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   "value": "We exist to protect, heal and nurture in the relentless pursuit of a cleaner and healthier world",
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   "value": "The financial information included in this Annual Report is prepared in accordance with International Financial Reporting Standards (IFRS) as well as information presented on an adjusted (non-IFRS) basis. Financial information presented on an adjusted basis excludes certain cash and non-cash items. These items have a pattern of recognition that is largely uncorrelated with the trading performance of the business. Management reviews the business on this basis for the purpose of making operating decisions and showing these adjusted measures in addition to the IFRS measures provides useful additional information on trading performance to the users of the Financial Statements. These adjusted measures should not be considered in isolation from, as substitutes for, or superior to the financial measures prepared in accordance with IFRS. The following items (adjusting items) are excluded from IFRS earnings in calculating adjusted earnings. \u2013  Impact of business combinations where IFRS accounting results in the recognition of certain costs that are not comparable with those for internally generated assets (although the net revenues and other costs of these business combinations are not adjusted for): \u2022  Amortisation of (a) acquired brands, trademarks and similar assets and (b) certain other intangible assets recorded as the result of a business combination; \u2022  Inventory fair value adjustments; \u2022  Professional and advisor costs recorded as the result of a business combination; and \u2022  Changes to deferred tax liabilities relating to (a) acquired brands, trademarks and similar assets and (b) certain other intangible assets recorded as the result of a business combination as the amortisation or profit on disposal of these brands would be treated as an adjusting item. \u2013  Profits or losses relating to the sale of brands and related intangible assets as the continued active management of our portfolio results in the recognition of profits or losses relating to disposals of brands and related intangible assets which are largely uncorrelated with the trading performance of the business. \u2013  Re-cycled foreign exchange translation reserves upon the sale, liquidation, repayment of share capital or abandonment of a subsidiary previously controlled by the Group, as the gain or loss relates to mainly exchange movements in previous periods rather than the current period. \u2013  The reclassification of finance income/(expenses) on tax balances into income tax expense, to align with the Group\u2019s tax guidance. As a result, the income/(expenses) are presented as part of income tax expense on an adjusted basis. \u2013  Other individually material items of expense or income. Some of these items are resolved over a period of time such that the impact may affect more than one reporting period. Adjusted measures \u2013  Adjusted Operating Profit and Adjusted Operating Profit margin: Adjusted operating profit reflects the IFRS operating profit/(loss) excluding items in line with the Group\u2019s adjusted items policy. See page 78 for details on the adjusting items and a reconciliation between IFRS operating profit/(loss) and adjusted operating profit. The adjusted operating profit margin is the adjusted operating profit expressed as a percentage of net revenue. \u2013  Adjusted tax rate: The adjusted tax rate is defined as the adjusted continuing income tax expense as a percentage of adjusted profit before tax. \u2013  Adjusted diluted EPS: Adjusted diluted EPS is the IFRS diluted EPS excluding items in line with the Group\u2019s adjusted items policy. See page 78 for details on the adjusting items and a reconciliation between IFRS net income/(loss) and adjusted net income. The weighted average number of shares for the period is the same for both IFRS diluted EPS and adjusted diluted EPS. \u2013  Adjusted EBITDA (earnings before interest depreciation and amortisation): Adjusted operating profit less depreciation and amortisation (excluding adjusting items).",
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   "value": "1 Accounting Policies The principal accounting policies adopted in the preparation of these Financial Statements are set out below. Unless otherwise stated, these policies have been consistently applied to all the years presented. Basis of preparation These Financial Statements have been prepared in accordance with the recognition, measurement and presentation requirements of UK-adopted International Accounting Standards and in accordance with  International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards  Board (IASB). These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) at fair value through  profit or loss or other comprehensive income. A summary of the Group\u2019s accounting policies is set out  below. Historical cost is generally based on the fair value of the consideration given in exchange for  goods and services. The preparation of Financial Statements that conform to IFRS requires management to make estimates  and assumptions that affect the reported amounts of assets and liabilities at the Balance Sheet date and revenue and expenses during the reporting period. Although these estimates are based on  management\u2019s best knowledge at the time, actual amounts may ultimately differ from those estimates. New standards, amendments and interpretations The following amended standards and interpretations were adopted by the Group during the year  ending 31 December 2022. These amended standards and interpretations have not had a significant impact on the consolidated Financial Statements. \u2013  Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) \u2013  Reference to the Conceptual Framework (Amendments to IFRS 3) \u2013  Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2013  Annual Improvements to IFRS Standards 2018\u20132020 The following new and amended standards are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted the new or amended standards, where applicable, in  preparing these consolidated Financial Statements. These standards, amendments or interpretations are  not expected to have a material impact on the Group in the current or future reporting periods: \u2013  Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2013  Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2013  Definition of Accounting Estimates (Amendments to IAS 8) \u2013  Classification of Liabilities as Current or Non-current (Amendments to IAS 1) \u2013  IFRS 17 Insurance Contracts \u2013  Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2013  COVID-19 Related Rent Concessions beyond 30 June 2021: Amendment to IFRS 16 Leases Going concern Having assessed the principal risks and other matters discussed in connection with the Viability  Statement, the Directors considered it appropriate to adopt the going concern basis of accounting in  preparing the consolidated Financial Statements. When reaching this conclusion, the Directors took into  account the Group\u2019s overall financial position, exposure to principal risks and future business forecasts. At 31 December 2022, the Group had cash and cash equivalents of \u00a31.2 billion. The Group also had access  to committed borrowing facilities of \u00a34.5 billion, which were undrawn at year end and of which \u00a34.45  billion are not subject to renewal until 2025 onwards. Further detail is contained within the Viability  Statement on page 87. Basis of consolidation The consolidated Financial Statements include the results of Reckitt Benckiser Group plc, a company  registered in the UK, and all its subsidiary undertakings made up to the same accounting date. Subsidiary  undertakings are those entities controlled by Reckitt Benckiser Group plc. Control exists where the  Group is exposed to, or has the rights to variable returns from its involvement with, the investee and has  the ability to use its power over the investee to affect its returns. Intercompany transactions, balances and unrealised gains on transactions between Group companies  have been eliminated on consolidation. Unrealised losses have also been eliminated to the extent that  they do not represent an impairment of a transferred asset. The accounting policies of subsidiaries have  been changed where necessary to ensure consistency with accounting policies adopted by the Group. Climate change In preparing the Financial Statements, management have considered the impact of climate change,  specifically with reference to the disclosures included in the Strategic Report and the Group\u2019s 2030 Sustainability Ambitions. These factors have not had a significant effect on the Group\u2019s critical  accounting estimates and judgments made with respect to the current year. Foreign currency translation Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated Financial Statements are presented in Sterling, which is the Group\u2019s presentational currency. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation of foreign currency denominated monetary assets and liabilities are recognised in the Income Statement, except where hedge accounting is applied. The Financial Statements of subsidiary undertakings with a non-Sterling functional currency are translated into Sterling on the following basis: \u2013  Assets and liabilities: at the rate of exchange ruling at the year end date \u2013  Income Statement items: at the average rate of exchange for the year Exchange differences arising from the translation of the net investment in subsidiary undertakings with a non-Sterling functional currency, and of borrowings and other currency instruments designated as hedges of such investments, are recorded in equity on consolidation. Business combinations The acquisition method is used to account for the acquisition of subsidiaries and businesses. Identifiable net assets acquired (including intangible assets) in a business combination are measured initially at their fair values at the acquisition date. Where the measurement of the fair value of identifiable net assets acquired is incomplete at the end of the reporting period in which the combination occurs, the Group will report provisional fair values. Final fair values are determined within a year of the acquisition date and retrospectively applied. The excess of the consideration transferred and the amount of any non-controlling interest over the fair value of the identifiable assets (including intangibles), liabilities and contingent liabilities acquired is recorded as goodwill. The consideration transferred is measured at the fair value of the assets given, equity instruments issued (if any), and liabilities assumed or incurred at the date of acquisition. Acquisition-related costs are expensed as incurred. The results of the subsidiaries and businesses acquired are included in the consolidated Financial Statements from the acquisition date . Assets held for sale and disposal groups Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale and presented separately in the Balance Sheet when the following criteria are met: the Group is committed to selling the asset or disposal group; it is available for immediate sale in its current condition; an active plan of sale has commenced and been approved in line with Group policy; and in the judgement of Group management it is highly probable that the sale will be completed within 12 months. Immediately before the initial classification of the assets and disposal groups as held for sale, the carrying amounts of the assets (or all the assets and liabilities in the disposal groups) are measured in accordance with the applicable accounting standards. Goodwill (including cost and accumulated impairment) is allocated to the disposal group using a relative value approach, unless a different method better reflects goodwill associated with the disposal. Assets held for sale and disposal groups are subsequently measured at the lower of their carrying amount and fair value less costs of disposal. Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement to fair value less costs of disposal, are recognised in the Income Statement. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. Disposals of intangible assets and subsidiaries The financial performance of subsidiaries and businesses are included in the consolidated Financial Statements up to the point at which the Group ceases to have control over that subsidiary. Intangible assets not disposed of through the sale of shares in subsidiaries are treated as disposed at the point that the Group ceases to control the asset. The difference between the fair value of the consideration (net of costs) and the carrying value of the assets and liabilities disposed is recognised as a gain or loss in the Income Statement. Any amounts previously recognised in other comprehensive income in respect of that subsidiary or asset, including exchange gains or losses on foreign currency translation, are accounted for as if the Group had directly disposed of related assets and liabilities. This results in a reclassification of amounts previously recognised in other comprehensive income to the Income Statement and included within the loss on disposal of intangible assets and related businesses . Where the assets and liabilities disposed represent a partial disposal of a cash generating unit to which goodwill has been allocated, goodwill is allocated using a relative value approach to the disposal group, unless a different method better reflects goodwill associated with the disposal. Where the tax base will not be transferred with the disposed assets, the deferred tax balances relating to the intangible assets are not considered part of the assets disposed and are instead credited or charged to the Income Statement within income tax expense . Liquidation of subsidiaries The Group liquidates subsidiaries that are no longer required in order to simplify the Group structure. As part of this process, the Group ensures any outstanding matters relating to the subsidiary are resolved before liquidation. Any amounts previously recognised in other comprehensive income in respect of that subsidiary, including exchange gains and losses on foreign currency translation, are reclassified to the Income Statement on disposal which is typically on entering liquidation. The amounts previously recognised in other comprehensive income are included within net finance (expense)/income in the Income Statement. 1 Accounting Policies continued Non-controlling interests On an acquisition-by-acquisition basis, the non-controlling interest is measured at either fair value or a proportionate share of the acquiree\u2019s net assets. Purchases of non-controlling interests are accounted for as transactions with the owners and therefore no goodwill is recognised as a result of such transactions. Revenue Revenue from the sale of products is recognised in the Group Income Statement as and when performance obligations are satisfied by transferring control of the product or service to the customer. Net Revenue is defined as the amount invoiced to external customers during the year and comprises, as required by IFRS 15, gross sales net of trade spend, customer allowances for credit notes, returns and consumer coupons. The methodology and assumptions used to estimate credit notes, returns and consumer coupons are monitored and adjusted regularly in the light of contractual and legal obligations, historical trends, past experience and projected market conditions. Trade spend, which consists primarily of customer pricing allowances, placement/listing fees and promotional allowances, is governed by sales agreements with the Group\u2019s trade customers (retailers and distributors). Trade spend also includes reimbursement arrangements under the Special Supplemental Nutrition Program for Women, Infants and Children (WIC), payable to the respective US state WIC agencies. Accruals are recognised under the terms of these agreements to reflect the expected activity level and the Group\u2019s historical experience. These accruals are reported within trade and other payables. Value-added tax and other sales taxes are excluded from Net Revenue. Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Group Executive Committee. Research and development Research expenditure is expensed in the year in which it is incurred. Development expenditure is expensed in the year in which it is incurred, unless it meets the requirements of IAS 38 to be capitalised and then amortised over the useful life of the developed product. Income tax Income tax on the income/(loss) for the year comprises current and deferred tax. Income tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted in each jurisdiction at the Balance Sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated Financial Statements. Deferred tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction (other than a business combination) that affects neither accounting nor taxable profit or loss at that time. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the Balance Sheet date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries except where the investor is able to control the timing of the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities within the same tax jurisdiction are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and where there is an intention to settle these balances on a net basis . Goodwill and other intangible assets (i) Goodwill Goodwill is allocated to the cash generating unit (CGU), or group of CGUs (GCGU), to which it relates and is tested annually for impairment. Goodwill is carried at cost less accumulated impairment losses. 1 Accounting Policies continued (ii) Brands Separately acquired brands are shown at cost less accumulated amortisation and impairment. Brands acquired as part of a business combination, and that are separately identifiable, are recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 20 years), except when their life is determined as being indefinite. Applying indefinite lives to certain acquired brands is appropriate due to the stable long-term nature of the business and the enduring nature of the brands. A core element of the Group\u2019s strategy is to invest in building its brands through an ongoing programme of product innovation and continuing marketing investment. Within the Group, a brand typically comprises an assortment of base products and more innovative products. Both contribute to the enduring nature of the brand. The base products establish the long-term positioning of the brand while a succession of innovations attracts ongoing consumer interest and attention. Indefinite life brands are allocated to the CGUs or GCGUs to which they relate and are tested annually for impairment. The Directors also review the useful economic life of brands annually, to ensure that these lives are still appropriate. If a brand is considered to have a finite life, its carrying value is amortised over its remaining estimated useful economic life. (iii) Software Expenditure relating to the acquisition of computer software licences and systems are capitalised at cost. The assets are amortised on a straight-line basis over a period of seven years for systems and five years or less for all other software licences. (iv) Distribution rights Payments made in respect of product registration, acquired and reacquired distribution rights are capitalised where the rights comply with the above requirements for recognition of acquired brands. If the registration or distribution rights are for a defined time period, the intangible asset is amortised over that period. If no time period is defined, the intangible asset is treated in the same way as acquired brands. (v) Customer contracts Acquired customer contracts are capitalised at cost. These costs are amortised on a straight-line basis over the period of the contract. (vi) Customer relationships Customer relationships are shown at cost less accumulated amortisation and impairment. Customer relationships acquired as part of a business combination, and that are separately identifiable, are recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 10 years). (vii) Acquired intellectual property Intellectual property rights acquired as part of the business and that are separately identifiable are recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 20 years). Amortisation of intangible assets in (ii) to (vii) is charged to cost of goods sold or net operating expenses depending on the use of the asset. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment, with the exception of freehold land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset. Except for freehold land and assets under construction, the cost of property, plant and equipment is depreciated on a straight-line basis over the period of the expected useful life of the asset. For this purpose, expected lives are determined within the following limits: \u2013  freehold buildings: not more than 50 years; \u2013  leasehold land and buildings: the lesser of 50 years or the life of the lease; and \u2013  owned plant and equipment: not more than 15 years (except for environmental assets and spray dryers which are not more than 30 years). In general, production plant and equipment and office equipment are depreciated over 10 years or less and motor vehicles and computer equipment over 5 years or less. Assets\u2019 residual values and useful lives are reviewed, and adjusted if necessary, at each Balance Sheet date. Property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be appropriate. Freehold land is reviewed for impairment on an annual basis . Gains and losses on the disposal of property, plant and equipment are determined by comparing the asset\u2019s carrying value with any sale proceeds and are included in the Income Statement. Leases The Group has various lease arrangements for buildings (such as offices and warehouses), cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and subject to domestic rules and regulations. At the inception of a lease contract, the Group assesses whether the contract conveys the right to control the use of an identified asset for a certain period in exchange for consideration, in which case it is identified as a lease. The Group recognises a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. Low value leases are those with an underlying asset value of USD 5,000 or less. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. 1 Accounting Policies continued Right of use assets At commencement date, right of use assets are measured at cost, which comprises the following: \u2013  the initial measurement of the lease liability; \u2013  prepayments before commencement date of the lease; \u2013  initial direct costs; and \u2013  costs to restore. Subsequent to initial recognition right of use assets are depreciated on a straight-line basis over the duration of the contract. Right of use assets are assessed for impairment where indicators of impairment are present. Lease liabilities At commencement date, lease liabilities are measured at the present value of lease payments not yet paid including: \u2013  fixed payments excluding lease incentive receivables; \u2013  future contractually agreed fixed increases; and \u2013  payments related to renewals or early termination, when options to renew or for early termination are reasonably certain to be exercised. Subsequent to initial recognition lease liabilities are increased by the interest costs on the lease liabilities and decreased by lease payments made. Lease liabilities held are remeasured to account for revised future payments. Impairment of assets Assets that have indefinite lives, including goodwill and brands, are tested annually for impairment at the level where cash flows are considered to be largely independent. This testing is performed at either the CGU or GCGU level. All CGUs and GCGUs are tested for impairment if there is an event or circumstance that indicates that their carrying value may not be recoverable. If the carrying value exceeds its recoverable amount an impairment loss is recognised in the Income Statement. The recoverable amount is the higher of the CGU\u2019s or GCGU\u2019s value-in-use and its fair value less costs of disposal. Value-in-use is calculated with reference to the future and terminal cash flows expected to be generated by each CGU or GCGU (or group of assets where cash flows are not identifiable to specific assets). The discount rates used in the impairment reviews are based on weighted average cost of capital (WACC) specific to each CGU and GCGU, with the WACC converted to the implied pre-tax rates. Fair value less costs of disposal is calculated using a discounted cash flow approach prepared on a market participant basis, with a post-tax discount rate applied to projected risk-adjusted post-tax cash flows and terminal value. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises materials, direct labour and an appropriate portion of overhead expenses (based on normal operating capacity) required to get the inventory to its present location and condition. Inventory valuation is determined on a first in, first out (FIFO) basis. Net realisable value represents the estimated selling price less applicable selling expenses. Trade and other receivables Trade and other receivables are initially recognised at the fair value of consideration less transaction costs and subsequently held at amortised cost, less provision for discounts and doubtful debts. Allowance losses are calculated by reviewing lifetime expected credit losses using historic and forward- looking data on credit risk. Trade and other payables Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised cost. Cash and cash equivalents Cash and cash equivalents comprise cash balances and other deposits with a maturity of less than three months when deposited. For the purpose of the Cash Flow Statement, bank overdrafts that form an integral part of the Group\u2019s cash management, and are repayable on demand, are included as a component of cash and cash equivalents. Bank overdrafts are included within short-term borrowings in the Balance Sheet . Borrowings Interest-bearing borrowings are recognised initially at fair value less, where permitted by IFRS 9, any directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Income Statement over the period of the borrowings on an effective interest basis. Cash flows relating to interest are presented within operating cash flows. Proceeds and repayment of principal amounts are presented as financing cash flows and are presented gross, except for borrowings with maturities of less than three months (including commercial paper), which are presented net. Derivative financial instruments and hedging activity The Group may use derivatives to manage its exposures to fluctuating interest and foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. 