peso 3.9 3.1 2.0 1.5 Chinese Yuan  3.2 2.3 1.6 1.2 Russian Rouble 2.1 1.5 1.1 0.7 Forward foreign exchange contracts The Group\u2019s policy is to enter into forward foreign exchange contracts, to cover specific foreign currency payments and receipts. The following table details the forward foreign currency contracts outstanding as at the year end: Average exchange rate Foreign currency Contract value Fair value 2023 2022 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Outstanding contracts Buy CHF 0.88 1.18 CHF 0.5 0.9 \u2013 \u2013 Sell CNY 9.02 8.24 CNY 0.3 1.2 \u2013 \u2013 Buy AUD 1.91 1.76 AUD 2.3 1.8 \u2013 \u2013 Buy PHP 70.39 67.01 PHP \u2013 0.3 \u2013 \u2013 Buy EUR 1.16 0.86 EUR 6.6 7.2 \u2013 \u2013 Buy MXN 22.03 24.74 MXN 14.7 2.9 0.2 0.1 Buy USD 1.26 1.23 USD 3.4 1.1 0.2 (0.1) Sell BRL 6.17 \u2013 BRL 0.2 \u2013 \u2013 \u2013 Sell INR 102.79 \u2013 INR 0.3 \u2013 \u2013 \u2013 Sell CAD 1.67 \u2013 CAD 0.1 \u2013 \u2013 \u2013 Buy CHF/Sell EUR \u2013 1.01 CHF \u2013 3.4 \u2013 \u2013 Buy USD/Sell UAH 37.84 33.06 UAH 0.7 0.3 \u2013 \u2013 Buy USD/Sell BRL 4.94 4.90 BRL 3.0 1.8 (0.2) 0.1 Buy USD/Sell CNY 7.19 6.69 CNY 2.9 3.7 \u2013 \u2013 Buy PHP/Sell USD 55.57 53.53 PHP 7.1 7.4 \u2013 (0.2) Buy CAD/Sell USD \u2013 1.29 CAD \u2013 0.4 \u2013 \u2013 Buy USD/Sell CAD 1.33 \u2013 CAD 6.8 \u2013 (0.1) \u2013 Buy USD/Sell EUR 1.10 1.06 EUR 0.1 0.3 \u2013 \u2013 Buy USD/Sell RUB \u2013 56.85 RUB \u2013 1.2 \u2013 (0.1) Buy USD/Sell INR 82.49 78.76 INR 4.0 1.3 \u2013 \u2013 Buy USD/Sell ZAR 18.44 16.09 ZAR 0.4 3.4 \u2013 \u2013 Buy USD/Sell ARS \u2013 129.69 ARS \u2013 0.3 \u2013 \u2013 Buy MXN/Sell USD 17.31 \u2013 MXN 0.2 \u2013 \u2013 \u2013 0.1 (0.2) Interest rate risk management The Group is exposed to interest rate risk, as Group entities borrow funds at both fixed and floating interest rates. We manage this risk centrally, by maintaining an appropriate mix between fixed and floating rate borrowings, using interest rate swaps. We regularly review our hedging activities, to align with our interest rate views and defined risk appetite, thereby ensuring we apply optimal hedging strategies to minimise the adverse impact of fluctuations in interest expense through different interest rate cycles. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. Interest rate sensitivity analysis We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk internally to key management and is our assessment of a significant change in interest rates. If interest rates had been 1.0 percentage point higher or lower and all other variables were held constant, the Group\u2019s profit would have decreased or increased by \u00a31.6m (2022: decrease/increase by \u00a31.8m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts, calculated on agreed notional principal amounts. These contracts enable us to mitigate the risk of changing interest rates on the cash flow exposures on the variable-rate debt we hold. We determine the fair value of interest rate swaps at the reporting date by discounting the future cash flows, using the yield curves at the reporting date and the credit risk inherent in the contract. This fair value is disclosed on the following pages. The average interest rate is based on the outstanding balances at the end of the financial year. Cash flow hedges The following table details the notional principal amounts and remaining terms of interest rate swap contracts outstanding, as at the reporting date: Average contract  fixed interest rate Notional principal amount Fair value Outstanding receive floating pay fixed contracts 2023  % 2022  % 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m USD interest rate swaps One to five years 3.43 3.32 66.9 37.0 1.3 (0.3) EUR interest rate swaps One to five years 0.36 0.36 21.4 21.5 1.2 0.6 GBP interest rate swaps One to five years 3.45 \u2013 60.0 \u2013 2.8 \u2013 The interest rate swaps settle on a quarterly basis. The corresponding floating rate on the interest rate swaps is three months. We settle the difference between the fixed and floating interest rate on a net basis. Interest rate swap contracts that exchange floating-rate interest amounts for fixed-rate interest amounts are designated as cash flow hedges, to reduce our cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur simultaneously and we recognise the amount deferred in equity in the Income Statement, over the period that the floating rate interest payments on debt affect the Income Statement. Commodity hedges The Group hedges both feed and slaughter exposures using Chicago Mercantile Exchange lean hog, corn and soybean meal commodity futures contracts. Average price Notional principal amount Fair value Commodity hedge 2023  US$ 2022  US$ 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Open commodity contracts as at June Lean hog 0.97 0.92 8.5 10.2 0.6 (0.1) Corn 5.68 6.87 (6.4) (4.9) (0.6) 0.1 Soybean meal 402 390 (4.6) (3.0) (0.1) 0.1 (2.5) 2.3 (0.1) 0.1 Net investment hedges The Group\u2019s Net Investment Policy is to hedge up to 90% of the net investment value of its wholly owned subsidiaries in a particular currency. At the beginning of the year the Group had a net investment hedge designating the first EUR 12.5 million of the net assets of Pig Improvement Company Espa\u00f1a S.A. as a hedged item, using EUR 12.5 million of borrowings. On 31 May 2023, the Group designated a further EUR 3 million of the net assets of Pig Improvement Company Espa\u00f1a S.A. as a hedged item, using EUR 3 million of borrowings as an additional net investment hedge. In February 2022, the Group entered into a second net investment hedge designating the first EUR 25 million Net Assets of its subsidiary Fyfield Holland BV as the hedged item in a net investment hedge using USD 28m of borrowings converted to a EUR 25m liability, using a cross currency swap as the related hedging instrument. On 28 November 2022, USD 14.1m/EUR 12.5m of the cross currency swap was closed out and replaced in the net investment hedge designation by a new EUR 12.5 million borrowing, maintaining the existing hedge amount. On 31 May 2023, the Group designated a further EUR 7 million of the net assets of Fyfield Holland BV as a hedged item using EUR 7 million of borrowings as an additional net investment hedge. In summary, as at 30 June 2023 the Group has designated EUR 15.5m (GBP \u00a313.4m) of the net assets of its subsidiary Pig Improvement Company Espa\u00f1a S.A. and EUR 32m (GBP \u00a327.6m) of the net assets of its subsidiary Fyfield Holland B.V. as net investment hedges. These Net Investment Hedges represent 69% of the Group\u2019s Euro net assets as at this date. The table below shows a reconciliation of the gains or loss deferred in equity: 2023  \u00a3m 2022  \u00a3m Loss at the start of the year  (0.8) (0.1) Effective (losses)/gains recognised in equity in period 0.3 (0.7) Balance carried forward in equity as effective losses (0.5) (0.8) Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. We have a policy of only dealing with creditworthy counterparties. We regularly monitor our exposure and the credit ratings of our counterparties, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure on financial instruments is controlled by counterparty limits that the Board reviews and approves annually. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. We carry out ongoing credit evaluation of the financial condition of accounts receivable. Liquidity risk management The Board of Directors has ultimate responsibility for managing liquidity risk. We manage this risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables For non-derivative financial liabilities, see notes 27, 28 and 38. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note 23, have an average credit period of 32 days (2022: 39 days). We have drawn up the table based on the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required to pay. The table includes both interest and principal cash flows. Weighted average effective interest rate % Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Loans and borrowings 5.48 6.6 1.7 9.4 197.9 \u2013 215.6 Lease liabilities 3.74 1.0 2.5 7.3 20.2 3.7 34.7 Deferred consideration \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Variable interest rate instruments 5.23 7.6 4.2 16.7 218.7 3.7 250.9 2022 Loans and borrowings 2.31 8.4 1.2 4.6 183.0 \u2013 197.2 Lease liabilities 2.91 1.0 3.0 6.8 20.7 6.1 37.6 Deferred consideration \u2013 \u2013 \u2013 \u2013 0.5 \u2013 0.5 Variable interest rate instruments 2.41 9.4 4.2 11.4 204.2 6.1 235.3 The following table details the Group\u2019s expected maturity for other non-derivative financial assets, excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted contractual maturities of the assets, including interest we will earn on them, except where we expect the cash flow to occur in a different period. Weighted average effective interest rate % Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Variable interest rate instruments 0.42 36.3 \u2013 \u2013 \u2013 \u2013 36.3 2022 Variable interest rate instruments 1.12 38.8 \u2013 \u2013 \u2013 \u2013 38.8 The Group has financing facilities with a total unused amount of \u00a3118.7m (2022: \u00a377.8m) at the balance sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease through repayment from operating cash flows. The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We have drawn up the table based on the undiscounted net cash outflows on derivative instruments that settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement. When the amount payable or receivable is not fixed, we have determined the amount disclosed by reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the reporting date. Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Foreign exchange contracts 0.1 \u2013 \u2013 \u2013 \u2013 0.1 Commodity swaps \u2013 \u2013 (0.1) \u2013 \u2013 (0.1) Interest rate swaps 0.2 0.5 2.6 2.3 \u2013 5.6 2022 Foreign exchange contracts (0.2) \u2013 \u2013 \u2013 \u2013 (0.2) Commodity swaps \u2013 \u2013 0.1 \u2013 \u2013 0.1 Interest rate swaps \u2013 0.1 0.2 0.1 \u2013 0.4 Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange contracts can be settled on a net or gross basis; the net cash flows presented in the table above reflect an inflow of \u00a3110.6m and outflow of \u00a3110.5m (2022: inflow of \u00a373.7m and outflow of \u00a373.9m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship . A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market price at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022  there is an economic relationship between the hedged item and the hedging instrument; \u2022  the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022  the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-619": {
   "value": "Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-625": {
   "value": "Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship . A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market price at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022  there is an economic relationship between the hedged item and the hedging instrument; \u2022  the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022  the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-620": {
   "value": "Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market price at the balance sheet date, which is the present value of the quoted forward price. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-621": {
   "value": "Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022  there is an economic relationship between the hedged item and the hedging instrument; \u2022  the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022  the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "Capital risk management The Group manages its capital to ensure that Group entities can continue as going concerns, while maximising the return to shareholders by optimising our debt and equity balance. The Group\u2019s capital structure consists of debt, which includes the borrowings disclosed in note 27, cash and cash equivalents, and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings, as disclosed in note 31. Gearing ratio The Group keeps its capital structure under review and monitors it monthly to ensure the gearing ratio remains below 60%. The Group is not subject to externally imposed capital requirements. The gearing ratio at the year end was as follows: 2023  \u00a3m 2022  \u00a3m Debt (see note 27) 232.1 223.8 Cash and cash equivalents (see note 22) (36.3) (38.8) Net debt (see note 32) 195.8 185.0 Equity 567.2 572.1 Net debt to equity ratio 35% 32% Debt is defined as long and short-term borrowings, including lease obligations as detailed in note 27. Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. Categories of financial instruments We have categorised financial instruments held at valuation into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, we base the category level on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. We have estimated the fair values of the Group\u2019s outstanding interest rate swaps by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 2023 Carrying value 2022 Carrying value Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m Total  \u00a3m Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m Total  \u00a3m Financial assets Other investments 4.8 \u2013 4.0 8.8 6.5 \u2013 3.7 10.2 Trade receivables and other debtors, excluding prepayments \u2013 132.6 \u2013 132.6 \u2013 129.6 \u2013 129.6 Cash and cash equivalents \u2013 36.3 \u2013 36.3 \u2013 38.8 \u2013 38.8 Derivative instruments in non- designated hedge accounting relationships \u2013 0.8 \u2013 0.8 \u2013 1.0 \u2013 1.0 Derivative instruments in designated hedge accounting relationships \u2013 5.6 \u2013 5.6 \u2013 2.2 \u2013 2.2 4.8 175.3 4.0 184.1 6.5 171.6 3.7 181.8 Financial liabilities Trade and other payables, excluding other taxes and social security (see note 23) \u2013 (114.3) \u2013 (114.3) \u2013 (115.9) \u2013 (115.9) Loans and overdrafts (see note 27) \u2013 (200.2) \u2013 (200.2) \u2013 (189.2) \u2013 (189.2) Leasing obligations (see note 28) \u2013 (31.9) \u2013 (31.9) \u2013 (34.6) \u2013 (34.6) Derivative instruments in non-designated hedge accounting relationships \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) Derivative instruments in designated hedge accounting relationships \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 (0.3) Put option over non-controlling interest \u2013 (7.1) \u2013 (7.1) \u2013 (7.0) \u2013 (7.0) Deferred consideration (see note 38) \u2013 \u2013 (0.6) (0.6) \u2013 \u2013 (1.5) (1.5) \u2013 (354.4) (0.6) (355.0) \u2013 (347.9) (1.5) (349.4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "Foreign currency risk management We undertake transactions denominated in foreign currencies. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities (excluding short-term amounts related to our ongoing trade, recognised as trade receivables and trade payables) at the reporting date were as follows: Liabilities Assets 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m US Dollar (87.7) (88.0) 3.5 2.2 Euro (30.5) (11.3) 0.7 0.5 Canadian Dollar (0.1) (0.4) \u2013 \u2013 Foreign currency Income Statement sensitivity analysis The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese Yuan and Russian Rouble exchange rates. The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management and represents our assessment of a significant change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign currency rates. It includes external loans, as well as loans to foreign operations within the Group where the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number below indicates an increase in profit when Sterling weakens against the relevant currency. A strengthening of Sterling against the relevant currency would produce an equal but opposite reduction in profit, and the balances below would be negative. 20% currency movement 10% currency movement 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Euro 3.2 2.8 1.6 1.4 US Dollar 1.5 1.2 0.7 0.6 Brazilian Real 3.0 2.7 1.5 1.3 Mexican Peso 3.9 3.1 2.0 1.5 Chinese Yuan  3.2 2.3 1.6 1.2 Russian Rouble 2.1 1.5 1.1 0.7 Forward foreign exchange contracts The Group\u2019s policy is to enter into forward foreign exchange contracts, to cover specific foreign currency payments and receipts. The following table details the forward foreign currency contracts outstanding as at the year end: Average exchange rate Foreign currency Contract value Fair value 2023 2022 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Outstanding contracts Buy CHF 0.88 1.18 CHF 0.5 0.9 \u2013 \u2013 Sell CNY 9.02 8.24 CNY 0.3 1.2 \u2013 \u2013 Buy AUD 1.91 1.76 AUD 2.3 1.8 \u2013 \u2013 Buy PHP 70.39 67.01 PHP \u2013 0.3 \u2013 \u2013 Buy EUR 1.16 0.86 EUR 6.6 7.2 \u2013 \u2013 Buy MXN 22.03 24.74 MXN 14.7 2.9 0.2 0.1 Buy USD 1.26 1.23 USD 3.4 1.1 0.2 (0.1) Sell BRL 6.17 \u2013 BRL 0.2 \u2013 \u2013 \u2013 Sell INR 102.79 \u2013 INR 0.3 \u2013 \u2013 \u2013 Sell CAD 1.67 \u2013 CAD 0.1 \u2013 \u2013 \u2013 Buy CHF/Sell EUR \u2013 1.01 CHF \u2013 3.4 \u2013 \u2013 Buy USD/Sell UAH 37.84 33.06 UAH 0.7 0.3 \u2013 \u2013 Buy USD/Sell BRL 4.94 4.90 BRL 3.0 1.8 (0.2) 0.1 Buy USD/Sell CNY 7.19 6.69 CNY 2.9 3.7 \u2013 \u2013 Buy PHP/Sell USD 55.57 53.53 PHP 7.1 7.4 \u2013 (0.2) Buy CAD/Sell USD \u2013 1.29 CAD \u2013 0.4 \u2013 \u2013 Buy USD/Sell CAD 1.33 \u2013 CAD 6.8 \u2013 (0.1) \u2013 Buy USD/Sell EUR 1.10 1.06 EUR 0.1 0.3 \u2013 \u2013 Buy USD/Sell RUB \u2013 56.85 RUB \u2013 1.2 \u2013 (0.1) Buy USD/Sell INR 82.49 78.76 INR 4.0 1.3 \u2013 \u2013 Buy USD/Sell ZAR 18.44 16.09 ZAR 0.4 3.4 \u2013 \u2013 Buy USD/Sell ARS \u2013 129.69 ARS \u2013 0.3 \u2013 \u2013 Buy MXN/Sell USD 17.31 \u2013 MXN 0.2 \u2013 \u2013 \u2013 0.1 (0.2) Interest rate risk management The Group is exposed to interest rate risk, as Group entities borrow funds at both fixed and floating interest rates. We manage this risk centrally, by maintaining an appropriate mix between fixed and floating rate borrowings, using interest rate swaps. We regularly review our hedging activities, to align with our interest rate views and defined risk appetite, thereby ensuring we apply optimal hedging strategies to minimise the adverse impact of fluctuations in interest expense through different interest rate cycles. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. Interest rate sensitivity analysis We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk internally to key management and is our assessment of a significant change in interest rates. If interest rates had been 1.0 percentage point higher or lower and all other variables were held constant, the Group\u2019s profit would have decreased or increased by \u00a31.6m (2022: decrease/increase by \u00a31.8m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts, calculated on agreed notional principal amounts. These contracts enable us to mitigate the risk of changing interest rates on the cash flow exposures on the variable-rate debt we hold. We determine the fair value of interest rate swaps at the reporting date by discounting the future cash flows, using the yield curves at the reporting date and the credit risk inherent in the contract. This fair value is disclosed on the following pages. The average interest rate is based on the outstanding balances at the end of the financial year. The Group has financing facilities with a total unused amount of \u00a3118.7m (2022: \u00a377.8m) at the balance sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease through repayment from operating cash flows. The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We have drawn up the table based on the undiscounted net cash outflows on derivative instruments that settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement. When the amount payable or receivable is not fixed, we have determined the amount disclosed by reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the reporting date. Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Foreign exchange contracts 0.1 \u2013 \u2013 \u2013 \u2013 0.1 Commodity swaps \u2013 \u2013 (0.1) \u2013 \u2013 (0.1) Interest rate swaps 0.2 0.5 2.6 2.3 \u2013 5.6 2022 Foreign exchange contracts (0.2) \u2013 \u2013 \u2013 \u2013 (0.2) Commodity swaps \u2013 \u2013 0.1 \u2013 \u2013 0.1 Interest rate swaps \u2013 0.1 0.2 0.1 \u2013 0.4 Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange contracts can be settled on a net or gross basis; the net cash flows presented in the table above reflect an inflow of \u00a3110.6m and outflow of \u00a3110.5m (2022: inflow of \u00a373.7m and outflow of \u00a373.9m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "Cash flow hedges The following table details the notional principal amounts and remaining terms of interest rate swap contracts outstanding, as at the reporting date: Average contract  fixed interest rate Notional principal amount Fair value Outstanding receive floating pay fixed contracts 2023  % 2022  % 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m USD interest rate swaps One to five years 3.43 3.32 66.9 37.0 1.3 (0.3) EUR interest rate swaps One to five years 0.36 0.36 21.4 21.5 1.2 0.6 GBP interest rate swaps One to five years 3.45 \u2013 60.0 \u2013 2.8 \u2013 The interest rate swaps settle on a quarterly basis. The corresponding floating rate on the interest rate swaps is three months. We settle the difference between the fixed and floating interest rate on a net basis. Interest rate swap contracts that exchange floating-rate interest amounts for fixed-rate interest amounts are designated as cash flow hedges, to reduce our cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur simultaneously and we recognise the amount deferred in equity in the Income Statement, over the period that the floating rate interest payments on debt affect the Income Statement. Commodity hedges The Group hedges both feed and slaughter exposures using Chicago Mercantile Exchange lean hog, corn and soybean meal commodity futures contracts. Average price Notional principal amount Fair value Commodity hedge 2023  US$ 2022  US$ 2023  \u00a3m 2022  \u00a3m 2023  \u00a3m 2022  \u00a3m Open commodity contracts as at June Lean hog 0.97 0.92 8.5 10.2 0.6 (0.1) Corn 5.68 6.87 (6.4) (4.9) (0.6) 0.1 Soybean meal 402 390 (4.6) (3.0) (0.1) 0.1 (2.5) 2.3 (0.1) 0.1 Net investment hedges The Group\u2019s Net Investment Policy is to hedge up to 90% of the net investment value of its wholly owned subsidiaries in a particular currency. At the beginning of the year the Group had a net investment hedge designating the first EUR 12.5 million of the net assets of Pig Improvement Company Espa\u00f1a S.A. as a hedged item, using EUR 12.5 million of borrowings. On 31 May 2023, the Group designated a further EUR 3 million of the net assets of Pig Improvement Company Espa\u00f1a S.A. as a hedged item, using EUR 3 million of borrowings as an additional net investment hedge. In February 2022, the Group entered into a second net investment hedge designating the first EUR 25 million Net Assets of its subsidiary Fyfield Holland BV as the hedged item in a net investment hedge using USD 28m of borrowings converted to a EUR 25m liability, using a cross currency swap as the related hedging instrument. On 28 November 2022, USD 14.1m/EUR 12.5m of the cross currency swap was closed out and replaced in the net investment hedge designation by a new EUR 12.5 million borrowing, maintaining the existing hedge amount. On 31 May 2023, the Group designated a further EUR 7 million of the net assets of Fyfield Holland BV as a hedged item using EUR 7 million of borrowings as an additional net investment hedge. In summary, as at 30 June 2023 the Group has designated EUR 15.5m (GBP \u00a313.4m) of the net assets of its subsidiary Pig Improvement Company Espa\u00f1a S.A. and EUR 32m (GBP \u00a327.6m) of the net assets of its subsidiary Fyfield Holland B.V. as net investment hedges. These Net Investment Hedges represent 69% of the Group\u2019s Euro net assets as at this date. The table below shows a reconciliation of the gains or loss deferred in equity: 2023  \u00a3m 2022  \u00a3m Loss at the start of the year  (0.8) (0.1) Effective (losses)/gains recognised in equity in period 0.3 (0.7) Balance carried forward in equity as effective losses (0.5) (0.8) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. We have a policy of only dealing with creditworthy counterparties. We regularly monitor our exposure and the credit ratings of our counterparties, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure on financial instruments is controlled by counterparty limits that the Board reviews and approves annually. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. We carry out ongoing credit evaluation of the financial condition of accounts receivable. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "Liquidity risk management The Board of Directors has ultimate responsibility for managing liquidity risk. We manage this risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables For non-derivative financial liabilities, see notes 27, 28 and 38. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note 23, have an average credit period of 32 days (2022: 39 days). We have drawn up the table based on the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required to pay. The table includes both interest and principal cash flows. Weighted average effective interest rate % Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Loans and borrowings 5.48 6.6 1.7 9.4 197.9 \u2013 215.6 Lease liabilities 3.74 1.0 2.5 7.3 20.2 3.7 34.7 Deferred consideration \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Variable interest rate instruments 5.23 7.6 4.2 16.7 218.7 3.7 250.9 2022 Loans and borrowings 2.31 8.4 1.2 4.6 183.0 \u2013 197.2 Lease liabilities 2.91 1.0 3.0 6.8 20.7 6.1 37.6 Deferred consideration \u2013 \u2013 \u2013 \u2013 0.5 \u2013 0.5 Variable interest rate instruments 2.41 9.4 4.2 11.4 204.2 6.1 235.3 The following table details the Group\u2019s expected maturity for other non-derivative financial assets, excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted contractual maturities of the assets, including interest we will earn on them, except where we expect the cash flow to occur in a different period. Weighted average effective interest rate % Less than  1 month \u00a3m 1\u20133 months \u00a3m 3 months\u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m 2023 Variable interest rate instruments 0.42 36.3 \u2013 \u2013 \u2013 \u2013 36.3 2022 Variable interest rate instruments 1.12 38.8 \u2013 \u2013 \u2013 \u2013 38.8 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "27. LOANS AND BORROWINGS The Group\u2019s borrowing for funding and liquidity purposes comes from a range of committed bank facilities. Interest-bearing loans and borrowings We initially recognise interest-bearing loans and borrowings at their fair value, less attributable transaction costs. After this initial recognition, we state them at amortised cost and recognise any difference between the cost and redemption value in the Income Statement over the borrowings\u2019 expected life, on an effective interest rate basis. The carrying values of these liabilities are a reasonable approximation of their fair values. 2023 \u00a3m 2022  \u00a3m Non-current liabilities Unsecured bank loans 196.0 182.1 Obligations under leases 21.9 24.5 217.9 206.6 Current liabilities Unsecured bank loans and overdrafts 4.2 7.1 Obligations under leases 10.0 10.1 14.2 17.2 Total interest-bearing liabilities 232.1 223.8 Terms and debt repayment schedule Terms and conditions of outstanding loans and overdrafts were as follows: Currency 2023  Interest rate 2023  \u00a3m 2022  \u00a3m Revolving credit facility and overdraft GBP 6.4% 91.6 95.9 Revolving credit facility, term loan and overdraft USD 6.9% 78.0 77.3 Revolving credit facility and overdraft EUR 5.0% 30.1 10.8 Obligations under leases USD 3.7% 31.9 34.6 Other unsecured bank borrowings Other 5.7% 0.5 5.2 Total interest-bearing liabilities 232.1 223.8 The above revolving credit facilities are unsecured. Information about the Group\u2019s exposure to interest rate and foreign currency risks is shown in note 26. Loans and borrowings (excluding leases) comprise amounts falling due: 2023  \u00a3m 2022  \u00a3m In one year or less or on demand 5.3 8.0 In more than one year but not more than two years \u2013 \u2013 In more than two years but not more than five years 196.0 182.3 201.3 190.3 Less: unamortised issue costs (1.1) (1.1) 200.2 189.2 Current liabilities (4.2) (7.1) Non-current liabilities 196.0 182.1 At the balance sheet date, the Company\u2019s credit facilities comprised a \u00a3190m multi-currency revolving credit facility (\u2018RCF\u2019), a USD 150 million RCF and a USD 20 million bond and guarantee facility. The original term of the facility was for three years to 24 August 2023. On 24 August 2021 and 26 August 2022, the Company and its lenders extended the maturity date of the total facilities to 24 August 2024 and 24 August 2025 respectively. The Company\u2019s credit facility also includes an uncommitted \u00a3100m accordion option, \u00a360m of which was exercised in August 2022 to increase the facilities to their current size, leaving a remaining unsecured accordion facility of \u00a340m, which can be requested on a maximum of two further occasions over the lifetime of the facility to fund the Group\u2019s business development plans. As part of its interest rate hedging strategy, the Company has entered into interest rate swaps to hedge variable interest rates. At the balance sheet date, bank loans and overdrafts include borrowings of USD 85m fixed at 3.48%, borrowings of \u00a360m fixed at 3.45%, borrowings of EUR 12.5m fixed at 0.37%, and borrowings of USD 13.9m, swapped via a cross currency swap into EUR 12.5m, fixed at 0.36%, excluding applicable bank margins. Approximately 76% of total facility borrowings are covered by these interest rate swaps as at 30 June 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "27. LOANS AND BORROWINGS The Group\u2019s borrowing for funding and liquidity purposes comes from a range of committed bank facilities. Interest-bearing loans and borrowings We initially recognise interest-bearing loans and borrowings at their fair value, less attributable transaction costs. After this initial recognition, we state them at amortised cost and recognise any difference between the cost and redemption value in the Income Statement over the borrowings\u2019 expected life, on an effective interest rate basis. The carrying values of these liabilities are a reasonable approximation of their fair values. 2023 \u00a3m 2022  \u00a3m Non-current liabilities Unsecured bank loans 196.0 182.1 Obligations under leases 21.9 24.5 217.9 206.6 Current liabilities Unsecured bank loans and overdrafts 4.2 7.1 Obligations under leases 10.0 10.1 14.2 17.2 Total interest-bearing liabilities 232.1 223.8 Terms and debt repayment schedule Terms and conditions of outstanding loans and overdrafts were as follows: Currency 2023  Interest rate 2023  \u00a3m 2022  \u00a3m Revolving credit facility and overdraft GBP 6.4% 91.6 95.9 Revolving credit facility, term loan and overdraft USD 6.9% 78.0 77.3 Revolving credit facility and overdraft EUR 5.0% 30.1 10.8 Obligations under leases USD 3.7% 31.9 34.6 Other unsecured bank borrowings Other 5.7% 0.5 5.2 Total interest-bearing liabilities 232.1 223.8 The above revolving credit facilities are unsecured. Information about the Group\u2019s exposure to interest rate and foreign currency risks is shown in note 26. Loans and borrowings (excluding leases) comprise amounts falling due: 2023  \u00a3m 2022  \u00a3m In one year or less or on demand 5.3 8.0 In more than one year but not more than two years \u2013 \u2013 In more than two years but not more than five years 196.0 182.3 201.3 190.3 Less: unamortised issue costs (1.1) (1.1) 200.2 189.2 Current liabilities (4.2) (7.1) Non-current liabilities 196.0 182.1 At the balance sheet date, the Company\u2019s credit facilities comprised a \u00a3190m multi-currency revolving credit facility (\u2018RCF\u2019), a USD 150 million RCF and a USD 20 million bond and guarantee facility. The original term of the facility was for three years to 24 August 2023. On 24 August 2021 and 26 August 2022, the Company and its lenders extended the maturity date of the total facilities to 24 August 2024 and 24 August 2025 respectively. The Company\u2019s credit facility also includes an uncommitted \u00a3100m accordion option, \u00a360m of which was exercised in August 2022 to increase the facilities to their current size, leaving a remaining unsecured accordion facility of \u00a340m, which can be requested on a maximum of two further occasions over the lifetime of the facility to fund the Group\u2019s business development plans. As part of its interest rate hedging strategy, the Company has entered into interest rate swaps to hedge variable interest rates. At the balance sheet date, bank loans and overdrafts include borrowings of USD 85m fixed at 3.48%, borrowings of \u00a360m fixed at 3.45%, borrowings of EUR 12.5m fixed at 0.37%, and borrowings of USD 13.9m, swapped via a cross currency swap into EUR 12.5m, fixed at 0.36%, excluding applicable bank margins. Approximately 76% of total facility borrowings are covered by these interest rate swaps as at 30 June 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "28. OBLIGATIONS UNDER LEASES A lease is a commitment to make a payment in the future, primarily in relation to property, plant and machinery and motor vehicles. Accounting policies In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term leases (those with a term of less than 12 months) and leases for low-value items, on a straight-line basis over the life of the lease. For all other leases we recognise a liability at the date at which the leased asset is made available for use, and a corresponding right-of-use asset is recognised and depreciated over the term of the lease (see note 17). Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in-substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options, to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022  The lease term has changed or there is a change in the assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022  The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022  A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Group did not make any such adjustments during the periods presented. The changes in the lease liabilities are as follows: 2023  \u00a3m 2022  \u00a3m Balance at the start of the year 34.6 28.3 Leases entered into during the year 10.4 15.7 Leases terminated early (0.7) (0.3) Payments made (12.3) (12.4) Interest 1.2 1.1 Effect of movements in exchange rates (1.3) 2.2 Balance at the end of the year 31.9 34.6 Current 10.0 10.1 Non-current 21.9 24.5 31.9 34.6 At 30 June 2023, the Group is committed to \u00a3nil (2022: \u00a30.1m) for short-term leases. We have drawn up the table based on the undiscounted cash flows of the obligations under leases, using the earliest date on which we can be required to pay 2023  \u00a3m 2022  \u00a3m FY23 \u2013 10.8 FY24 10.8 8.2 FY25 8.2 5.7 FY26 5.9 4.1 FY27 3.9 2.7 FY28 2.2 2.0 FY29 1.6 1.8 FY30 1.1 1.2 After FY31 1.0 1.1 34.7 37.6 Presented as: Current 10.8 10.8 Non-current 23.9 26.8 34.7 37.6 Lease obligations denominated in currencies other than Sterling comprise \u00a315.3m denominated in US Dollars (2022: \u00a316.0m), \u00a33.5m denominated in Euros (2022: \u00a34.0m) and \u00a39.4m denominated in other currencies (2022: \u00a310.6m). 33. OPERATING LEASES Accounting policies For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income Statement on a straight-line basis over the lease term. The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset (e.g. software licences) . Total of future minimum lease payments under non-cancellable operating leases which expire: 2023  \u00a3m 2022  \u00a3m In less than one year 1.2 \u2013 Between one and five years 1.2 \u2013 In more than five years \u2013 \u2013 2.4 \u2013 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "Accounting policies In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term leases (those with a term of less than 12 months) and leases for low-value items, on a straight-line basis over the life of the lease. For all other leases we recognise a liability at the date at which the leased asset is made available for use, and a corresponding right-of-use asset is recognised and depreciated over the term of the lease (see note 17). Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in-substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options, to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022  The lease term has changed or there is a change in the assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022  The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022  A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Group did not make any such adjustments during the periods presented. Accounting policies For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income Statement on a straight-line basis over the lease term. The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset (e.g. software licences) . ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "29. RETIREMENT BENEFIT OBLIGATIONS The Group operates a number of defined contribution and defined benefit pension schemes, covering many of its employees. The principal funds are the Milk Pension Fund (\u2018MPF\u2019) and the Dalgety Pension Fund (\u2018DPF\u2019) in the UK, which are defined benefit schemes. The assets of these funds are held separately from the Group\u2019s assets, are administered by trustees and managed professionally. Accounting policies Defined contribution pension schemes A number of our employees are members of defined contribution pension schemes. We charge contributions to the Income Statement as they become payable under the scheme rules. We show differences between the contributions payable and the amount we have paid as either accruals or prepayments in the Balance Sheet. The schemes\u2019 assets are held separately from the Group\u2019s assets. Defined benefit pension schemes The Group operates defined benefit pension schemes for some of its employees. These schemes are closed to new members and to further accrual. We calculate our net obligation separately for each scheme, by estimating the amount of future benefit that employees have earned, in return for their service to date. We discount that benefit to determine its present value and deduct the fair value of the plan\u2019s assets (at bid price). The liability discount rate we use is the market yield at the balance sheet date on high-quality corporate bonds, with terms to maturity approximating our pension liabilities. Qualified actuaries perform the calculations, using the projected unit method. We recognise actuarial gains and losses in equity in the period in which they occur, through the Group Statement of Comprehensive Income. Actuarial gains and losses include the difference between the expected and actual return on scheme assets and experience gains and losses on scheme liabilities. Genus and the other participating employers are jointly and severally liable for the MPF\u2019s obligations. We account for our section of the scheme and our share of any orphan assets and liabilities, and provide for any amounts we believe we will have to pay under our joint and several liability. The joint and several liability also means we have a contingent liability for the scheme\u2019s obligations that we have not accounted for. Under the joint and several liability, we initially recognise any changes in our share of orphan assets and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on the orphan assets and liabilities are recognised directly in equity through the Group Statement of Changes in Equity, in the period in which they occur. During the year, the DPF defined benefit pension scheme purchased annuities in order to hedge longevity risk for pensioners within the scheme. As permitted by IAS 19, the Group has opted to recognise the difference between the fair value of the plan assets and the cost of the policy as an actuarial loss in Other Comprehensive Income. We measure the fair value our qualifying insurance policy assets to be the deemed present value of the related obligation. Retirement benefit obligations The financial positions of the defined benefit schemes, as recorded in accordance with IAS 19 and IFRIC 14, are aggregated for disclosure purposes. The liability/(asset) split by principal scheme is set out below. 2023  \u00a3m 2022  \u00a3m The Milk Pension Fund \u2013 Genus\u2019s share \u2013 \u2013 The Dalgety Pension Fund \u2013 \u2013 National Pig Development Pension Fund (0.2) 0.1 Post-retirement healthcare 0.5 0.6 Other unfunded schemes 6.6 7.6 Overall net pension liability 6.9 8.3 Overall, we expect to pay \u00a30.9m (2022: \u00a31.0m) in contributions to defined benefit plans in the 2024 financial year. The defined benefit plans are administered by trustee boards that are legally separated from the Group. The trustee board of each pension fund consists of representatives who are employees, former employees or are independent from the Company. The boards of the pension funds are required by law to act in the best interest of the plan participants and are responsible for setting certain policies, such as investment and contribution policies, and for the governance of the fund. The defined benefit pension schemes expose the Group to actuarial risks such as greater than expected longevity of members, lower than expected return on investments and higher than expected inflation, which may increase the plans\u2019 liabilities or reduce the value of their assets. UK pensions are regulated by The Pensions Regulator, a non-departmental public body established under the Pensions Act 2004 and sponsored by the Department for Work and Pensions, operating within a legal regulatory framework set by the UK Parliament. The Pensions Regulator has statutory objectives set out in legislation, which include promoting and improving understanding of the good administration of work-based pensions, protecting member benefits and regulating occupational defined benefit and contribution schemes. The Pensions Regulator\u2019s statutory objectives and regulatory powers are described on its website at www.thepensionsregulator.gov.uk. All defined benefit schemes are registered as an occupational pension plan with HMRC and are subject to UK legislation and oversight from The Pensions Regulator. UK legislation requires that pension schemes are funded prudently and valued at least every three years. Separate valuations are required for each scheme. Within 15 months of each valuation date, the plan trustees and the Group must agree any contributions required to ensure that the plan is fully funded over time, on a suitably prudent measure. Funding plans are individually agreed with the respective trustees for each of the Group\u2019s defined benefit pension schemes, taking into account local regulatory requirements. The Milk Pension Fund (\u2018MPF\u2019) The MPF was previously operated by the Milk Marketing Board and was also open to staff working for Milk Marque Ltd (the principal employer, now known as Community Foods Group Limited), National Milk Records plc, First Milk Ltd, hauliers associated to First Milk Ltd, Dairy Farmers of Britain Ltd (which went into receivership in June 2009) and Milk Link Ltd. We have accounted for our section of the scheme and our share of any orphan assets and liabilities, which together represent approximately 86% of the MPF (2022: 86%). Although the MPF is managed on a sectionalised basis, it is a \u2018last man standing scheme\u2019, which means that all participating employers are jointly and severally liable for all of the fund\u2019s liabilities. With effect from 30 June 2013, Genus\u2019s remaining active members ceased accruing benefits in the fund and became deferred pensioners. The most recent actuarial triennial valuation of the MPF was at 31 March 2021 and was carried out by qualified actuaries. The valuation has been agreed by the trustees. The principal actuarial assumptions adopted in the 2021 valuation were that: \u2022  investment returns on existing assets would exceed fixed-interest gilt yields by 1.6% per annum until 31 March 2030, then by 0.5% per annum thereafter; \u2022  Consumer Price Index (\u2018CPI\u2019) price inflation is expected to be 0.7% per annum lower than Retail Price Index (\u2018RPI\u2019) price inflation until 31 March 2030, then less 0.1% per annum thereafter; and \u2022  pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. At 31 March 2021, the market value of the fund\u2019s assets was \u00a3492m. This represented approximately 103% of the value of the uninsured liabilities, which were \u00a3480m at that date. The surplus in the fund as a whole, by reference to the 31 March 2021 valuation, was \u00a312m (of which Genus\u2019s notional share was \u00a310m). Reflecting the improvement in the funding position, with effect from 1 September 2021 no deficit repair contributions are payable but funding the scheme\u2019s operating expenses of \u00a31.1m per annum were agreed, rising thereafter by 3.4% per annum until 30 September 2026. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 31 March 2021 and updated to 30 June 2023. At 30 June 2023, the MPF was in an overall net pension asset position of \u00a334.6m (2022: \u00a371.4m). However, the Company does not have the unilateral right to this surplus and therefore in line with IFRIC 14, the recognition of this asset is restricted. Dalgety Pension Fund (\u2018DPF\u2019) The most recent actuarial valuation of the DPF was at 31 March 2021 and was carried out by qualified actuaries. The principal actuarial assumptions adopted in the 2021 valuation were that: \u2022  investment returns on existing assets are gilt yields less 0.35% per annum; \u2022  CPI price inflation is expected to be 0.7% per annum lower than RPI price inflation until 2030, then utilising the RPI curve from 2030 onwards; and \u2022  pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. The market value of the available assets at 31 March 2021 was \u00a3938m. The value of those assets represented approximately 100% of the value of the uninsured liabilities, which were \u00a3937m at 31 March 2021. Under the funding agreement, the Company will not have to make deficit repair contributions. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 31 March 2021 and updated to 30 June 2023. At 30 June 2023, the DPF, which includes a \u00a320.5m separate reserve held against future unknown liabilities materialising, was in an overall net pension asset position of \u00a35.7m (2022: \u00a36.6m). However, the Company does not have the unilateral right to this surplus and therefore in line with IFRIC 14, the recognition of this asset is restricted. The primary bulk annuity policy was secured with an insurance company in July 1999, which matched the benefit entitlement of almost all of the fund\u2019s current and deferred pension liabilities at that time. The value of the policy and related liabilities at 30 June 2023 was \u00a3463m (2022: \u00a3528m). We do not have any legal rights to any surplus relating to these bulk annuity policies. National Pig Development Company Pension Fund (\u2018NPD\u2019) The Group operates a closed defined benefit scheme for a small number of former employees of the National Pig Development Company Limited. The total market value of scheme assets and liabilities at 30 June 2023, under the provisions of IAS 19, were \u00a35.0m (2022: \u00a35.4m) and \u00a34.8m (2022: \u00a35.5m), respectively. The most recent actuarial triennial valuation of the NPD was at 30 June 2020 and was carried out by qualified actuaries. The valuation has been agreed by the trustees. The principal actuarial assumptions adopted in the 2020 valuation were that: \u2022  investment returns on existing assets are gilt yields less 0.35% per annum; \u2022  CPI price inflation is expected to be 0.5% per annum lower than RPI price inflation; and \u2022  pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. The market value of the available assets at 30 June 2020 was \u00a36.1m. The value of those assets represented approximately 68% of the value of the uninsured liabilities, which were \u00a39.0m at 30 June 2020. Under the trustee prepared schedule of contributions, Genus is required to make deficit repair contributions of \u00a3500,000 per annum commencing 1 July 2021. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 30 June 2020 and updated to 30 June 2023. Other unfunded schemes When the Group acquired Sygen International plc in 2005, it also acquired three unfunded defined benefit schemes and an unfunded retirement health benefit plan, which it now operates for the benefit of the previous Group\u2019s senior employees and Executives. Unfunded defined benefits schemes The scheme liabilities for the three unfunded defined benefit schemes amounted to \u00a34.6m (2022: \u00a36.1m), based on IAS 19\u2019s methods and assumptions. This amount is included within pension liabilities in the Group Balance Sheet. It also operates several unfunded defined benefits which amounted to \u00a32.0m (2022: \u00a31.6m). Interest on pension scheme liabilities amounted to \u00a30.2m (2022: \u00a30.2m). The disclosures required under IAS 19 have been calculated by an independent actuary, using the principal assumptions used to calculate the scheme liabilities as for the defined benefit schemes. Post-retirement healthcare The scheme liabilities for the unfunded retirement health benefit plan amounted to \u00a30.5m (2022: \u00a30.6m), based on IAS 19\u2019s methods and assumptions. This amount is included within retirement benefit obligations in the Group Balance Sheet. Interest on plan liabilities amounted to \u00a3nil (2022: \u00a3nil). The principal assumptions used to calculate the plan liabilities were that the discount rate would be 5.25% (2022: 3.90%) and that the long-term rate of medical expense inflation would be 7.05% (2022: 6.90%). Aggregated position of defined benefit schemes 2023  \u00a3m 2022  \u00a3m Present value of funded obligations (includes Genus\u2019s 86% share of MPF (2022: 86%)) 746.8 857.6 Present value of unfunded obligations  7.4 8.4 Total present value of obligations 754.2 866.0 Fair value of plan assets (includes Genus\u2019s 86% share of MPF (2022: 86%)) (787.6) (936.3) Restricted recognition of asset (MPF and DPF) 40.3 78.6 Recognition of additional liability (MPF) \u2013 \u2013 Recognised liability for defined benefit obligations 6.9 8.3 Each of the defined benefit schemes manages risks through a variety of methods and strategies, including equity protection, to limit the downside risk of falls in equity markets, as well as inflation and interest rate hedging. By funding its defined benefits schemes, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2022  Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the schemes\u2019 liabilities. \u2022  The level of price inflation may be higher than that assumed, resulting in higher payments from the schemes. \u2022  Scheme members may live longer than assumed, for example due to advances in healthcare. Members may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities, for example through early retirement or commutation of pension for cash. \u2022  Legislative changes could also lead to an increase in the schemes\u2019 liabilities. Aggregated position of defined benefit schemes The fair value of the total plan assets at the end of the reporting period for each category is as follows: Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m 2023  \u00a3m Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m 2022  \u00a3m Equities \u2013 16.3 \u2013 16.3 \u2013 28.1 \u2013 28.1 Diversified growth funds \u2013 46.1 \u2013 46.1 \u2013 59.5 \u2013 59.5 Liability driven investments \u2013 108.4 \u2013 108.4 \u2013 122.3 \u2013 122.3 Gilts and corporate bonds \u2013 73.0 \u2013 73.0 \u2013 100.5 \u2013 100.5 Cash 1.6 3.6 \u2013 5.2 4.3 4.3 \u2013 8.6 Property 2.4 \u2013 22.8 25.3 2.7 \u2013 35.4 38.1 Direct lending \u2013 2.9 34.3 37.2 \u2013 2.5 32.8 35.3 Bulk annuity policy \u2013 \u2013 476.1 476.1 \u2013 \u2013 543.9 543.9 4.0 250.3 533.2 787.6 7.0 317.2 612.1 936.3 Note: Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. Movement in the liability for defined benefit obligations 2023  \u00a3m 2022  \u00a3m Liability for defined benefit obligations at the start of the year (including the bulk annuity policy (DPF)) 866.0 1,106.6 Benefits paid by the plans (56.3) (55.7) Current service costs and interest 32.6 20.7 Actuarial (gains)/losses recognised on fund liabilities arising from changes in demographic assumptions (15.2) 7.0 Actuarial gains recognised on fund liabilities arising from changes in financial assumptions (104.0) (220.0) Actuarial losses recognised on fund liabilities arising from experience (other) 31.0 6.1 Past service cost \u2013 0.4 Exchange rate adjustment 0.1 0.9 Liability for defined benefit obligations at the end of year 754.2 866.0 Movement in plan assets 2023  \u00a3m 2022  \u00a3m Fair value of plan assets at the start of the year (including the bulk annuity policy (DPF))  936.3 1,147.2 Administration expenses (0.7) (0.4) Contributions paid into the plans 1.5 3.5 Benefits paid by the plans (56.3) (55.7) Interest income on plan assets 35.4 21.3 Actuarial losses recognised in equity (128.6) (179.6) Fair value of plan assets at the end of the year 787.6 936.3 Aggregated position of defined benefit schemes Summary of movements in Group deficit during the year 2023  \u00a3m 2022  \u00a3m Deficit in schemes at the start of the year (8.3) (11.1) Administration expenses (0.7) (0.4) Exceptional cost \u2013 (0.4) Contributions paid into the plans 1.5 3.5 Net pension finance cost  (0.2) (0.2) Actuarial (losses)/gains recognised during the year (40.4) 27.3 Movement in restriction of assets 38.3 (69.8) Release of additional liability 3.0 43.7 Exchange rate adjustment (0.1) (0.9) Deficit in schemes at the end of the year (6.9) (8.3) Amounts recognised in the Group Income Statement 2023  \u00a3m 2022  \u00a3m Administrative expenses 0.7 0.4 Interest obligation 32.6 20.7 Interest income on plan assets (35.4) (21.3) Interest on additional liability 3.0 0.8 Exceptional cost \u2013 0.4 0.9 1.0 The expense is recognised in the following line items in the Group Income Statement 2023  \u00a3m 2022  \u00a3m Administrative expenses 0.7 0.4 Exceptional cost \u2013 0.4 Net finance charge 0.2 0.2 0.9 1.0 Actuarial losses/(gains) recognised in the Group Statement of Comprehensive Income 2023  \u00a3m 2022  \u00a3m Cumulative loss at the start of the year 60.0 60.3 Actuarial losses/(gains) recognised during the year 40.4 (27.3) Movement in restriction of assets (38.3) 69.8 Release of additional liability (3.0) (43.7) Exchange rate adjustment 0.1 0.9 Cumulative loss at the end of the year 59.2 60.0 Actuarial assumptions and sensitivity analysis Principal actuarial assumptions (expressed as weighted averages) are: 2023  2022 Discount rate 5.25% 3.90% Consumer Price Index  2.65% 2.40% Retail Price Index  3.05% 2.90% The mortality assumptions used are consistent with those recommended by the schemes\u2019 actuaries and reflect the latest available tables, adjusted for the experience of the scheme where appropriate. For 2023, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and CMI 2022 projections with parameters of Sk=7.0 and A=0.5% and weighting parameters of w2020=0%, w2021=0% and w2022=25%, subject to a long-term rate of improvement of 1.50% per annum for males and females and for 2022, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and 2021 CMI projections with a smoothing parameter of Sk=7.0 and A=0.5%, subject to a long-term rate of improvement of 1.5% per annum for males and females.  Aggregated position of defined benefit schemes The following table shows the assumptions used for all schemes and illustrates the life expectancy of an average member retiring at age 65 at the balance sheet date and a member reaching age 65 in 20 years\u2019 time. 2023  Years 2022  Years Retiring at balance sheet date at age 65 Male 22.1 22.6 Female 24.0 24.4 Retiring at age 65 in 20 years\u2019 time Male 23.7 24.2 Female 25.8 26.2 Duration of benefit obligations 2023  Years 2022  Years Weighted average duration of the defined benefit obligations 10.1 11.4 Weighted average duration of the defined benefit obligations,  excluding defined benefit obligations backed by purchased annuities 12.4 14.3 Sensitivity analysis Measurement of the Group\u2019s defined benefit obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 30 June 2023. We have included additional sensitivity analysis, which excludes the value of our defined benefit obligations backed by purchased annuities, as the asset value is the deemed present value of obligations, with no movement to the overall scheme deficits. Given recent market volatility due to the impact of COVID-19 and the conflict in Ukraine, we continue to use a sensitivity analysis of 0.5%. Discount rate Rate of inflation Life expectancy Decrease by 0.5% \u00a3m Increase by 0.5% \u00a3m Decrease by 0.5% \u00a3m Increase by 0.5% \u00a3m Decrease by 1 year \u00a3m Increase by 1 year \u00a3m Increase/(decrease) in present value of defined obligation 44.1 (41.7) (35.3) 30.6 (28.5) 28.5 Excluding purchased annuity obligations increase/(decrease) in present value of defined obligation 16.3 (15.4) (13.0) 11.3 (10.5) 10.5 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation from one another. The sensitivities assume the funds\u2019 assets remain unchanged. However, in practice changes in interest rates and inflation will also affect the value of the funds\u2019 assets. The funds\u2019 investment strategy is to hold matching assets with values that move in line with the liabilities of the fund, to protect against changes in interest rates and inflation. This sensitivity analysis has been prepared using the same method adopted when adjusting results of the latest funding valuation to the balance sheet date. This is the same approach adopted in previous periods. The history of experience adjustment is as follows: 2023  \u00a3m 2022  \u00a3m 2021  \u00a3m 2020  \u00a3m 2019  \u00a3m Present value of the defined benefit obligation 754.2 866.0 1,106.6 1,169.3 1,179.5 Fair value of plan assets (787.6) (936.3) (1,147.2) (1,182.5) (1,201.1) Restrict recognition of asset and recognition of additional liability 40.3 78.6 51.7 31.3 45.8 Deficit in the plans 6.9 8.3 11.1 18.1 24.2 Experience adjustments arising on plan liabilities (%) 17.2 21.0 2.1 1.8 4.8 Experience adjustments arising on plan assets (%) 16.3 19.3 2.4 1.6 2.5 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "Accounting policies Defined contribution pension schemes A number of our employees are members of defined contribution pension schemes. We charge contributions to the Income Statement as they become payable under the scheme rules. We show differences between the contributions payable and the amount we have paid as either accruals or prepayments in the Balance Sheet. The schemes\u2019 assets are held separately from the Group\u2019s assets. Defined benefit pension schemes The Group operates defined benefit pension schemes for some of its employees. These schemes are closed to new members and to further accrual. We calculate our net obligation separately for each scheme, by estimating the amount of future benefit that employees have earned, in return for their service to date. We discount that benefit to determine its present value and deduct the fair value of the plan\u2019s assets (at bid price). The liability discount rate we use is the market yield at the balance sheet date on high-quality corporate bonds, with terms to maturity approximating our pension liabilities. Qualified actuaries perform the calculations, using the projected unit method. We recognise actuarial gains and losses in equity in the period in which they occur, through the Group Statement of Comprehensive Income. Actuarial gains and losses include the difference between the expected and actual return on scheme assets and experience gains and losses on scheme liabilities. Genus and the other participating employers are jointly and severally liable for the MPF\u2019s obligations. We account for our section of the scheme and our share of any orphan assets and liabilities, and provide for any amounts we believe we will have to pay under our joint and several liability. The joint and several liability also means we have a contingent liability for the scheme\u2019s obligations that we have not accounted for. Under the joint and several liability, we initially recognise any changes in our share of orphan assets and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on the orphan assets and liabilities are recognised directly in equity through the Group Statement of Changes in Equity, in the period in which they occur. During the year, the DPF defined benefit pension scheme purchased annuities in order to hedge longevity risk for pensioners within the scheme. As permitted by IAS 19, the Group has opted to recognise the difference between the fair value of the plan assets and the cost of the policy as an actuarial loss in Other Comprehensive Income. We measure the fair value our qualifying insurance policy assets to be the deemed present value of the related obligation. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "Retirement benefit obligations The financial positions of the defined benefit schemes, as recorded in accordance with IAS 19 and IFRIC 14, are aggregated for disclosure purposes. The liability/(asset) split by principal scheme is set out below. 