1 Accounting Policies continued At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. The Group designates certain derivatives as either: \u2013  hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedges); or \u2013  hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). Derivatives designated as cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the Income Statement. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Income Statement in the period (or periods) when the hedged item affects the Income Statement. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, then hedge accounting is discontinued prospectively. The amount that has been accumulated in the hedging reserve remains in equity until it is either included in the cost of a non-financial item or recycled to the Income Statement. Derivatives designated as fair value hedges Fair value hedges are used to manage the currency and/or interest rate risks to which the fair value of certain assets and liabilities are exposed. Changes in the fair value are recognised in the Income Statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. If such a hedge relationship no longer meets hedge accounting criteria, fair value movements on the derivative continue to be taken to the Income Statement while any fair value adjustments made to the underlying hedged item to that date are amortised through the Income Statement over its remaining life using the effective interest rate method. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Income Statement. Net investment hedges Gains and losses on those hedging instruments designated as hedges of the net investments in foreign operations are recognised in other comprehensive income to the extent that the hedging relationship is effective. Gains and losses accumulated in the foreign currency translation reserve are recycled to the Income Statement when the foreign operation is disposed of. Equity investments Equity investments are investments that are neither held for trading nor classified as investments in subsidiaries, associates or joint arrangements. Subsequent to their initial recognition, equity investments are stated at their fair value. Gains and losses arising from subsequent changes in the fair value are recognised in the Income Statement or in other comprehensive income on a case-by-case basis. Accumulated gains and losses included in other comprehensive income are not recycled to the Income Statement. Dividends from other investments are recognised in the Income Statement. Investment in associates Investments in associates are accounted for using the equity method. An associate is an entity over which the Group has significant influence, being the power to participate in the investee\u2019s financial and operating policy decisions without control or joint control. Interests in associates are stated in the consolidated Balance Sheet at cost, adjusted for the movement in the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax of associates is included in the Group\u2019s consolidated profit before taxation. Unrealised intragroup profits or losses from transactions are offset against the carrying amount of the investment on a pro-rata basis during consolidation, if material. When the Group\u2019s share of losses exceeds its interest in an associate, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. The Financial Statements of the companies accounted for using the equity method are prepared in accordance with uniform accounting and measurement methods throughout the Group. Employee share schemes Incentives in the form of shares are provided to employees under share option and conditional award schemes vested in accordance with non-market conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each Balance Sheet date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Income Statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. Additional employer costs, including social security taxes, in respect of options and awards are charged to the Income Statement over the same period with a corresponding liability recognised. 1 Accounting Policies continued Repurchase and reissuance of ordinary shares When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares are classified as Treasury shares and are presented in retained earnings. When Treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and any resulting surplus is presented within share premium or deficit presented within retained earnings . Pension commitments Group companies operate defined contribution and (funded and unfunded) defined benefit pension plans. The cost of providing pensions to employees who are members of defined contribution plans is charged to the Income Statement as contributions are made. The Group has no further payment obligations once the contributions have been paid. The deficit or surplus recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the Balance Sheet date, less the fair value of the plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows by the yield on high-quality corporate bonds denominated in the currency in which the benefits will be paid, and that have a maturity approximating to the terms of the pension obligations. The costs of providing these defined benefit plans are accrued over the period of employment. Actuarial gains and losses are recognised immediately in other comprehensive income. Past service costs are recognised immediately in the Income Statement. The net interest amount is calculated by applying the discounted rate used to measure the defined benefit obligation at the beginning of the period to the net defined benefit liability/asset. The net pension plan interest is presented as other finance income/other finance expense. Post-retirement benefits other than pensions Some Group companies provide post-retirement medical care to their retirees. The costs of providing these benefits are accrued over the period of employment and the liability recognised in the Balance Sheet is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related asset is deducted. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that there will be an outflow of resources to settle that obligation; and the amount can be reliably estimated. Provisions are valued at the present value of the Directors\u2019 best estimate of the expenditure required to settle the obligation at the Balance Sheet date. Where it is possible that an outflow of resources may be required to settle the obligation or it is not possible to make a reliable estimate of the estimated financial impact, appropriate disclosure is made but no provision recognised. Share capital transactions When the Group purchases equity share capital, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Purchased shares are either held in Treasury, in order to satisfy employee options, or cancelled and, in order to maintain capital, an equivalent amount to the nominal value of the shares cancelled would be transferred from retained earnings . Dividend distribution Dividends to owners of the parent company are recognised as a liability in the period in which the dividends are approved by the company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid. Dividend payments are recorded at fair value. Where non-cash dividend payments are made, gains arising as a result of fair value remeasurements are recognised in the Income Statement in the same period. Accounting estimates and judgements In preparing these consolidated Financial Statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual amounts and results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies Over the course of the year, management has made a number of critical judgements in the application of the Group\u2019s accounting policies. These include the following: \u2013  Management has identified matters (including the Korea Humidifier Sanitiser and Necrotizing Enterocolitis issues) that may incur liabilities in the future but does not recognise these liabilities when it is too early to determine the likely outcome or make a reliable estimate (Note 18, Note 20). \u2013  The continuing enduring nature of the Group\u2019s brands supports the indefinite life assumption for certain of these assets (Note 9). \u2013  Assumptions are made as to the recoverability of tax assets especially as to whether there will be sufficient future taxable profits in the same jurisdictions to fully utilise losses in future years (Note 12). 1 Accounting Policies continued Key sources of estimation uncertainty Each year, management is required to make a number of assumptions regarding the future. The related year end accounting estimates will, by definition, seldom equal the final actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Goodwill and indefinite life intangible assets: Under IFRS, goodwill and other indefinite life intangible assets must be tested for impairment on at least an annual basis. As disclosed further in Note 9, this testing generally requires management to make multiple estimates, for example around individual market pressures and forces, future price and volume growth, future margins, terminal growth rates and discount rates. In 2022, the Group recognised impairment losses of \u00a3167 million (2021: \u00a3nil), of which \u00a3152 million related to the Biofreeze CGU. The recoverability of the Group\u2019s goodwill and indefinite-lived intangible assets in relation to Biofreeze is sensitive to reasonably possible changes in key assumptions. Further information on key estimates and assumptions, including details on the sensitivities of the value-in-use estimates to reasonable changes in key assumptions, is included in Note 9. Tax: The actual tax paid on profits is determined based on tax laws and regulations that differ across the numerous jurisdictions in which the Group operates. Assumptions are made in applying these laws to the taxable profits in any given period in order to calculate the tax charge for that period. Where the eventual tax paid or reclaimed is different to the amounts originally estimated, the difference is charged or credited to the Income Statement in the period in which it is determined (Note 7). The Group operates in an international tax environment and is subject to tax examinations and uncertainties in a number of jurisdictions. The issues involved can be complex and disputes may take a number of years to resolve. Each uncertainty is separately assessed and management applies judgement in the recognition and measurement of the uncertainty based on the relevant circumstances. The exposure recognised is calculated based on the expected value method or the most likely outcome method, depending on whether there are a wide range of possible outcomes or if resolution of the uncertainty is concentrated on one outcome. In particular, the range of possible outcomes relating to transfer pricing exposures can be wide and, in these scenarios, the expected value method is employed. The accounting estimates and judgements considered include: \u2013  status of the unresolved matter; \u2013  clarity of relevant legislation and related guidance; \u2013  pre-clearances issued by taxing authorities; \u2013  advice from in-house specialists and opinions of professional firms; \u2013  resolution process and range of possible outcomes; \u2013  past experience and precedents set by the particular taxing authority; \u2013  decisions and agreements reached in other jurisdictions on comparable issues; \u2013  unutilised tax losses, tax credits and availability of mutual agreement procedures between tax authorities; and \u2013  statute of limitations. Management is of the opinion that the carrying values of the uncertain tax positions made in respect of these matters represent its best estimate once all facts and circumstances have been taken into account. Nevertheless, the final amounts paid to discharge the liabilities arising (either through negotiated settlement or litigation) may be different from the position recognised. The net liabilities recognised in respect of uncertain tax positions as at 31 December 2022 are \u00a3722 million (2021: \u00a3770 million) (Note 22). Trade spend: The Group provides for amounts payable to our trade customers for promotional activity and government reimbursement arrangements. Where an activity spans the year end, an accrual is reflected in the consolidated Financial Statements based on our estimation of customer and consumer uptake during the relevant period and the extent to which temporary funded activity has occurred. As there is a timing difference between that initial estimation and final settlement of trade spend with our customers, differences can result on final settlement. As at 31 December 2022, the Group recognised total accruals of \u00a31,137 million (2021: \u00a31,137 million) in respect of amounts payable to trade customers and government bodies for trade spend. The Group\u2019s trade spend arrangements vary considerably by market and category, and the Group\u2019s trade spend accruals are made up of many individually small accruals. Therefore, an aggregated disclosure of sensitivity analysis on the key inputs to trade spend accrual estimates would not be practicable nor meaningful. Nevertheless, a 11% (2021: 12%) difference between those initial estimates and final settlement would cause a material charge or credit to the Income Statement in the next financial year. During 2022, adjustments to trade spend accruals as at 31 December 2021, due to changes in accounting estimates, were not material. Legal provisions: The Group recognises legal provisions when the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that there will be an outflow of resources to settle that obligation; and the amount can be reliably estimated. The level of provisioning in relation to civil and/or criminal investigations is an area where management and legal judgement are important, with individual provisions being based on best estimates of the possible loss, considering all available information, external advice and historical experience. As at 31 December 2022, the Group recognised legal provisions of \u00a3221 million (2021: \u00a3180 million) in relation to a number of historical regulatory and other matters in various jurisdictions. 1 Accounting Policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-432": {
   "value": "1 A<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unting<span class=\"_ _1\"></span> Poli<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>The p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l acc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>ese F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re set o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>low. Unl<span class=\"_ _0\"></span>ess ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wis<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ies have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>tent<span class=\"_ _0\"></span>ly a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>d to al<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Basis<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> prepara<span class=\"_ _1\"></span>tion<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>se Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d in a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>dan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, mea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> prese<span class=\"_ _1\"></span>ntation<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>ements<span class=\"_ _1\"></span> of UK<span class=\"_ _14\"></span>-adopted<span class=\"_ _1\"></span> Inter<span class=\"_ _1\"></span>national<span class=\"_ _1\"></span> Ac<span class=\"_ _1\"></span>counting<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>andards<span class=\"_ _1\"></span> and in<span class=\"_ _1\"></span> accor<span class=\"_ _1\"></span>dance<span class=\"_ _1\"></span> with<span class=\"_ _350\"> </span>International Fi<span class=\"_ _0\"></span>nancial Repor<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g Standards (IFRS) as issued by the International Accounting Standards<span class=\"_ _350\"> </span>Boar<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> (IASB)<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>se Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e his<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al cos<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>nventi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, as m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> re<span class=\"_ _1\"></span>valuation<span class=\"_ _1\"></span> of c<span class=\"_ _1\"></span>ertain financial<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> and liabilit<span class=\"_ _1\"></span>ies (including<span class=\"_ _1\"></span> derivativ<span class=\"_ _1\"></span>e instrumen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>) a<span class=\"_ _1\"></span>t fair<span class=\"_ _1\"></span> value t<span class=\"_ _1\"></span>hrough<span class=\"_ _350\"> </span>pro<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s or ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. A su<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>s set o<span class=\"_ _0\"></span>ut<span class=\"_ _350\"> </span>be<span class=\"_ _0\"></span>low. His<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l cos<span class=\"_ _0\"></span>t is g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n gi<span class=\"_ _0\"></span>ven in exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>goods and<span class=\"_ _1\"></span> service<span class=\"_ _1\"></span>s.<span class=\"_ _350\"> </span>The p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at co<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>m to I<span class=\"_ _0\"></span>FRS re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ires m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent to m<span class=\"_ _0\"></span>ake est<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns t<span class=\"_ _0\"></span>hat af<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts of as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es at th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et date<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span><span class=\"_ _350\">d revenu</span><span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates a<span class=\"_ _0\"></span>re bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _37\"></span>\u2019s bes<span class=\"_ _0\"></span>t kn<span class=\"_ _0\"></span>owl<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge at t<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e, ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts may u<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>tely d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>New stand<span class=\"_ _1\"></span>ards, amendmen<span class=\"_ _1\"></span>ts and i<span class=\"_ _1\"></span>nterpr<span class=\"_ _1\"></span>etat<span class=\"_ _1\"></span>ions<span class=\"_ _350\"> </span>The fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ards a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpr<span class=\"_ _0\"></span>etat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s were a<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>pted by t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>en<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d inte<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>retat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns have no<span class=\"_ _0\"></span>t had a s<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span> impact on t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>solidat<span class=\"_ _1\"></span>ed Financ<span class=\"_ _1\"></span>ial S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ements.<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Plan<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d Equ<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>: Proce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s befo<span class=\"_ _0\"></span>re I<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d Use (A<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to IA<span class=\"_ _0\"></span>S 16<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Refer<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e to the Co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ptu<span class=\"_ _0\"></span>al Fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ewor<span class=\"_ _0\"></span>k (Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s to I<span class=\"_ _0\"></span>FRS 3)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">On<span class=\"_ _0\"></span>ero<span class=\"_ _0\"></span>us Co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts \u2013 C<span class=\"_ _0\"></span>ost o<span class=\"_ _0\"></span>f Ful<span class=\"_ _0\"></span>fil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng a Co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t (A<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to I<span class=\"_ _0\"></span>AS 3<span class=\"_ _0\"></span>7)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">An<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al I<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s to I<span class=\"_ _0\"></span>FRS Sta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>\u2013<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>20<span class=\"_ _350\"> </span></span>The f<span class=\"_ _1\"></span>ollowing<span class=\"_ _1\"></span> new<span class=\"_ _1\"></span> and amended<span class=\"_ _1\"></span> standards<span class=\"_ _1\"></span> are<span class=\"_ _1\"></span> effectiv<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or annual<span class=\"_ _1\"></span> periods<span class=\"_ _1\"></span> beginning on or<span class=\"_ _1\"></span> after<span class=\"_ _1\"></span> 1 January 2023. The<span class=\"_ _1\"></span> Group ha<span class=\"_ _1\"></span>s not<span class=\"_ _1\"></span> early<span class=\"_ _1\"></span> adopt<span class=\"_ _1\"></span>ed the<span class=\"_ _1\"></span> new<span class=\"_ _1\"></span> or amended st<span class=\"_ _1\"></span>andards, wher<span class=\"_ _1\"></span>e applicable<span class=\"_ _1\"></span>, in<span class=\"_ _350\"> </span>preparing<span class=\"_ _1\"></span> these<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>olidat<span class=\"_ _1\"></span>ed Financi<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ements. The<span class=\"_ _1\"></span>se standar<span class=\"_ _1\"></span>ds, amendments<span class=\"_ _1\"></span> or in<span class=\"_ _1\"></span>terpr<span class=\"_ _1\"></span>etat<span class=\"_ _1\"></span>ions ar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span>not ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted to have a ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t on t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p in t<span class=\"_ _0\"></span>he cu<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>ture r<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ds:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d T<span class=\"_ _1\"></span>ax rel<span class=\"_ _0\"></span>ated to A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd Li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng fr<span class=\"_ _0\"></span>om a Si<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le Trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on (Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts to I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>2)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Dis<span class=\"_ _0\"></span>clos<span class=\"_ _0\"></span>ure o<span class=\"_ _0\"></span>f Accou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s (Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s to IA<span class=\"_ _0\"></span>S 1 an<span class=\"_ _0\"></span>d I<span class=\"_ _0\"></span>FRS P<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ice Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt 2)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on of Ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng E<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes (Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s to I<span class=\"_ _0\"></span>AS 8)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Clas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es as Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt or N<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt (Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts to I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">I<span class=\"_ _0\"></span>FRS 17 I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e Cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Lease L<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>n a Sal<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d Leas<span class=\"_ _0\"></span>eba<span class=\"_ _0\"></span>ck (A<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to I<span class=\"_ _0\"></span>FR<span class=\"_ _0\"></span>S 16<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">COVI<span class=\"_ _0\"></span>D-19 R<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>ted Re<span class=\"_ _0\"></span>nt Co<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns b<span class=\"_ _0\"></span>eyon<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>0 Ju<span class=\"_ _0\"></span>ne 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to IF<span class=\"_ _0\"></span>RS 1<span class=\"_ _0\"></span>6 Lease<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></span>Go<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>Hav<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al ri<span class=\"_ _0\"></span>sks an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>cuss<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n con<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e V<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t, t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d it ap<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>te to ado<span class=\"_ _0\"></span>pt th<span class=\"_ _0\"></span>e go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>n bas<span class=\"_ _0\"></span>is of a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>pre<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. Wh<span class=\"_ _0\"></span>en r<span class=\"_ _0\"></span>each<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>is con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s too<span class=\"_ _0\"></span>k in<span class=\"_ _0\"></span>to<span class=\"_ _350\"> </span>acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s overa<span class=\"_ _0\"></span>ll fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, ex<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l ris<span class=\"_ _0\"></span>ks an<span class=\"_ _0\"></span>d fu<span class=\"_ _0\"></span>ture b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss for<span class=\"_ _0\"></span>eca<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p had c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 bil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p als<span class=\"_ _0\"></span>o ha<span class=\"_ _0\"></span>d acces<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>to com<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fa<span class=\"_ _0\"></span>cil<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of \u00a3<span class=\"_ _0\"></span>4.<span class=\"_ _37\"></span>5 bil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich we<span class=\"_ _0\"></span>re un<span class=\"_ _0\"></span>dr<span class=\"_ _0\"></span>awn a<span class=\"_ _0\"></span>t year e<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch \u00a34<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span>bi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>re no<span class=\"_ _0\"></span>t sub<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to ren<span class=\"_ _0\"></span>ewal u<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>l 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5 onwa<span class=\"_ _0\"></span>rds<span class=\"_ _0\"></span>. Fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r de<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>l is con<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e V<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t on pa<span class=\"_ _0\"></span>ge 8<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Basis of consolidation<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>ted F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e the r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lts o<span class=\"_ _0\"></span>f Rec<span class=\"_ _0\"></span>kit<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>kise<span class=\"_ _0\"></span>r G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p pl<span class=\"_ _0\"></span>c, a co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _350\"> </span>reg<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d al<span class=\"_ _0\"></span>l it<span class=\"_ _0\"></span>s sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tak<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs ma<span class=\"_ _0\"></span>de u<span class=\"_ _0\"></span>p to the s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e acc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g da<span class=\"_ _0\"></span>te. Su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tak<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs are t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ed by Re<span class=\"_ _0\"></span>cki<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t Be<span class=\"_ _0\"></span>nck<span class=\"_ _0\"></span>iser G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>. Con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l exis<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to, or h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s to var<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e retu<span class=\"_ _0\"></span>rns f<span class=\"_ _0\"></span>rom i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>nd ha<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>the a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y to use it<span class=\"_ _0\"></span>s powe<span class=\"_ _0\"></span>r over th<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tee to a<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t it<span class=\"_ _0\"></span>s retu<span class=\"_ _0\"></span>rns<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Inter<span class=\"_ _1\"></span>compan<span class=\"_ _1\"></span>y tran<span class=\"_ _1\"></span>sactions, bal<span class=\"_ _1\"></span>ances<span class=\"_ _1\"></span> and unre<span class=\"_ _1\"></span>alised<span class=\"_ _1\"></span> gains<span class=\"_ _1\"></span> on trans<span class=\"_ _1\"></span>actions be<span class=\"_ _1\"></span>tween Group<span class=\"_ _1\"></span> companie<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>have be<span class=\"_ _0\"></span>en e<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. U<span class=\"_ _0\"></span>nre<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses have a<span class=\"_ _0\"></span>lso b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n el<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ted to th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat<span class=\"_ _350\"> </span>they d<span class=\"_ _0\"></span>o no<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f a tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ferr<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s of sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es have<span class=\"_ _350\"> </span>been c<span class=\"_ _1\"></span>hanged wher<span class=\"_ _1\"></span>e nec<span class=\"_ _1\"></span>essary t<span class=\"_ _1\"></span>o en<span class=\"_ _1\"></span>sure<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>istency<span class=\"_ _1\"></span> with<span class=\"_ _1\"></span> acc<span class=\"_ _1\"></span>ounting<span class=\"_ _1\"></span> policies<span class=\"_ _1\"></span> adopt<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he Group.<span class=\"_ _350\"> </span>Climat<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ange<span class=\"_ _350\"> </span>In p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t have con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f cli<span class=\"_ _0\"></span>mate ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>ith r<span class=\"_ _0\"></span>efere<span class=\"_ _0\"></span>nce to th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the St<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>c Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s 20<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span> Sus<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Am<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s have not h<span class=\"_ _0\"></span>ad a si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s cr<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates a<span class=\"_ _0\"></span>nd j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>de w<span class=\"_ _0\"></span>ith r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to th<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t year.<span class=\"_ _350\"> </span>Foreign c<span class=\"_ _1\"></span>urrency translation<span class=\"_ _350\"> </span>Ite<span class=\"_ _0\"></span>ms in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of ea<span class=\"_ _0\"></span>ch of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es are m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span><span class=\"_ _350\">y of</span><span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y eco<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>c env<span class=\"_ _0\"></span>iro<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich t<span class=\"_ _0\"></span>he e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ty o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tes (the f<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cy). Th<span class=\"_ _0\"></span><span class=\"_ _350\">e con</span><span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>n Ster<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich is t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s pres<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y.<span class=\"_ _350\"> </span>NOTES TO THE FI<span class=\"_ _0\"></span>NAN<span class=\"_ _0\"></span>CIAL S<span class=\"_ _0\"></span>T<span class=\"_ _14\"></span>A<span class=\"_ _39\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>NTS<span class=\"_ _350\"> </span>For<span class=\"_ _0\"></span>eig<span class=\"_ _0\"></span>n cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d into t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cy us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rates p<span class=\"_ _0\"></span>reva<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> at th<span class=\"_ _0\"></span>e dates o<span class=\"_ _0\"></span>f the t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. For<span class=\"_ _0\"></span>eig<span class=\"_ _0\"></span>n excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m the s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of<span class=\"_ _350\"> </span>fore<span class=\"_ _0\"></span>ign c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d mo<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, except w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e acc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng is a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The Financ<span class=\"_ _1\"></span>ial S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ements<span class=\"_ _1\"></span> of s<span class=\"_ _1\"></span>ubsidiary undertakings<span class=\"_ _1\"></span> with<span class=\"_ _1\"></span> a non-<span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>erling f<span class=\"_ _1\"></span>unctional curr<span class=\"_ _1\"></span>ency ar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span>tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d into Ster<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fol<span class=\"_ _0\"></span>lowi<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>: at th<span class=\"_ _0\"></span>e ra<span class=\"_ _0\"></span>te of excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e ru<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng at t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>d date<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ite<span class=\"_ _0\"></span>ms: a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e avera<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate of excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span></span>E<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sla<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e net i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>n sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tak<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span><span class=\"_ _350\">th a no</span><span class=\"_ _0\"></span>n-Ster<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy, an<span class=\"_ _0\"></span>d of bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s des<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span> <span class=\"_ _350\">as </span><span class=\"_ _1\"></span>hedges<span class=\"_ _1\"></span> of suc<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stments, are<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>orded in<span class=\"_ _1\"></span> equity on<span class=\"_ _1\"></span> consoli<span class=\"_ _1\"></span>dation.<span class=\"_ _350\"> </span>Busin<span class=\"_ _0\"></span>ess combinations<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od is u<span class=\"_ _0\"></span>sed to a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt fo<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>net a<span class=\"_ _1\"></span>ssets<span class=\"_ _1\"></span> acquired<span class=\"_ _1\"></span> (including intangible a<span class=\"_ _1\"></span>ssets<span class=\"_ _14\"></span>) in a bu<span class=\"_ _1\"></span>siness c<span class=\"_ _1\"></span>ombination<span class=\"_ _1\"></span> are me<span class=\"_ _1\"></span>asured<span class=\"_ _1\"></span> initially<span class=\"_ _1\"></span> at their<span class=\"_ _1\"></span> fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>ate.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le n<span class=\"_ _0\"></span>et ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d is i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lete a<span class=\"_ _0\"></span>t the e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> <span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ues a<span class=\"_ _0\"></span>re d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>n a year of t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date a<span class=\"_ _0\"></span>nd r<span class=\"_ _0\"></span>etros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>ly ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The exce<span class=\"_ _0\"></span>ss of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of a<span class=\"_ _0\"></span>ny no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t over th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>value o<span class=\"_ _1\"></span>f the<span class=\"_ _1\"></span> identifiable as<span class=\"_ _1\"></span>sets (including<span class=\"_ _1\"></span> intangibles<span class=\"_ _14\"></span>), liabilities<span class=\"_ _1\"></span> and con<span class=\"_ _1\"></span>tingent li<span class=\"_ _1\"></span>abilities<span class=\"_ _1\"></span> acquired<span class=\"_ _1\"></span> is<span class=\"_ _350\"> </span>recor<span class=\"_ _1\"></span>ded as<span class=\"_ _1\"></span> goodwill.<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>he fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>sets g<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n, e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> (i<span class=\"_ _0\"></span>f any), a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies as<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d or i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>te of acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ated co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s are ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>d as i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>s of the s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>s acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>ted Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n date<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s hel<span class=\"_ _0\"></span>d for s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps<span class=\"_ _350\"> </span>No<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>r di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, ar<span class=\"_ _0\"></span>e clas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d as he<span class=\"_ _0\"></span>ld fo<span class=\"_ _0\"></span>r sa<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span>pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>atel<span class=\"_ _0\"></span>y in t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e Sh<span class=\"_ _0\"></span>eet w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng cr<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>ria a<span class=\"_ _0\"></span>re me<span class=\"_ _0\"></span>t: t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p is co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span> to sel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set o<span class=\"_ _0\"></span>r dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p; it is ava<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>te sal<span class=\"_ _0\"></span>e in i<span class=\"_ _0\"></span>ts cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>; an a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive<span class=\"_ _350\"> </span>pla<span class=\"_ _0\"></span>n of sa<span class=\"_ _0\"></span>le h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ced a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>proved i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>ne w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h Gr<span class=\"_ _0\"></span>oup p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>; an<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span>man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>t is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lete<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n 12 m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ths<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>atel<span class=\"_ _0\"></span>y befo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>al cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l gro<span class=\"_ _0\"></span>ups a<span class=\"_ _0\"></span>s he<span class=\"_ _0\"></span>ld for s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e, th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s (or all t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps) are me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red<span class=\"_ _350\"> </span><span class=\"_ _350\">in </span><span class=\"_ _1\"></span>accor<span class=\"_ _1\"></span>dance<span class=\"_ _1\"></span> with t<span class=\"_ _1\"></span>he applicable<span class=\"_ _1\"></span> accoun<span class=\"_ _1\"></span>ting standar<span class=\"_ _1\"></span>ds. Goodwill<span class=\"_ _1\"></span> (including co<span class=\"_ _1\"></span>st and ac<span class=\"_ _1\"></span>cumulat<span class=\"_ _1\"></span>ed<span class=\"_ _350\"> </span>im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent) is a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l gro<span class=\"_ _0\"></span>up us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve val<span class=\"_ _0\"></span>ue a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roac<span class=\"_ _0\"></span>h, u<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>ess a d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rent m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> better<span class=\"_ _1\"></span> reflects<span class=\"_ _1\"></span> goodwill as<span class=\"_ _1\"></span>socia<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> with t<span class=\"_ _1\"></span>he dis<span class=\"_ _1\"></span>posal.<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s hel<span class=\"_ _0\"></span>d for s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps ar<span class=\"_ _0\"></span>e sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y mea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ower of th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s cos<span class=\"_ _0\"></span>ts of d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l. I<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es on i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l cla<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>s he<span class=\"_ _0\"></span>ld for s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e, an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>nt ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es on r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue l<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s of di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>Income S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ement. Onc<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>assified a<span class=\"_ _1\"></span>s held<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> sale, in<span class=\"_ _1\"></span>tangible a<span class=\"_ _1\"></span>ssets<span class=\"_ _1\"></span> and property<span class=\"_ _1\"></span>, plan<span class=\"_ _1\"></span>t and<span class=\"_ _1\"></span> equipment<span class=\"_ _350\"> </span>are no<span class=\"_ _1\"></span> longer amortis<span class=\"_ _1\"></span>ed or de<span class=\"_ _1\"></span>precia<span class=\"_ _1\"></span>ted.<span class=\"_ _350\"> </span>Dispos<span class=\"_ _1\"></span>als o<span class=\"_ _1\"></span>f intangibl<span class=\"_ _1\"></span>e asse<span class=\"_ _1\"></span>ts and<span class=\"_ _1\"></span> subsidi<span class=\"_ _1\"></span>aries<span class=\"_ _350\"> </span>The financi<span class=\"_ _1\"></span>al performanc<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f sub<span class=\"_ _1\"></span>sidiaries<span class=\"_ _1\"></span> and bus<span class=\"_ _1\"></span>inesse<span class=\"_ _1\"></span>s are<span class=\"_ _1\"></span> included<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> consolid<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> Financial<span class=\"_ _1\"></span> Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts u<span class=\"_ _0\"></span>p to the p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt at w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p cease<span class=\"_ _0\"></span>s to have cont<span class=\"_ _0\"></span>rol ove<span class=\"_ _0\"></span>r that s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>y. In<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>ets n<span class=\"_ _0\"></span>ot di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>f thr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le of s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es in s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re tre<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt tha<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ce<span class=\"_ _0\"></span>ases to co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on (net of cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>) an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed as a g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n or l<span class=\"_ _0\"></span>oss i<span class=\"_ _0\"></span>n the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. A<span class=\"_ _0\"></span>ny am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>prev<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>at su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y or a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e gai<span class=\"_ _0\"></span>ns o<span class=\"_ _0\"></span>r loss<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>n forei<span class=\"_ _0\"></span>gn c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cy tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, a<span class=\"_ _0\"></span>re a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r as if t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly<span class=\"_ _350\"> </span>dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed of r<span class=\"_ _0\"></span>elate<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is res<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n a recl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s prev<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>oss o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d rel<span class=\"_ _0\"></span>ated b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t a par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of a c<span class=\"_ _0\"></span>ash g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng u<span class=\"_ _0\"></span>nit to w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch<span class=\"_ _350\"> </span>goodwill ha<span class=\"_ _1\"></span>s been<span class=\"_ _1\"></span> allocated,<span class=\"_ _1\"></span> goodwill i<span class=\"_ _1\"></span>s allocat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sing a<span class=\"_ _1\"></span> rela<span class=\"_ _1\"></span>tive<span class=\"_ _1\"></span> value<span class=\"_ _1\"></span> approach<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> the di<span class=\"_ _1\"></span>sposal<span class=\"_ _1\"></span> group,<span class=\"_ _1\"></span> unless<span class=\"_ _1\"></span> a diff<span class=\"_ _1\"></span>erent<span class=\"_ _1\"></span> method<span class=\"_ _1\"></span> bette<span class=\"_ _1\"></span>r re<span class=\"_ _1\"></span>flects goodwill a<span class=\"_ _1\"></span>ssocia<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> with<span class=\"_ _1\"></span> the di<span class=\"_ _1\"></span>sposal.