2023  \u00a3m 2022  \u00a3m The Milk Pension Fund \u2013 Genus\u2019s share \u2013 \u2013 The Dalgety Pension Fund \u2013 \u2013 National Pig Development Pension Fund (0.2) 0.1 Post-retirement healthcare 0.5 0.6 Other unfunded schemes 6.6 7.6 Overall net pension liability 6.9 8.3 Overall, we expect to pay \u00a30.9m (2022: \u00a31.0m) in contributions to defined benefit plans in the 2024 financial year. The defined benefit plans are administered by trustee boards that are legally separated from the Group. The trustee board of each pension fund consists of representatives who are employees, former employees or are independent from the Company. The boards of the pension funds are required by law to act in the best interest of the plan participants and are responsible for setting certain policies, such as investment and contribution policies, and for the governance of the fund. The defined benefit pension schemes expose the Group to actuarial risks such as greater than expected longevity of members, lower than expected return on investments and higher than expected inflation, which may increase the plans\u2019 liabilities or reduce the value of their assets. UK pensions are regulated by The Pensions Regulator, a non-departmental public body established under the Pensions Act 2004 and sponsored by the Department for Work and Pensions, operating within a legal regulatory framework set by the UK Parliament. The Pensions Regulator has statutory objectives set out in legislation, which include promoting and improving understanding of the good administration of work-based pensions, protecting member benefits and regulating occupational defined benefit and contribution schemes. The Pensions Regulator\u2019s statutory objectives and regulatory powers are described on its website at www.thepensionsregulator.gov.uk. All defined benefit schemes are registered as an occupational pension plan with HMRC and are subject to UK legislation and oversight from The Pensions Regulator. UK legislation requires that pension schemes are funded prudently and valued at least every three years. Separate valuations are required for each scheme. Within 15 months of each valuation date, the plan trustees and the Group must agree any contributions required to ensure that the plan is fully funded over time, on a suitably prudent measure. Funding plans are individually agreed with the respective trustees for each of the Group\u2019s defined benefit pension schemes, taking into account local regulatory requirements. The Milk Pension Fund (\u2018MPF\u2019) The MPF was previously operated by the Milk Marketing Board and was also open to staff working for Milk Marque Ltd (the principal employer, now known as Community Foods Group Limited), National Milk Records plc, First Milk Ltd, hauliers associated to First Milk Ltd, Dairy Farmers of Britain Ltd (which went into receivership in June 2009) and Milk Link Ltd. We have accounted for our section of the scheme and our share of any orphan assets and liabilities, which together represent approximately 86% of the MPF (2022: 86%). Although the MPF is managed on a sectionalised basis, it is a \u2018last man standing scheme\u2019, which means that all participating employers are jointly and severally liable for all of the fund\u2019s liabilities. With effect from 30 June 2013, Genus\u2019s remaining active members ceased accruing benefits in the fund and became deferred pensioners. The most recent actuarial triennial valuation of the MPF was at 31 March 2021 and was carried out by qualified actuaries. The valuation has been agreed by the trustees. The principal actuarial assumptions adopted in the 2021 valuation were that: \u2022  investment returns on existing assets would exceed fixed-interest gilt yields by 1.6% per annum until 31 March 2030, then by 0.5% per annum thereafter; \u2022  Consumer Price Index (\u2018CPI\u2019) price inflation is expected to be 0.7% per annum lower than Retail Price Index (\u2018RPI\u2019) price inflation until 31 March 2030, then less 0.1% per annum thereafter; and \u2022  pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. At 31 March 2021, the market value of the fund\u2019s assets was \u00a3492m. This represented approximately 103% of the value of the uninsured liabilities, which were \u00a3480m at that date. The surplus in the fund as a whole, by reference to the 31 March 2021 valuation, was \u00a312m (of which Genus\u2019s notional share was \u00a310m). Reflecting the improvement in the funding position, with effect from 1 September 2021 no deficit repair contributions are payable but funding the scheme\u2019s operating expenses of \u00a31.1m per annum were agreed, rising thereafter by 3.4% per annum until 30 September 2026. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 31 March 2021 and updated to 30 June 2023. At 30 June 2023, the MPF was in an overall net pension asset position of \u00a334.6m (2022: \u00a371.4m). However, the Company does not have the unilateral right to this surplus and therefore in line with IFRIC 14, the recognition of this asset is restricted. Dalgety Pension Fund (\u2018DPF\u2019) The most recent actuarial valuation of the DPF was at 31 March 2021 and was carried out by qualified actuaries. The principal actuarial assumptions adopted in the 2021 valuation were that: \u2022  investment returns on existing assets are gilt yields less 0.35% per annum; \u2022  CPI price inflation is expected to be 0.7% per annum lower than RPI price inflation until 2030, then utilising the RPI curve from 2030 onwards; and \u2022  pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. The market value of the available assets at 31 March 2021 was \u00a3938m. The value of those assets represented approximately 100% of the value of the uninsured liabilities, which were \u00a3937m at 31 March 2021. Under the funding agreement, the Company will not have to make deficit repair contributions. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 31 March 2021 and updated to 30 June 2023. At 30 June 2023, the DPF, which includes a \u00a320.5m separate reserve held against future unknown liabilities materialising, was in an overall net pension asset position of \u00a35.7m (2022: \u00a36.6m). However, the Company does not have the unilateral right to this surplus and therefore in line with IFRIC 14, the recognition of this asset is restricted. The primary bulk annuity policy was secured with an insurance company in July 1999, which matched the benefit entitlement of almost all of the fund\u2019s current and deferred pension liabilities at that time. The value of the policy and related liabilities at 30 June 2023 was \u00a3463m (2022: \u00a3528m). We do not have any legal rights to any surplus relating to these bulk annuity policies. National Pig Development Company Pension Fund (\u2018NPD\u2019) The Group operates a closed defined benefit scheme for a small number of former employees of the National Pig Development Company Limited. The total market value of scheme assets and liabilities at 30 June 2023, under the provisions of IAS 19, were \u00a35.0m (2022: \u00a35.4m) and \u00a34.8m (2022: \u00a35.5m), respectively. The most recent actuarial triennial valuation of the NPD was at 30 June 2020 and was carried out by qualified actuaries. The valuation has been agreed by the trustees. The principal actuarial assumptions adopted in the 2020 valuation were that: \u2022  investment returns on existing assets are gilt yields less 0.35% per annum; \u2022  CPI price inflation is expected to be 0.5% per annum lower than RPI price inflation; and \u2022  pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. The market value of the available assets at 30 June 2020 was \u00a36.1m. The value of those assets represented approximately 68% of the value of the uninsured liabilities, which were \u00a39.0m at 30 June 2020. Under the trustee prepared schedule of contributions, Genus is required to make deficit repair contributions of \u00a3500,000 per annum commencing 1 July 2021. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 30 June 2020 and updated to 30 June 2023. Other unfunded schemes When the Group acquired Sygen International plc in 2005, it also acquired three unfunded defined benefit schemes and an unfunded retirement health benefit plan, which it now operates for the benefit of the previous Group\u2019s senior employees and Executives. Unfunded defined benefits schemes The scheme liabilities for the three unfunded defined benefit schemes amounted to \u00a34.6m (2022: \u00a36.1m), based on IAS 19\u2019s methods and assumptions. This amount is included within pension liabilities in the Group Balance Sheet. It also operates several unfunded defined benefits which amounted to \u00a32.0m (2022: \u00a31.6m). Interest on pension scheme liabilities amounted to \u00a30.2m (2022: \u00a30.2m). The disclosures required under IAS 19 have been calculated by an independent actuary, using the principal assumptions used to calculate the scheme liabilities as for the defined benefit schemes. Post-retirement healthcare The scheme liabilities for the unfunded retirement health benefit plan amounted to \u00a30.5m (2022: \u00a30.6m), based on IAS 19\u2019s methods and assumptions. This amount is included within retirement benefit obligations in the Group Balance Sheet. Interest on plan liabilities amounted to \u00a3nil (2022: \u00a3nil). The principal assumptions used to calculate the plan liabilities were that the discount rate would be 5.25% (2022: 3.90%) and that the long-term rate of medical expense inflation would be 7.05% (2022: 6.90%). Aggregated position of defined benefit schemes 2023  \u00a3m 2022  \u00a3m Present value of funded obligations (includes Genus\u2019s 86% share of MPF (2022: 86%)) 746.8 857.6 Present value of unfunded obligations  7.4 8.4 Total present value of obligations 754.2 866.0 Fair value of plan assets (includes Genus\u2019s 86% share of MPF (2022: 86%)) (787.6) (936.3) Restricted recognition of asset (MPF and DPF) 40.3 78.6 Recognition of additional liability (MPF) \u2013 \u2013 Recognised liability for defined benefit obligations 6.9 8.3 Each of the defined benefit schemes manages risks through a variety of methods and strategies, including equity protection, to limit the downside risk of falls in equity markets, as well as inflation and interest rate hedging. By funding its defined benefits schemes, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2022  Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the schemes\u2019 liabilities. \u2022  The level of price inflation may be higher than that assumed, resulting in higher payments from the schemes. \u2022  Scheme members may live longer than assumed, for example due to advances in healthcare. Members may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities, for example through early retirement or commutation of pension for cash. \u2022  Legislative changes could also lead to an increase in the schemes\u2019 liabilities. Aggregated position of defined benefit schemes The fair value of the total plan assets at the end of the reporting period for each category is as follows: Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m 2023  \u00a3m Level 1  \u00a3m Level 2  \u00a3m Level 3  \u00a3m 2022  \u00a3m Equities \u2013 16.3 \u2013 16.3 \u2013 28.1 \u2013 28.1 Diversified growth funds \u2013 46.1 \u2013 46.1 \u2013 59.5 \u2013 59.5 Liability driven investments \u2013 108.4 \u2013 108.4 \u2013 122.3 \u2013 122.3 Gilts and corporate bonds \u2013 73.0 \u2013 73.0 \u2013 100.5 \u2013 100.5 Cash 1.6 3.6 \u2013 5.2 4.3 4.3 \u2013 8.6 Property 2.4 \u2013 22.8 25.3 2.7 \u2013 35.4 38.1 Direct lending \u2013 2.9 34.3 37.2 \u2013 2.5 32.8 35.3 Bulk annuity policy \u2013 \u2013 476.1 476.1 \u2013 \u2013 543.9 543.9 4.0 250.3 533.2 787.6 7.0 317.2 612.1 936.3 Note: Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. Movement in the liability for defined benefit obligations 2023  \u00a3m 2022  \u00a3m Liability for defined benefit obligations at the start of the year (including the bulk annuity policy (DPF)) 866.0 1,106.6 Benefits paid by the plans (56.3) (55.7) Current service costs and interest 32.6 20.7 Actuarial (gains)/losses recognised on fund liabilities arising from changes in demographic assumptions (15.2) 7.0 Actuarial gains recognised on fund liabilities arising from changes in financial assumptions (104.0) (220.0) Actuarial losses recognised on fund liabilities arising from experience (other) 31.0 6.1 Past service cost \u2013 0.4 Exchange rate adjustment 0.1 0.9 Liability for defined benefit obligations at the end of year 754.2 866.0 Movement in plan assets 2023  \u00a3m 2022  \u00a3m Fair value of plan assets at the start of the year (including the bulk annuity policy (DPF))  936.3 1,147.2 Administration expenses (0.7) (0.4) Contributions paid into the plans 1.5 3.5 Benefits paid by the plans (56.3) (55.7) Interest income on plan assets 35.4 21.3 Actuarial losses recognised in equity (128.6) (179.6) Fair value of plan assets at the end of the year 787.6 936.3 Aggregated position of defined benefit schemes Summary of movements in Group deficit during the year 2023  \u00a3m 2022  \u00a3m Deficit in schemes at the start of the year (8.3) (11.1) Administration expenses (0.7) (0.4) Exceptional cost \u2013 (0.4) Contributions paid into the plans 1.5 3.5 Net pension finance cost  (0.2) (0.2) Actuarial (losses)/gains recognised during the year (40.4) 27.3 Movement in restriction of assets 38.3 (69.8) Release of additional liability 3.0 43.7 Exchange rate adjustment (0.1) (0.9) Deficit in schemes at the end of the year (6.9) (8.3) Amounts recognised in the Group Income Statement 2023  \u00a3m 2022  \u00a3m Administrative expenses 0.7 0.4 Interest obligation 32.6 20.7 Interest income on plan assets (35.4) (21.3) Interest on additional liability 3.0 0.8 Exceptional cost \u2013 0.4 0.9 1.0 The expense is recognised in the following line items in the Group Income Statement 2023  \u00a3m 2022  \u00a3m Administrative expenses 0.7 0.4 Exceptional cost \u2013 0.4 Net finance charge 0.2 0.2 0.9 1.0 Actuarial losses/(gains) recognised in the Group Statement of Comprehensive Income 2023  \u00a3m 2022  \u00a3m Cumulative loss at the start of the year 60.0 60.3 Actuarial losses/(gains) recognised during the year 40.4 (27.3) Movement in restriction of assets (38.3) 69.8 Release of additional liability (3.0) (43.7) Exchange rate adjustment 0.1 0.9 Cumulative loss at the end of the year 59.2 60.0 Actuarial assumptions and sensitivity analysis Principal actuarial assumptions (expressed as weighted averages) are: 2023  2022 Discount rate 5.25% 3.90% Consumer Price Index  2.65% 2.40% Retail Price Index  3.05% 2.90% The mortality assumptions used are consistent with those recommended by the schemes\u2019 actuaries and reflect the latest available tables, adjusted for the experience of the scheme where appropriate. For 2023, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and CMI 2022 projections with parameters of Sk=7.0 and A=0.5% and weighting parameters of w2020=0%, w2021=0% and w2022=25%, subject to a long-term rate of improvement of 1.50% per annum for males and females and for 2022, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and 2021 CMI projections with a smoothing parameter of Sk=7.0 and A=0.5%, subject to a long-term rate of improvement of 1.5% per annum for males and females. Aggregated position of defined benefit schemes The following table shows the assumptions used for all schemes and illustrates the life expectancy of an average member retiring at age 65 at the balance sheet date and a member reaching age 65 in 20 years\u2019 time. 2023  Years 2022  Years Retiring at balance sheet date at age 65 Male 22.1 22.6 Female 24.0 24.4 Retiring at age 65 in 20 years\u2019 time Male 23.7 24.2 Female 25.8 26.2 Duration of benefit obligations 2023  Years 2022  Years Weighted average duration of the defined benefit obligations 10.1 11.4 Weighted average duration of the defined benefit obligations,  excluding defined benefit obligations backed by purchased annuities 12.4 14.3 Sensitivity analysis Measurement of the Group\u2019s defined benefit obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 30 June 2023. We have included additional sensitivity analysis, which excludes the value of our defined benefit obligations backed by purchased annuities, as the asset value is the deemed present value of obligations, with no movement to the overall scheme deficits. Given recent market volatility due to the impact of COVID-19 and the conflict in Ukraine, we continue to use a sensitivity analysis of 0.5%. Discount rate Rate of inflation Life expectancy Decrease by 0.5% \u00a3m Increase by 0.5% \u00a3m Decrease by 0.5% \u00a3m Increase by 0.5% \u00a3m Decrease by 1 year \u00a3m Increase by 1 year \u00a3m Increase/(decrease) in present value of defined obligation 44.1 (41.7) (35.3) 30.6 (28.5) 28.5 Excluding purchased annuity obligations increase/(decrease) in present value of defined obligation 16.3 (15.4) (13.0) 11.3 (10.5) 10.5 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation from one another. The sensitivities assume the funds\u2019 assets remain unchanged. However, in practice changes in interest rates and inflation will also affect the value of the funds\u2019 assets. The funds\u2019 investment strategy is to hold matching assets with values that move in line with the liabilities of the fund, to protect against changes in interest rates and inflation. This sensitivity analysis has been prepared using the same method adopted when adjusting results of the latest funding valuation to the balance sheet date. This is the same approach adopted in previous periods. The history of experience adjustment is as follows: 2023  \u00a3m 2022  \u00a3m 2021  \u00a3m 2020  \u00a3m 2019  \u00a3m Present value of the defined benefit obligation 754.2 866.0 1,106.6 1,169.3 1,179.5 Fair value of plan assets (787.6) (936.3) (1,147.2) (1,182.5) (1,201.1) Restrict recognition of asset and recognition of additional liability 40.3 78.6 51.7 31.3 45.8 Deficit in the plans 6.9 8.3 11.1 18.1 24.2 Experience adjustments arising on plan liabilities (%) 17.2 21.0 2.1 1.8 4.8 Experience adjustments arising on plan assets (%) 16.3 19.3 2.4 1.6 2.5 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "Actuarial assumptions and sensitivity analysis Principal actuarial assumptions (expressed as weighted averages) are: 2023  2022 Discount rate 5.25% 3.90% Consumer Price Index  2.65% 2.40% Retail Price Index  3.05% 2.90% The mortality assumptions used are consistent with those recommended by the schemes\u2019 actuaries and reflect the latest available tables, adjusted for the experience of the scheme where appropriate. For 2023, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and CMI 2022 projections with parameters of Sk=7.0 and A=0.5% and weighting parameters of w2020=0%, w2021=0% and w2022=25%, subject to a long-term rate of improvement of 1.50% per annum for males and females and for 2022, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and 2021 CMI projections with a smoothing parameter of Sk=7.0 and A=0.5%, subject to a long-term rate of improvement of 1.5% per annum for males and females. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "30. SHARE-BASED PAYMENTS We have a number of share plans used to award shares to Directors and senior management as part of their remuneration. To record the cost of these, a charge is recognised over the vesting period in the Group Income Statement, based on the fair value of the award on the date of grant. Accounting policies We recognise the fair value of share awards and options granted as an employee expense, with a corresponding increase in equity. We measure the fair value at the grant date and spread it over the vesting period of each option. We use a binomial valuation model to measure the fair value of options and a Black-Scholes valuation model to measure the fair value of share awards. We adjust the amount we recognise as an expense, to reflect the estimated performance against non-market related conditions and the number of share awards and options that actually vest at the end of the vesting period. The Group recognised a total share-based payment expense of \u00a36.0m (2022: \u00a33.7m), including National Insurance contributions credit of \u00a30.4m (2022: \u00a30.1m charge). Share awards There were 821,681 conditional share awards outstanding at 30 June 2023. These conditional shares were awarded to Executive Directors and senior management under the 2014 and 2019 Performance Share Plans. In accordance with the plan\u2019s terms, participants have received a conditional annual award of shares or nil cost option awards, which will normally vest after three years, with the proportion of the award vesting depending on growth in the Group\u2019s adjusted earnings per share. Further details of the plan\u2019s performance conditions are given in the Directors\u2019 Remuneration Report. During the year ended 30 June 2023: \u2022  409,595 awards were granted on 14 September 2022, 28 September 2022, 10 October 2022, 11 November 2022 and 12 December 2022 with an aggregate fair value of \u00a310,565,000. The fair value of services received in return for share awards granted is based on the fair value of share awards granted, measured using a Black-Scholes valuation model. At the date of grant, the fair value of a share awarded was \u00a325.79, based on an expected dividend yield of 1.51%. \u2022  126,935 awards in total were granted on 2 May 2023, with an aggregate fair value of \u00a33,346,000. The fair value of services received in return for share awards granted is based on the fair value of share awards granted, measured using a Black-Scholes valuation model. At the date of grant, the aggregate fair value of a share awarded was \u00a326.36, based on an expected dividend yield of 1.16%. Number of awards  2023 Number of awards  2022 Outstanding at the start of year 560,511 665,522 Exercised during the year (137,998) (205,010) Forfeited during the year (137,362) (37,819) Granted during the year 536,530 137,818 Outstanding at 30 June 821,681 560,511 Exercisable at 30 June 13,764 17,605 Bonus and restricted stock share awards In addition to the outstanding share awards above, there were 48,728 bonus and restricted stock share awards outstanding at 30 June 2023. The bonus shares were awarded to Executive Directors and senior management as part of the compulsory deferred bonus, and restricted stock share awards were granted to senior management in connection with recruitment. In accordance with the awards\u2019 terms, participants have received a conditional annual bonus award of shares or nil cost option awards, which will normally vest between one and three years after award, providing the participant is employed by the Group at that time. In the year ended 30 June 2023, 8,153 bonus share awards were granted on 14 September 2022, with an aggregate fair value of \u00a3209,000. Number of awards  2023 Number of awards  2022 Outstanding at the start of year 61,313 72,466 Exercised during the year (20,738) (29,345) Forfeited during the year \u2013 \u2013 Granted during the year 8,153 18,192 Outstanding at 30 June 48,728 61,313 Exercisable at 30 June \u2013 \u2013 Share options On 12 August 2004, the Group established a share option programme that entitles key management and other senior employees to purchase shares in the Company. Further grants on similar terms were offered to these employee groups as set out below. The terms and conditions of the grants are as set out below. All options are to be settled by physical delivery of shares and meet the criteria for being treated as equity settled. Employees entitled Grant date Number of instruments  Vesting conditions Option exercise price Contractual life of options 2004 Company share plan  26 September 2013 3,884 Exercisable 1,413.00p 10 years Total share options 3,884 Share options The number and weighted average exercise prices of share options are as follows: Weighted average exercise price  2023 Number of options  2023 Weighted average exercise price  2022 Number of options  2022 Outstanding at the start of year 1,400p 11,430 1,331p 32,633 Forfeited during the year 1,413p (1,975) 1,374p (2,755) Share appreciation rights effected during the year 1,386p (2,618) 1,312p (6,328) Exercised during the year 1,387p (2,953) 1,265p (12,120) Outstanding at 30 June 1,413p 3,884 1,400p 11,430 Exercisable at 30 June 1,413p 3,884 1,400P 11,430 The options at 30 June 2023 had a weighted average remaining contractual life of 0.2 years (2022: 1.1 years). No share options were granted during the year (2022: nil). The weighted average share price at the date of exercise during the year was \u00a329.56p (2022: \u00a344.18p)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-611": {
   "value": "Accounting policies We recognise the fair value of share awards and options granted as an employee expense, with a corresponding increase in equity. We measure the fair value at the grant date and spread it over the vesting period of each option. We use a binomial valuation model to measure the fair value of options and a Black-Scholes valuation model to measure the fair value of share awards. We adjust the amount we recognise as an expense, to reflect the estimated performance against non-market related conditions and the number of share awards and options that actually vest at the end of the vesting period. The Group recognised a total share-based payment expense of \u00a36.0m (2022: \u00a33.7m), including National Insurance contributions credit of \u00a30.4m (2022: \u00a30.1m charge). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "31. CAPITAL AND RESERVES Called up share capital is the number of shares in issue at their par value. A number of shares were issued in the year, in relation the employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. O wn shares We include the transactions, assets and liabilities of the Group-sponsored Qualifying Employee Share Ownership Trust (\u2018QUEST\u2019) in the Group Financial Statements. In particular, the trust\u2019s purchases of the Company\u2019s shares are deducted from shareholders\u2019 funds until they vest unconditionally with employees. Share capital 2023  Number 2022  Number 2023  \u00a3m 2022  \u00a3m Issued and fully paid Ordinary shares of 10 pence 66,027,210 65,773,620 6.6 6.6 There is no authorised share capital limit. The holders of ordinary shares are entitled to receive dividends, as declared from time to time. The movement in share capital for the period was as follows: 2023  Number 2022  Number 2023 \u00a3m 2022 \u00a3m Issued under the Executive Share Option Plan 2,953 12,120 \u2013 \u2013 Issued to Employee Benefit Trust  250,000 \u2013 \u2013 \u2013 Issued to Genus plc Share Incentive Plan 637 \u2013 \u2013 \u2013 253,590 12,120 \u2013 \u2013 Shares issued under the Executive Share Option Plan were issued at option prices as follows: 2023  Number 2023  Option price 2022  Number 2022  Option price Executive Share Option Plan \u2013 \u2013 2,837 977.83p 983 1334.00p 7,027 1334.00p 1,970 1413.00p 2,256 1413.00p 2,953 12,120 Reserve for own shares The Company\u2019s shares are held by a QUEST, which is an employee benefit trust established to facilitate the operation of our long-term incentive scheme for senior management. The reserve amount represents the deduction in arriving at shareholders\u2019 funds for the consideration the trust paid for the Company\u2019s shares, which had not vested unconditionally at the balance sheet date. The number and market value of the ordinary shares held by the Employee Benefit Trust and the QUEST were: 2023 Number 2022 Number 2023  \u00a3m 2022  \u00a3m Shares allocated but not vested 375,998 280,803 8.1 7.1 Unallocated shares 92,334 92,334 2.0 2.3 468,332 373,137 10.1 9.4 The shares have a nominal value of \u00a346,833 (2022: \u00a337,314). Translation reserve The translation reserve comprises all foreign currency differences arising from translating the financial statements of our foreign operations. The Group uses foreign currency denominated borrowings of \u00a341.0m (2022: \u00a332.3m) as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging the variability in the net assets of such companies caused by changes in exchange rates, the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the hedging and translation reserves. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments, net of taxation. Hedging and translation reserves Hedging reserve  \u00a3m Translation reserve  \u00a3m Balance at 30 June 2021 \u2013 (7.9) Exchange differences on translation of overseas operations \u2013 67.2 Gain recognised on net investment hedges \u2013 (0.7) Loss recognised on cash flow hedges \u2013 interest rate swaps and cross currency swaps 1.9 \u2013 Income tax related to net losses recognised in other comprehensive income (0.5) (7.7) Balance at 30 June 2022 1.4 50.9 Exchange differences on translation of overseas operations \u2013 (27.5) Gain recognised on net investment hedges \u2013 \u2013 Loss recognised on cash flow hedges \u2013 interest rate swaps and cross currency swaps 0.8 \u2013 Income tax related to net losses recognised in other comprehensive income (0.2) 3.3 Balance at 30 June 2023 2.0 26.7 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "31. CAPITAL AND RESERVES Called up share capital is the number of shares in issue at their par value. A number of shares were issued in the year, in relation the employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. O wn shares We include the transactions, assets and liabilities of the Group-sponsored Qualifying Employee Share Ownership Trust (\u2018QUEST\u2019) in the Group Financial Statements. In particular, the trust\u2019s purchases of the Company\u2019s shares are deducted from shareholders\u2019 funds until they vest unconditionally with employees. Share capital 2023  Number 2022  Number 2023  \u00a3m 2022  \u00a3m Issued and fully paid Ordinary shares of 10 pence 66,027,210 65,773,620 6.6 6.6 There is no authorised share capital limit. The holders of ordinary shares are entitled to receive dividends, as declared from time to time. The movement in share capital for the period was as follows: 2023  Number 2022  Number 2023 \u00a3m 2022 \u00a3m Issued under the Executive Share Option Plan 2,953 12,120 \u2013 \u2013 Issued to Employee Benefit Trust  250,000 \u2013 \u2013 \u2013 Issued to Genus plc Share Incentive Plan 637 \u2013 \u2013 \u2013 253,590 12,120 \u2013 \u2013 Shares issued under the Executive Share Option Plan were issued at option prices as follows: 2023  Number 2023  Option price 2022  Number 2022  Option price Executive Share Option Plan \u2013 \u2013 2,837 977.83p 983 1334.00p 7,027 1334.00p 1,970 1413.00p 2,256 1413.00p 2,953 12,120 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-622": {
   "value": "Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-612": {