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x ba<span class=\"_ _0\"></span>se wi<span class=\"_ _0\"></span>ll n<span class=\"_ _0\"></span>ot be t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> to the i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e not co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ad cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted o<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>x exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>Liquida<span class=\"_ _1\"></span>tion o<span class=\"_ _1\"></span>f sub<span class=\"_ _1\"></span>sidiaries<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up l<span class=\"_ _0\"></span>iq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>dates s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies t<span class=\"_ _0\"></span>hat a<span class=\"_ _0\"></span>re no l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>n ord<span class=\"_ _0\"></span>er to s<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span><span class=\"_ _350\">As p</span><span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>his p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up e<span class=\"_ _0\"></span>nsu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>ny ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to th<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y are r<span class=\"_ _0\"></span>eso<span class=\"_ _0\"></span>lved<span class=\"_ _0\"></span> befo<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. Any a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s pr<span class=\"_ _0\"></span>evio<span class=\"_ _0\"></span>usl<span class=\"_ _0\"></span>y rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e in r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of<span class=\"_ _350\"> </span><span class=\"_ _350\">that s</span><span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y, incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing exc<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>sses o<span class=\"_ _0\"></span>n fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, are r<span class=\"_ _0\"></span>ecl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ed to<span class=\"_ _350\"> </span>the Inc<span class=\"_ _1\"></span>ome St<span class=\"_ _1\"></span>atemen<span class=\"_ _1\"></span>t on<span class=\"_ _1\"></span> disposal<span class=\"_ _1\"></span> which<span class=\"_ _1\"></span> is<span class=\"_ _1\"></span> typically on<span class=\"_ _1\"></span> enter<span class=\"_ _1\"></span>ing liquida<span class=\"_ _1\"></span>tion. The<span class=\"_ _1\"></span> amounts pr<span class=\"_ _1\"></span>eviou<span class=\"_ _1\"></span>sly<span class=\"_ _350\"> </span>recogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> in ot<span class=\"_ _1\"></span>her c<span class=\"_ _1\"></span>omprehens<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> income<span class=\"_ _1\"></span> are<span class=\"_ _1\"></span> included<span class=\"_ _1\"></span> within ne<span class=\"_ _1\"></span>t financ<span class=\"_ _1\"></span>e (<span class=\"_ _14\"></span>expense<span class=\"_ _14\"></span>)/income in<span class=\"_ _1\"></span> the<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Non-controlling in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ests<span class=\"_ _350\"> </span>On an ac<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>ion-by<span class=\"_ _1\"></span>-ac<span class=\"_ _1\"></span>quisition<span class=\"_ _1\"></span> basi<span class=\"_ _1\"></span>s, the<span class=\"_ _1\"></span> non-controlling<span class=\"_ _1\"></span> int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span> is me<span class=\"_ _1\"></span>asured<span class=\"_ _1\"></span> at e<span class=\"_ _1\"></span>ither f<span class=\"_ _1\"></span>air value<span class=\"_ _1\"></span> or<span class=\"_ _350\"> </span><span class=\"_ _350\">a pro</span><span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>te sha<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>\u2019s ne<span class=\"_ _0\"></span>t asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Purc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>es of no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r as tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e own<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>refor<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>no g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l is reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d as a re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>t of su<span class=\"_ _0\"></span>ch tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Reven<span class=\"_ _0\"></span>ue fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le of p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t as an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span> pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ferr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>r se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce to the c<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er.<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t Revenu<span class=\"_ _0\"></span>e is d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>nvoice<span class=\"_ _0\"></span>d to ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rs d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as<span class=\"_ _350\"> </span>req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red by I<span class=\"_ _0\"></span>FR<span class=\"_ _0\"></span>S 1<span class=\"_ _0\"></span>5, g<span class=\"_ _0\"></span>ross s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es ne<span class=\"_ _0\"></span>t of tra<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s for cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t note<span class=\"_ _0\"></span>s, re<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>cons<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns us<span class=\"_ _0\"></span>ed to es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>it n<span class=\"_ _0\"></span>otes<span class=\"_ _0\"></span>, retu<span class=\"_ _0\"></span>rns a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> consumer<span class=\"_ _1\"></span> coupon<span class=\"_ _1\"></span>s are<span class=\"_ _1\"></span> monitor<span class=\"_ _1\"></span>ed and<span class=\"_ _1\"></span> adjusted<span class=\"_ _1\"></span> regularly<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> light<span class=\"_ _1\"></span> of c<span class=\"_ _1\"></span>ontractual<span class=\"_ _1\"></span> and legal<span class=\"_ _1\"></span> obligati<span class=\"_ _1\"></span>ons,<span class=\"_ _350\"> </span>historical tr<span class=\"_ _1\"></span>ends, past e<span class=\"_ _1\"></span>xperience and pr<span class=\"_ _1\"></span>ojected mark<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>onditions.<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d, w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>ts p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ril<span class=\"_ _0\"></span>y of cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r pr<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owan<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, pl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt/<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g fees a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> pro<span class=\"_ _0\"></span>mot<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owa<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span>, is g<span class=\"_ _0\"></span>overn<span class=\"_ _0\"></span>ed by s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es ag<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s (retail<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>and distribu<span class=\"_ _1\"></span>tors<span class=\"_ _14\"></span>). T<span class=\"_ _14\"></span>rade spend als<span class=\"_ _1\"></span>o include<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>imbursement ar<span class=\"_ _1\"></span>rangements under<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> Special<span class=\"_ _350\"> </span>Su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tal N<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Pro<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>am fo<span class=\"_ _0\"></span>r Wome<span class=\"_ _0\"></span>n, I<span class=\"_ _0\"></span>nfa<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d Chi<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>ren (<span class=\"_ _37\"></span>WI<span class=\"_ _0\"></span>C), p<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ble to t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve US<span class=\"_ _350\"> </span>st<span class=\"_ _0\"></span>ate W<span class=\"_ _0\"></span>IC a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Accru<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>ms of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to re<span class=\"_ _0\"></span>fle<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y l<span class=\"_ _0\"></span>evel an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s his<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>al ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese a<span class=\"_ _0\"></span>ccru<span class=\"_ _0\"></span>als a<span class=\"_ _0\"></span>re re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>V<span class=\"_ _1\"></span>alue-added<span class=\"_ _1\"></span> tax and<span class=\"_ _1\"></span> other<span class=\"_ _1\"></span> sales<span class=\"_ _1\"></span> taxe<span class=\"_ _1\"></span>s are<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cluded<span class=\"_ _1\"></span> from<span class=\"_ _1\"></span> Net Re<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>enue.<span class=\"_ _350\"> </span>Operating segmen<span class=\"_ _1\"></span>ts<span class=\"_ _350\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d in a m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r cons<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tent w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e Chi<span class=\"_ _0\"></span>ef<span class=\"_ _350\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng D<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n Ma<span class=\"_ _0\"></span>ker (C<span class=\"_ _1\"></span>OD<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>). Th<span class=\"_ _0\"></span>e COD<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>o is res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e for a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g res<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>rces an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>sess<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>performanc<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> operating<span class=\"_ _1\"></span> segments,<span class=\"_ _1\"></span> has<span class=\"_ _1\"></span> been iden<span class=\"_ _1\"></span>tified as<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> Group Ex<span class=\"_ _1\"></span>ecutiv<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>ommittee.<span class=\"_ _350\"> </span>Rese<span class=\"_ _1\"></span>arch<span class=\"_ _1\"></span> and de<span class=\"_ _1\"></span>velopmen<span class=\"_ _1\"></span>t<span class=\"_ _350\"> </span>Rese<span class=\"_ _0\"></span>arch ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ure is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch it is i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re is exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e year i<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich i<span class=\"_ _0\"></span>t is in<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d, u<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>ess i<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>ets t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>of I<span class=\"_ _0\"></span>AS 3<span class=\"_ _0\"></span>8 to be c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>hen a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed ove<span class=\"_ _0\"></span>r the u<span class=\"_ _0\"></span>sefu<span class=\"_ _0\"></span>l li<span class=\"_ _0\"></span>fe of th<span class=\"_ _0\"></span>e devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Income<span class=\"_ _1\"></span> tax<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x on t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me/(<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>) for th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ises c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>. In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>x is<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent exce<span class=\"_ _0\"></span>pt to th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat i<span class=\"_ _0\"></span>t rela<span class=\"_ _0\"></span>tes to ite<span class=\"_ _0\"></span>ms rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e or d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty, in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch cas<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e tax i<span class=\"_ _0\"></span>s als<span class=\"_ _0\"></span>o reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>comprehen<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> income<span class=\"_ _1\"></span> or dir<span class=\"_ _1\"></span>ectly in e<span class=\"_ _1\"></span>quity,<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>spectively<span class=\"_ _14\"></span>.<span class=\"_ _350\"> </span>Cur<span class=\"_ _0\"></span>rent t<span class=\"_ _0\"></span>ax is t<span class=\"_ _0\"></span>he ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted ta<span class=\"_ _0\"></span>x paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e on t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>xab<span class=\"_ _0\"></span>le i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e year, usi<span class=\"_ _0\"></span>ng ta<span class=\"_ _0\"></span>x ra<span class=\"_ _0\"></span>tes en<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ted o<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>sub<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>y en<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>n eac<span class=\"_ _0\"></span>h ju<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t date, a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>ny ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt to ta<span class=\"_ _0\"></span>x paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of prev<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>us yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax i<span class=\"_ _0\"></span>s prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n ful<span class=\"_ _0\"></span>l, u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d, o<span class=\"_ _0\"></span>n tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces a<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>tax b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s of ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax i<span class=\"_ _0\"></span>s not a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d for i<span class=\"_ _0\"></span>f it ar<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m the i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set o<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y in a<span class=\"_ _350\"> </span>tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n (other t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>n a bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n) that af<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>her a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g no<span class=\"_ _0\"></span>r tax<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span><span class=\"_ _350\">or l</span><span class=\"_ _0\"></span><span class=\"_ _350\">oss at t</span><span class=\"_ _0\"></span>hat ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>. Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>x rates (and l<span class=\"_ _0\"></span>aws) that have be<span class=\"_ _0\"></span>en e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d or<span class=\"_ _0\"></span> sub<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>y en<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span> or l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y is se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d. D<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d to the ex<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt tha<span class=\"_ _0\"></span>t it is p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>hat fu<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>tax<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>t wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h the te<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>es ca<span class=\"_ _0\"></span>n be u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax i<span class=\"_ _0\"></span>s prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n temp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n subs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s except w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>the i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tor is a<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to cont<span class=\"_ _0\"></span>rol t<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of the r<span class=\"_ _0\"></span>evers<span class=\"_ _0\"></span>al of th<span class=\"_ _0\"></span>e tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nces a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>t is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>that t<span class=\"_ _0\"></span>he te<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e wil<span class=\"_ _0\"></span>l no<span class=\"_ _0\"></span>t revers<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e fore<span class=\"_ _0\"></span>see<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fu<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re.<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax j<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>sdi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n are o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fset w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>ere is a l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly<span class=\"_ _350\"> </span>enfo<span class=\"_ _0\"></span>rcea<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e rig<span class=\"_ _0\"></span>ht to of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ere th<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e is an i<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>to set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e the<span class=\"_ _0\"></span>se ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>n a ne<span class=\"_ _0\"></span>t basi<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>Goodwill and o<span class=\"_ _1\"></span>ther in<span class=\"_ _1\"></span>tangible a<span class=\"_ _1\"></span>ssets<span class=\"_ _350\"> </span>(i) Goodwill<span class=\"_ _350\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll is a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ash g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng u<span class=\"_ _0\"></span>nit (CGU<span class=\"_ _0\"></span>), o<span class=\"_ _0\"></span>r gro<span class=\"_ _0\"></span>up of CG<span class=\"_ _0\"></span>Us (GCG<span class=\"_ _0\"></span>U)<span class=\"_ _0\"></span>, to whi<span class=\"_ _0\"></span>ch it r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tes an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>is tes<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>ly fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. G<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l is ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d at cos<span class=\"_ _0\"></span>t les<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt lo<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>(ii) Brand<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>Se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>atel<span class=\"_ _0\"></span>y acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s are s<span class=\"_ _0\"></span>how<span class=\"_ _0\"></span>n at cos<span class=\"_ _0\"></span>t le<span class=\"_ _0\"></span>ss acc<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. B<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds<span class=\"_ _350\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of a b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d that a<span class=\"_ _0\"></span>re se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e, are r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir<span class=\"_ _350\"> </span>val<span class=\"_ _0\"></span>ue a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed over t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>ir us<span class=\"_ _0\"></span>efu<span class=\"_ _0\"></span>l eco<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>c li<span class=\"_ _0\"></span>fe as dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date (up to 20<span class=\"_ _0\"></span> year<span class=\"_ _0\"></span>s), except wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>fe is dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed as b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te.<span class=\"_ _350\"> </span>Applying indefinit<span class=\"_ _1\"></span>e liv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> certain ac<span class=\"_ _1\"></span>quired<span class=\"_ _1\"></span> brands i<span class=\"_ _1\"></span>s appropri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> due t<span class=\"_ _1\"></span>o the<span class=\"_ _1\"></span> stable long-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>erm na<span class=\"_ _1\"></span>ture<span class=\"_ _1\"></span> of<span class=\"_ _350\"> </span>the b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng n<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. A core e<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>y is to inves<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span><span class=\"_ _350\">in </span><span class=\"_ _1\"></span>building its<span class=\"_ _1\"></span> brands t<span class=\"_ _1\"></span>hrough an<span class=\"_ _1\"></span> ongoing pr<span class=\"_ _1\"></span>ogramme of<span class=\"_ _1\"></span> product inno<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>ion and<span class=\"_ _1\"></span> continuing<span class=\"_ _1\"></span> mark<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ing<span class=\"_ _350\"> </span>inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. W<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up, a b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es an a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent of b<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d mo<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>novat<span class=\"_ _0\"></span>ive p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. B<span class=\"_ _0\"></span>oth co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ute to th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng n<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>se pr<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ts e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm p<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g of th<span class=\"_ _0\"></span>e br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e a su<span class=\"_ _0\"></span>ccess<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of in<span class=\"_ _0\"></span>nova<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns at<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g cons<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d at<span class=\"_ _0\"></span>tent<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n. I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te li<span class=\"_ _0\"></span>fe br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds are a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to t<span class=\"_ _0\"></span>he CG<span class=\"_ _0\"></span>Us or G<span class=\"_ _0\"></span>CG<span class=\"_ _0\"></span>Us to wh<span class=\"_ _0\"></span>ich t<span class=\"_ _0\"></span>hey re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span><span class=\"_ _350\">d are tes</span><span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y for i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The D<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s als<span class=\"_ _0\"></span>o revi<span class=\"_ _0\"></span>ew the u<span class=\"_ _0\"></span>sef<span class=\"_ _0\"></span>ul e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic l<span class=\"_ _0\"></span>ife of b<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lly, to ens<span class=\"_ _0\"></span>ure t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>ese l<span class=\"_ _0\"></span>ives a<span class=\"_ _0\"></span>re s<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ll<span class=\"_ _350\"> </span>ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate. I<span class=\"_ _0\"></span>f a b<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>d is co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red to h<span class=\"_ _0\"></span>ave a fin<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>fe, it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>s am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed ove<span class=\"_ _0\"></span>r its r<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>estima<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> usefu<span class=\"_ _1\"></span>l economi<span class=\"_ _1\"></span>c lif<span class=\"_ _1\"></span>e.<span class=\"_ _350\"> </span>(iii) So<span class=\"_ _1\"></span>ftware<span class=\"_ _350\"> </span>E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ure re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g to the a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span>r sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d sy<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ms are c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>sed a<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>cos<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n a st<span class=\"_ _0\"></span>rai<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-l<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is over a pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od of s<span class=\"_ _0\"></span>even year<span class=\"_ _0\"></span>s for s<span class=\"_ _0\"></span>ys<span class=\"_ _0\"></span>tems a<span class=\"_ _0\"></span>nd fi<span class=\"_ _0\"></span>ve<span class=\"_ _350\"> </span>year<span class=\"_ _0\"></span>s or l<span class=\"_ _0\"></span>ess fo<span class=\"_ _0\"></span>r al<span class=\"_ _0\"></span>l oth<span class=\"_ _0\"></span>er sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>re l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>(iv)<span class=\"_ _1\"></span> Distribution rights<span class=\"_ _350\"> </span>Paymen<span class=\"_ _1\"></span>ts made<span class=\"_ _1\"></span> in r<span class=\"_ _1\"></span>espect of<span class=\"_ _1\"></span> product r<span class=\"_ _1\"></span>egistration,<span class=\"_ _1\"></span> acquir<span class=\"_ _1\"></span>ed and r<span class=\"_ _1\"></span>eac<span class=\"_ _1\"></span>quired di<span class=\"_ _1\"></span>stribution<span class=\"_ _1\"></span> rights ar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span>capitalis<span class=\"_ _1\"></span>ed where<span class=\"_ _1\"></span> the r<span class=\"_ _1\"></span>ights c<span class=\"_ _1\"></span>omply with<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> abov<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>equirements<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>ognition o<span class=\"_ _1\"></span>f ac<span class=\"_ _1\"></span>quired br<span class=\"_ _1\"></span>ands.