   "value": "Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "wn shares We include the transactions, assets and liabilities of the Group-sponsored Qualifying Employee Share Ownership Trust (\u2018QUEST\u2019) in the Group Financial Statements. In particular, the trust\u2019s purchases of the Company\u2019s shares are deducted from shareholders\u2019 funds until they vest unconditionally with employees. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "Reserve for own shares The Company\u2019s shares are held by a QUEST, which is an employee benefit trust established to facilitate the operation of our long-term incentive scheme for senior management. The reserve amount represents the deduction in arriving at shareholders\u2019 funds for the consideration the trust paid for the Company\u2019s shares, which had not vested unconditionally at the balance sheet date. The number and market value of the ordinary shares held by the Employee Benefit Trust and the QUEST were: 2023 Number 2022 Number 2023  \u00a3m 2022  \u00a3m Shares allocated but not vested 375,998 280,803 8.1 7.1 Unallocated shares 92,334 92,334 2.0 2.3 468,332 373,137 10.1 9.4 The shares have a nominal value of \u00a346,833 (2022: \u00a337,314). Translation reserve The translation reserve comprises all foreign currency differences arising from translating the financial statements of our foreign operations. The Group uses foreign currency denominated borrowings of \u00a341.0m (2022: \u00a332.3m) as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging the variability in the net assets of such companies caused by changes in exchange rates, the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the hedging and translation reserves. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments, net of taxation. Hedging and translation reserves Hedging reserve  \u00a3m Translation reserve  \u00a3m Balance at 30 June 2021 \u2013 (7.9) Exchange differences on translation of overseas operations \u2013 67.2 Gain recognised on net investment hedges \u2013 (0.7) Loss recognised on cash flow hedges \u2013 interest rate swaps and cross currency swaps 1.9 \u2013 Income tax related to net losses recognised in other comprehensive income (0.5) (7.7) Balance at 30 June 2022 1.4 50.9 Exchange differences on translation of overseas operations \u2013 (27.5) Gain recognised on net investment hedges \u2013 \u2013 Loss recognised on cash flow hedges \u2013 interest rate swaps and cross currency swaps 0.8 \u2013 Income tax related to net losses recognised in other comprehensive income (0.2) 3.3 Balance at 30 June 2023 2.0 26.7 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "32. NOTES TO THE CASH FLOW STATEMENT 2023  \u00a3m 2022  \u00a3m Profit for the year 31.8 36.7 Adjustment for: Net IAS 41 valuation movement on biological assets 16.9 5.4 Amortisation of acquired intangible assets 7.7 8.3 Share-based payment expense 6.0 3.7 Share of profit of joint ventures and associates (10.5) (5.2) Other gains and losses (2.7) \u2013 Finance costs (net) 14.3 6.2 Income tax expense 7.6 11.7 Exceptional items (net) 3.5 2.0 Adjusted operating profit from continuing operations 74.6 68.8 Depreciation of property, plant and equipment 30.2 26.4 Loss on disposal of plant and equipment 0.1 0.4 Amortisation and impairment of intangible assets 5.7 4.3 Adjusted earnings before interest, tax, depreciation and amortisation 110.6 99.9 Cash impact of exceptional items relating to operating activities (7.1) 1.1 Other movements in biological assets and harvested produce (11.1) (19.1) Decrease in provisions (1.0) \u2013 Additional pension contributions in excess of pension charge (0.6) (3.1) Other 0.2 0.2 Operating cash flows before movement in working capital 91.0 79.0 Increase in inventories (9.6) (6.1) Increase in receivables (9.3) (18.5) Increase in payables 6.6 2.2 Cash generated by operations 78.7 56.6 Interest received 0.1 0.4 Interest and other finance costs paid (10.7) (4.0) Interest on leased assets (1.2) (1.1) Cash flow from derivative financial instruments  1.3 (0.1) Income taxes paid (17.8) (17.5) Net cash from operating activities 50.4 34.3 Analysis of net debt Total changes in liabilities due to financing activities are as follows: At 1 July  2022  \u00a3m Net  cash flows  \u00a3m Foreign exchange  \u00a3m Other  non-cash movements  \u00a3m At 30 June 2023  \u00a3m Cash and cash equivalents (see note 22) 38.8 1.3 (3.8) \u2013 36.3 Interest-bearing loans \u2013 current (see note 27) (7.1) 3.8 0.2 (1.1) (4.2) Lease liabilities \u2013 current (see note 28) (10.1) 11.1 0.5 (11.5) (10.0) (17.2) 14.9 0.7 (12.6) (14.2) Interest-bearing loans \u2013 non-current (see note 27) (182.1) (17.8) 3.9 \u2013 (196.0) Lease liabilities \u2013 non-current (see note 28)  (24.5) \u2013 0.8 1.8 (21.9) (206.6) (17.8) 4.7 1.8 (217.9) Total debt financing (223.8) (2.9) 5.4 (10.8) (232.1) Net debt (185.0) (1.6) 1.6 (10.8) (195.8) Included within non-cash movements is \u00a39.7m in relation to net new leases and \u00a31.1m in the unwinding of debt issue costs. At 1 July  2021  \u00a3m Net  cash flows  \u00a3m Foreign exchange  \u00a3m Other  non-cash movements  \u00a3m At 30 June 2022  \u00a3m Cash and cash equivalents (see note 22) 46.0 (11.0) 3.8 \u2013 38.8 Interest-bearing loans \u2013 current (see note 27) (13.9) 8.9 (1.2) (0.9) (7.1) Lease liabilities \u2013 current (see note 28) (9.0) 11.3 (0.7) (11.7) (10.1) (22.9) 20.2 (1.9) (12.6) (17.2) Interest-bearing loans \u2013 non-current (see note 27) (109.4) (63.1) (9.6) \u2013 (182.1) Lease liabilities \u2013 non-current (see note 28)  (19.3) \u2013 (1.6) (3.6) (24.5) (128.7) (63.1) (11.2) (3.6) (206.6) Total debt financing (151.6) (42.9) (13.1) (16.2) (223.8) Net debt (105.6) (53.9) (9.3) (16.2) (185.0) Included within non-cash movements is \u00a315.3m in relation to net new leases and \u00a30.9m in the unwinding of debt issue costs",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "33. OPERATING LEASES Accounting policies For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income Statement on a straight-line basis over the lease term. The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset (e.g. software licences) . Total of future minimum lease payments under non-cancellable operating leases which expire: 2023  \u00a3m 2022  \u00a3m In less than one year 1.2 \u2013 Between one and five years 1.2 \u2013 In more than five years \u2013 \u2013 2.4 \u2013 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "34. CAPITAL AND OTHER COMMITMENTS At 30 June 2023, outstanding contracted capital expenditure amounted to \u00a3nil (2022: \u00a3nil). 35. CONTINGENCIES AND BANK GUARANTEES Contingent liabilities are potential future cash outflows, where the likelihood of payments is considered more than remote but is not considered probable or cannot be measured reliably. Assessing the amount of liabilities that are not probable is highly judgemental. The retirement benefit obligations referred to in note 29 include obligations relating to the MPF defined benefit scheme. Genus, together with other participating employers, is joint and severally liable for the scheme\u2019s obligations. Genus has accounted for its section and its share of any orphan assets and liabilities, collectively representing approximately 86% (2022: 86%) of the MPF. As a result of the joint and several liability, Genus has a contingent liability for the scheme\u2019s obligations that it has not accounted for. The total deficit of the MPF from the most recent triennial valuation can be found in note 29. As described in note 7, the Group is involved in ongoing litigation proceedings and investigations with ST that are at various legal stages. The Group makes a provision for amounts to the extent where an outflow of economic benefit is probable and can be reliably estimated. However, there are specific claims identified in the litigation where the Group considers the outcome of the claim is not probable and will not result in the outflow of economic benefit. The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European Commission initiatives including state aid investigations. Further information can be found in note 11. At 30 June 2023, we had entered into bank guarantees totalling \u00a312.6m (2022: \u00a320.2m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "34. CAPITAL AND OTHER COMMITMENTS At 30 June 2023, outstanding contracted capital expenditure amounted to \u00a3nil (2022: \u00a3nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "35. CONTINGENCIES AND BANK GUARANTEES Contingent liabilities are potential future cash outflows, where the likelihood of payments is considered more than remote but is not considered probable or cannot be measured reliably. Assessing the amount of liabilities that are not probable is highly judgemental. The retirement benefit obligations referred to in note 29 include obligations relating to the MPF defined benefit scheme. Genus, together with other participating employers, is joint and severally liable for the scheme\u2019s obligations. Genus has accounted for its section and its share of any orphan assets and liabilities, collectively representing approximately 86% (2022: 86%) of the MPF. As a result of the joint and several liability, Genus has a contingent liability for the scheme\u2019s obligations that it has not accounted for. The total deficit of the MPF from the most recent triennial valuation can be found in note 29. As described in note 7, the Group is involved in ongoing litigation proceedings and investigations with ST that are at various legal stages. The Group makes a provision for amounts to the extent where an outflow of economic benefit is probable and can be reliably estimated. However, there are specific claims identified in the litigation where the Group considers the outcome of the claim is not probable and will not result in the outflow of economic benefit. The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European Commission initiatives including state aid investigations. Further information can be found in note 11. At 30 June 2023, we had entered into bank guarantees totalling \u00a312.6m (2022: \u00a320.2m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "36. DIRECTORS AND KEY MANAGEMENT COMPENSATION In accordance with IAS 24 \u2018Related Party Disclosures\u2019, key management personnel are those having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly. Key management personnel comprise the Directors and the other members of GELT. 2023  \u00a3m 2022  \u00a3m Salaries and short-term employee benefits 5.4 4.9 Post-employment benefits 0.2 0.2 Share-based payment expense 3.0 1.2 8.6 6.3 Directors Further details of Directors\u2019 compensation are included in the Directors\u2019 Remuneration Report. Other transactions with key management personnel Other than remuneration, there were no transactions with key management personnel. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "<div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls5 ws5 gsd68\">37<span class=\"_ _1\"></span>. GROUP ENTITI<span class=\"_ _2\"></span>ES<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls20 ws3 gsd69\">In a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with se<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n 409 of th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>s Act 20<span class=\"_ _2\"></span>06, a li<span class=\"_ _2\"></span>st of su<span class=\"_ _2\"></span>bsid<span class=\"_ _2\"></span>iar<span class=\"_ _2\"></span>ies a<span class=\"_ _2\"></span>nd jo<span class=\"_ _2\"></span>int vent<span class=\"_ _2\"></span>ures a<span class=\"_ _2\"></span>nd as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates as a<span class=\"_ _2\"></span>t 30 Ju<span class=\"_ _2\"></span>ne 2023 is<span class=\"_ _2\"></span> </div><div class=\"t m0 h6 ff3 fs2 fc2 sc0 ls21 ws8 gsd6a\">set<span class=\"_ _1\"></span> o<span class=\"_ _2\"></span>ut<span class=\"_ _1\"></span> below<span class=\"_ _8\"></span>. All<span class=\"_ _1\"></span> subsidiary under<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>akings are<span class=\"_ _1\"></span> subsidiary under<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>akings of<span class=\"_ _8\"></span> their<span class=\"_ _8\"></span> immediate<span class=\"_ _1\"></span> parent undertak<span class=\"_ _8\"></span>ing(s<span class=\"_ _1\"></span>),<span class=\"_ _1\"></span> un<span class=\"_ _2\"></span>less<span class=\"_ _1\"></span> otherwise indic<span class=\"_ _8\"></span>at<span class=\"_ _8\"></span>ed.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls8 ws8 gsd6b\">Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls9 ws9 gsd6c\">Bovine<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsd6d\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsd6e\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsd6f\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gsd70\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsd71\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsd72\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsd73\">interest<span class=\"_ _52\"> </span><span class=\"lsa0 ws93\">Share class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsd74\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls106 ws84 gsd75\">capital/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsd76\">voting rights<span class=\"_ _8\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsd77\">held b<span class=\"_ _8\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsd78\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsd79\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsd7a\">ABS (Beijing<span class=\"_ _8\"></span>) Int<span class=\"_ _1\"></span>ernational <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd7b\">T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e Co., Ltd.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd7c\">B16<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>, Luck<span class=\"_ _2\"></span>y T<span class=\"_ _1\"></span>owe<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, Ea<span class=\"_ _2\"></span>st5 3rd Ri<span class=\"_ _2\"></span>ng Ro<span class=\"_ _2\"></span>ad,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd7d\">Cha<span class=\"_ _2\"></span>oyang D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict, B<span class=\"_ _2\"></span>eiji<span class=\"_ _2\"></span>ng, 1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>027<span class=\"_ _1\"></span>, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gsd7e\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a1\"> </span><span class=\"ls9b ws3\">No Par Valu<span class=\"_ _2\"></span>e </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsd7f\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsd80\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsd81\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd82\">AB<span class=\"_ _2\"></span>S Argenti<span class=\"_ _2\"></span>na S<span class=\"_ _2\"></span>.A<span class=\"_ _2\"></span>.<span class=\"_ _16e\"> </span>A<span class=\"_ _2\"></span>. C<span class=\"_ _2\"></span>astell<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>os 1169<span class=\"_ _8\"></span>, (30<span class=\"_ _2\"></span>80) Es<span class=\"_ _2\"></span>peran<span class=\"_ _2\"></span>z<span class=\"_ _8\"></span>a,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd83\">Sa<span class=\"_ _2\"></span>nte Fe, Argenti<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls21 ws5e gsd84\">Ar<span class=\"_ _8\"></span>genti<span class=\"_ _8\"></span>na<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _d\"> </span><span class=\"lsa6 ws20\">ARS1 Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsd85\">ABS Chile<span class=\"_ _1\"></span> Limitada<span class=\"_ _a6\"> </span><span class=\"ls3 ws3\">Ave<span class=\"_ _2\"></span>nid<span class=\"_ _2\"></span>a del Pa<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>qu<span class=\"_ _2\"></span>e #4<span class=\"_ _8\"></span>161 of<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>e #601<span class=\"_ _2\"></span>, Hue<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>uraba,  </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gsd86\">Santiago<span class=\"_ _1\"></span>, Chile<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gsd87\">Chile<span class=\"_ _80\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>t<span class=\"_ _b\"> </span><span class=\"ls43 ws26\">CLP1<span class=\"_ _1\"></span> Com<span class=\"_ _2\"></span>mon </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsd88\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsd89\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd8a\">AB<span class=\"_ _2\"></span>S Gen<span class=\"_ _2\"></span>etics S<span class=\"_ _2\"></span>outh Af<span class=\"_ _2\"></span>ric<span class=\"_ _2\"></span>a </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls145 ws139 gsd8b\">(P<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y) Ltd<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd8c\">Presti<span class=\"_ _2\"></span>ge Park B<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ck B, U<span class=\"_ _2\"></span>nit N<span class=\"_ _2\"></span>o. 5B, Pas<span class=\"_ _2\"></span>torale Street, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gsd8d\">Durbanville Industr<span class=\"_ _8\"></span>ial P<span class=\"_ _1\"></span>ark, Durbanville,<span class=\"_ _8\"></span> 7550<span class=\"_ _1\"></span>, <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd8e\">So<span class=\"_ _2\"></span>uth Afr<span class=\"_ _2\"></span>ica<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9b ws3 gsd8f\">So<span class=\"_ _2\"></span>uth Afri<span class=\"_ _2\"></span>ca<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d\"> </span><span class=\"ws20\">Z<span class=\"_ _2\"></span>AR1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsd90\">ABS Global<span class=\"_ _8\"></span> (Canada<span class=\"_ _1\"></span>) Inc.<span class=\"_ _80\"> </span>1525 F<span class=\"_ _8\"></span>lor<span class=\"_ _8\"></span>adale Road<span class=\"_ _8\"></span>, E<span class=\"_ _8\"></span>lmir<span class=\"_ _8\"></span>a ON<span class=\"_ _1\"></span> N3B 2Z1, Canada<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsd91\">Canada<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _f\"> </span><span class=\"ws50\">CAD1<span class=\"_ _1\"></span> O<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsd92\">ABS Global,<span class=\"_ _1\"></span> Inc.<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">1525 R<span class=\"_ _2\"></span>iver Ro<span class=\"_ _2\"></span>ad, D<span class=\"_ _2\"></span>e Fores<span class=\"_ _2\"></span>t WI 535<span class=\"_ _2\"></span>32, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsd93\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _6a\"> </span><span class=\"ls20 ws11\">US<span class=\"_ _2\"></span>D0.01 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsd94\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsd95\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsd96\">ABS It<span class=\"_ _1\"></span>alia S.r<span class=\"_ _8\"></span>.l.<span class=\"_ _c6\"> </span><span class=\"ls3 ws3\">V<span class=\"_ _2\"></span>ia Ba<span class=\"_ _2\"></span>stid<span class=\"_ _2\"></span>a nr<span class=\"_ _8\"></span>. 6, lo<span class=\"_ _2\"></span>c. C<span class=\"_ _2\"></span>avatig<span class=\"_ _2\"></span>ozzi, 26020,  </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf2 ws13a gsd97\">Cremona, Italy<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsd98\">Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _19f\"> </span><span class=\"ls18 wsa9\">\u20ac<span class=\"_ _2\"></span>1 Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ota<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd99\">AB<span class=\"_ _2\"></span>S M\u00e9xic<span class=\"_ _2\"></span>o, S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>.<span class=\"_ _48\"> </span>Kansas N<span class=\"_ _2\"></span>o. 2028, Q<span class=\"_ _2\"></span>uin<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>as Ca<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>estre, 312<span class=\"_ _2\"></span>14, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls39 ws66 gsd9a\">Chihua<span class=\"_ _8\"></span>hua,<span class=\"_ _1\"></span> Chih.<span class=\"_ _8\"></span>, Me<span class=\"_ _1\"></span>xico<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls29 ws28 gsd9b\">Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _c\"> </span><span class=\"ls9b ws3\">MX<span class=\"_ _2\"></span>N10 Cl<span class=\"_ _2\"></span>ass 1<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9b ws3 gsd9c\">MXN<span class=\"_ _2\"></span>10 Cla<span class=\"_ _2\"></span>ss 2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsd9d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsd9e\">AB<span class=\"_ _2\"></span>S Polska Sp. z o.o.<span class=\"_ _100\"> </span>Szafi<span class=\"_ _2\"></span>rowa 22<span class=\"_ _2\"></span>A, 82-<span class=\"_ _8\"></span>30<span class=\"_ _2\"></span>0 Gron<span class=\"_ _2\"></span>owo G\u00f3rn<span class=\"_ _2\"></span>e, Pola<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsd9f\">Pol<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _4d\"> </span><span class=\"ls13 ws13\">PLN1,000 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsda0\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsda1\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls146 ws13b gsda2\">Bove<span class=\"_ _2\"></span>c SAS<span class=\"_ _2\"></span>U <span class=\"_ _314\"> </span><span class=\"ls3 ws3\">69 Ch<span class=\"_ _2\"></span>emi<span class=\"_ _2\"></span>n des M<span class=\"_ _2\"></span>oli\u00e8<span class=\"_ _2\"></span>res, PA du Cha<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>nay, 6921<span class=\"_ _2\"></span>0, </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsda3\">Lenti<span class=\"_ _2\"></span>lly, Fr<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nce<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsda4\">Fra<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _a1\"> </span><span class=\"ws20\">\u20ac10 Ordinary<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsda5\">Chi<span class=\"_ _2\"></span>tale Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (In<span class=\"_ _2\"></span>dia) </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6f ws13c gsda6\">Pr<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ate L<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ted<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsda7\">Ga<span class=\"_ _2\"></span>t No 29<span class=\"_ _8\"></span>, Bram<span class=\"_ _2\"></span>ha Fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ity, Bur<span class=\"_ _2\"></span>ung<span class=\"_ _2\"></span>wadi N<span class=\"_ _2\"></span>ear </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsda8\">Bh<span class=\"_ _2\"></span>ilawa<span class=\"_ _2\"></span>di Ra<span class=\"_ _2\"></span>ilway Stati<span class=\"_ _2\"></span>on, T<span class=\"_ _8\"></span>al<span class=\"_ _2\"></span>uka Palus<span class=\"_ _2\"></span>,M<span class=\"_ _2\"></span>aha<span class=\"_ _2\"></span>rashtra, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsda9\">Sangli, 4<span class=\"_ _1\"></span>16303, India<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdaa\">India<span class=\"_ _154\"> </span>Indirect<span class=\"_ _8b\"> </span><span class=\"ls3 ws3\">I<span class=\"_ _2\"></span>NR10<span class=\"_ _2\"></span>0 </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdab\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsdac\">50%<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gsdad\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdae\">De N<span class=\"_ _2\"></span>ovo Gen<span class=\"_ _2\"></span>etics L<span class=\"_ _2\"></span>L<span class=\"_ _8\"></span>C<span class=\"_ _11f\"> </span>128<span class=\"_ _2\"></span>6 Ori<span class=\"_ _2\"></span>ole D<span class=\"_ _2\"></span>rive, N<span class=\"_ _2\"></span>ew Albi<span class=\"_ _2\"></span>n IA 521<span class=\"_ _2\"></span>60, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsdaf\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls62 ws68 gsdb0\">LL<span class=\"_ _1\"></span>C Un<span class=\"_ _2\"></span>its<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9b ws90 gsdb1\">51%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdb2\">Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (NZ) L<span class=\"_ _2\"></span>imited<span class=\"_ _13e\"> </span>Ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>rate Accou<span class=\"_ _2\"></span>nting G<span class=\"_ _2\"></span>roup L<span class=\"_ _2\"></span>imited<span class=\"_ _2\"></span>, Level 2, 22 </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdb3\">Du<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ld Street, Ede<span class=\"_ _2\"></span>n T<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>race, Au<span class=\"_ _2\"></span>ckla<span class=\"_ _2\"></span>nd, 1<span class=\"_ _2\"></span>021,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdb4\">New Ze<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 ws20 gsdb5\">New Z<span class=\"_ _1\"></span>ealand<span class=\"_ _24\"> </span><span class=\"wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _15\"> </span><span class=\"ls9b ws3\">NZD1 Ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsdb6\">Genus ABS<span class=\"_ _8\"></span> Colombia SA<span class=\"_ _8\"></span>S<span class=\"_ _7f\"> </span><span class=\"ls3 ws3\">Aven<span class=\"_ _2\"></span>ida C<span class=\"_ _2\"></span>arrera 70, No. 1<span class=\"_ _2\"></span>05 \u2013 51<span class=\"_ _2\"></span>, Bo<span class=\"_ _2\"></span>gota, Col<span class=\"_ _2\"></span>omb<span class=\"_ _2\"></span>ia<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsdb7\">Colombia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _9c\"> </span><span class=\"ls1b ws1f\">COP10,000 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdb8\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsdb9\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsdbb\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsdbc\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsdbd\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gsdbe\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsdbf\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsdc0\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsdc1\">interest<span class=\"_ _52\"> </span><span class=\"lsa0 ws93\">Share class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsdc2\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls106 ws84 gsdc3\">capital/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsdc4\">voting rights<span class=\"_ _8\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsdc5\">held b<span class=\"_ _8\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsdc6\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsdc7\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdc8\">Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS Neth<span class=\"_ _2\"></span>erl<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>s B.<span class=\"_ _8\"></span>V<span class=\"_ _1\"></span>.<span class=\"_ _30\"> </span><span class=\"ls74 ws65\">Hoogoor<span class=\"_ _8\"></span>ddr<span class=\"_ _8\"></span>eef<span class=\"_ _8\"></span> 15, Amst<span class=\"_ _1\"></span>erdam,<span class=\"_ _1\"></span> 1101BA, Netherlands<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls19 ws6a gsdc9\">Net<span class=\"_ _1\"></span>herlands<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d\"> </span><span class=\"ws20\">EUR1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdca\">Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>ustrali<span class=\"_ _2\"></span>a Pt<span class=\"_ _2\"></span>y Ltd<span class=\"_ _6b\"> </span><span class=\"ls3d ws20\">15 Scholar driv<span class=\"_ _8\"></span>e,<span class=\"_ _8\"></span> Bundoora VIC 3063,<span class=\"_ _8\"></span> Austr<span class=\"_ _1\"></span>alia<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls25 ws21 gsdcb\">Austr<span class=\"_ _8\"></span>alia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _4d\"> </span><span class=\"ls22 ws22\">AU<span class=\"_ _2\"></span>D1.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>88<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdcc\">Ordinary </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsdcd\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdce\">Ge<span class=\"_ _2\"></span>nus B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a Private </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6f ws13c gsdcf\">Li<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ite<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdd0\">5th FLOOR<span class=\"_ _2\"></span>, C WING, E<span class=\"_ _2\"></span>TER<span class=\"_ _2\"></span>NIA PR<span class=\"_ _2\"></span>EMI<span class=\"_ _2\"></span>SES CO-O<span class=\"_ _2\"></span>P SOC<span class=\"_ _2\"></span>, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdd1\">NE<span class=\"_ _2\"></span>AR DA U<span class=\"_ _2\"></span>NIT NO 5<span class=\"_ _2\"></span>05, 5<span class=\"_ _2\"></span>06, DAGD<span class=\"_ _2\"></span>I BU<span class=\"_ _2\"></span>NGLOW<span class=\"_ _1\"></span>, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsdd2\">W<span class=\"_ _1\"></span>AK<span class=\"_ _2\"></span>DEW<span class=\"_ _1\"></span>ADI,<span class=\"_ _2\"></span>Maharash<span class=\"_ _1\"></span>tra, P<span class=\"_ _8\"></span>une, 4<span class=\"_ _1\"></span>11005, India<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdd3\">India<span class=\"_ _154\"> </span>Indirect<span class=\"_ _136\"> </span><span class=\"ws20\">INR1 Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdd4\">Ge<span class=\"_ _2\"></span>nus B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing L<span class=\"_ _2\"></span>imite<span class=\"_ _2\"></span>d  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls70 ws120 gsdd5\">(0119203<span class=\"_ _2\"></span>7)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsdd6\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdd7\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdd8\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsdd9\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _7b\"> </span></span><span class=\"lsa6\">\u00a31<span class=\"_ _8\"></span> Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdda\">\u2018Ge<span class=\"_ _2\"></span>nus U<span class=\"_ _2\"></span>krain<span class=\"_ _2\"></span>e\u2019 LLC<span class=\"_ _123\"> </span>Pid<span class=\"_ _2\"></span>lisn<span class=\"_ _2\"></span>a str.