<span class=\"_ _350\"> </span><span class=\"_ _350\">If th</span><span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>r dis<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hts a<span class=\"_ _0\"></span>re for a d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ed ti<span class=\"_ _0\"></span>me p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>set is a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> over tha<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>. If n<span class=\"_ _0\"></span>o tim<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od is d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, the i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset i<span class=\"_ _0\"></span>s trea<span class=\"_ _0\"></span>ted in t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e way as<span class=\"_ _350\"> </span>acquir<span class=\"_ _1\"></span><span class=\"_ _350\">ed brand</span><span class=\"_ _1\"></span>s.<span class=\"_ _350\"> </span>(v) C<span class=\"_ _0\"></span>us<span class=\"_ _37\"></span>to<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>Acqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s are c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>sed a<span class=\"_ _0\"></span>t cos<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n a s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ht-lin<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is<span class=\"_ _350\"> </span>over th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>(<span class=\"_ _1\"></span>vi) Cust<span class=\"_ _1\"></span>omer rel<span class=\"_ _1\"></span>ationships<span class=\"_ _350\"> </span>Cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>ps a<span class=\"_ _0\"></span>re sh<span class=\"_ _0\"></span>own at co<span class=\"_ _0\"></span>st l<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> rela<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ps acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f a bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d that a<span class=\"_ _0\"></span>re se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e, ar<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d over th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r usef<span class=\"_ _0\"></span>ul e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic l<span class=\"_ _0\"></span>ife as d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> date (up to 1<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s).<span class=\"_ _350\"> </span>(<span class=\"_ _1\"></span>vii) Ac<span class=\"_ _1\"></span>quired<span class=\"_ _1\"></span> intel<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ectual pr<span class=\"_ _1\"></span>operty<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>tell<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>hat a<span class=\"_ _0\"></span>re se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>atel<span class=\"_ _0\"></span>y id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d over th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r usef<span class=\"_ _0\"></span>ul e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic l<span class=\"_ _0\"></span>ife as d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> date (up to 20 yea<span class=\"_ _0\"></span>rs).<span class=\"_ _350\"> </span>Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets i<span class=\"_ _0\"></span>n (<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) to (vii<span class=\"_ _0\"></span>) is ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>st of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds s<span class=\"_ _0\"></span>old o<span class=\"_ _0\"></span>r n<span class=\"_ _0\"></span>et op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng ex<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span> de<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e use o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Property<span class=\"_ _1\"></span>, plan<span class=\"_ _1\"></span>t and e<span class=\"_ _1\"></span>quipment<span class=\"_ _350\"> </span>Prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, pla<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t is s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>d at cos<span class=\"_ _0\"></span>t les<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted d<span class=\"_ _0\"></span>epr<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span><span class=\"_ _350\">th th</span><span class=\"_ _0\"></span><span class=\"_ _350\">e except</span><span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f fre<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d, w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch is s<span class=\"_ _0\"></span>how<span class=\"_ _0\"></span>n at cos<span class=\"_ _0\"></span>t les<span class=\"_ _0\"></span>s im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. Cos<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span><span class=\"_ _350\">that i</span><span class=\"_ _0\"></span><span class=\"_ _350\">s di</span><span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y at<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to the a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>. E<span class=\"_ _0\"></span>xcept fo<span class=\"_ _0\"></span>r fre<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>d lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>ets u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, pla<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d on a s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ght-li<span class=\"_ _0\"></span>ne b<span class=\"_ _0\"></span>asis ove<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span> pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul l<span class=\"_ _0\"></span>ife of th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>. For t<span class=\"_ _0\"></span>his p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e, exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ves are d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>the f<span class=\"_ _1\"></span>ollowing<span class=\"_ _1\"></span> limits:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">fre<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>ild<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>: not m<span class=\"_ _0\"></span>ore t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>n 50 yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">lea<span class=\"_ _0\"></span>seh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>d la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs: t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>r of 5<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s or t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ife of th<span class=\"_ _0\"></span>e le<span class=\"_ _0\"></span>ase; a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">own<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>: no<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>re tha<span class=\"_ _0\"></span>n 1<span class=\"_ _0\"></span>5 year<span class=\"_ _0\"></span>s (ex<span class=\"_ _1\"></span>cept fo<span class=\"_ _0\"></span>r env<span class=\"_ _0\"></span>iro<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tal a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d sp<span class=\"_ _0\"></span>ray d<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yer<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></span>wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re no<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>re tha<span class=\"_ _0\"></span>n 3<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s).<span class=\"_ _350\"> </span>In general,<span class=\"_ _1\"></span> production plan<span class=\"_ _1\"></span>t and<span class=\"_ _1\"></span> equipment and<span class=\"_ _1\"></span> office equipmen<span class=\"_ _1\"></span>t are<span class=\"_ _1\"></span> deprec<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span> 10 years<span class=\"_ _1\"></span> or le<span class=\"_ _1\"></span>ss<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d moto<span class=\"_ _0\"></span>r veh<span class=\"_ _0\"></span>icl<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ter e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt over 5 yea<span class=\"_ _0\"></span>rs o<span class=\"_ _0\"></span>r les<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s\u2019 res<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l val<span class=\"_ _0\"></span>ues a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>sef<span class=\"_ _0\"></span>ul l<span class=\"_ _0\"></span>ives a<span class=\"_ _0\"></span>re revi<span class=\"_ _0\"></span>ewed<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d if n<span class=\"_ _0\"></span>eces<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y, at each Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>date. P<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, pla<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t is revi<span class=\"_ _0\"></span>ewed for i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>f event<span class=\"_ _0\"></span>s or ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n cir<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cate th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt may n<span class=\"_ _0\"></span>ot be a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ate. Fre<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>d la<span class=\"_ _0\"></span>nd is rev<span class=\"_ _0\"></span>iewe<span class=\"_ _0\"></span>d for i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt on<span class=\"_ _0\"></span> an annual<span class=\"_ _1\"></span> basi<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>Gains and<span class=\"_ _1\"></span> loss<span class=\"_ _1\"></span>es on<span class=\"_ _1\"></span> the di<span class=\"_ _1\"></span>sposal<span class=\"_ _1\"></span> of pr<span class=\"_ _1\"></span>operty,<span class=\"_ _1\"></span> plant and<span class=\"_ _1\"></span> equipment<span class=\"_ _1\"></span> are<span class=\"_ _1\"></span> deter<span class=\"_ _1\"></span>mined by<span class=\"_ _1\"></span> compar<span class=\"_ _1\"></span>ing the<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u2019s ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h any sa<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Leases<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us l<span class=\"_ _0\"></span>ease a<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r bu<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs (suc<span class=\"_ _0\"></span>h as of<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d wa<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ses), car<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>T an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>oth<span class=\"_ _0\"></span>er eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. Lea<span class=\"_ _0\"></span>se ter<span class=\"_ _0\"></span>ms a<span class=\"_ _0\"></span>re ne<span class=\"_ _0\"></span>got<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>is lo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to do<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>c ru<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. At the i<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on of a l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>es wh<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>nveys<span class=\"_ _350\"> </span>the r<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ht to co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e use of a<span class=\"_ _0\"></span>n id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t for a cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge fo<span class=\"_ _0\"></span>r cons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich c<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>t is id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s a lea<span class=\"_ _0\"></span>se. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>es a ri<span class=\"_ _0\"></span>ght o<span class=\"_ _0\"></span>f use as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>nd a co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g le<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span> lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to a<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>ease a<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich i<span class=\"_ _0\"></span>t is th<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>e, excep<span class=\"_ _0\"></span>t for sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term l<span class=\"_ _0\"></span>eases<span class=\"_ _0\"></span> (<span class=\"_ _1\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s lea<span class=\"_ _0\"></span>ses w<span class=\"_ _0\"></span>ith a l<span class=\"_ _0\"></span>ease te<span class=\"_ _0\"></span>rm of 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nth<span class=\"_ _0\"></span>s or l<span class=\"_ _0\"></span>ess) and l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>es of low va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s. Low va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e le<span class=\"_ _0\"></span>ases<span class=\"_ _0\"></span> are t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h an u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t val<span class=\"_ _0\"></span>ue of U<span class=\"_ _0\"></span>SD 5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0 or le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>. For t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>s an o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse o<span class=\"_ _0\"></span>n a s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ht-lin<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is over th<span class=\"_ _0\"></span>e ter<span class=\"_ _0\"></span>m of th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Ri<span class=\"_ _0\"></span>ght of u<span class=\"_ _0\"></span>se as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>At comm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t date, r<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ht of us<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ises t<span class=\"_ _0\"></span>he fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">the i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f the l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty<span class=\"_ _0\"></span>;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">pre<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>efore co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t date of t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ease;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">in<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s; a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls6d ws9c\">costs to res<span class=\"_ _0\"></span>tore.<span class=\"_ _350\"> </span></span>Su<span class=\"_ _0\"></span>bseq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>nt to in<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ht of us<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted on a s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ght-li<span class=\"_ _0\"></span>ne b<span class=\"_ _0\"></span>asis ove<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span> du<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>. R<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>t of use a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>d for i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span>rs of i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>are pres<span class=\"_ _0\"></span>ent.<span class=\"_ _350\"> </span>Lea<span class=\"_ _1\"></span>se liabiliti<span class=\"_ _1\"></span>es<span class=\"_ _350\"> </span>At comm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t date, l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s are m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t val<span class=\"_ _0\"></span>ue of l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot yet<span class=\"_ _350\"> </span>paid inc<span class=\"_ _1\"></span>luding:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls7b wsc\">fixed p<span class=\"_ _1\"></span>ayments<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cluding le<span class=\"_ _1\"></span>ase inc<span class=\"_ _1\"></span>entiv<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>eivables;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls2f ws2e\">futur<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tractually<span class=\"_ _1\"></span> agreed<span class=\"_ _1\"></span> fixed<span class=\"_ _1\"></span> incre<span class=\"_ _1\"></span>ases<span class=\"_ _1\"></span>; and<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to ren<span class=\"_ _0\"></span>ewal<span class=\"_ _0\"></span>s or ea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>en o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons to re<span class=\"_ _0\"></span>new o<span class=\"_ _0\"></span>r for ea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y ter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span></span>reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>y cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain to b<span class=\"_ _0\"></span>e exerc<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d.<span class=\"_ _350\"> </span>Su<span class=\"_ _0\"></span>bseq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>nt to in<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d by the i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s on t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed by l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>. Lease l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d are r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red to a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt fo<span class=\"_ _0\"></span>r revis<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span>future<span class=\"_ _1\"></span> paymen<span class=\"_ _1\"></span>ts.<span class=\"_ _350\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of ass<span class=\"_ _0\"></span>ets<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s that h<span class=\"_ _0\"></span>ave ind<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te li<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>, are tes<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt at th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>level w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re cas<span class=\"_ _0\"></span>h fl<span class=\"_ _0\"></span>ows are co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red to b<span class=\"_ _0\"></span>e la<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nt. T<span class=\"_ _0\"></span>his te<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g is pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d at ei<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>CGU o<span class=\"_ _0\"></span>r GCG<span class=\"_ _0\"></span>U level<span class=\"_ _0\"></span>. Al<span class=\"_ _0\"></span>l CGU<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d GCG<span class=\"_ _0\"></span>Us a<span class=\"_ _0\"></span>re tes<span class=\"_ _0\"></span>ted for i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>re is a<span class=\"_ _0\"></span>n event o<span class=\"_ _0\"></span>r circ<span class=\"_ _0\"></span>ums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>that i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ates th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue may n<span class=\"_ _0\"></span>ot b<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>. If t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e exceed<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t an i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt l<span class=\"_ _0\"></span>oss is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>is th<span class=\"_ _0\"></span>e hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>er of th<span class=\"_ _0\"></span>e CGU<span class=\"_ _0\"></span>\u2019s o<span class=\"_ _0\"></span>r G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>\u2019s va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-u<span class=\"_ _0\"></span>se an<span class=\"_ _0\"></span>d it<span class=\"_ _0\"></span>s fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s cos<span class=\"_ _0\"></span>ts of d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l.<span class=\"_ _350\"> </span>Value<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e is ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to th<span class=\"_ _0\"></span>e fut<span class=\"_ _0\"></span>ure a<span class=\"_ _0\"></span>nd te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l cas<span class=\"_ _0\"></span>h fl<span class=\"_ _0\"></span>ows exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to b<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d by eac<span class=\"_ _0\"></span>h CGU or G<span class=\"_ _0\"></span>CGU (or g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p of ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows are n<span class=\"_ _0\"></span>ot i<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to spe<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span> ass<span class=\"_ _0\"></span>ets). The d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rates u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t revi<span class=\"_ _0\"></span>ews are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on we<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t of<span class=\"_ _350\"> </span>ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (<span class=\"_ _0\"></span>WAC<span class=\"_ _1\"></span>C) sp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>c to ea<span class=\"_ _0\"></span>ch CGU a<span class=\"_ _0\"></span>nd G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>, wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e WA<span class=\"_ _1\"></span>CC conver<span class=\"_ _0\"></span>ted to t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>re-ta<span class=\"_ _0\"></span>x ra<span class=\"_ _0\"></span>tes.<span class=\"_ _350\"> </span>Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s cos<span class=\"_ _0\"></span>ts of d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l is ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h flow a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roa<span class=\"_ _0\"></span>ch pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>red o<span class=\"_ _0\"></span>n a<span class=\"_ _350\"> </span>mar<span class=\"_ _0\"></span>ket par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>t bas<span class=\"_ _0\"></span>is, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h a pos<span class=\"_ _0\"></span>t-tax dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt ra<span class=\"_ _0\"></span>te ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ied to p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ris<span class=\"_ _0\"></span>k<span class=\"_ _1\"></span>-ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d pos<span class=\"_ _0\"></span>t-tax cas<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>flows<span class=\"_ _1\"></span> and t<span class=\"_ _1\"></span>erminal<span class=\"_ _1\"></span> value.<span class=\"_ _350\"> </span>Inven<span class=\"_ _1\"></span>tories<span class=\"_ _350\"> </span>Inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e lower o<span class=\"_ _0\"></span>f cost a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>et re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>le v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue. C<span class=\"_ _0\"></span>ost co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ses ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>als<span class=\"_ _0\"></span>, d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t lab<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>and an<span class=\"_ _1\"></span> appropriat<span class=\"_ _1\"></span>e portion<span class=\"_ _1\"></span> of o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>erhead e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>s (ba<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> normal opera<span class=\"_ _1\"></span>ting cap<span class=\"_ _1\"></span>acity)<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o get<span class=\"_ _350\"> </span>the i<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y to it<span class=\"_ _0\"></span>s pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t lo<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n. I<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n is d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n a fi<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>, fi<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>t ou<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>(FIFO)<span class=\"_ _1\"></span> basis.<span class=\"_ _1\"></span> Net re<span class=\"_ _1\"></span>alisable v<span class=\"_ _1\"></span>alue repr<span class=\"_ _1\"></span>esents<span class=\"_ _1\"></span> the estim<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> selling pric<span class=\"_ _1\"></span>e less<span class=\"_ _1\"></span> applicable s<span class=\"_ _1\"></span>elling expen<span class=\"_ _1\"></span>ses.<span class=\"_ _350\"> </span>T<span class=\"_ _14\"></span>rade and other<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>eivables<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>ess tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>costs<span class=\"_ _1\"></span> and sub<span class=\"_ _1\"></span>sequently<span class=\"_ _1\"></span> held a<span class=\"_ _1\"></span>t amortised<span class=\"_ _1\"></span> cost,<span class=\"_ _1\"></span> less pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>sion f<span class=\"_ _1\"></span>or di<span class=\"_ _1\"></span>scounts<span class=\"_ _1\"></span> and doub<span class=\"_ _1\"></span>tful debts.<span class=\"_ _350\"> </span>Al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d by revi<span class=\"_ _0\"></span>ewin<span class=\"_ _0\"></span>g li<span class=\"_ _0\"></span>feti<span class=\"_ _0\"></span>me ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>ses us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g his<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>ic a<span class=\"_ _0\"></span>nd fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd-<span class=\"_ _350\"> </span>lo<span class=\"_ _0\"></span>oki<span class=\"_ _0\"></span>ng d<span class=\"_ _0\"></span>ata o<span class=\"_ _0\"></span>n cre<span class=\"_ _0\"></span>dit r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>T<span class=\"_ _14\"></span>rade and other<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>yables<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d at fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>subsequently<span class=\"_ _1\"></span> carried at amortised c<span class=\"_ _1\"></span>ost.<span class=\"_ _350\"> </span>Cash<span class=\"_ _1\"></span> and cash<span class=\"_ _1\"></span> equivalen<span class=\"_ _1\"></span>ts<span class=\"_ _350\"> </span>Cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise c<span class=\"_ _0\"></span>ash b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts wi<span class=\"_ _0\"></span>th a m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of l<span class=\"_ _0\"></span>ess t<span class=\"_ _0\"></span>han t<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>months<span class=\"_ _1\"></span> when depo<span class=\"_ _1\"></span>sited.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e Cas<span class=\"_ _0\"></span>h Flow Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>nk over<span class=\"_ _0\"></span>dra<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at for<span class=\"_ _0\"></span>m an i<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s<span class=\"_ _350\"> </span>cas<span class=\"_ _0\"></span>h man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re rep<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, are i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d as a com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>nt of c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span> equivalents.<span class=\"_ _1\"></span> Bank o<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rdrafts ar<span class=\"_ _1\"></span>e included<span class=\"_ _1\"></span> within<span class=\"_ _1\"></span> short-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>erm borr<span class=\"_ _1\"></span>owings<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> Balanc<span class=\"_ _1\"></span>e Sheet<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>Borrowi<span class=\"_ _1\"></span>ngs<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t-bea<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ngs a<span class=\"_ _0\"></span>re re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>lly a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue l<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re pe<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ted by I<span class=\"_ _0\"></span>FR<span class=\"_ _0\"></span>S 9<span class=\"_ _1\"></span>, any<span class=\"_ _350\"> </span>directly a<span class=\"_ _1\"></span>ttributable t<span class=\"_ _1\"></span>ransaction c<span class=\"_ _1\"></span>osts. Sub<span class=\"_ _1\"></span>sequent<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> initial<span class=\"_ _1\"></span> recognit<span class=\"_ _1\"></span>ion, int<span class=\"_ _1\"></span>erest<span class=\"_ _14\"></span>-bearing borro<span class=\"_ _1\"></span>wings<span class=\"_ _1\"></span> are<span class=\"_ _350\"> </span>st<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>t am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed c<span class=\"_ _0\"></span>ost w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h any d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n cos<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d red<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span> the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt over th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od of th<span class=\"_ _0\"></span>e b<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>gs o<span class=\"_ _0\"></span>n an ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tive i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Cas<span class=\"_ _0\"></span>h flows r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ar<span class=\"_ _0\"></span>e pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>. Pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of<span class=\"_ _350\"> </span>pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s are p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d as fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d gr<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>, except fo<span class=\"_ _0\"></span>r bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span>th mat<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of l<span class=\"_ _0\"></span>ess th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e mo<span class=\"_ _0\"></span>nths (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al pa<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r), wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re pr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nted n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> and hedging activity<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up m<span class=\"_ _0\"></span>ay use d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ives to m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>ts ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ures to fl<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d fore<span class=\"_ _0\"></span>ign exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span> rates<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e ini<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>ate th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t is ente<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>nto<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span><span class=\"_ _350\">d are s</span><span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tly re<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>ir fa<span class=\"_ _0\"></span>ir v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue. T<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od of r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g gai<span class=\"_ _0\"></span>n or l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span> de<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ive is d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d as a h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, if s<span class=\"_ _0\"></span>o, th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>item<span class=\"_ _1\"></span> being<span class=\"_ _1\"></span> hedged.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>At the in<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n of d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ted he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>ps<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s ris<span class=\"_ _0\"></span>k ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>objective<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> strategy<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> undertaking v<span class=\"_ _1\"></span>arious hedging<span class=\"_ _1\"></span> trans<span class=\"_ _1\"></span>actions. The<span class=\"_ _1\"></span> Group als<span class=\"_ _1\"></span>o documents<span class=\"_ _1\"></span> its<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t, b<span class=\"_ _0\"></span>oth a<span class=\"_ _0\"></span>t he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>cept<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n on<span class=\"_ _0\"></span>goi<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s, of w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ves tha<span class=\"_ _0\"></span>t are us<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> in h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hl<span class=\"_ _0\"></span>y ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve in of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n cas<span class=\"_ _0\"></span>h flows o<span class=\"_ _0\"></span>r fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>es of he<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>ite<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ates cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ves as ei<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es of a pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ar ri<span class=\"_ _0\"></span>sk as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th a re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span>set o<span class=\"_ _0\"></span>r lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or a hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span></span>transaction<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>cash<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span> hedges<span class=\"_ _14\"></span>); or<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s or li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es or a fi<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>m com<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt (fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es).<span class=\"_ _350\"> </span></span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ives d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ed as ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges<span class=\"_ _350\"> </span>The e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve por<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ives t<span class=\"_ _0\"></span>hat a<span class=\"_ _0\"></span>re des<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y as c<span class=\"_ _0\"></span>ash<span class=\"_ _350\"> </span>flow<span class=\"_ _1\"></span> hedges i<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ecognis<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> other<span class=\"_ _1\"></span> compre<span class=\"_ _1\"></span>hensiv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ome and<span class=\"_ _1\"></span> accumul<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> in t<span class=\"_ _1\"></span>he hedging<span class=\"_ _1\"></span> res<span class=\"_ _1\"></span>erve.<span class=\"_ _350\"> </span><span class=\"_ _350\">Any g</span><span class=\"_ _0\"></span>ain o<span class=\"_ _0\"></span>r lo<span class=\"_ _0\"></span>ss rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng to t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on is r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>tely i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tly re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f a no<span class=\"_ _0\"></span>n-fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>tem<span class=\"_ _350\"> </span>suc<span class=\"_ _0\"></span>h as inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y, the a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t acc<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted in t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he cos<span class=\"_ _0\"></span>t of h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _350\">is in</span><span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l cos<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l item w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n it is r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d. F<span class=\"_ _0\"></span>or a<span class=\"_ _0\"></span>ll ot<span class=\"_ _0\"></span>her<span class=\"_ _0\"></span> tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s accu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ve a<span class=\"_ _0\"></span>re rec<span class=\"_ _0\"></span>ycl<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span><span class=\"_ _350\">in th</span><span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od (or pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds) whe<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>tem af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>If th<span class=\"_ _0\"></span>e h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge n<span class=\"_ _0\"></span>o lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>er m<span class=\"_ _0\"></span>eet<span class=\"_ _0\"></span>s the c<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>a for he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>r the h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s sol<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, expi<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>is ter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d, o<span class=\"_ _0\"></span>r is exerc<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g is di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>rosp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y. The am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at<span class=\"_ _350\"> </span><span class=\"_ _350\">has b</span><span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n accu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted in t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ins i<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty u<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>l it is e<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span><span class=\"_ _350\">of a no</span><span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l item o<span class=\"_ _0\"></span>r re<span class=\"_ _0\"></span>cycl<span class=\"_ _0\"></span>ed to t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ives d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ed as fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>re use<span class=\"_ _0\"></span>d to ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>/or in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t r<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>ks to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span><span class=\"_ _350\">of cer</span><span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d. Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t, to<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r wi<span class=\"_ _0\"></span>th any c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span>set o<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y that a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to the h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d ris<span class=\"_ _0\"></span>k. I<span class=\"_ _0\"></span>f su<span class=\"_ _0\"></span>ch a he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p no l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>a,<span class=\"_ _0\"></span> fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s on t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ive co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e to be ta<span class=\"_ _0\"></span>ken to the I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e any fa<span class=\"_ _0\"></span>ir<span class=\"_ _350\"> </span>val<span class=\"_ _0\"></span>ue a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>de to th<span class=\"_ _0\"></span>e un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d item to t<span class=\"_ _0\"></span>hat da<span class=\"_ _0\"></span>te are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t over it<span class=\"_ _0\"></span>s rem<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g li<span class=\"_ _0\"></span>fe usi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t r<span class=\"_ _0\"></span>ate met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d.<span class=\"_ _350\"> </span>Cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>he fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of a<span class=\"_ _0\"></span>ny der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t do n<span class=\"_ _0\"></span>ot qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y for h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g are<span class=\"_ _0\"></span> recogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> immediat<span class=\"_ _1\"></span>ely in<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> Income S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ement.<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges<span class=\"_ _350\"> </span>Ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es on t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d as h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges of t<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>et inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n forei<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span> op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n othe<span class=\"_ _0\"></span>r co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me to th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>p is<span class=\"_ _350\"> </span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve. Ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>ccum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fore<span class=\"_ _0\"></span>ign c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sla<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve are r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ycle<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed of.<span class=\"_ _350\"> </span>Equity investments<span class=\"_ _350\"> </span>Equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ar<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t are n<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r he<span class=\"_ _0\"></span>ld fo<span class=\"_ _0\"></span>r tra<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng n<span class=\"_ _0\"></span>or c<span class=\"_ _0\"></span>lass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d as inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span> subsidiar<span class=\"_ _0\"></span>ies, associates or joint arrange<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>. Subsequent to their initial recogniti<span class=\"_ _0\"></span>on, equi<span class=\"_ _0\"></span>ty investments<span class=\"_ _350\"> </span>are s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e. Ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g from s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>nt cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>r in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e on a c<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>by-c<span class=\"_ _0\"></span>ase b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Accum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ated g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>sses i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e are n<span class=\"_ _0\"></span>ot re<span class=\"_ _0\"></span>cycl<span class=\"_ _0\"></span>ed to t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span> Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. D<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ds fro<span class=\"_ _0\"></span>m oth<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _350\"> </span>Investme<span class=\"_ _0\"></span>nt in associates<span class=\"_ _350\"> </span>Inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts in a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes are a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d for us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. An a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te is an e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ty ove<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has s<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e, be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e power to p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pate in t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nveste<span class=\"_ _0\"></span>e\u2019s fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> operating<span class=\"_ _1\"></span> policy deci<span class=\"_ _1\"></span>sions<span class=\"_ _1\"></span> without c<span class=\"_ _1\"></span>ontr<span class=\"_ _1\"></span>ol or j<span class=\"_ _1\"></span>oint c<span class=\"_ _1\"></span>ontrol.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iates a<span class=\"_ _0\"></span>re st<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>eet a<span class=\"_ _0\"></span>t cos<span class=\"_ _0\"></span>t, a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted for t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>in th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>eir n<span class=\"_ _0\"></span>et as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>ax<span class=\"_ _350\"> </span><span class=\"_ _350\">of ass</span><span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates is i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d pro<span class=\"_ _0\"></span>fit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>axa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. Un<span class=\"_ _0\"></span>rea<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p pro<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>or l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re of<span class=\"_ _0\"></span>fse<span class=\"_ _0\"></span>t aga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>st t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt on a p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>-r<span class=\"_ _0\"></span>ata ba<span class=\"_ _0\"></span>sis<span class=\"_ _350\"> </span>during c<span class=\"_ _1\"></span>onsolidat<span class=\"_ _1\"></span>ion, if m<span class=\"_ _1\"></span>ater<span class=\"_ _1\"></span>ial.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re of los<span class=\"_ _0\"></span>ses exce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s its i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t in an a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te, th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es not r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _350\"> </span>fur<span class=\"_ _37\"></span>the<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>, un<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss it h<span class=\"_ _0\"></span>as in<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s or ma<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s on b<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>alf o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te.<span class=\"_ _350\"> </span>The F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span><span class=\"_ _350\">in a</span><span class=\"_ _0\"></span>ccord<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th u<span class=\"_ _0\"></span>nifo<span class=\"_ _0\"></span>rm a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>ods t<span class=\"_ _0\"></span>hro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ut th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p.<span class=\"_ _350\"> </span>Emp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>are s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>tives i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e form o<span class=\"_ _0\"></span>f sha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>re prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed to e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>es un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l awa<span class=\"_ _0\"></span>rd<span class=\"_ _350\"> </span>schemes<span class=\"_ _1\"></span> ve<span class=\"_ _1\"></span>sted i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ordanc<span class=\"_ _1\"></span>e with<span class=\"_ _1\"></span> non-mark<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span> condition<span class=\"_ _1\"></span>s.