<span class=\"_ _8\"></span>, 1, K<span class=\"_ _2\"></span>YI<span class=\"_ _2\"></span>V 0316<span class=\"_ _2\"></span>4, U<span class=\"_ _2\"></span>krain<span class=\"_ _2\"></span>e<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsddb\">U<span class=\"_ _2\"></span>kra<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsddc\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsddd\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsdde\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsddf\">JB<span class=\"_ _2\"></span>I Ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s LLC<span class=\"_ _ac\"> </span>13<span class=\"_ _2\"></span>0 Nor<span class=\"_ _2\"></span>th Kels<span class=\"_ _2\"></span>ey Street, Vis<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>a CA 9329<span class=\"_ _2\"></span>1,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6f ws13c gsde0\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> State<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsde1\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsde2\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsde3\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsde4\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsde5\">LLC Gen<span class=\"_ _2\"></span>us AB<span class=\"_ _2\"></span>S Rus <span class=\"_ _123\"> </span>Zhel<span class=\"_ _2\"></span>eznod<span class=\"_ _2\"></span>orozhna<span class=\"_ _2\"></span>ya Street, Ho<span class=\"_ _2\"></span>use 5<span class=\"_ _2\"></span>1, Letter Zh<span class=\"_ _2\"></span>, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsde6\">Prem<span class=\"_ _2\"></span>ises 2, 3<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>062, T<span class=\"_ _1\"></span>u<span class=\"_ _2\"></span>la, R<span class=\"_ _2\"></span>ussi<span class=\"_ _2\"></span>an Fe<span class=\"_ _2\"></span>derati<span class=\"_ _2\"></span>on<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls25 ws21 gsde7\">Russia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _15\"> </span><span class=\"ws20\">RUB1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsde8\">Mi<span class=\"_ _2\"></span>llwoo<span class=\"_ _2\"></span>d Produ<span class=\"_ _2\"></span>cts Ltd </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls147 ws13d gsde9\">(08<span class=\"_ _2\"></span>662<span class=\"_ _2\"></span>101)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsdea\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdeb\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdec\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls1b ws1f gsded\">Unit<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsdee\">Kingdom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdef\">Indirect<span class=\"_ _154\"> </span><span class=\"ws20\">\u00a31 Ordi<span class=\"_ _8\"></span>nary<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdf0\">Pec<span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>n ABS I<span class=\"_ _2\"></span>mp. e Ex<span class=\"_ _2\"></span>p. Lt<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a.<span class=\"_ _315\"> </span>Rod<span class=\"_ _2\"></span>. BR 0<span class=\"_ _2\"></span>50 Km 1<span class=\"_ _2\"></span>96 + 150<span class=\"_ _2\"></span>metros, Zo<span class=\"_ _2\"></span>na Ru<span class=\"_ _2\"></span>ral, De<span class=\"_ _2\"></span>lta,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdf1\">MG \u2013 3<span class=\"_ _2\"></span>810<span class=\"_ _2\"></span>8-0<span class=\"_ _2\"></span>00, Brazi<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsdf2\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary <span class=\"_ _ca\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdf3\">St Ja<span class=\"_ _2\"></span>cobs A<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6c ws61 gsdf4\">Breeding<span class=\"_ _1\"></span> Corp.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsdf5\">1525 R<span class=\"_ _2\"></span>iver R<span class=\"_ _2\"></span>oad, D<span class=\"_ _2\"></span>e Fo<span class=\"_ _2\"></span>rest WI 53<span class=\"_ _2\"></span>532, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsdf6\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsdf7\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsdf8\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6f ws13c gsdf9\">Zi<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> S<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _13d\"> </span><span class=\"ls3 ws3\">Maxi<span class=\"_ _2\"></span>mo T<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>jes 7<span class=\"_ _2\"></span>189, Urug<span class=\"_ _2\"></span>uay<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsdfa\">Uruguay<span class=\"_ _154\"> </span>Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par V<span class=\"_ _8\"></span>alu<span class=\"_ _2\"></span>e </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsdfb\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsdfc\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls8 ws8 gsdfd\">Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls9 ws9 gsdfe\">Porcine<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsdff\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse00\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gse01\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gse02\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gse03\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse04\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gse05\">interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse06\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gse07\">capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gse08\">rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse09\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gse0a\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse0b\">Agro<span class=\"_ _2\"></span>ceres PI<span class=\"_ _2\"></span>C Gen<span class=\"_ _2\"></span>\u00e9tica </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse0c\">de S<span class=\"_ _2\"></span>u\u00edn<span class=\"_ _2\"></span>os Ltda<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse0d\">Ru<span class=\"_ _2\"></span>a 1 JN, n\u02da 1411, Sa<span class=\"_ _2\"></span>la 16 \u2013 J<span class=\"_ _2\"></span>ardim N<span class=\"_ _2\"></span>ovo, Rio C<span class=\"_ _2\"></span>laro/<span class=\"_ _1\"></span>SP </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse0e\">\u2013 CEP<span class=\"_ _1\"></span>, 13.<span class=\"_ _2\"></span>502-<span class=\"_ _17\"></span>74<span class=\"_ _1\"></span>1, B<span class=\"_ _2\"></span>razil<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gse0f\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _8b\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gse10\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse11\">Agro<span class=\"_ _2\"></span>ceres PI<span class=\"_ _2\"></span>C Su\u00ed<span class=\"_ _2\"></span>nos Ltda<span class=\"_ _85\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN<span class=\"_ _2\"></span>, n<span class=\"_ _8\"></span>\u02da 1411, Sa<span class=\"_ _2\"></span>la 17 \u2013 Ja<span class=\"_ _2\"></span>rdim N<span class=\"_ _2\"></span>ovo, Rio Cl<span class=\"_ _2\"></span>aro<span class=\"_ _1\"></span>/SP </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse12\">\u2013 CEP<span class=\"_ _1\"></span>, 13.<span class=\"_ _2\"></span>502-<span class=\"_ _17\"></span>74<span class=\"_ _1\"></span>1, B<span class=\"_ _2\"></span>razil<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gse13\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _8b\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gse14\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls72 ws63 gse15\">GENE<span class=\"_ _1\"></span>E<span class=\"_ _2\"></span>TI<span class=\"_ _8\"></span>C Servic<span class=\"_ _8\"></span>e S.R.L.<span class=\"_ _48\"> </span><span class=\"ls3 ws3\">Vial<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>a 71<span class=\"_ _2\"></span>, 3210<span class=\"_ _2\"></span>0, Be<span class=\"_ _2\"></span>llun<span class=\"_ _2\"></span>o, Italy<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gse16\">Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _11f\"> </span><span class=\"ls16 ws16\">33%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gse17\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse18\">Inner Mongolia<span class=\"_ _8\"></span> Genus </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse19\">Bi<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Lt<span class=\"_ _8\"></span>d<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse1a\">3rd Flo<span class=\"_ _2\"></span>or, Buil<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g A<span class=\"_ _8\"></span>-<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>5 Nor<span class=\"_ _2\"></span>th, I<span class=\"_ _2\"></span>ntellig<span class=\"_ _2\"></span>ent </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse1b\">Ma<span class=\"_ _2\"></span>nufa<span class=\"_ _2\"></span>ctur<span class=\"_ _2\"></span>ing I<span class=\"_ _2\"></span>ndu<span class=\"_ _2\"></span>stria<span class=\"_ _2\"></span>l Park, I<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>er Mo<span class=\"_ _2\"></span>ngo<span class=\"_ _2\"></span>lia, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse1c\">He<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>ger N<span class=\"_ _2\"></span>ew Area, C<span class=\"_ _2\"></span>hin<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse1d\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse1e\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls148 ws13e gse1f\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse20\">Inner Mongolia<span class=\"_ _8\"></span> Haoxia<span class=\"_ _8\"></span>ng Pi<span class=\"_ _8\"></span>g </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse21\">Bre<span class=\"_ _2\"></span>edin<span class=\"_ _2\"></span>g Co. Ltd<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse22\">Ji<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>g Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Jin<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g T<span class=\"_ _1\"></span>own, Z<span class=\"_ _2\"></span>hid<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>unty,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gse23\">Y<span class=\"_ _1\"></span>an An Municipality<span class=\"_ _1\"></span>, Shaanxi Pro<span class=\"_ _1\"></span>vince, China<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse24\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gse25\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsb9 wsa9 gse26\">49%<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gse27\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gse28\">Liao Ning PIC<span class=\"_ _1\"></span> Agriculture </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse29\">Sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse2a\">Co., Ltd<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse2b\">Gu<span class=\"_ _2\"></span>nzigo<span class=\"_ _2\"></span>u Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Gao G<span class=\"_ _2\"></span>uan Town, Be<span class=\"_ _2\"></span>nxi C<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse2c\">Be<span class=\"_ _2\"></span>nxi Ci<span class=\"_ _2\"></span>ty, Liao<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g Provin<span class=\"_ _2\"></span>ce, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse2d\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse2e\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse2f\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse30\">PIC (<span class=\"_ _1\"></span>Sh<span class=\"_ _2\"></span>anghai)<span class=\"_ _1\"></span> Agriculture<span class=\"_ _1\"></span> </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse31\">Sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6c ws61 gse32\">Company<span class=\"_ _8\"></span> Limit<span class=\"_ _1\"></span>ed<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse33\">Ro<span class=\"_ _2\"></span>om 702<span class=\"_ _1\"></span>-5, N<span class=\"_ _2\"></span>o. 71<span class=\"_ _2\"></span>9 She<span class=\"_ _2\"></span>n Gui R<span class=\"_ _2\"></span>oad,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse34\">Mi<span class=\"_ _2\"></span>n Han<span class=\"_ _2\"></span>g Dis<span class=\"_ _2\"></span>trict, S<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gh<span class=\"_ _2\"></span>a, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse35\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gse36\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse37\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse38\">PIC (Z<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gji<span class=\"_ _2\"></span>agan<span class=\"_ _2\"></span>g) Pig  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse39\">Impro<span class=\"_ _1\"></span>vement Co<span class=\"_ _1\"></span>., L<span class=\"_ _1\"></span>td.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse3a\">Of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice 12<span class=\"_ _2\"></span>10, Inter<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e T<span class=\"_ _1\"></span>ower,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse3b\">20 Ji<span class=\"_ _2\"></span>nga<span class=\"_ _2\"></span>ng Ro<span class=\"_ _2\"></span>ad, Zh<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>jia<span class=\"_ _2\"></span>gan<span class=\"_ _2\"></span>g Bon<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d Zone, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse3c\">Zhangjiagang City<span class=\"_ _1\"></span>, Jiangsu P<span class=\"_ _1\"></span>rovince<span class=\"_ _8\"></span>, China<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse3d\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _54\"> </span><span class=\"ls22 ws22\">US<span class=\"_ _2\"></span>D1 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse3e\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse3f\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse40\">PIC A<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>na Sp<span class=\"_ _2\"></span>A<span class=\"_ _be\"> </span>Ave<span class=\"_ _2\"></span>nid<span class=\"_ _2\"></span>a del Pa<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>qu<span class=\"_ _2\"></span>e #4<span class=\"_ _8\"></span>161 of<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>e #601<span class=\"_ _2\"></span>, Hue<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>uraba, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse41\">Santiago<span class=\"_ _1\"></span>, Chile<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse42\">Chile<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _61\"> </span><span class=\"ls3 ws3\">C<span class=\"_ _2\"></span>LP1  </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse43\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse44\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gse46\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse47\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gse48\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gse49\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gse4a\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse4b\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gse4c\">interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse4d\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gse4e\">capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gse4f\">rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gse50\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gse51\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse52\">PIC A<span class=\"_ _2\"></span>nkang A<span class=\"_ _2\"></span>gric<span class=\"_ _2\"></span>ultu<span class=\"_ _2\"></span>re Scie<span class=\"_ _2\"></span>nce </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse53\">an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Ltd.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse54\">Shishubian village,<span class=\"_ _1\"></span> H<span class=\"_ _2\"></span>anbin<span class=\"_ _8\"></span> District<span class=\"_ _8\"></span>, Shaanxi P<span class=\"_ _1\"></span>rovince<span class=\"_ _8\"></span>, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls149 ws13f gse55\">A<span class=\"_ _2\"></span>nka<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g,<span class=\"_ _2\"></span> Ch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gse56\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse57\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse58\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse59\">PIC Canada<span class=\"_ _1\"></span> Lt<span class=\"_ _1\"></span>d.<span class=\"_ _83\"> </span><span class=\"ls3 ws3\">Bord<span class=\"_ _2\"></span>en Ladn<span class=\"_ _2\"></span>er G<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vais LL<span class=\"_ _2\"></span>P<span class=\"_ _17\"></span>, 19<span class=\"_ _2\"></span>00-520, 3<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>d Aven<span class=\"_ _2\"></span>ue, </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse5a\">S.W<span class=\"_ _1\"></span>., C<span class=\"_ _2\"></span>alg<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, A<span class=\"_ _2\"></span>lbe<span class=\"_ _2\"></span>rta T2P O<span class=\"_ _2\"></span>R3, Ca<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>da<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gse5b\">Canada<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _1c\"> </span><span class=\"ls22 ws22\">CAD1<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse5c\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse5e\">PIC Fran<span class=\"_ _2\"></span>ce SA<span class=\"_ _c6\"> </span>69 Che<span class=\"_ _2\"></span>min d<span class=\"_ _2\"></span>es Mo<span class=\"_ _2\"></span>li\u00e8<span class=\"_ _2\"></span>res, 692<span class=\"_ _2\"></span>10, Lenti<span class=\"_ _2\"></span>lly, Fr<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nce<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gse5f\">Fra<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _f9\"> </span><span class=\"ws20\">\u20ac17 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse60\">PIC G<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cs D<span class=\"_ _2\"></span>esig<span class=\"_ _2\"></span>nated </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse61\">Activity Compan<span class=\"_ _8\"></span>y<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse62\">Ri<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>de On<span class=\"_ _2\"></span>e, Sir J<span class=\"_ _2\"></span>ohn R<span class=\"_ _2\"></span>oge<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s Qu<span class=\"_ _2\"></span>ay<span class=\"_ _8\"></span>,  </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gse63\">Dublin 2, Ir<span class=\"_ _1\"></span>elan<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse64\">Ireland<span class=\"_ _9c\"> </span>Indirect<span class=\"_ _61\"> </span><span class=\"ls57 ws4f\">\u20ac<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>27 </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse65\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls57 ws4f gse66\">\u20ac<span class=\"_ _2\"></span>1.27<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls1b ws1f gse67\">Redeemable<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls51 ws4c gse68\">pre<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>ce<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls51 ws4c gse69\">sh<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>res<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse6a\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse6b\">PIC G<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cs LLC<span class=\"_ _b5\"> </span>79 Na<span class=\"_ _2\"></span>rodny<span class=\"_ _2\"></span>y B<span class=\"_ _2\"></span>oul<span class=\"_ _2\"></span>evard, 30<span class=\"_ _2\"></span>800<span class=\"_ _2\"></span>0, Be<span class=\"_ _2\"></span>lgo<span class=\"_ _2\"></span>rod, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf5 ws73 gse6c\">Russian Federation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls25 ws21 gse6d\">Russia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _54\"> </span><span class=\"ls3 ws3\">RUB1 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse6e\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse6f\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse70\">Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse71\">de M<span class=\"_ _2\"></span>\u00e9xico, S<span class=\"_ _2\"></span>. de R<span class=\"_ _2\"></span>.L<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>. </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse72\">Wenc<span class=\"_ _2\"></span>esla<span class=\"_ _2\"></span>o de l<span class=\"_ _2\"></span>a Barqu<span class=\"_ _2\"></span>era No.7<span class=\"_ _1\"></span>, C<span class=\"_ _2\"></span>ol. V<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>as de<span class=\"_ _2\"></span>l Sur,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse73\">7<span class=\"_ _1\"></span>6040 Quere<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>ar<span class=\"_ _8\"></span>o,<span class=\"_ _1\"></span> Q<span class=\"_ _2\"></span>uer<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>o, Me<span class=\"_ _1\"></span>xico<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls29 ws28 gse74\">Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gse75\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gse76\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse77\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse78\">PIG Impr<span class=\"_ _1\"></span>ovemen<span class=\"_ _8\"></span>t Compan<span class=\"_ _8\"></span>y </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls72 ws63 gse79\">Deuts<span class=\"_ _8\"></span>chland<span class=\"_ _1\"></span> GmbH<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse7a\">Ja<span class=\"_ _2\"></span>thost<span class=\"_ _2\"></span>ra\u00dfe 11<span class=\"_ _2\"></span>a, D-3016<span class=\"_ _2\"></span>3 Han<span class=\"_ _2\"></span>nover, Germ<span class=\"_ _2\"></span>any<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls5c ws56 gse7b\">Ge<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>ny<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Valu<span class=\"_ _2\"></span>e </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gse7c\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gse7d\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse7e\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse7f\">Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> <span class=\"ls3 ws3\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse80\">Esp<span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>a, S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse81\">C/<span class=\"_ _1\"></span>Pa<span class=\"_ _2\"></span>u Vi<span class=\"_ _2\"></span>la, 22 2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gse82\">0</div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse83\"> pu<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ta 6, 081<span class=\"_ _2\"></span>7<span class=\"_ _1\"></span>4 S<span class=\"_ _2\"></span>ant Cu<span class=\"_ _2\"></span>gat d<span class=\"_ _2\"></span>el </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse84\">V<span class=\"_ _1\"></span>alles, Barcelona, Spain<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls6 ws6 gse85\">Spain<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ws20\">\u20ac25<span class=\"_ _1\"></span> O<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gse86\">Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gse87\">UK Limit<span class=\"_ _8\"></span>ed (00<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>16304)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gse88\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse89\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse8a\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gse8b\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _46\"> </span><span class=\"ls8a wsad\">\u00a3<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse8c\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse8d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gse8e\">PIC It<span class=\"_ _1\"></span>alia S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _b4\"> </span><span class=\"ls3 ws3\">Str<span class=\"_ _8\"></span>ada d<span class=\"_ _2\"></span>ei Log<span class=\"_ _2\"></span>gi 22<span class=\"_ _2\"></span>, 06135, Ponte S<span class=\"_ _2\"></span>an Giova<span class=\"_ _2\"></span>nni<span class=\"_ _2\"></span>, </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gse8f\">Perugia,<span class=\"_ _1\"></span> Italy<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gse90\">Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _8b\"> </span><span class=\"ls22 ws22\">8<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gse91\">PIC P<span class=\"_ _8\"></span>hilippines, Inc.<span class=\"_ _a6\"> </span><span class=\"ls3 ws3\">Unit 2<span class=\"_ _2\"></span>101-<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>103 an<span class=\"_ _2\"></span>d 2203<span class=\"_ _2\"></span>, Jol<span class=\"_ _2\"></span>lib<span class=\"_ _2\"></span>ee Plaza, F<span class=\"_ _1\"></span>. O<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>igas<span class=\"_ _2\"></span>,  </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse92\">Jr. Rd., Or<span class=\"_ _2\"></span>tig<span class=\"_ _2\"></span>as Ce<span class=\"_ _2\"></span>nter<span class=\"_ _1\"></span>, Pa<span class=\"_ _2\"></span>sig Cit<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>, 16<span class=\"_ _2\"></span>05, Ph<span class=\"_ _2\"></span>ilip<span class=\"_ _2\"></span>pin<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls6 ws6 gse93\">Philippines<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _75\"> </span><span class=\"ls57 ws4f\">PH<span class=\"_ _2\"></span>P10<span class=\"_ _2\"></span>0 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse94\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse95\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse96\">PIC U<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>.<span class=\"_ _e0\"> </span>10<span class=\"_ _2\"></span>0 Bl<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>Grass C<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>ons B<span class=\"_ _2\"></span>lvd, S<span class=\"_ _2\"></span>uite 220<span class=\"_ _2\"></span>0, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gse97\">He<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>vill<span class=\"_ _2\"></span>e, TN 37075, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gse98\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gse99\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gse9a\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6e ws71 gse9b\">RenOV<span class=\"_ _1\"></span>Ate<span class=\"_ _1\"></span> B<span class=\"_ _2\"></span>iosciences, Inc.<span class=\"_ _24\"> </span><span class=\"ls3 ws3\">6<span class=\"_ _2\"></span>87<span class=\"_ _1\"></span>4 C<span class=\"_ _2\"></span>aravan C<span class=\"_ _2\"></span>t, Col<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>bia M<span class=\"_ _2\"></span>D 210<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted States<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gse9c\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _99\"> </span><span class=\"ls51 ws4c\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _c5\"> </span><span class=\"ls20 ws11\">US<span class=\"_ _2\"></span>D0.0<span class=\"_ _2\"></span>01 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls1b ws8 gse9d\">Series<span class=\"_ _1\"></span> Seed </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls51 ws4c gse9e\">Pref<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls16 ws16 gse9f\">33%<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gsea0\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsea1\">Repr<span class=\"_ _8\"></span>odut<span class=\"_ _1\"></span>ores P<span class=\"_ _8\"></span>IC, L<span class=\"_ _1\"></span>da<span class=\"_ _64\"> </span><span class=\"ls3 ws3\">Av<span class=\"_ _8\"></span>. Eng<span class=\"_ _2\"></span>. Dua<span class=\"_ _2\"></span>rte Pac<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>o, Amo<span class=\"_ _2\"></span>reiras, T<span class=\"_ _8\"></span>orre 2 \u2013 14<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsea2\">0<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls14a ws140 gsea3\">A,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsea4\">107<span class=\"_ _1\"></span>0-<span class=\"_ _1\"></span>102 L<span class=\"_ _8\"></span>isboa,<span class=\"_ _8\"></span> Portugal<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsea5\">Portugal<span class=\"_ _154\"> </span>Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par V<span class=\"_ _8\"></span>alu<span class=\"_ _2\"></span>e </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsea6\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsea7\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsea8\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsd ws5 gsea9\">Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa wsa gseaa\">S.R.L.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseab\">Vi<span class=\"_ _2\"></span>a March<span class=\"_ _2\"></span>e n. 2, 42<span class=\"_ _2\"></span>122, Re<span class=\"_ _2\"></span>ggi<span class=\"_ _2\"></span>on Emi<span class=\"_ _2\"></span>lia, I<span class=\"_ _2\"></span>taly<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gseac\">Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _11f\"> </span><span class=\"ls16 ws16\">33%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gsead\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gseae\">Shaanxi P<span class=\"_ _8\"></span>IC P<span class=\"_ _8\"></span>ig Impr<span class=\"_ _1\"></span>ovement<span class=\"_ _1\"></span> </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseaf\">Co., Ltd.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseb0\">121<span class=\"_ _2\"></span>05, 2<span class=\"_ _2\"></span>1st f<span class=\"_ _2\"></span>loo<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, Yun tia<span class=\"_ _2\"></span>n Bui<span class=\"_ _2\"></span>ldi<span class=\"_ _2\"></span>ng, 12 F<span class=\"_ _2\"></span>eng C<span class=\"_ _2\"></span>hen<span class=\"_ _2\"></span>g </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseb1\">Se<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>d Street, Xia<span class=\"_ _2\"></span>n Econ<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c Deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>ment D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseb2\">Xia<span class=\"_ _2\"></span>n Cit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, S<span class=\"_ _2\"></span>haa<span class=\"_ _2\"></span>nxi Provi<span class=\"_ _2\"></span>nce, Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gseb3\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gseb4\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gseb5\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gseb6\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gseb7\">Y<span class=\"_ _1\"></span>an\u2019<span class=\"_ _1\"></span>an Xinyongxi<span class=\"_ _8\"></span>ang<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gseb8\">Agricultur<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>echno<span class=\"_ _2\"></span>logy<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseb9\">Co., Ltd.