<span class=\"_ _350\"> </span>The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e gr<span class=\"_ _0\"></span>ant d<span class=\"_ _0\"></span>ate of th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y-set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re-<span class=\"_ _0\"></span>bas<span class=\"_ _0\"></span>ed pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s is exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> <span class=\"_ _350\">on a s</span><span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht-li<span class=\"_ _0\"></span>ne ba<span class=\"_ _0\"></span>sis over t<span class=\"_ _0\"></span>he ves<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate of e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span> <span class=\"_ _350\">that w</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l event<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>ly ves<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. At each B<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et da<span class=\"_ _0\"></span>te, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p revis<span class=\"_ _0\"></span>es it<span class=\"_ _0\"></span>s es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate of th<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> <span class=\"_ _350\">of eq</span><span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to ves<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>f any,<span class=\"_ _350\"> </span><span class=\"_ _350\">is rec</span><span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span><span class=\"_ _350\">ed in t</span><span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse re<span class=\"_ _0\"></span>fle<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>e revi<span class=\"_ _0\"></span>sed e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>te,<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span>th a cor<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Add<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyer c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>al se<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y ta<span class=\"_ _0\"></span>xes<span class=\"_ _0\"></span>, in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>nd awa<span class=\"_ _0\"></span>rds a<span class=\"_ _0\"></span>re cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span>to the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t over th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>me p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h a cor<span class=\"_ _0\"></span>resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Repurc<span class=\"_ _1\"></span>hase<span class=\"_ _1\"></span> and rei<span class=\"_ _1\"></span>ssuanc<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>en s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d as e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y are r<span class=\"_ _0\"></span>epu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y at<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed as a c<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ge to eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y. Repu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res are c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d as<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>reasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re pr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>n reta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>. Wh<span class=\"_ _0\"></span>en Treasur<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es are s<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>d or re<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y, the am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed a<span class=\"_ _0\"></span>s an i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>ny resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us<span class=\"_ _350\"> </span><span class=\"_ _350\">is pre</span><span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>um o<span class=\"_ _0\"></span>r defi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>t pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ted wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in ret<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ngs<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Pension c<span class=\"_ _1\"></span>ommitments<span class=\"_ _350\"> </span>Group c<span class=\"_ _1\"></span>ompanies<span class=\"_ _1\"></span> operat<span class=\"_ _1\"></span>e defined c<span class=\"_ _1\"></span>ontributi<span class=\"_ _1\"></span>on and (<span class=\"_ _1\"></span>funded<span class=\"_ _1\"></span> and unfunded)<span class=\"_ _1\"></span> defined benefit<span class=\"_ _1\"></span> pension<span class=\"_ _1\"></span> plans.<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>ost o<span class=\"_ _0\"></span>f prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns to e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyee<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>o are m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs of d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s is cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span>to the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t as co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup h<span class=\"_ _0\"></span>as n<span class=\"_ _0\"></span>o fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span>the contributio<span class=\"_ _0\"></span>ns hav<span class=\"_ _1\"></span>e been paid.<span class=\"_ _350\"> </span>The d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>t or su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et in r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ns is<span class=\"_ _0\"></span> <span class=\"_ _350\">the p</span><span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n at th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t date, l<span class=\"_ _0\"></span>ess t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>pla<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly by i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the<span class=\"_ _0\"></span> pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>it cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pres<span class=\"_ _0\"></span>ent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of th<span class=\"_ _0\"></span>e d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed by<span class=\"_ _0\"></span> dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d fu<span class=\"_ _0\"></span>ture c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows by t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>d on h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h-<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ted<span class=\"_ _350\"> </span>in th<span class=\"_ _0\"></span>e cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y in w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h the b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be p<span class=\"_ _0\"></span>aid<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>at have a ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roxi<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>ng to t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>ms of<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s of prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>ese d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>t p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>ccr<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d over th<span class=\"_ _0\"></span>e per<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>of em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>re rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iatel<span class=\"_ _0\"></span>y in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>Pas<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>atel<span class=\"_ _0\"></span>y in th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The n<span class=\"_ _0\"></span>et i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t is ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d by ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d ra<span class=\"_ _0\"></span>te use<span class=\"_ _0\"></span>d to meas<span class=\"_ _0\"></span>ure t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>benefit obli<span class=\"_ _1\"></span>gation<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> the beginning<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> the pe<span class=\"_ _1\"></span>riod t<span class=\"_ _1\"></span>o the<span class=\"_ _1\"></span> net<span class=\"_ _1\"></span> defined bene<span class=\"_ _1\"></span>fit liability<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>asse<span class=\"_ _1\"></span>t.<span class=\"_ _350\"> </span>The n<span class=\"_ _0\"></span>et p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t is p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted a<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me/ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>Post<span class=\"_ _1\"></span>-re<span class=\"_ _1\"></span>tirement benefits o<span class=\"_ _1\"></span>ther than<span class=\"_ _1\"></span> pensions<span class=\"_ _350\"> </span>So<span class=\"_ _0\"></span>me G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>ost-reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l car<span class=\"_ _0\"></span>e to the<span class=\"_ _0\"></span>ir ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>ts of p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng<span class=\"_ _350\"> </span>the<span class=\"_ _0\"></span>se be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>ccr<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d over th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loy<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span> Sh<span class=\"_ _0\"></span>eet i<span class=\"_ _0\"></span>s cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>oje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted u<span class=\"_ _0\"></span>nit c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>it m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted to i<span class=\"_ _0\"></span>ts p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">the f</span><span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of a<span class=\"_ _0\"></span>ny rel<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t is de<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Prov<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _350\"> </span>Provis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has a p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>r cons<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ive ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt of p<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>event<span class=\"_ _0\"></span>s; it i<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>kely tha<span class=\"_ _0\"></span>n n<span class=\"_ _0\"></span>ot tha<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>re wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e an o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow of res<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>rces to set<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>; an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt ca<span class=\"_ _0\"></span>n be re<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d. P<span class=\"_ _0\"></span>rovis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e pres<span class=\"_ _0\"></span>ent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>\u2019 be<span class=\"_ _0\"></span>st es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>te<span class=\"_ _350\"> </span>of th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ure re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d to set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate. W<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re it i<span class=\"_ _0\"></span>s pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span> <span class=\"_ _350\">an o</span><span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow of reso<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ces may b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red to s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n or i<span class=\"_ _0\"></span>t is no<span class=\"_ _0\"></span>t pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le to m<span class=\"_ _0\"></span>ake a reli<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate of th<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e but n<span class=\"_ _0\"></span>o p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d.<span class=\"_ _350\"> </span>Share<span class=\"_ _1\"></span> capital<span class=\"_ _1\"></span> transactions<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ases e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l, t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tly<span class=\"_ _0\"></span> at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed as a c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty. Purc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>ed sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d in Treasur<span class=\"_ _0\"></span>y,<span class=\"_ _350\"> </span><span class=\"_ _350\">in o</span><span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>r to sati<span class=\"_ _0\"></span>sf<span class=\"_ _0\"></span>y e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, or ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, i<span class=\"_ _0\"></span>n ord<span class=\"_ _0\"></span>er to ma<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, an e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> to the n<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>ares c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cel<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d wou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red fr<span class=\"_ _0\"></span>om ret<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ngs<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Dividend distribution<span class=\"_ _350\"> </span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>ds to ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rs of th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>re re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s a lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>dividends ar<span class=\"_ _1\"></span>e appr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y the<span class=\"_ _1\"></span> compan<span class=\"_ _1\"></span>y\u2019s shar<span class=\"_ _1\"></span>eholders. Int<span class=\"_ _1\"></span>erim<span class=\"_ _1\"></span> dividends ar<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>orded<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> period<span class=\"_ _350\"> </span><span class=\"_ _350\">in w</span><span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h they a<span class=\"_ _0\"></span>re a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roved an<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>. Wh<span class=\"_ _0\"></span>ere n<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>h di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e, ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>as a res<span class=\"_ _0\"></span>ult o<span class=\"_ _0\"></span>f fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue r<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ar<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>me p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Acc<span class=\"_ _1\"></span>ounting<span class=\"_ _1\"></span> estimat<span class=\"_ _1\"></span>es and<span class=\"_ _1\"></span> judgements<span class=\"_ _350\"> </span>In prep<span class=\"_ _1\"></span>aring the<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>onsolidat<span class=\"_ _1\"></span>ed Fin<span class=\"_ _1\"></span>ancial S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ements,<span class=\"_ _1\"></span> management<span class=\"_ _1\"></span> has m<span class=\"_ _1\"></span>ade judgements<span class=\"_ _1\"></span> and e<span class=\"_ _1\"></span>stimate<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>that a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me a<span class=\"_ _0\"></span>nd ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s. Ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s may d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes an<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng as<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are rev<span class=\"_ _0\"></span>iewe<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g basi<span class=\"_ _0\"></span>s. R<span class=\"_ _0\"></span>evisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s to acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od i<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich t<span class=\"_ _0\"></span>he es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate i<span class=\"_ _0\"></span>s revis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>f the rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on af<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>nly<span class=\"_ _0\"></span> <span class=\"_ _350\">that p</span><span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d, o<span class=\"_ _0\"></span>r in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod o<span class=\"_ _0\"></span>f the r<span class=\"_ _0\"></span>evisi<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s if th<span class=\"_ _0\"></span>e revis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>oth c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span><span class=\"_ _350\">d fut</span><span class=\"_ _0\"></span>ure p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Critic<span class=\"_ _1\"></span>al judgements<span class=\"_ _1\"></span> in appl<span class=\"_ _1\"></span>ying<span class=\"_ _1\"></span> the Group\u2019s<span class=\"_ _1\"></span> acc<span class=\"_ _1\"></span>ounting polic<span class=\"_ _1\"></span>ies<span class=\"_ _350\"> </span>Over t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>se of t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r, mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t has m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> <span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t has i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d mat<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the Ko<span class=\"_ _0\"></span>rea H<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>er S<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>itis<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>nd N<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>rotizi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> </span>Ente<span class=\"_ _0\"></span>roco<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tis is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>es) that may in<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>r lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e fu<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e bu<span class=\"_ _0\"></span>t do<span class=\"_ _0\"></span>es not r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise th<span class=\"_ _0\"></span>ese l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span><span class=\"_ _350\">en it i</span><span class=\"_ _0\"></span>s too ea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y to dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e the l<span class=\"_ _0\"></span>ikely o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>me o<span class=\"_ _0\"></span>r ma<span class=\"_ _0\"></span>ke a relia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 18<span class=\"_ _0\"></span>, N<span class=\"_ _0\"></span>ote 2<span class=\"_ _0\"></span>0).<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">The c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ng e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng n<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nds s<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>ife as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>ets (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 9).<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">As<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s are m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e as to th<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of ta<span class=\"_ _0\"></span>x as<span class=\"_ _0\"></span>sets e<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly as to w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span>re wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span></span>suf<span class=\"_ _37\"></span>fici<span class=\"_ _0\"></span>ent f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re ta<span class=\"_ _0\"></span>xab<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>me j<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>sdi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to fu<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>se lo<span class=\"_ _0\"></span>sses i<span class=\"_ _0\"></span>n fu<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 1<span class=\"_ _0\"></span>2).<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>K<span class=\"_ _1\"></span>ey<span class=\"_ _1\"></span> sour<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f e<span class=\"_ _1\"></span>stimatio<span class=\"_ _1\"></span>n unc<span class=\"_ _1\"></span>ertainty<span class=\"_ _350\"> </span>Ea<span class=\"_ _0\"></span>ch year, man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red to ma<span class=\"_ _0\"></span>ke a num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons r<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the f<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ure. T<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>year e<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>, by de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, se<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>om e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span><span class=\"_ _350\">d ass</span><span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns t<span class=\"_ _0\"></span>hat have a si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt r<span class=\"_ _0\"></span>isk of c<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt to th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span><span class=\"_ _350\">of ass</span><span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l year a<span class=\"_ _0\"></span>re a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>elow.<span class=\"_ _350\"> </span>Goodwill and<span class=\"_ _1\"></span> indefinite lif<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>tangible<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts:<span class=\"_ _350\"> </span>Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r I<span class=\"_ _0\"></span>FRS<span class=\"_ _0\"></span>, g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>ife in<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s mus<span class=\"_ _0\"></span>t be te<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d for i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>t lea<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span> an a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osed f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r in N<span class=\"_ _0\"></span>ote 9<span class=\"_ _1\"></span>, thi<span class=\"_ _0\"></span>s test<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>lly r<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent to m<span class=\"_ _0\"></span>ake<span class=\"_ _350\"> </span>multiple e<span class=\"_ _1\"></span>stimat<span class=\"_ _1\"></span>es, f<span class=\"_ _1\"></span>or e<span class=\"_ _1\"></span>xample<span class=\"_ _1\"></span> around individu<span class=\"_ _1\"></span>al mark<span class=\"_ _14\"></span>et press<span class=\"_ _1\"></span>ures<span class=\"_ _1\"></span> and f<span class=\"_ _1\"></span>orce<span class=\"_ _1\"></span>s, futur<span class=\"_ _1\"></span>e pric<span class=\"_ _1\"></span>e and<span class=\"_ _1\"></span> volume<span class=\"_ _350\"> </span>grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h, f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>rgi<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, ter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l grow<span class=\"_ _0\"></span>th r<span class=\"_ _0\"></span>ates a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rates<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s of \u00a31<span class=\"_ _0\"></span>67 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>l)<span class=\"_ _0\"></span>, of wh<span class=\"_ _0\"></span>ich \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>52 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>to the B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>fre<span class=\"_ _0\"></span>eze CGU. T<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te-<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ved in<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>rela<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze is se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tive to re<span class=\"_ _0\"></span>aso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n key assu<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns. F<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>on key est<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g det<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ls on t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ties o<span class=\"_ _0\"></span>f the v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>tes to<span class=\"_ _350\"> </span>reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n key assum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, is i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>ote 9<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Ta<span class=\"_ _0\"></span>x<span class=\"_ _37\"></span>:<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l ta<span class=\"_ _0\"></span>x pai<span class=\"_ _0\"></span>d on p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x laws a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns tha<span class=\"_ _0\"></span>t di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fer ac<span class=\"_ _0\"></span>ross t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rous j<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>isd<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rates<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>de in a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>ese l<span class=\"_ _0\"></span>aws to<span class=\"_ _350\"> </span><span class=\"_ _350\">the t</span><span class=\"_ _0\"></span>axa<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s in a<span class=\"_ _0\"></span>ny gi<span class=\"_ _0\"></span>ven p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od i<span class=\"_ _0\"></span>n ord<span class=\"_ _0\"></span>er to c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ate th<span class=\"_ _0\"></span>e tax c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rge fo<span class=\"_ _0\"></span>r that p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d. W<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ere th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>eventu<span class=\"_ _0\"></span>al ta<span class=\"_ _0\"></span>x pa<span class=\"_ _0\"></span>id o<span class=\"_ _0\"></span>r recl<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d is di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nt to th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lly e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce is ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> or cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted to t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch it i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed (<span class=\"_ _0\"></span>No<span class=\"_ _0\"></span>te 7<span class=\"_ _0\"></span>).