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gseba\">Ji<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>g Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Jia<span class=\"_ _2\"></span>njun Town Zhid<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, Y<span class=\"_ _8\"></span>an A<span class=\"_ _2\"></span>n </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsebb\">Municipality,<span class=\"_ _1\"></span> in Shaanxi Pro<span class=\"_ _1\"></span>vin<span class=\"_ _2\"></span>ce<span class=\"_ _8\"></span>, China<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls50 ws10 gsebc\">Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsebd\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gsebe\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsb9 wsa9 gsebf\">49%<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gsec0\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff2 fs2 fc2 sc0 ls8 ws8 gsec1\">Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span></div><div class=\"t m0 h4 ff1 fs2 fc2 sc0 ls1b ws1f gsec2\">Othe<span class=\"_ _2\"></span>r<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsec3\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsec4\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsec5\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gsec6\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsec7\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsec8\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsec9\">interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gseca\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsecb\">capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsecc\">rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsecd\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsece\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsecf\">Acc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng &amp; Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>al </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsed0\">Se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices S<span class=\"_ _2\"></span>. de R<span class=\"_ _2\"></span>.L<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsed1\">Kansa<span class=\"_ _2\"></span>s No. 2028<span class=\"_ _2\"></span>, Qui<span class=\"_ _2\"></span>ntas Cam<span class=\"_ _2\"></span>pes<span class=\"_ _2\"></span>tre, 31214<span class=\"_ _2\"></span>, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls39 ws66 gsed2\">Chihua<span class=\"_ _8\"></span>hua,<span class=\"_ _1\"></span>Chih.<span class=\"_ _1\"></span>, Mexi<span class=\"_ _8\"></span>co<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls29 ws28 gsed3\">Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _f9\"> </span><span class=\"ls9b ws3\">MXN1 Cl<span class=\"_ _2\"></span>ass 1<span class=\"_ _11f\"> </span><span class=\"ls63 wsb5\">96%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gsed4\">ABS Int<span class=\"_ _1\"></span>ernational, Inc.<span class=\"_ _49\"> </span><span class=\"ls3 ws3\">1525 Ri<span class=\"_ _2\"></span>ver Ro<span class=\"_ _2\"></span>ad, De F<span class=\"_ _2\"></span>orest W<span class=\"_ _2\"></span>I 535<span class=\"_ _2\"></span>32, Uni<span class=\"_ _2\"></span>ted States<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsed5\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsed6\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsed7\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsed9\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gseda\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsedb\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gsedc\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsedd\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsede\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsedf\">interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsee0\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsee1\">capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsee2\">rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsee3\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsee4\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsee5\">ABS P<span class=\"_ _8\"></span>ecplan L<span class=\"_ _1\"></span>tda.<span class=\"_ _a5\"> </span><span class=\"ls3 ws3\">Rod. B<span class=\"_ _2\"></span>R 050 K<span class=\"_ _2\"></span>m 196 + 1<span class=\"_ _2\"></span>50m<span class=\"_ _2\"></span>etros, Zona R<span class=\"_ _2\"></span>ural, D<span class=\"_ _2\"></span>elta,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsee6\">MG \u2013 3<span class=\"_ _2\"></span>810<span class=\"_ _2\"></span>8-0<span class=\"_ _2\"></span>00, Brazi<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsee7\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _80\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _e\"> </span><span class=\"lsa6 ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsee8\">Agence Spil<span class=\"_ _8\"></span>lers<span class=\"_ _8\"></span> N.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>.<span class=\"_ _f0\"> </span><span class=\"ls3 ws13a\">Pla<span class=\"_ _2\"></span>ce Sa<span class=\"_ _2\"></span>int<span class=\"_ _1\"></span>-Lam<span class=\"_ _2\"></span>ber<span class=\"_ _2\"></span>t 14, 1<span class=\"_ _2\"></span>200 Wol<span class=\"_ _2\"></span>uwe-Saint<span class=\"_ _8\"></span>-Lamb<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t, </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gsee9\">Belgium<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls6 ws6 gseea\">Belgium<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">No Par Val<span class=\"_ _2\"></span>ue </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gseeb\">Common </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls18 ws18 gseec\">Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gseed\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gseee\">Bra<span class=\"_ _8\"></span>zilian Holdings Limit<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gseef\">(004<span class=\"_ _1\"></span>79048)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsef0\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsef1\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsef2\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsef3\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsef4\">Bra<span class=\"_ _8\"></span>zilian P<span class=\"_ _1\"></span>roper<span class=\"_ _2\"></span>tie<span class=\"_ _8\"></span>s Limit<span class=\"_ _1\"></span>ed<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g View, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>pshi<span class=\"_ _2\"></span>re,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsef5\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsef6\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y <span class=\"_ _142\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsef7\">Busby P<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>rticipa\u00e7\u00f5es L<span class=\"_ _1\"></span>tda.<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Av. L<span class=\"_ _8\"></span>eo<span class=\"_ _2\"></span>pol<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>o de O<span class=\"_ _2\"></span>livei<span class=\"_ _2\"></span>ra, 4.113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro<span class=\"_ _8\"></span>,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsef8\">CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsef9\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gsefa\">Cannavarr<span class=\"_ _8\"></span>o P<span class=\"_ _8\"></span>articipa\u00e7\u00f5es </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsefb\">L<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>da.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsefc\">Av<span class=\"_ _1\"></span>. Le<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Oli<span class=\"_ _2\"></span>veira, 4<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsefd\">CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsefe\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gseff\">Dalco Export<span class=\"_ _8\"></span>adora<span class=\"_ _1\"></span> Lt<span class=\"_ _1\"></span>da.<span class=\"_ _4d\"> </span><span class=\"ls3 ws3\">Av. Leop<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Ol<span class=\"_ _2\"></span>iveira, 4113 \u2013 Sa<span class=\"_ _2\"></span>la 303<span class=\"_ _2\"></span>, Ube<span class=\"_ _2\"></span>raba,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf00\">Mi<span class=\"_ _2\"></span>nas G<span class=\"_ _2\"></span>erais, C<span class=\"_ _2\"></span>EP 38<span class=\"_ _2\"></span>010-<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0, Brazil<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsf01\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf02\">Da<span class=\"_ _2\"></span>lget<span class=\"_ _2\"></span>y Pens<span class=\"_ _2\"></span>ion Trust Li<span class=\"_ _2\"></span>mited<span class=\"_ _d6\"> </span>Mat<span class=\"_ _2\"></span>rix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asin<span class=\"_ _2\"></span>g Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>oke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf03\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf04\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls7c ws3 gsf05\">Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld (S<span class=\"_ _2\"></span>M) Lim<span class=\"_ _2\"></span>ited (01026<span class=\"_ _2\"></span>475<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf06\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf07\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf08\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf09\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf0a\">Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld D<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ant<span class=\"_ _fc\"> </span>Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Ba<span class=\"_ _2\"></span>sing V<span class=\"_ _2\"></span>iew, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>pshi<span class=\"_ _2\"></span>re,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf0b\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf0c\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls14b ws141 gsf0d\">F<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d B<span class=\"_ _6\"></span>.V.<span class=\"_ _b0\"> </span><span class=\"ls3 ws3\">Matr<span class=\"_ _2\"></span>ix Ho<span class=\"_ _2\"></span>use, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g View, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>gstoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf0e\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls19 ws6a gsf0f\">Net<span class=\"_ _1\"></span>herlands<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _c4\"> </span><span class=\"ls14c ws142\">N<span class=\"_ _2\"></span>LG<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf10\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf11\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6c ws61 gsf12\">Fyfield Ir<span class=\"_ _1\"></span>eland Limit<span class=\"_ _1\"></span>ed<span class=\"_ _d7\"> </span><span class=\"ls3 ws3\">Ri<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>de On<span class=\"_ _2\"></span>e, Sir J<span class=\"_ _2\"></span>oh<span class=\"_ _2\"></span>n Rog<span class=\"_ _2\"></span>erso<span class=\"_ _2\"></span>n\u2019s Qua<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>,  </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsf13\">Dublin 2, Ir<span class=\"_ _1\"></span>elan<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf14\">Ireland<span class=\"_ _9c\"> </span>Indirect<span class=\"_ _271\"> </span><span class=\"ls12f ws81\">\u20ac<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> \u2018A\u2019<span class=\"_ _2\"></span> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf15\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsd ws25 gsf16\">\u20ac1.25 \u2018B\u2019<span class=\"_ _8\"></span> </div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf17\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf18\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf19\">Ge<span class=\"_ _2\"></span>nus I<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents Li<span class=\"_ _2\"></span>mited </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls14d ws45 gsf1a\">(02028<span class=\"_ _2\"></span>517)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf1b\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf1c\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf1d\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf1e\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6a ws143 gsf1f\">Genus Quest T<span class=\"_ _1\"></span>rustees Limit<span class=\"_ _1\"></span>ed<span class=\"_ _d8\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix H<span class=\"_ _2\"></span>ouse, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf20\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf21\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf22\">Ge<span class=\"_ _2\"></span>nus R&amp;<span class=\"_ _2\"></span>D, Inc.<span class=\"_ _be\"> </span>1525 R<span class=\"_ _2\"></span>iver Ro<span class=\"_ _2\"></span>ad, D<span class=\"_ _2\"></span>e Fores<span class=\"_ _2\"></span>t WI 535<span class=\"_ _2\"></span>32, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsf23\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _142\"> </span><span class=\"ls20 ws11\">U<span class=\"_ _2\"></span>S$0<span class=\"_ _2\"></span>.01 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsf24\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf25\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6a ws143 gsf26\">Genus T<span class=\"_ _1\"></span>rustees L<span class=\"_ _8\"></span>imited<span class=\"_ _5b\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf27\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf28\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf1 ws64 gsf29\">GIL Finance S.<span class=\"_ _8\"></span>\u00e0.r<span class=\"_ _1\"></span>.l.<span class=\"_ _bd\"> </span><span class=\"ls3 ws3\">121 Aven<span class=\"_ _2\"></span>ue d<span class=\"_ _2\"></span>e la Fai<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ceri<span class=\"_ _2\"></span>e, L \u2013 151<span class=\"_ _2\"></span>1, Luxem<span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>urg<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsb0 wsce gsf2a\">Lu<span class=\"_ _2\"></span>xe<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>urg<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _316\"> </span><span class=\"ls22 ws22\">US<span class=\"_ _2\"></span>D1 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf2b\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf2c\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m24 h1d ff6 fs13 fc2 sc0 ls71 ws65 gsf2d\">PIC Do<span class=\"_ _1\"></span> B<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>asil Empr<span class=\"_ _1\"></span>eendimentos<span class=\"_ _8\"></span> </div><div class=\"t m24 h1d ff6 fs13 fc2 sc0 ls71 ws65 gsf2e\">e P<span class=\"_ _8\"></span>articipa\u00e7\u00f5es<span class=\"_ _1\"></span> Lt<span class=\"_ _8\"></span>da.<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf2f\">Ru<span class=\"_ _2\"></span>a 1 JN, n<span class=\"_ _2\"></span>o. 1411, Sa<span class=\"_ _2\"></span>la 13, J<span class=\"_ _2\"></span>ardim N<span class=\"_ _2\"></span>ovo, Rio Cl<span class=\"_ _2\"></span>aro,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf30\">Estad<span class=\"_ _2\"></span>o De S<span class=\"_ _2\"></span>\u00e3o Pau<span class=\"_ _2\"></span>lo, CEP 13<span class=\"_ _2\"></span>.502<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>41, Brazil<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsf31\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _271\"> </span><span class=\"ls63 wsb5\">B<span class=\"_ _2\"></span>RL0<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf32\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf33\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf34\">PIC Fy<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>d Lim<span class=\"_ _2\"></span>ited (00<span class=\"_ _2\"></span>019<span class=\"_ _2\"></span>739)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf35\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf36\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf37\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf38\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsf39\">Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls72 ws63 gsf3a\">Over<span class=\"_ _1\"></span>seas Limi<span class=\"_ _1\"></span>ted<span class=\"_ _8\"></span> (0<span class=\"_ _8\"></span>1583814<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf3b\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf3c\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf3d\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf3e\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf3f\">Pigtal<span class=\"_ _2\"></span>es Li<span class=\"_ _2\"></span>mited (0<span class=\"_ _2\"></span>0723762)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf40\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf41\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf42\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf43\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf44\">Prom<span class=\"_ _2\"></span>ar Intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l Limi<span class=\"_ _2\"></span>ted </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls14e ws2c gsf45\">(030<span class=\"_ _2\"></span>045<span class=\"_ _2\"></span>62)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf46\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf47\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf48\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf49\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3d ws20 gsf4a\">Skogluno<span class=\"_ _8\"></span> Participa\u00e7\u00f5es L<span class=\"_ _1\"></span>tda.<span class=\"_ _d1\"> </span><span class=\"ls3 ws3\">Av<span class=\"_ _1\"></span>. Le<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>oldi<span class=\"_ _2\"></span>no d<span class=\"_ _2\"></span>e Oli<span class=\"_ _2\"></span>veira, 4<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf4b\">CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsf4c\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6a ws143 gsf4d\">Spillers Limit<span class=\"_ _8\"></span>ed<span class=\"_ _17a\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix H<span class=\"_ _2\"></span>ouse, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng V<span class=\"_ _2\"></span>iew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>gstoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf4e\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf4f\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _5c\"> </span><span class=\"ls78 ws6b\">\u00a30<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf50\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf51\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf52\">Sp<span class=\"_ _2\"></span>ille<span class=\"_ _2\"></span>rs Ove<span class=\"_ _2\"></span>rsea<span class=\"_ _2\"></span>s Lim<span class=\"_ _2\"></span>ited </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 lsf4 ws144 gsf53\">(000<span class=\"_ _2\"></span>69723<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf54\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf55\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf56\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf57\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _5c\"> </span><span class=\"ls78 ws6b\">\u00a30<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf58\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf59\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsf5b\">Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsf5c\">Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsf5d\">incorporation<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3a ws1a gsf5e\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls17 ws17 gsf5f\">indirect </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsf60\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsf61\">interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsf62\">% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsf63\">capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsa0 ws93 gsf64\">rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 ls3 ws3 gsf65\">Gr<span class=\"_ _2\"></span>oup </div><div class=\"t m0 h9 ff2 fs6 fc2 sc0 lsca wsc0 gsf66\">companies<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf67\">Syge<span class=\"_ _2\"></span>n, In<span class=\"_ _2\"></span>c.<span class=\"_ _242\"> </span>100 B<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>eGras<span class=\"_ _2\"></span>s Co<span class=\"_ _2\"></span>mmo<span class=\"_ _2\"></span>ns B<span class=\"_ _2\"></span>lvd, Su<span class=\"_ _2\"></span>ite 220<span class=\"_ _2\"></span>0, </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf68\">He<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>vill<span class=\"_ _2\"></span>e, TN 37075 Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed States<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa4 ws6b gsf69\">U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls43 ws68 gsf6a\">Common<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf6b\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf6c\">Syge<span class=\"_ _2\"></span>n Intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal L<span class=\"_ _2\"></span>imite<span class=\"_ _2\"></span>d </div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls14f ws145 gsf6d\">(<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>74)<span class=\"_ _35c\"> </span></div><div class=\"t m0 h22 ff6 fs14 fc2 sc0 ls3 ws3 gsf6e\">2<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf6f\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf70\">RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf71\">UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _316\"> </span><span class=\"ls8a wsad\">\u00a3<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf72\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf73\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls74 ws65 gsf74\">Sy<span class=\"_ _8\"></span>gen In<span class=\"_ _8\"></span>ves<span class=\"_ _8\"></span>timen<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>os L<span class=\"_ _1\"></span>tda.<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Av. Leop<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Ol<span class=\"_ _2\"></span>iveira, 4113 \u2013 Sa<span class=\"_ _2\"></span>la 303<span class=\"_ _2\"></span>, Ube<span class=\"_ _2\"></span>raba,<span class=\"_ _35c\"> </span></span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf75\">Mi<span class=\"_ _2\"></span>nas G<span class=\"_ _2\"></span>erais, C<span class=\"_ _2\"></span>EP 38<span class=\"_ _2\"></span>010-<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0, Brazil<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls9d ws92 gsf76\">B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _11e\"> </span><span class=\"ls19 ws6a\">BRL0<span class=\"_ _8\"></span>.63 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf77\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf78\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6e ws71 gsf79\">Usicaf\u00e9 SA<span class=\"_ _242\"> </span><span class=\"ls3 ws3\">c/<span class=\"_ _17\"></span>o C<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>net Ma<span class=\"_ _2\"></span>yor<span class=\"_ _8\"></span>, avo<span class=\"_ _2\"></span>cats, R<span class=\"_ _2\"></span>ue J<span class=\"_ _2\"></span>ean-G<span class=\"_ _2\"></span>abr<span class=\"_ _2\"></span>iel </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf7a\">Eyn<span class=\"_ _2\"></span>ard 6, 120<span class=\"_ _2\"></span>5 Gen<span class=\"_ _2\"></span>\u00e8ve<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls62 ws4b gsf7b\">Switz<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rland<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _86\"> </span><span class=\"ls13 ws13\">CHF1,00<span class=\"_ _2\"></span>0 </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf7c\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls76 ws5d gsf7d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls6c ws61 gsf7e\">Xelec<span class=\"_ _8\"></span>t Limi<span class=\"_ _8\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _131\"> </span><span class=\"ls3 ws3\">Ho<span class=\"_ _2\"></span>rizon Ho<span class=\"_ _2\"></span>use, A<span class=\"_ _2\"></span>bbey Wal<span class=\"_ _2\"></span>k, St And<span class=\"_ _2\"></span>rews, Fife, </span></div><div class=\"t m0 h1d ff6 fs13 fc2 sc0 ls3 ws3 gsf7f\">Scotl<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>, K<span class=\"_ _2\"></span>Y1<span class=\"_ _2\"></span>6 9LB<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls3d ws20 gsf80\">UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _76\"> </span><span class=\"ls78 ws6b\">\u00a30.<span class=\"_ _2\"></span>001<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 lsa6 wsa6 gsf81\">Ordinary<span class=\"_ _35c\"> </span></div><div class=\"t m0 h6 ff6 fs2 fc2 sc0 ls75 ws69 gsf82\">39%<span class=\"_ _35c\"> </span></div><div class=\"t m0 hd ff6 fs9 fc2 sc0 ls3 ws3 gsf83\">1<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls35 ws33 gsf84\">1 <span class=\"_ _d9\"> </span>Associated undertakings<span class=\"_ _8\"></span> including joint<span class=\"_ _8\"></span> ventur<span class=\"_ _1\"></span>e inter<span class=\"_ _1\"></span>ests<span class=\"_ _35c\"> </span></div><div class=\"t m0 he ff6 fs6 fc2 sc0 ls3 ws3 gsf85\">2 <span class=\"_ _12\"> </span>UK s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s taki<span class=\"_ _2\"></span>ng ad<span class=\"_ _2\"></span>vanta<span class=\"_ _2\"></span>ge of th<span class=\"_ _2\"></span>e aud<span class=\"_ _2\"></span>it exem<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n with<span class=\"_ _2\"></span>in se<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>on 479A of the C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies A<span class=\"_ _2\"></span>ct 20<span class=\"_ _2\"></span>06<span class=\"_ _35c\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "37<span class=\"_ _1\"></span>. GROUP ENTITI<span class=\"_ _2\"></span>ES<span class=\"_ _35c\"> </span>In a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e with se<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>n 409 of th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>nie<span class=\"_ _2\"></span>s Act 20<span class=\"_ _2\"></span>06, a li<span class=\"_ _2\"></span>st of su<span class=\"_ _2\"></span>bsid<span class=\"_ _2\"></span>iar<span class=\"_ _2\"></span>ies a<span class=\"_ _2\"></span>nd jo<span class=\"_ _2\"></span>int vent<span class=\"_ _2\"></span>ures a<span class=\"_ _2\"></span>nd as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates as a<span class=\"_ _2\"></span>t 30 Ju<span class=\"_ _2\"></span>ne 2023 is<span class=\"_ _2\"></span> set<span class=\"_ _1\"></span> o<span class=\"_ _2\"></span>ut<span class=\"_ _1\"></span> below<span class=\"_ _8\"></span>. All<span class=\"_ _1\"></span> subsidiary under<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>akings are<span class=\"_ _1\"></span> subsidiary under<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>akings of<span class=\"_ _8\"></span> their<span class=\"_ _8\"></span> immediate<span class=\"_ _1\"></span> parent undertak<span class=\"_ _8\"></span>ing(s<span class=\"_ _1\"></span>),<span class=\"_ _1\"></span> un<span class=\"_ _2\"></span>less<span class=\"_ _1\"></span> otherwise indic<span class=\"_ _8\"></span>at<span class=\"_ _8\"></span>ed.<span class=\"_ _35c\"> </span>Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span>Bovine<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _52\"> </span><span class=\"lsa0 ws93\">Share class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital/<span class=\"_ _35c\"> </span>voting rights<span class=\"_ _8\"></span> held b<span class=\"_ _8\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>ABS (Beijing<span class=\"_ _8\"></span>) Int<span class=\"_ _1\"></span>ernational <span class=\"ls3 ws3\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _2\"></span>e Co., Ltd.<span class=\"_ _35c\"> </span>B16<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>, Luck<span class=\"_ _2\"></span>y T<span class=\"_ _1\"></span>owe<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, Ea<span class=\"_ _2\"></span>st5 3rd Ri<span class=\"_ _2\"></span>ng Ro<span class=\"_ _2\"></span>ad,  Cha<span class=\"_ _2\"></span>oyang D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict, B<span class=\"_ _2\"></span>eiji<span class=\"_ _2\"></span>ng, 1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>027<span class=\"_ _1\"></span>, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a1\"> </span><span class=\"ls9b ws3\">No Par Valu<span class=\"_ _2\"></span>e </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>AB<span class=\"_ _2\"></span>S Argenti<span class=\"_ _2\"></span>na S<span class=\"_ _2\"></span>.A<span class=\"_ _2\"></span>.<span class=\"_ _16e\"> </span>A<span class=\"_ _2\"></span>. C<span class=\"_ _2\"></span>astell<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>os 1169<span class=\"_ _8\"></span>, (30<span class=\"_ _2\"></span>80) Es<span class=\"_ _2\"></span>peran<span class=\"_ _2\"></span>z<span class=\"_ _8\"></span>a,  Sa<span class=\"_ _2\"></span>nte Fe, Argenti<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Ar<span class=\"_ _8\"></span>genti<span class=\"_ _8\"></span>na<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _d\"> </span><span class=\"lsa6 ws20\">ARS1 Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>ABS Chile<span class=\"_ _1\"></span> Limitada<span class=\"_ _a6\"> </span><span class=\"ls3 ws3\">Ave<span class=\"_ _2\"></span>nid<span class=\"_ _2\"></span>a del Pa<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>qu<span class=\"_ _2\"></span>e #4<span class=\"_ _8\"></span>161 of<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>e #601<span class=\"_ _2\"></span>, Hue<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>uraba,  </span>Santiago<span class=\"_ _1\"></span>, Chile<span class=\"_ _35c\"> </span>Chile<span class=\"_ _80\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>t<span class=\"_ _b\"> </span><span class=\"ls43 ws26\">CLP1<span class=\"_ _1\"></span> Com<span class=\"_ _2\"></span>mon </span></span>Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>AB<span class=\"_ _2\"></span>S Gen<span class=\"_ _2\"></span>etics S<span class=\"_ _2\"></span>outh Af<span class=\"_ _2\"></span>ric<span class=\"_ _2\"></span>a (P<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y) Ltd<span class=\"_ _35c\"> </span>Presti<span class=\"_ _2\"></span>ge Park B<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ck B, U<span class=\"_ _2\"></span>nit N<span class=\"_ _2\"></span>o. 5B, Pas<span class=\"_ _2\"></span>torale Street, Durbanville Industr<span class=\"_ _8\"></span>ial P<span class=\"_ _1\"></span>ark, Durbanville,<span class=\"_ _8\"></span> 7550<span class=\"_ _1\"></span>, <span class=\"ls3 ws3\"> </span>So<span class=\"_ _2\"></span>uth Afr<span class=\"_ _2\"></span>ica<span class=\"_ _35c\"> </span>So<span class=\"_ _2\"></span>uth Afri<span class=\"_ _2\"></span>ca<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d\"> </span><span class=\"ws20\">Z<span class=\"_ _2\"></span>AR1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>ABS Global<span class=\"_ _8\"></span> (Canada<span class=\"_ _1\"></span>) Inc.<span class=\"_ _80\"> </span>1525 F<span class=\"_ _8\"></span>lor<span class=\"_ _8\"></span>adale Road<span class=\"_ _8\"></span>, E<span class=\"_ _8\"></span>lmir<span class=\"_ _8\"></span>a ON<span class=\"_ _1\"></span> N3B 2Z1, Canada<span class=\"_ _35c\"> </span>Canada<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _f\"> </span><span class=\"ws50\">CAD1<span class=\"_ _1\"></span> O<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>ABS Global,<span class=\"_ _1\"></span> Inc.<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">1525 R<span class=\"_ _2\"></span>iver Ro<span class=\"_ _2\"></span>ad, D<span class=\"_ _2\"></span>e Fores<span class=\"_ _2\"></span>t WI 535<span class=\"_ _2\"></span>32, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _6a\"> </span><span class=\"ls20 ws11\">US<span class=\"_ _2\"></span>D0.01 </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>ABS It<span class=\"_ _1\"></span>alia S.r<span class=\"_ _8\"></span>.l.<span class=\"_ _c6\"> </span><span class=\"ls3 ws3\">V<span class=\"_ _2\"></span>ia Ba<span class=\"_ _2\"></span>stid<span class=\"_ _2\"></span>a nr<span class=\"_ _8\"></span>. 6, lo<span class=\"_ _2\"></span>c. C<span class=\"_ _2\"></span>avatig<span class=\"_ _2\"></span>ozzi, 26020,  </span>Cremona, Italy<span class=\"_ _35c\"> </span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _19f\"> </span><span class=\"ls18 wsa9\">\u20ac<span class=\"_ _2\"></span>1 Q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ota<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>AB<span class=\"_ _2\"></span>S M\u00e9xic<span class=\"_ _2\"></span>o, S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>.<span class=\"_ _48\"> </span>Kansas N<span class=\"_ _2\"></span>o. 2028, Q<span class=\"_ _2\"></span>uin<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>as Ca<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>estre, 312<span class=\"_ _2\"></span>14, Chihua<span class=\"_ _8\"></span>hua,<span class=\"_ _1\"></span> Chih.<span class=\"_ _8\"></span>, Me<span class=\"_ _1\"></span>xico<span class=\"_ _35c\"> </span>Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _c\"> </span><span class=\"ls9b ws3\">MX<span class=\"_ _2\"></span>N10 Cl<span class=\"_ _2\"></span>ass 1<span class=\"_ _35c\"> </span></span></span>MXN<span class=\"_ _2\"></span>10 Cla<span class=\"_ _2\"></span>ss 2<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>AB<span class=\"_ _2\"></span>S Polska Sp. z o.o.<span class=\"_ _100\"> </span>Szafi<span class=\"_ _2\"></span>rowa 22<span class=\"_ _2\"></span>A, 82-<span class=\"_ _8\"></span>30<span class=\"_ _2\"></span>0 Gron<span class=\"_ _2\"></span>owo G\u00f3rn<span class=\"_ _2\"></span>e, Pola<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span>Pol<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _4d\"> </span><span class=\"ls13 ws13\">PLN1,000 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Bove<span class=\"_ _2\"></span>c SAS<span class=\"_ _2\"></span>U <span class=\"_ _314\"> </span><span class=\"ls3 ws3\">69 Ch<span class=\"_ _2\"></span>emi<span class=\"_ _2\"></span>n des M<span class=\"_ _2\"></span>oli\u00e8<span class=\"_ _2\"></span>res, PA du Cha<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>nay, 6921<span class=\"_ _2\"></span>0, </span>Lenti<span class=\"_ _2\"></span>lly, Fr<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nce<span class=\"_ _35c\"> </span>Fra<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _a1\"> </span><span class=\"ws20\">\u20ac10 Ordinary<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Chi<span class=\"_ _2\"></span>tale Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (In<span class=\"_ _2\"></span>dia) Pr<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ate L<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ted<span class=\"_ _35c\"> </span>Ga<span class=\"_ _2\"></span>t No 29<span class=\"_ _8\"></span>, Bram<span class=\"_ _2\"></span>ha Fa<span class=\"_ _2\"></span>cil<span class=\"_ _2\"></span>ity, Bur<span class=\"_ _2\"></span>ung<span class=\"_ _2\"></span>wadi N<span class=\"_ _2\"></span>ear Bh<span class=\"_ _2\"></span>ilawa<span class=\"_ _2\"></span>di Ra<span class=\"_ _2\"></span>ilway Stati<span class=\"_ _2\"></span>on, T<span class=\"_ _8\"></span>al<span class=\"_ _2\"></span>uka Palus<span class=\"_ _2\"></span>,M<span class=\"_ _2\"></span>aha<span class=\"_ _2\"></span>rashtra, Sangli, 4<span class=\"_ _1\"></span>16303, India<span class=\"_ _35c\"> </span>India<span class=\"_ _154\"> </span>Indirect<span class=\"_ _8b\"> </span><span class=\"ls3 ws3\">I<span class=\"_ _2\"></span>NR10<span class=\"_ _2\"></span>0 </span>Ordinary<span class=\"_ _35c\"> </span>50%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>De N<span class=\"_ _2\"></span>ovo Gen<span class=\"_ _2\"></span>etics L<span class=\"_ _2\"></span>L<span class=\"_ _8\"></span>C<span class=\"_ _11f\"> </span>128<span class=\"_ _2\"></span>6 Ori<span class=\"_ _2\"></span>ole D<span class=\"_ _2\"></span>rive, N<span class=\"_ _2\"></span>ew Albi<span class=\"_ _2\"></span>n IA 521<span class=\"_ _2\"></span>60, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span>LL<span class=\"_ _1\"></span>C Un<span class=\"_ _2\"></span>its<span class=\"_ _35c\"> </span>51%<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS (NZ) L<span class=\"_ _2\"></span>imited<span class=\"_ _13e\"> </span>Ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>rate Accou<span class=\"_ _2\"></span>nting G<span class=\"_ _2\"></span>roup L<span class=\"_ _2\"></span>imited<span class=\"_ _2\"></span>, Level 2, 22 Du<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ld Street, Ede<span class=\"_ _2\"></span>n T<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>race, Au<span class=\"_ _2\"></span>ckla<span class=\"_ _2\"></span>nd, 1<span class=\"_ _2\"></span>021,  New Ze<span class=\"_ _2\"></span>ala<span class=\"_ _2\"></span>nd<span class=\"_ _35c\"> </span>New Z<span class=\"_ _1\"></span>ealand<span class=\"_ _24\"> </span><span class=\"wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _15\"> </span><span class=\"ls9b ws3\">NZD1 Ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Genus ABS<span class=\"_ _8\"></span> Colombia SA<span class=\"_ _8\"></span>S<span class=\"_ _7f\"> </span><span class=\"ls3 ws3\">Aven<span class=\"_ _2\"></span>ida C<span class=\"_ _2\"></span>arrera 70, No. 1<span class=\"_ _2\"></span>05 \u2013 51<span class=\"_ _2\"></span>, Bo<span class=\"_ _2\"></span>gota, Col<span class=\"_ _2\"></span>omb<span class=\"_ _2\"></span>ia<span class=\"_ _35c\"> </span></span>Colombia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _9c\"> </span><span class=\"ls1b ws1f\">COP10,000 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _52\"> </span><span class=\"lsa0 ws93\">Share class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital/<span class=\"_ _35c\"> </span>voting rights<span class=\"_ _8\"></span> held b<span class=\"_ _8\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>BS Neth<span class=\"_ _2\"></span>erl<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>s B.<span class=\"_ _8\"></span>V<span class=\"_ _1\"></span>.<span class=\"_ _30\"> </span><span class=\"ls74 ws65\">Hoogoor<span class=\"_ _8\"></span>ddr<span class=\"_ _8\"></span>eef<span class=\"_ _8\"></span> 15, Amst<span class=\"_ _1\"></span>erdam,<span class=\"_ _1\"></span> 1101BA, Netherlands<span class=\"_ _35c\"> </span></span>Net<span class=\"_ _1\"></span>herlands<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d\"> </span><span class=\"ws20\">EUR1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Ge<span class=\"_ _2\"></span>nus A<span class=\"_ _2\"></span>ustrali<span class=\"_ _2\"></span>a Pt<span class=\"_ _2\"></span>y Ltd<span class=\"_ _6b\"> </span><span class=\"ls3d ws20\">15 Scholar driv<span class=\"_ _8\"></span>e,<span class=\"_ _8\"></span> Bundoora VIC 3063,<span class=\"_ _8\"></span> Austr<span class=\"_ _1\"></span>alia<span class=\"_ _35c\"> </span></span>Austr<span class=\"_ _8\"></span>alia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _4d\"> </span><span class=\"ls22 ws22\">AU<span class=\"_ _2\"></span>D1.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>88<span class=\"_ _2\"></span> </span></span>Ordinary 10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing I<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>a Private Li<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ite<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>5th FLOOR<span class=\"_ _2\"></span>, C WING, E<span class=\"_ _2\"></span>TER<span class=\"_ _2\"></span>NIA PR<span class=\"_ _2\"></span>EMI<span class=\"_ _2\"></span>SES CO-O<span class=\"_ _2\"></span>P SOC<span class=\"_ _2\"></span>, NE<span class=\"_ _2\"></span>AR DA U<span class=\"_ _2\"></span>NIT NO 5<span class=\"_ _2\"></span>05, 5<span class=\"_ _2\"></span>06, DAGD<span class=\"_ _2\"></span>I BU<span class=\"_ _2\"></span>NGLOW<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>AK<span class=\"_ _2\"></span>DEW<span class=\"_ _1\"></span>ADI,<span class=\"_ _2\"></span>Maharash<span class=\"_ _1\"></span>tra, P<span class=\"_ _8\"></span>une, 4<span class=\"_ _1\"></span>11005, India<span class=\"_ _35c\"> </span>India<span class=\"_ _154\"> </span>Indirect<span class=\"_ _136\"> </span><span class=\"ws20\">INR1 Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus B<span class=\"_ _2\"></span>reed<span class=\"_ _2\"></span>ing L<span class=\"_ _2\"></span>imite<span class=\"_ _2\"></span>d  (0119203<span class=\"_ _2\"></span>7)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,  RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _7b\"> </span></span><span class=\"lsa6\">\u00a31<span class=\"_ _8\"></span> Ordinary<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>\u2018Ge<span class=\"_ _2\"></span>nus U<span class=\"_ _2\"></span>krain<span class=\"_ _2\"></span>e\u2019 LLC<span class=\"_ _123\"> </span>Pid<span class=\"_ _2\"></span>lisn<span class=\"_ _2\"></span>a str.<span class=\"_ _8\"></span>, 1, K<span class=\"_ _2\"></span>YI<span class=\"_ _2\"></span>V 0316<span class=\"_ _2\"></span>4, U<span class=\"_ _2\"></span>krain<span class=\"_ _2\"></span>e<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>kra<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>JB<span class=\"_ _2\"></span>I Ge<span class=\"_ _2\"></span>netic<span class=\"_ _2\"></span>s LLC<span class=\"_ _ac\"> </span>13<span class=\"_ _2\"></span>0 Nor<span class=\"_ _2\"></span>th Kels<span class=\"_ _2\"></span>ey Street, Vis<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>a CA 9329<span class=\"_ _2\"></span>1,  U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> State<span class=\"_ _2\"></span>s<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>LLC Gen<span class=\"_ _2\"></span>us AB<span class=\"_ _2\"></span>S Rus <span class=\"_ _123\"> </span>Zhel<span class=\"_ _2\"></span>eznod<span class=\"_ _2\"></span>orozhna<span class=\"_ _2\"></span>ya Street, Ho<span class=\"_ _2\"></span>use 5<span class=\"_ _2\"></span>1, Letter Zh<span class=\"_ _2\"></span>, Prem<span class=\"_ _2\"></span>ises 2, 3<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>062, T<span class=\"_ _1\"></span>u<span class=\"_ _2\"></span>la, R<span class=\"_ _2\"></span>ussi<span class=\"_ _2\"></span>an Fe<span class=\"_ _2\"></span>derati<span class=\"_ _2\"></span>on<span class=\"_ _35c\"> </span>Russia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _15\"> </span><span class=\"ws20\">RUB1 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _58\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>Mi<span class=\"_ _2\"></span>llwoo<span class=\"_ _2\"></span>d Produ<span class=\"_ _2\"></span>cts Ltd (08<span class=\"_ _2\"></span>662<span class=\"_ _2\"></span>101)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire, RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>Unit<span class=\"_ _1\"></span>ed Kingdom<span class=\"_ _35c\"> </span>Indirect<span class=\"_ _154\"> </span><span class=\"ws20\">\u00a31 Ordi<span class=\"_ _8\"></span>nary<span class=\"_ _67\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span>Pec<span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>n ABS I<span class=\"_ _2\"></span>mp. e Ex<span class=\"_ _2\"></span>p. Lt<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a.<span class=\"_ _315\"> </span>Rod<span class=\"_ _2\"></span>. BR 0<span class=\"_ _2\"></span>50 Km 1<span class=\"_ _2\"></span>96 + 150<span class=\"_ _2\"></span>metros, Zo<span class=\"_ _2\"></span>na Ru<span class=\"_ _2\"></span>ral, De<span class=\"_ _2\"></span>lta,  MG \u2013 3<span class=\"_ _2\"></span>810<span class=\"_ _2\"></span>8-0<span class=\"_ _2\"></span>00, Brazi<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary <span class=\"_ _ca\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>St Ja<span class=\"_ _2\"></span>cobs A<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>al Breeding<span class=\"_ _1\"></span> Corp.<span class=\"_ _35c\"> </span>1525 R<span class=\"_ _2\"></span>iver R<span class=\"_ _2\"></span>oad, D<span class=\"_ _2\"></span>e Fo<span class=\"_ _2\"></span>rest WI 53<span class=\"_ _2\"></span>532, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">No Pa<span class=\"_ _2\"></span>r V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>lue<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Zi<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> S<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _13d\"> </span><span class=\"ls3 ws3\">Maxi<span class=\"_ _2\"></span>mo T<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>jes 7<span class=\"_ _2\"></span>189, Urug<span class=\"_ _2\"></span>uay<span class=\"_ _35c\"> </span></span>Uruguay<span class=\"_ _154\"> </span>Indirect<span class=\"_ _b2\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par V<span class=\"_ _8\"></span>alu<span class=\"_ _2\"></span>e </span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span>Porcine<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Agro<span class=\"_ _2\"></span>ceres PI<span class=\"_ _2\"></span>C Gen<span class=\"_ _2\"></span>\u00e9tica de S<span class=\"_ _2\"></span>u\u00edn<span class=\"_ _2\"></span>os Ltda<span class=\"_ _35c\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN, n\u02da 1411, Sa<span class=\"_ _2\"></span>la 16 \u2013 J<span class=\"_ _2\"></span>ardim N<span class=\"_ _2\"></span>ovo, Rio C<span class=\"_ _2\"></span>laro/<span class=\"_ _1\"></span>SP \u2013 CEP<span class=\"_ _1\"></span>, 13.<span class=\"_ _2\"></span>502-<span class=\"_ _17\"></span>74<span class=\"_ _1\"></span>1, B<span class=\"_ _2\"></span>razil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _8b\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>Agro<span class=\"_ _2\"></span>ceres PI<span class=\"_ _2\"></span>C Su\u00ed<span class=\"_ _2\"></span>nos Ltda<span class=\"_ _85\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN<span class=\"_ _2\"></span>, n<span class=\"_ _8\"></span>\u02da 1411, Sa<span class=\"_ _2\"></span>la 17 \u2013 Ja<span class=\"_ _2\"></span>rdim N<span class=\"_ _2\"></span>ovo, Rio Cl<span class=\"_ _2\"></span>aro<span class=\"_ _1\"></span>/SP \u2013 CEP<span class=\"_ _1\"></span>, 13.<span class=\"_ _2\"></span>502-<span class=\"_ _17\"></span>74<span class=\"_ _1\"></span>1, B<span class=\"_ _2\"></span>razil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _8b\"> </span><span class=\"lsb9 wsa9\">49<span class=\"_ _2\"></span>%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>GENE<span class=\"_ _1\"></span>E<span class=\"_ _2\"></span>TI<span class=\"_ _8\"></span>C Servic<span class=\"_ _8\"></span>e S.R.L.<span class=\"_ _48\"> </span><span class=\"ls3 ws3\">Vial<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>a 71<span class=\"_ _2\"></span>, 3210<span class=\"_ _2\"></span>0, Be<span class=\"_ _2\"></span>llun<span class=\"_ _2\"></span>o, Italy<span class=\"_ _35c\"> </span></span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _11f\"> </span><span class=\"ls16 ws16\">33%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>Inner Mongolia<span class=\"_ _8\"></span> Genus Bi<span class=\"_ _2\"></span>ot<span class=\"_ _8\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Lt<span class=\"_ _8\"></span>d<span class=\"_ _35c\"> </span>3rd Flo<span class=\"_ _2\"></span>or, Buil<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g A<span class=\"_ _8\"></span>-<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>5 Nor<span class=\"_ _2\"></span>th, I<span class=\"_ _2\"></span>ntellig<span class=\"_ _2\"></span>ent Ma<span class=\"_ _2\"></span>nufa<span class=\"_ _2\"></span>ctur<span class=\"_ _2\"></span>ing I<span class=\"_ _2\"></span>ndu<span class=\"_ _2\"></span>stria<span class=\"_ _2\"></span>l Park, I<span class=\"_ _2\"></span>nn<span class=\"_ _2\"></span>er Mo<span class=\"_ _2\"></span>ngo<span class=\"_ _2\"></span>lia, He<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>ger N<span class=\"_ _2\"></span>ew Area, C<span class=\"_ _2\"></span>hin<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Inner Mongolia<span class=\"_ _8\"></span> Haoxia<span class=\"_ _8\"></span>ng Pi<span class=\"_ _8\"></span>g Bre<span class=\"_ _2\"></span>edin<span class=\"_ _2\"></span>g Co. Ltd<span class=\"_ _35c\"> </span>Ji<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>g Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Jin<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>g T<span class=\"_ _1\"></span>own, Z<span class=\"_ _2\"></span>hid<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>unty,  Y<span class=\"_ _1\"></span>an An Municipality<span class=\"_ _1\"></span>, Shaanxi Pro<span class=\"_ _1\"></span>vince, China<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>49%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Liao Ning PIC<span class=\"_ _1\"></span> Agriculture Sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Ltd<span class=\"_ _35c\"> </span>Gu<span class=\"_ _2\"></span>nzigo<span class=\"_ _2\"></span>u Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Gao G<span class=\"_ _2\"></span>uan Town, Be<span class=\"_ _2\"></span>nxi C<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, Be<span class=\"_ _2\"></span>nxi Ci<span class=\"_ _2\"></span>ty, Liao<span class=\"_ _2\"></span>nin<span class=\"_ _2\"></span>g Provin<span class=\"_ _2\"></span>ce, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC (<span class=\"_ _1\"></span>Sh<span class=\"_ _2\"></span>anghai)<span class=\"_ _1\"></span> Agriculture<span class=\"_ _1\"></span> Sc<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Company<span class=\"_ _8\"></span> Limit<span class=\"_ _1\"></span>ed<span class=\"_ _35c\"> </span>Ro<span class=\"_ _2\"></span>om 702<span class=\"_ _1\"></span>-5, N<span class=\"_ _2\"></span>o. 71<span class=\"_ _2\"></span>9 She<span class=\"_ _2\"></span>n Gui R<span class=\"_ _2\"></span>oad,  Mi<span class=\"_ _2\"></span>n Han<span class=\"_ _2\"></span>g Dis<span class=\"_ _2\"></span>trict, S<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gh<span class=\"_ _2\"></span>a, Chi<span class=\"_ _2\"></span>na<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC (Z<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>gji<span class=\"_ _2\"></span>agan<span class=\"_ _2\"></span>g) Pig  Impro<span class=\"_ _1\"></span>vement Co<span class=\"_ _1\"></span>., L<span class=\"_ _1\"></span>td.<span class=\"_ _35c\"> </span>Of<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ice 12<span class=\"_ _2\"></span>10, Inter<span class=\"_ _2\"></span>nati<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e T<span class=\"_ _1\"></span>ower,  20 Ji<span class=\"_ _2\"></span>nga<span class=\"_ _2\"></span>ng Ro<span class=\"_ _2\"></span>ad, Zh<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>jia<span class=\"_ _2\"></span>gan<span class=\"_ _2\"></span>g Bon<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d Zone, Zhangjiagang City<span class=\"_ _1\"></span>, Jiangsu P<span class=\"_ _1\"></span>rovince<span class=\"_ _8\"></span>, China<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _54\"> </span><span class=\"ls22 ws22\">US<span class=\"_ _2\"></span>D1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC A<span class=\"_ _2\"></span>ndi<span class=\"_ _2\"></span>na Sp<span class=\"_ _2\"></span>A<span class=\"_ _be\"> </span>Ave<span class=\"_ _2\"></span>nid<span class=\"_ _2\"></span>a del Pa<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>qu<span class=\"_ _2\"></span>e #4<span class=\"_ _8\"></span>161 of<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>e #601<span class=\"_ _2\"></span>, Hue<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>uraba, Santiago<span class=\"_ _1\"></span>, Chile<span class=\"_ _35c\"> </span>Chile<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _61\"> </span><span class=\"ls3 ws3\">C<span class=\"_ _2\"></span>LP1  </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>PIC A<span class=\"_ _2\"></span>nkang A<span class=\"_ _2\"></span>gric<span class=\"_ _2\"></span>ultu<span class=\"_ _2\"></span>re Scie<span class=\"_ _2\"></span>nce an<span class=\"_ _2\"></span>d T<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>hno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y Co., Ltd.<span class=\"_ _35c\"> </span>Shishubian village,<span class=\"_ _1\"></span> H<span class=\"_ _2\"></span>anbin<span class=\"_ _8\"></span> District<span class=\"_ _8\"></span>, Shaanxi P<span class=\"_ _1\"></span>rovince<span class=\"_ _8\"></span>, A<span class=\"_ _2\"></span>nka<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g,<span class=\"_ _2\"></span> Ch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">CNY<span class=\"_ _2\"></span>1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Canada<span class=\"_ _1\"></span> Lt<span class=\"_ _1\"></span>d.<span class=\"_ _83\"> </span><span class=\"ls3 ws3\">Bord<span class=\"_ _2\"></span>en Ladn<span class=\"_ _2\"></span>er G<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vais LL<span class=\"_ _2\"></span>P<span class=\"_ _17\"></span>, 19<span class=\"_ _2\"></span>00-520, 3<span class=\"_ _2\"></span>r<span class=\"_ _8\"></span>d Aven<span class=\"_ _2\"></span>ue, </span>S.W<span class=\"_ _1\"></span>., C<span class=\"_ _2\"></span>alg<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, A<span class=\"_ _2\"></span>lbe<span class=\"_ _2\"></span>rta T2P O<span class=\"_ _2\"></span>R3, Ca<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>da<span class=\"_ _35c\"> </span>Canada<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _1c\"> </span><span class=\"ls22 ws22\">CAD1<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Fran<span class=\"_ _2\"></span>ce SA<span class=\"_ _c6\"> </span>69 Che<span class=\"_ _2\"></span>min d<span class=\"_ _2\"></span>es Mo<span class=\"_ _2\"></span>li\u00e8<span class=\"_ _2\"></span>res, 692<span class=\"_ _2\"></span>10, Lenti<span class=\"_ _2\"></span>lly, Fr<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nce<span class=\"_ _35c\"> </span>Fra<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indir<span class=\"_ _8\"></span>ect<span class=\"_ _f9\"> </span><span class=\"ws20\">\u20ac17 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">1<span class=\"_ _2\"></span>00%<span class=\"_ _35c\"> </span></span></span></span>PIC G<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cs D<span class=\"_ _2\"></span>esig<span class=\"_ _2\"></span>nated Activity Compan<span class=\"_ _8\"></span>y<span class=\"_ _35c\"> </span>Ri<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>de On<span class=\"_ _2\"></span>e, Sir J<span class=\"_ _2\"></span>ohn R<span class=\"_ _2\"></span>oge<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>\u2019<span class=\"_ _8\"></span>s Qu<span class=\"_ _2\"></span>ay<span class=\"_ _8\"></span>,  Dublin 2, Ir<span class=\"_ _1\"></span>elan<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>Ireland<span class=\"_ _9c\"> </span>Indirect<span class=\"_ _61\"> </span><span class=\"ls57 ws4f\">\u20ac<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>27 </span>Ordinary<span class=\"_ _35c\"> </span>\u20ac<span class=\"_ _2\"></span>1.27<span class=\"_ _35c\"> </span>Redeemable<span class=\"_ _35c\"> </span>pre<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>ce<span class=\"_ _35c\"> </span>sh<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>res<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC G<span class=\"_ _2\"></span>eneti<span class=\"_ _2\"></span>cs LLC<span class=\"_ _b5\"> </span>79 Na<span class=\"_ _2\"></span>rodny<span class=\"_ _2\"></span>y B<span class=\"_ _2\"></span>oul<span class=\"_ _2\"></span>evard, 30<span class=\"_ _2\"></span>800<span class=\"_ _2\"></span>0, Be<span class=\"_ _2\"></span>lgo<span class=\"_ _2\"></span>rod, Russian Federation<span class=\"_ _35c\"> </span>Russia<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _54\"> </span><span class=\"ls3 ws3\">RUB1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> de M<span class=\"_ _2\"></span>\u00e9xico, S<span class=\"_ _2\"></span>. de R<span class=\"_ _2\"></span>.L<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>. Wenc<span class=\"_ _2\"></span>esla<span class=\"_ _2\"></span>o de l<span class=\"_ _2\"></span>a Barqu<span class=\"_ _2\"></span>era No.7<span class=\"_ _1\"></span>, C<span class=\"_ _2\"></span>ol. V<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>as de<span class=\"_ _2\"></span>l Sur,<span class=\"_ _35c\"> </span>7<span class=\"_ _1\"></span>6040 Quere<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>ar<span class=\"_ _8\"></span>o,<span class=\"_ _1\"></span> Q<span class=\"_ _2\"></span>uer<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>o, Me<span class=\"_ _1\"></span>xico<span class=\"_ _35c\"> </span>Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIG Impr<span class=\"_ _1\"></span>ovemen<span class=\"_ _8\"></span>t Compan<span class=\"_ _8\"></span>y Deuts<span class=\"_ _8\"></span>chland<span class=\"_ _1\"></span> GmbH<span class=\"_ _35c\"> </span>Ja<span class=\"_ _2\"></span>thost<span class=\"_ _2\"></span>ra\u00dfe 11<span class=\"_ _2\"></span>a, D-3016<span class=\"_ _2\"></span>3 Han<span class=\"_ _2\"></span>nover, Germ<span class=\"_ _2\"></span>any<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>rma<span class=\"_ _2\"></span>ny<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Valu<span class=\"_ _2\"></span>e </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> <span class=\"ls3 ws3\"> </span>Esp<span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>a, S.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _35c\"> </span>C/<span class=\"_ _1\"></span>Pa<span class=\"_ _2\"></span>u Vi<span class=\"_ _2\"></span>la, 22 2<span class=\"_ _35c\"> </span>0 pu<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ta 6, 081<span class=\"_ _2\"></span>7<span class=\"_ _1\"></span>4 S<span class=\"_ _2\"></span>ant Cu<span class=\"_ _2\"></span>gat d<span class=\"_ _2\"></span>el V<span class=\"_ _1\"></span>alles, Barcelona, Spain<span class=\"_ _35c\"> </span>Spain<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _315\"> </span><span class=\"ws20\">\u20ac25<span class=\"_ _1\"></span> O<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> UK Limit<span class=\"_ _8\"></span>ed (00<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>16304)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _46\"> </span><span class=\"ls8a wsad\">\u00a3<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC It<span class=\"_ _1\"></span>alia S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _b4\"> </span><span class=\"ls3 ws3\">Str<span class=\"_ _8\"></span>ada d<span class=\"_ _2\"></span>ei Log<span class=\"_ _2\"></span>gi 22<span class=\"_ _2\"></span>, 06135, Ponte S<span class=\"_ _2\"></span>an Giova<span class=\"_ _2\"></span>nni<span class=\"_ _2\"></span>, </span>Perugia,<span class=\"_ _1\"></span> Italy<span class=\"_ _35c\"> </span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _8b\"> </span><span class=\"ls22 ws22\">8<span class=\"_ _2\"></span>5%<span class=\"_ _35c\"> </span></span></span></span>PIC P<span class=\"_ _8\"></span>hilippines, Inc.<span class=\"_ _a6\"> </span><span class=\"ls3 ws3\">Unit 2<span class=\"_ _2\"></span>101-<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>103 an<span class=\"_ _2\"></span>d 2203<span class=\"_ _2\"></span>, Jol<span class=\"_ _2\"></span>lib<span class=\"_ _2\"></span>ee Plaza, F<span class=\"_ _1\"></span>. O<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>igas<span class=\"_ _2\"></span>,  </span>Jr. Rd., Or<span class=\"_ _2\"></span>tig<span class=\"_ _2\"></span>as Ce<span class=\"_ _2\"></span>nter<span class=\"_ _1\"></span>, Pa<span class=\"_ _2\"></span>sig Cit<span class=\"_ _2\"></span>y<span class=\"_ _8\"></span>, 16<span class=\"_ _2\"></span>05, Ph<span class=\"_ _2\"></span>ilip<span class=\"_ _2\"></span>pin<span class=\"_ _2\"></span>es<span class=\"_ _35c\"> </span>Philippines<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _75\"> </span><span class=\"ls57 ws4f\">PH<span class=\"_ _2\"></span>P10<span class=\"_ _2\"></span>0 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC U<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>.<span class=\"_ _e0\"> </span>10<span class=\"_ _2\"></span>0 Bl<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>Grass C<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>ons B<span class=\"_ _2\"></span>lvd, S<span class=\"_ _2\"></span>uite 220<span class=\"_ _2\"></span>0, He<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>vill<span class=\"_ _2\"></span>e, TN 37075, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>RenOV<span class=\"_ _1\"></span>Ate<span class=\"_ _1\"></span> B<span class=\"_ _2\"></span>iosciences, Inc.<span class=\"_ _24\"> </span><span class=\"ls3 ws3\">6<span class=\"_ _2\"></span>87<span class=\"_ _1\"></span>4 C<span class=\"_ _2\"></span>aravan C<span class=\"_ _2\"></span>t, Col<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>bia M<span class=\"_ _2\"></span>D 210<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted States<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _99\"> </span><span class=\"ls51 ws4c\">Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t<span class=\"_ _c5\"> </span><span class=\"ls20 ws11\">US<span class=\"_ _2\"></span>D0.0<span class=\"_ _2\"></span>01 </span></span>Series<span class=\"_ _1\"></span> Seed Pref<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>red<span class=\"_ _35c\"> </span>33%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Repr<span class=\"_ _8\"></span>odut<span class=\"_ _1\"></span>ores P<span class=\"_ _8\"></span>IC, L<span class=\"_ _1\"></span>da<span class=\"_ _64\"> </span><span class=\"ls3 ws3\">Av<span class=\"_ _8\"></span>. Eng<span class=\"_ _2\"></span>. Dua<span class=\"_ _2\"></span>rte Pac<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>o, Amo<span class=\"_ _2\"></span>reiras, T<span class=\"_ _8\"></span>orre 2 \u2013 14<span class=\"_ _35c\"> </span></span>0<span class=\"_ _35c\"> </span>A,<span class=\"_ _35c\"> </span>107<span class=\"_ _1\"></span>0-<span class=\"_ _1\"></span>102 L<span class=\"_ _8\"></span>isboa,<span class=\"_ _8\"></span> Portugal<span class=\"_ _35c\"> </span>Portugal<span class=\"_ _154\"> </span>Indirect<span class=\"_ _315\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par V<span class=\"_ _8\"></span>alu<span class=\"_ _2\"></span>e </span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Societ<span class=\"_ _1\"></span>\u00e0 Agricola GENEETIC<span class=\"_ _35c\"> </span>S.R.L.<span class=\"_ _35c\"> </span>Vi<span class=\"_ _2\"></span>a March<span class=\"_ _2\"></span>e n. 2, 42<span class=\"_ _2\"></span>122, Re<span class=\"_ _2\"></span>ggi<span class=\"_ _2\"></span>on Emi<span class=\"_ _2\"></span>lia, I<span class=\"_ _2\"></span>taly<span class=\"_ _35c\"> </span>Ita<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u20ac1 Or<span class=\"_ _8\"></span>dinary<span class=\"_ _11f\"> </span><span class=\"ls16 ws16\">33%<span class=\"_ _35c\"> </span></span></span></span>1<span class=\"_ _35c\"> </span>Shaanxi P<span class=\"_ _8\"></span>IC P<span class=\"_ _8\"></span>ig Impr<span class=\"_ _1\"></span>ovement<span class=\"_ _1\"></span> Co., Ltd.<span class=\"_ _35c\"> </span>121<span class=\"_ _2\"></span>05, 2<span class=\"_ _2\"></span>1st f<span class=\"_ _2\"></span>loo<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>, Yun tia<span class=\"_ _2\"></span>n Bui<span class=\"_ _2\"></span>ldi<span class=\"_ _2\"></span>ng, 12 F<span class=\"_ _2\"></span>eng C<span class=\"_ _2\"></span>hen<span class=\"_ _2\"></span>g Se<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>d Street, Xia<span class=\"_ _2\"></span>n Econ<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c Deve<span class=\"_ _2\"></span>lop<span class=\"_ _2\"></span>ment D<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ict, Xia<span class=\"_ _2\"></span>n Cit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, S<span class=\"_ _2\"></span>haa<span class=\"_ _2\"></span>nxi Provi<span class=\"_ _2\"></span>nce, Ch<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>a<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Y<span class=\"_ _1\"></span>an\u2019<span class=\"_ _1\"></span>an Xinyongxi<span class=\"_ _8\"></span>ang<span class=\"_ _35c\"> </span>Agricultur<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>echno<span class=\"_ _2\"></span>logy<span class=\"_ _35c\"> </span>Co., Ltd.<span class=\"_ _35c\"> </span>Ji<span class=\"_ _2\"></span>nt<span class=\"_ _8\"></span>an<span class=\"_ _2\"></span>g Vil<span class=\"_ _2\"></span>lag<span class=\"_ _2\"></span>e, Jia<span class=\"_ _2\"></span>njun Town Zhid<span class=\"_ _2\"></span>an Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>, Y<span class=\"_ _8\"></span>an A<span class=\"_ _2\"></span>n Municipality,<span class=\"_ _1\"></span> in Shaanxi Pro<span class=\"_ _1\"></span>vin<span class=\"_ _2\"></span>ce<span class=\"_ _8\"></span>, China<span class=\"_ _35c\"> </span>Chin<span class=\"_ _2\"></span>a<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">N<span class=\"_ _2\"></span>o Par Value<span class=\"_ _2\"></span> </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>49%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>Nature of<span class=\"_ _1\"></span> business<span class=\"_ _35c\"> </span>Othe<span class=\"_ _2\"></span>r<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Acc<span class=\"_ _2\"></span>ounti<span class=\"_ _2\"></span>ng &amp; Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>al Se<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ices S<span class=\"_ _2\"></span>. de R<span class=\"_ _2\"></span>.L<span class=\"_ _2\"></span>. de C.V<span class=\"_ _1\"></span>.<span class=\"_ _35c\"> </span>Kansa<span class=\"_ _2\"></span>s No. 2028<span class=\"_ _2\"></span>, Qui<span class=\"_ _2\"></span>ntas Cam<span class=\"_ _2\"></span>pes<span class=\"_ _2\"></span>tre, 31214<span class=\"_ _2\"></span>, Chihua<span class=\"_ _8\"></span>hua,<span class=\"_ _1\"></span>Chih.<span class=\"_ _1\"></span>, Mexi<span class=\"_ _8\"></span>co<span class=\"_ _35c\"> </span>Mex<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>o<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _f9\"> </span><span class=\"ls9b ws3\">MXN1 Cl<span class=\"_ _2\"></span>ass 1<span class=\"_ _11f\"> </span><span class=\"ls63 wsb5\">96%<span class=\"_ _35c\"> </span></span></span></span>ABS Int<span class=\"_ _1\"></span>ernational, Inc.<span class=\"_ _49\"> </span><span class=\"ls3 ws3\">1525 Ri<span class=\"_ _2\"></span>ver Ro<span class=\"_ _2\"></span>ad, De F<span class=\"_ _2\"></span>orest W<span class=\"_ _2\"></span>I 535<span class=\"_ _2\"></span>32, Uni<span class=\"_ _2\"></span>ted States<span class=\"_ _35c\"> </span></span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>ABS P<span class=\"_ _8\"></span>ecplan L<span class=\"_ _1\"></span>tda.<span class=\"_ _a5\"> </span><span class=\"ls3 ws3\">Rod. B<span class=\"_ _2\"></span>R 050 K<span class=\"_ _2\"></span>m 196 + 1<span class=\"_ _2\"></span>50m<span class=\"_ _2\"></span>etros, Zona R<span class=\"_ _2\"></span>ural, D<span class=\"_ _2\"></span>elta,<span class=\"_ _35c\"> </span></span>MG \u2013 3<span class=\"_ _2\"></span>810<span class=\"_ _2\"></span>8-0<span class=\"_ _2\"></span>00, Brazi<span class=\"_ _2\"></span>l<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _80\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _e\"> </span><span class=\"lsa6 ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Agence Spil<span class=\"_ _8\"></span>lers<span class=\"_ _8\"></span> N.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>.<span class=\"_ _f0\"> </span><span class=\"ls3 ws13a\">Pla<span class=\"_ _2\"></span>ce Sa<span class=\"_ _2\"></span>int<span class=\"_ _1\"></span>-Lam<span class=\"_ _2\"></span>ber<span class=\"_ _2\"></span>t 14, 1<span class=\"_ _2\"></span>200 Wol<span class=\"_ _2\"></span>uwe-Saint<span class=\"_ _8\"></span>-Lamb<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>t, </span>Belgium<span class=\"_ _35c\"> </span>Belgium<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _d6\"> </span><span class=\"ls9b ws3\">No Par Val<span class=\"_ _2\"></span>ue </span></span>Common Sto<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>k<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Bra<span class=\"_ _8\"></span>zilian Holdings Limit<span class=\"_ _1\"></span>ed (004<span class=\"_ _1\"></span>79048)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Bra<span class=\"_ _8\"></span>zilian P<span class=\"_ _1\"></span>roper<span class=\"_ _2\"></span>tie<span class=\"_ _8\"></span>s Limit<span class=\"_ _1\"></span>ed<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g View, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>pshi<span class=\"_ _2\"></span>re,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y <span class=\"_ _142\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Busby P<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>rticipa\u00e7\u00f5es L<span class=\"_ _1\"></span>tda.<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Av. L<span class=\"_ _8\"></span>eo<span class=\"_ _2\"></span>pol<span class=\"_ _2\"></span>din<span class=\"_ _2\"></span>o de O<span class=\"_ _2\"></span>livei<span class=\"_ _2\"></span>ra, 4.113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro<span class=\"_ _8\"></span>,<span class=\"_ _35c\"> </span></span>CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Cannavarr<span class=\"_ _8\"></span>o P<span class=\"_ _8\"></span>articipa\u00e7\u00f5es L<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>da.<span class=\"_ _35c\"> </span>Av<span class=\"_ _1\"></span>. Le<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Oli<span class=\"_ _2\"></span>veira, 4<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro,<span class=\"_ _35c\"> </span>CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Dalco Export<span class=\"_ _8\"></span>adora<span class=\"_ _1\"></span> Lt<span class=\"_ _1\"></span>da.<span class=\"_ _4d\"> </span><span class=\"ls3 ws3\">Av. Leop<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Ol<span class=\"_ _2\"></span>iveira, 4113 \u2013 Sa<span class=\"_ _2\"></span>la 303<span class=\"_ _2\"></span>, Ube<span class=\"_ _2\"></span>raba,<span class=\"_ _35c\"> </span></span>Mi<span class=\"_ _2\"></span>nas G<span class=\"_ _2\"></span>erais, C<span class=\"_ _2\"></span>EP 38<span class=\"_ _2\"></span>010-<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0, Brazil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Da<span class=\"_ _2\"></span>lget<span class=\"_ _2\"></span>y Pens<span class=\"_ _2\"></span>ion Trust Li<span class=\"_ _2\"></span>mited<span class=\"_ _d6\"> </span>Mat<span class=\"_ _2\"></span>rix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asin<span class=\"_ _2\"></span>g Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>oke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld (S<span class=\"_ _2\"></span>M) Lim<span class=\"_ _2\"></span>ited (01026<span class=\"_ _2\"></span>475<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Fy<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>eld D<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ant<span class=\"_ _fc\"> </span>Matri<span class=\"_ _2\"></span>x Hou<span class=\"_ _2\"></span>se, Ba<span class=\"_ _2\"></span>sing V<span class=\"_ _2\"></span>iew, Bas<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>pshi<span class=\"_ _2\"></span>re,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>F<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d B<span class=\"_ _6\"></span>.V.<span class=\"_ _b0\"> </span><span class=\"ls3 ws3\">Matr<span class=\"_ _2\"></span>ix Ho<span class=\"_ _2\"></span>use, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>g View, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>gstoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>Net<span class=\"_ _1\"></span>herlands<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _c4\"> </span><span class=\"ls14c ws142\">N<span class=\"_ _2\"></span>LG<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Fyfield Ir<span class=\"_ _1\"></span>eland Limit<span class=\"_ _1\"></span>ed<span class=\"_ _d7\"> </span><span class=\"ls3 ws3\">Ri<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>de On<span class=\"_ _2\"></span>e, Sir J<span class=\"_ _2\"></span>oh<span class=\"_ _2\"></span>n Rog<span class=\"_ _2\"></span>erso<span class=\"_ _2\"></span>n\u2019s Qua<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>,  </span>Dublin 2, Ir<span class=\"_ _1\"></span>elan<span class=\"_ _2\"></span>d<span class=\"_ _35c\"> </span>Ireland<span class=\"_ _9c\"> </span>Indirect<span class=\"_ _271\"> </span><span class=\"ls12f ws81\">\u20ac<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _6\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> \u2018A\u2019<span class=\"_ _2\"></span> </span>Ordinary<span class=\"_ _35c\"> </span>\u20ac1.25 \u2018B\u2019<span class=\"_ _8\"></span> Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Ge<span class=\"_ _2\"></span>nus I<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents Li<span class=\"_ _2\"></span>mited (02028<span class=\"_ _2\"></span>517)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Genus Quest T<span class=\"_ _1\"></span>rustees Limit<span class=\"_ _1\"></span>ed<span class=\"_ _d8\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix H<span class=\"_ _2\"></span>ouse, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Ge<span class=\"_ _2\"></span>nus R&amp;<span class=\"_ _2\"></span>D, Inc.<span class=\"_ _be\"> </span>1525 R<span class=\"_ _2\"></span>iver Ro<span class=\"_ _2\"></span>ad, D<span class=\"_ _2\"></span>e Fores<span class=\"_ _2\"></span>t WI 535<span class=\"_ _2\"></span>32, Un<span class=\"_ _2\"></span>ited States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _142\"> </span><span class=\"ls20 ws11\">U<span class=\"_ _2\"></span>S$0<span class=\"_ _2\"></span>.01 </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Genus T<span class=\"_ _1\"></span>rustees L<span class=\"_ _8\"></span>imited<span class=\"_ _5b\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sing<span class=\"_ _2\"></span>stoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>GIL Finance S.<span class=\"_ _8\"></span>\u00e0.r<span class=\"_ _1\"></span>.l.<span class=\"_ _bd\"> </span><span class=\"ls3 ws3\">121 Aven<span class=\"_ _2\"></span>ue d<span class=\"_ _2\"></span>e la Fai<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ceri<span class=\"_ _2\"></span>e, L \u2013 151<span class=\"_ _2\"></span>1, Luxem<span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>urg<span class=\"_ _35c\"> </span></span>Lu<span class=\"_ _2\"></span>xe<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>urg<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _316\"> </span><span class=\"ls22 ws22\">US<span class=\"_ _2\"></span>D1 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Do<span class=\"_ _1\"></span> B<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>asil Empr<span class=\"_ _1\"></span>eendimentos<span class=\"_ _8\"></span> e P<span class=\"_ _8\"></span>articipa\u00e7\u00f5es<span class=\"_ _1\"></span> Lt<span class=\"_ _8\"></span>da.<span class=\"_ _35c\"> </span>Ru<span class=\"_ _2\"></span>a 1 JN, n<span class=\"_ _2\"></span>o. 1411, Sa<span class=\"_ _2\"></span>la 13, J<span class=\"_ _2\"></span>ardim N<span class=\"_ _2\"></span>ovo, Rio Cl<span class=\"_ _2\"></span>aro,<span class=\"_ _35c\"> </span>Estad<span class=\"_ _2\"></span>o De S<span class=\"_ _2\"></span>\u00e3o Pau<span class=\"_ _2\"></span>lo, CEP 13<span class=\"_ _2\"></span>.502<span class=\"_ _2\"></span>.7<span class=\"_ _1\"></span>41, Brazil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _271\"> </span><span class=\"ls63 wsb5\">B<span class=\"_ _2\"></span>RL0<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>PIC Fy<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>iel<span class=\"_ _2\"></span>d Lim<span class=\"_ _2\"></span>ited (00<span class=\"_ _2\"></span>019<span class=\"_ _2\"></span>739)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Pig<span class=\"_ _8\"></span> Impr<span class=\"_ _8\"></span>ov<span class=\"_ _8\"></span>ement<span class=\"_ _8\"></span> Company<span class=\"_ _8\"></span> Over<span class=\"_ _1\"></span>seas Limi<span class=\"_ _1\"></span>ted<span class=\"_ _8\"></span> (0<span class=\"_ _8\"></span>1583814<span class=\"_ _1\"></span>)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Pigtal<span class=\"_ _2\"></span>es Li<span class=\"_ _2\"></span>mited (0<span class=\"_ _2\"></span>0723762)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _a2\"> </span><span class=\"ws20\">\u00a31 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Prom<span class=\"_ _2\"></span>ar Intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l Limi<span class=\"_ _2\"></span>ted (030<span class=\"_ _2\"></span>045<span class=\"_ _2\"></span>62)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _2f\"> </span></span><span class=\"lsa6\">\u00a31 Or<span class=\"_ _1\"></span>dinar<span class=\"_ _2\"></span>y<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span>Skogluno<span class=\"_ _8\"></span> Participa\u00e7\u00f5es L<span class=\"_ _1\"></span>tda.<span class=\"_ _d1\"> </span><span class=\"ls3 ws3\">Av<span class=\"_ _1\"></span>. Le<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>oldi<span class=\"_ _2\"></span>no d<span class=\"_ _2\"></span>e Oli<span class=\"_ _2\"></span>veira, 4<span class=\"_ _2\"></span>.<span class=\"_ _8\"></span>113, S<span class=\"_ _2\"></span>ala 3<span class=\"_ _2\"></span>03, Ce<span class=\"_ _2\"></span>ntro,<span class=\"_ _35c\"> </span></span>CEP<span class=\"_ _2\"></span>: 3801<span class=\"_ _2\"></span>0-0<span class=\"_ _2\"></span>00, U<span class=\"_ _2\"></span>BER<span class=\"_ _2\"></span>AB<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-M<span class=\"_ _2\"></span>G<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _b\"> </span><span class=\"ws20\">BRL<span class=\"_ _1\"></span>1 Ordinary<span class=\"_ _48\"> </span><span class=\"ls76 ws5d\">10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span></span></span></span>Spillers Limit<span class=\"_ _8\"></span>ed<span class=\"_ _17a\"> </span><span class=\"ls3 ws3\">Ma<span class=\"_ _2\"></span>trix H<span class=\"_ _2\"></span>ouse, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng V<span class=\"_ _2\"></span>iew<span class=\"_ _8\"></span>, Ba<span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>gstoke, Ham<span class=\"_ _2\"></span>psh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span></span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _5c\"> </span><span class=\"ls78 ws6b\">\u00a30<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Sp<span class=\"_ _2\"></span>ille<span class=\"_ _2\"></span>rs Ove<span class=\"_ _2\"></span>rsea<span class=\"_ _2\"></span>s Lim<span class=\"_ _2\"></span>ited (000<span class=\"_ _2\"></span>69723<span class=\"_ _8\"></span>)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _5c\"> </span><span class=\"ls78 ws6b\">\u00a30<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Name of<span class=\"_ _1\"></span> under<span class=\"_ _2\"></span>taking<span class=\"_ _ae\"> </span><span class=\"lsa wsa\">Regi<span class=\"_ _8\"></span>stered add<span class=\"_ _8\"></span>ress<span class=\"_ _35c\"> </span></span>Co<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>ry o<span class=\"_ _2\"></span>f  incorporation<span class=\"_ _35c\"> </span>Di<span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>t/<span class=\"_ _35c\"> </span>indirect Gr<span class=\"_ _2\"></span>oup interest<span class=\"_ _99\"> </span><span class=\"lsa0 ws93\">Share<span class=\"_ _8\"></span> class<span class=\"_ _35c\"> </span></span>% of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>e capital<span class=\"_ _1\"></span>/voting<span class=\"_ _1\"></span> rights<span class=\"_ _8\"></span> held b<span class=\"_ _1\"></span>y Gr<span class=\"_ _2\"></span>oup companies<span class=\"_ _35c\"> </span>Syge<span class=\"_ _2\"></span>n, In<span class=\"_ _2\"></span>c.<span class=\"_ _242\"> </span>100 B<span class=\"_ _2\"></span>lu<span class=\"_ _2\"></span>eGras<span class=\"_ _2\"></span>s Co<span class=\"_ _2\"></span>mmo<span class=\"_ _2\"></span>ns B<span class=\"_ _2\"></span>lvd, Su<span class=\"_ _2\"></span>ite 220<span class=\"_ _2\"></span>0, He<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>rson<span class=\"_ _2\"></span>vill<span class=\"_ _2\"></span>e, TN 37075 Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed States<span class=\"_ _35c\"> </span>U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d Sta<span class=\"_ _2\"></span>tes<span class=\"_ _24\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _46\"> </span><span class=\"ls22 ws22\">U<span class=\"_ _2\"></span>SD1<span class=\"_ _2\"></span> </span></span>Common<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Syge<span class=\"_ _2\"></span>n Intern<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal L<span class=\"_ _2\"></span>imite<span class=\"_ _2\"></span>d (<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>74)<span class=\"_ _35c\"> </span>2<span class=\"_ _35c\"> </span>Ma<span class=\"_ _2\"></span>trix Ho<span class=\"_ _2\"></span>use, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ng Vi<span class=\"_ _2\"></span>ew<span class=\"_ _1\"></span>, B<span class=\"_ _2\"></span>asi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>tok<span class=\"_ _8\"></span>e, Ha<span class=\"_ _2\"></span>mpsh<span class=\"_ _2\"></span>ire,<span class=\"_ _35c\"> </span>RG21 4<span class=\"_ _2\"></span>D<span class=\"_ _1\"></span>Z<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>t<span class=\"_ _8\"></span>ed K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _35c\"> </span>UK<span class=\"_ _150\"> </span><span class=\"ls51 ws4c\">D<span class=\"_ _2\"></span>ire<span class=\"_ _2\"></span>ct<span class=\"_ _316\"> </span><span class=\"ls8a wsad\">\u00a3<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Sy<span class=\"_ _8\"></span>gen In<span class=\"_ _8\"></span>ves<span class=\"_ _8\"></span>timen<span class=\"_ _8\"></span>t<span class=\"_ _8\"></span>os L<span class=\"_ _1\"></span>tda.<span class=\"_ _85\"> </span><span class=\"ls3 ws3\">Av. Leop<span class=\"_ _2\"></span>old<span class=\"_ _2\"></span>ino d<span class=\"_ _2\"></span>e Ol<span class=\"_ _2\"></span>iveira, 4113 \u2013 Sa<span class=\"_ _2\"></span>la 303<span class=\"_ _2\"></span>, Ube<span class=\"_ _2\"></span>raba,<span class=\"_ _35c\"> </span></span>Mi<span class=\"_ _2\"></span>nas G<span class=\"_ _2\"></span>erais, C<span class=\"_ _2\"></span>EP 38<span class=\"_ _2\"></span>010-<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0, Brazil<span class=\"_ _35c\"> </span>B<span class=\"_ _2\"></span>razi<span class=\"_ _2\"></span>l<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _11e\"> </span><span class=\"ls19 ws6a\">BRL0<span class=\"_ _8\"></span>.63 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Usicaf\u00e9 SA<span class=\"_ _242\"> </span><span class=\"ls3 ws3\">c/<span class=\"_ _17\"></span>o C<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>net Ma<span class=\"_ _2\"></span>yor<span class=\"_ _8\"></span>, avo<span class=\"_ _2\"></span>cats, R<span class=\"_ _2\"></span>ue J<span class=\"_ _2\"></span>ean-G<span class=\"_ _2\"></span>abr<span class=\"_ _2\"></span>iel </span>Eyn<span class=\"_ _2\"></span>ard 6, 120<span class=\"_ _2\"></span>5 Gen<span class=\"_ _2\"></span>\u00e8ve<span class=\"_ _35c\"> </span>Switz<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>rland<span class=\"_ _154\"> </span><span class=\"lsa6 wsa6\">Indirect<span class=\"_ _86\"> </span><span class=\"ls13 ws13\">CHF1,00<span class=\"_ _2\"></span>0 </span></span>Ordinary<span class=\"_ _35c\"> </span>10<span class=\"_ _2\"></span>0%<span class=\"_ _35c\"> </span>Xelec<span class=\"_ _8\"></span>t Limi<span class=\"_ _8\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _131\"> </span><span class=\"ls3 ws3\">Ho<span class=\"_ _2\"></span>rizon Ho<span class=\"_ _2\"></span>use, A<span class=\"_ _2\"></span>bbey Wal<span class=\"_ _2\"></span>k, St And<span class=\"_ _2\"></span>rews, Fife, </span>Scotl<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>, K<span class=\"_ _2\"></span>Y1<span class=\"_ _2\"></span>6 9LB<span class=\"_ _35c\"> </span>UK<span class=\"_ _9c\"> </span><span class=\"lsa6 wsa6\">In<span class=\"_ _2\"></span>dir<span class=\"_ _1\"></span>ect<span class=\"_ _76\"> </span><span class=\"ls78 ws6b\">\u00a30.<span class=\"_ _2\"></span>001<span class=\"_ _2\"></span> </span></span>Ordinary<span class=\"_ _35c\"> </span>39%<span class=\"_ _35c\"> </span>1<span class=\"_ _35c\"> </span>1 <span class=\"_ _d9\"> </span>Associated undertakings<span class=\"_ _8\"></span> including joint<span class=\"_ _8\"></span> ventur<span class=\"_ _1\"></span>e inter<span class=\"_ _1\"></span>ests<span class=\"_ _35c\"> </span>2 <span class=\"_ _12\"> </span>UK s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>arie<span class=\"_ _2\"></span>s taki<span class=\"_ _2\"></span>ng ad<span class=\"_ _2\"></span>vanta<span class=\"_ _2\"></span>ge of th<span class=\"_ _2\"></span>e aud<span class=\"_ _2\"></span>it exem<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n with<span class=\"_ _2\"></span>in se<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>on 479A of the C<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>pan<span class=\"_ _2\"></span>ies A<span class=\"_ _2\"></span>ct 20<span class=\"_ _2\"></span>06<span class=\"_ _35c\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "38. DEFERRED CONSIDERATION Accounting policies We recognise deferred consideration on the Balance Sheet when a business combination contains a contractual clause that defers a portion of the purchase price. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequent contingent consideration fair value remeasurements that do not qualify as measurement period adjustments are recognised in the Income Statement. Contingent deferred consideration is measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Contingent deferred consideration \u00a3m Deferred consideration \u00a3m Total  \u00a3m Balance at 1 July 2021 1.7 0.4 2.1 Business combination 0.1 0.2 0.3 Payment of consideration (0.6) (0.4) (1.0) Transfer (0.8) 0.8 \u2013 Effect of movement in exchange rates 0.1 \u2013 0.1 Balance at 30 June 2022 0.5 1.0 1.5 Business combination \u2013 \u2013 \u2013 Payment of consideration \u2013 (0.8) (0.8) Transfer \u2013 \u2013 \u2013 Effect of movement in exchange rates (0.1) \u2013 (0.1) Balance at 30 June 2023 0.4 0.2 0.6 Current \u2013 \u2013 \u2013 Non-current 0.4 0.2 0.6 Balance at 30 June 2023 0.4 0.2 0.6 Current \u2013 0.8 0.8 Non-current 0.5 0.2 0.7 Balance at 30 June 2022 0.5 1.0 1.5 The balance at 30 June 2023 relates to the following transactions: Fiscal year of transaction Contingent deferred consideration \u00a3m Deferred consideration \u00a3m Total  \u00a3m Dairy LLC (also known as BoviSync) 2019 0.4 \u2013 0.4 T.A.C. \u2013 Laborat\u00f3rio de Reprodu\u00e7\u00e3o Animal Ltda. 2022 \u2013 0.2 0.2 Balance at 30 June 2023 0.4 0.2 0.6 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "39. NON-CONTROLLING INTEREST 2023  \u00a3m 2022  \u00a3m Non-controlling interest (2.2) (0.7) Put option over non-controlling interest at inception (5.5) (5.7) Total non-controlling interest (7.7) (6.4) Summarised financial information in respect of each of the Group\u2019s subsidiaries that has a material non-controlling interest is set out below before intra-Group eliminations. De Novo Genetics LLC \u00a3m PIC Italia S.r.l. \u00a3m 2023  \u00a3m Revenue 4.1 5.1 9.2 Expenses (7.4) (4.6) (12.0) Total comprehensive (expense)/income for the year (3.3) 0.5 (2.8) Total comprehensive (expense)/income attributable to owners of the Company (1.7) 0.4 (1.3) Total comprehensive (expense)/income attributable to the non-controlling interest (1.6) 0.1 (1.5) Biological assets 15.6 \u2013 15.6 Current assets \u2013 1.7 1.7 Other non-current assets 0.8 1.4 2.2 Current liabilities (22.9) (2.0) (24.9) Net (liabilities)/assets (6.5) 1.1 (5.4) Equity attributable to owners of the Company 4.1 (0.9) 3.2 Non-controlling interest (2.4) 0.2 (2.2) Dividends of \u00a30.1m were paid to non-controlling interests (2022: \u00a30.1m). De Novo Genetics LLC \u00a3m PIC Italia S.r.l. \u00a3m 2022  \u00a3m Revenue 3.7 3.4 7.1 Expenses (12.6) (2.6) (15.2) Total comprehensive (expense)/income for the year (8.9) 0.8 (8.1) Total comprehensive (expense)/income attributable to owners of the Company (4.5) 0.6 (3.9) Total comprehensive (expense)/income attributable to the non-controlling interest (4.4) 0.2 (4.2) Biological assets 15.2 \u2013 15.2 Current assets 0.9 1.0 1.9 Other non-current assets 0.8 2.3 3.1 Current liabilities (19.6) (1.8) (21.4) Net (liabilities)/assets (2.7) 1.5 (1.2) Equity attributable to owners of the Company 1.8 (1.3) 0.5 Non-controlling interest (0.9) 0.2 (0.7) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "40. RELATED-PARTY TRANSACTIONS Bomaz, Inc. and Bogz Dairy, LLC, are well-recognised breeders in the industry, and are related parties to the Group as these entities are under the control of relatives of Nate Zwald, our ABS Dairy COO. We transact with Bomaz, Inc. and Bogz Dairy, LLC as part of our bull product development effort, under a variety of contracts and agreements. Payments in 2023 amounted to \u00a31.3m (2022: \u00a31.3m). As at 30 June 2023, the balance owing to these entities was \u00a30.1m (2022: \u00a3nil). All amounts were settled in cash. These related-party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "40. RELATED-PARTY TRANSACTIONS Bomaz, Inc. and Bogz Dairy, LLC, are well-recognised breeders in the industry, and are related parties to the Group as these entities are under the control of relatives of Nate Zwald, our ABS Dairy COO. We transact with Bomaz, Inc. and Bogz Dairy, LLC as part of our bull product development effort, under a variety of contracts and agreements. Payments in 2023 amounted to \u00a31.3m (2022: \u00a31.3m). As at 30 June 2023, the balance owing to these entities was \u00a30.1m (2022: \u00a3nil). All amounts were settled in cash. These related-party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:54930022EOITNKSIGH56",
    "period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
   }
  }
 }
}