<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s in a<span class=\"_ _0\"></span>n inte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l tax e<span class=\"_ _0\"></span>nvi<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd is s<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to ta<span class=\"_ _0\"></span>x exa<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ties i<span class=\"_ _0\"></span>n a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f jur<span class=\"_ _0\"></span>isd<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>es invol<span class=\"_ _0\"></span>ved c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ex an<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>tes may t<span class=\"_ _0\"></span>ake a<span class=\"_ _350\"> </span>nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of yea<span class=\"_ _0\"></span>rs to re<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ve. Ea<span class=\"_ _0\"></span>ch u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y is se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sed a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>es ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d mea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>evan<span class=\"_ _0\"></span>t circ<span class=\"_ _0\"></span>ums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d is ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d val<span class=\"_ _0\"></span>ue m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t li<span class=\"_ _0\"></span>kely ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d, d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>ere a<span class=\"_ _0\"></span>re a w<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e ra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e of pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s or i<span class=\"_ _0\"></span>f reso<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>d on o<span class=\"_ _0\"></span>ne o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>. In p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>lar, the r<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>f pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>mes r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to<span class=\"_ _350\"> </span>tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>fer p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res ca<span class=\"_ _0\"></span>n be w<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d, i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>ese s<span class=\"_ _0\"></span>cena<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>, the ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d is em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyed<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The ac<span class=\"_ _1\"></span>counting<span class=\"_ _1\"></span> estima<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span> and judgemen<span class=\"_ _1\"></span>ts con<span class=\"_ _1\"></span>sidered<span class=\"_ _1\"></span> include:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">st<span class=\"_ _0\"></span>atus of t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nre<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ved m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls7c ws73\">clarity o<span class=\"_ _1\"></span>f r<span class=\"_ _1\"></span>elev<span class=\"_ _1\"></span>ant legis<span class=\"_ _1\"></span>lation<span class=\"_ _1\"></span> and re<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>ed guidance<span class=\"_ _1\"></span>;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls7c ws73\">pre-clearanc<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>ssued b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>axing authorit<span class=\"_ _1\"></span>ies;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls7c ws73\">advice<span class=\"_ _1\"></span> from<span class=\"_ _1\"></span> in-house spec<span class=\"_ _1\"></span>ialists<span class=\"_ _1\"></span> and opinions<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> prof<span class=\"_ _1\"></span>essi<span class=\"_ _1\"></span>onal firms;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls7c ws73\">resolu<span class=\"_ _1\"></span>tion pr<span class=\"_ _1\"></span>ocess<span class=\"_ _1\"></span> and range<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> possible<span class=\"_ _1\"></span> outc<span class=\"_ _1\"></span>omes;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">pas<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ce a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rece<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>et by th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>r ta<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls7c ws73\">decision<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> agreements<span class=\"_ _1\"></span> reac<span class=\"_ _1\"></span>hed in o<span class=\"_ _1\"></span>ther j<span class=\"_ _1\"></span>urisdictions<span class=\"_ _1\"></span> on c<span class=\"_ _1\"></span>omparable i<span class=\"_ _1\"></span>ssues;<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">un<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>ax l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>ax cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd ava<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of mu<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l ag<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ures b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x<span class=\"_ _350\"> </span></span>authorities; and<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ls92 ws33\">statute of limitatio<span class=\"_ _0\"></span>ns.<span class=\"_ _350\"> </span></span>Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t is of th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n that t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n tax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of<span class=\"_ _350\"> </span>the<span class=\"_ _0\"></span>se ma<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t its b<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate on<span class=\"_ _0\"></span>ce a<span class=\"_ _0\"></span>ll fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd ci<span class=\"_ _0\"></span>rcu<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n taken i<span class=\"_ _0\"></span>nto acc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt.<span class=\"_ _0\"></span> Neve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, the fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s pai<span class=\"_ _0\"></span>d to dis<span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>rge t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g (<span class=\"_ _1\"></span>ei<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>gh n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>otia<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span> set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>tig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on) may be d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ent f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>et li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in ta<span class=\"_ _0\"></span>x po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s as at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>re \u00a37<span class=\"_ _0\"></span>22 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a37<span class=\"_ _0\"></span>70 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) (N<span class=\"_ _0\"></span>ote 2<span class=\"_ _0\"></span>2).<span class=\"_ _350\"> </span>T<span class=\"_ _14\"></span>rade spend:<span class=\"_ _350\"> </span>The Group<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>vides<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> amounts pa<span class=\"_ _1\"></span>yable<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> our trade<span class=\"_ _1\"></span> cust<span class=\"_ _1\"></span>omers f<span class=\"_ _1\"></span>or pr<span class=\"_ _1\"></span>omotional<span class=\"_ _1\"></span> activity and<span class=\"_ _350\"> </span>gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent r<span class=\"_ _0\"></span>eim<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. W<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re an a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y sp<span class=\"_ _0\"></span>ans t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, an a<span class=\"_ _0\"></span>ccru<span class=\"_ _0\"></span>al is r<span class=\"_ _0\"></span>efl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on o<span class=\"_ _0\"></span>ur es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>er up<span class=\"_ _0\"></span>take<span class=\"_ _350\"> </span>du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>evan<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>tent to w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y has o<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>ere i<span class=\"_ _0\"></span>s a<span class=\"_ _350\"> </span>tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n that i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of tra<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>ith o<span class=\"_ _0\"></span>ur c<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces c<span class=\"_ _0\"></span>an res<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t on fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed tot<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>ccru<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,137 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,137 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n) in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>bodies f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> trade spend.<span class=\"_ _1\"></span> The Group\u2019<span class=\"_ _1\"></span>s trade<span class=\"_ _1\"></span> spend ar<span class=\"_ _1\"></span>rangements v<span class=\"_ _1\"></span>ary consider<span class=\"_ _1\"></span>ably b<span class=\"_ _1\"></span>y mark<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t and<span class=\"_ _350\"> </span>cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y, and th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>de u<span class=\"_ _0\"></span>p of ma<span class=\"_ _0\"></span>ny in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y sma<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>ccr<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> The<span class=\"_ _0\"></span>refo<span class=\"_ _0\"></span>re, a<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>gate<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sure o<span class=\"_ _0\"></span>f sen<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ysis o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e key inpu<span class=\"_ _0\"></span>ts to t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>de sp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates wou<span class=\"_ _0\"></span>ld n<span class=\"_ _0\"></span>ot b<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cab<span class=\"_ _0\"></span>le n<span class=\"_ _0\"></span>or m<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ful<span class=\"_ _0\"></span>. N<span class=\"_ _0\"></span>ever<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>, a 1<span class=\"_ _0\"></span>1% (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 12<span class=\"_ _0\"></span>%) di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>tho<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ial e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes an<span class=\"_ _0\"></span>d fin<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wou<span class=\"_ _0\"></span>ld c<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e a mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e or cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e nex<span class=\"_ _0\"></span>t fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial ye<span class=\"_ _0\"></span>ar. Dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts to tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d accr<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ls as at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>, d<span class=\"_ _0\"></span>ue to ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>s, we<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l.<span class=\"_ _350\"> </span>Le<span class=\"_ _1\"></span>gal pro<span class=\"_ _1\"></span>vision<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ises l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rovis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has a p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>r cons<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span><span class=\"_ _350\">a resu</span><span class=\"_ _0\"></span>lt of p<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t events<span class=\"_ _0\"></span>; it i<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>kely tha<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>t that t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e an o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow of res<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>rces to set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>at<span class=\"_ _350\"> </span>ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on; a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t can b<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>y es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>l of prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>n re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to ci<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d/or<span class=\"_ _0\"></span> criminal<span class=\"_ _1\"></span> inv<span class=\"_ _1\"></span>estiga<span class=\"_ _1\"></span>tions<span class=\"_ _1\"></span> is an<span class=\"_ _1\"></span> area<span class=\"_ _1\"></span> where<span class=\"_ _1\"></span> management<span class=\"_ _1\"></span> and legal<span class=\"_ _1\"></span> judgement<span class=\"_ _1\"></span> are important,<span class=\"_ _1\"></span> with individu<span class=\"_ _1\"></span>al<span class=\"_ _350\"> </span>prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on b<span class=\"_ _0\"></span>est e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tes of th<span class=\"_ _0\"></span>e pos<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e loss<span class=\"_ _0\"></span>, co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>ll ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>dv<span class=\"_ _0\"></span>ice a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>isto<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce. A<span class=\"_ _0\"></span>s at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d le<span class=\"_ _0\"></span>gal<span class=\"_ _0\"></span> prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons of \u00a3<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>1 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>80 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) in rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on to a n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of his<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>al re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lato<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> matters in<span class=\"_ _1\"></span> various juris<span class=\"_ _1\"></span>dictions.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1 Acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>2 Operating Segments<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne, H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Nu<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>its r<span class=\"_ _0\"></span>efl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>way in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on is p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d to an<span class=\"_ _0\"></span>d revi<span class=\"_ _0\"></span>ewed by th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s Ch<span class=\"_ _0\"></span>ief O<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g De<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>ion M<span class=\"_ _0\"></span>aker<span class=\"_ _0\"></span> (C<span class=\"_ _1\"></span>OD<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>) for th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>s of ma<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>c de<span class=\"_ _0\"></span>cisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>ng G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>-wi<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce.<span class=\"_ _350\"> </span>The CO<span class=\"_ _0\"></span>DM i<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s Com<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>e is res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>on of<span class=\"_ _0\"></span> st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gy (app<span class=\"_ _0\"></span>roved by th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>), t<span class=\"_ _0\"></span>he ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of ri<span class=\"_ _0\"></span>sk (dele<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>) an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e revi<span class=\"_ _0\"></span>ew of<span class=\"_ _350\"> </span>Group opera<span class=\"_ _1\"></span>tional pe<span class=\"_ _1\"></span>rformance<span class=\"_ _1\"></span> and ongoing<span class=\"_ _1\"></span> business<span class=\"_ _1\"></span> int<span class=\"_ _1\"></span>egration.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>ses t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on N<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>Reven<span class=\"_ _0\"></span>ue fr<span class=\"_ _0\"></span>om ex<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d seg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>nterc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span> transaction<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>tween oper<span class=\"_ _1\"></span>ating<span class=\"_ _1\"></span> segments<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>liminat<span class=\"_ _1\"></span>ed. Financ<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ome and<span class=\"_ _1\"></span> expen<span class=\"_ _1\"></span>se ar<span class=\"_ _1\"></span>e not<span class=\"_ _1\"></span> al<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to seg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s each i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n a cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 is as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Year e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _350\"> </span>Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Healt<span class=\"_ _0\"></span>h<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Nutrition<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Adjust<span class=\"_ _1\"></span>ing<span class=\"_ _350\"> </span>items<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _22d\"> </span><span class=\"ff1 ls85 ws79\">5<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _de\"> </span>5,9<span class=\"_ _37\"></span>92<span class=\"_ _183\"> </span><span class=\"lsdf ws34\">2,<span class=\"_ _0\"></span>501<span class=\"_ _bf\"> </span></span></span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d2\"> </span><span class=\"ff1 ls12b wsdd\">14,453<span class=\"_ _350\"> </span></span></span>Depreci<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> and amortisati<span class=\"_ _1\"></span>on<span class=\"_ _26b\"> </span><span class=\"ff1 ls7b wsa8\">(13<span class=\"_ _0\"></span>5)<span class=\"_ _189\"> </span><span class=\"ls38 ws36\">(<span class=\"_ _0\"></span>177<span class=\"_ _0\"></span>)<span class=\"_ _9b\"> </span><span class=\"lsa3 ws115\">(9<span class=\"_ _0\"></span>0)<span class=\"_ _9b\"> </span></span></span>(35)<span class=\"_ _de\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Operating<span class=\"_ _1\"></span> profit<span class=\"_ _94\"> </span><span class=\"ff1 lsf1 ws73\">1,214<span class=\"_ _de\"> </span><span class=\"lsdf ws34\">1,6<span class=\"_ _0\"></span>48<span class=\"_ _110\"> </span><span class=\"ls33 ws31\">57<span class=\"_ _0\"></span>7<span class=\"_ _177\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0)<span class=\"_ _c3\"> </span><span class=\"lsd ws7a\">3,<span class=\"_ _0\"></span>249<span class=\"_ _350\"> </span></span></span></span></span></span>Ne<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"_ _26c\"> </span><span class=\"ff1 ls8f ws83\">(<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>Impai<span class=\"_ _0\"></span>rment of equit<span class=\"_ _0\"></span>y-accounted<span class=\"_ _350\"> </span>investments<span class=\"_ _26d\"> </span><span class=\"ff1\">(1<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span>Share<span class=\"_ _1\"></span> of lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f equity-<span class=\"_ _1\"></span>acc<span class=\"_ _1\"></span>ounted<span class=\"_ _1\"></span> inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, net of t<span class=\"_ _0\"></span>ax<span class=\"_ _263\"> </span><span class=\"ff1 lsa\">(<span class=\"_ _0\"></span>2)<span class=\"_ _350\"> </span></span>Profi<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>fore i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax<span class=\"_ _26e\"> </span><span class=\"ff1 ls66 ws5d\">3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>67<span class=\"_ _350\"> </span></span>Income t<span class=\"_ _1\"></span>ax char<span class=\"_ _1\"></span>ge<span class=\"_ _26f\"> </span><span class=\"ff1 ls49 ws9\">(711)<span class=\"_ _350\"> </span></span>Net inc<span class=\"_ _1\"></span>ome fr<span class=\"_ _1\"></span>om con<span class=\"_ _1\"></span>tinuing opera<span class=\"_ _1\"></span>tions<span class=\"_ _270\"> </span><span class=\"ff1 ls111 ws32\">2,356<span class=\"_ _350\"> </span></span>Y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span> ended 31 Dec<span class=\"_ _1\"></span>ember 2021<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>restat<span class=\"_ _1\"></span>ed)<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>Hygi<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Healt<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Nutritio<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>1,2<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Adjusting<span class=\"_ _1\"></span> items<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _271\"> </span><span class=\"ls30 ws88\">5,9<span class=\"_ _37\"></span>11<span class=\"_ _21a\"> </span><span class=\"lsba ws18\">5,053<span class=\"_ _21a\"> </span><span class=\"ls2e wsa7\">2,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>70<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16c\"> </span><span class=\"ls34 ws75\">13,<span class=\"_ _0\"></span>234<span class=\"_ _350\"> </span></span></span></span></span></span>Depreci<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> and amortisati<span class=\"_ _1\"></span>on<span class=\"_ _272\"> </span><span class=\"lsb9 wsb5\">(111)<span class=\"_ _178\"> </span><span class=\"ls101 ws40\">(155)<span class=\"_ _151\"> </span><span class=\"ls33 ws31\">(96)<span class=\"_ _116\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span>(4<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>Opera<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span> profit/<span class=\"_ _1\"></span>(lo<span class=\"_ _1\"></span>ss<span class=\"_ _14\"></span>)<span class=\"_ _c5\"> </span><span class=\"ls112 ws100\">1,401<span class=\"_ _189\"> </span><span class=\"ls2f ws87\">1,<span class=\"_ _0\"></span>242<span class=\"_ _1f3\"> </span><span class=\"ls5c ws86\">234<span class=\"_ _c9\"> </span></span>(3,6<span class=\"_ _0\"></span>81)<span class=\"_ _21a\"> </span><span class=\"ls6d ws64\">(8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span></span></span>Ne<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _273\"> </span><span class=\"ls12d ws119\">5<span class=\"_ _0\"></span>47<span class=\"_ _350\"> </span></span>Share<span class=\"_ _1\"></span> of lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f equity-<span class=\"_ _1\"></span>acc<span class=\"_ _1\"></span>ounted<span class=\"_ _1\"></span> inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, net of t<span class=\"_ _0\"></span>ax<span class=\"_ _274\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _350\"> </span></span>Loss b<span class=\"_ _0\"></span>efore i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax<span class=\"_ _24e\"> </span><span class=\"lsa3 ws115\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t<span class=\"_ _223\"> </span><span class=\"ls37 ws7b\">208<span class=\"_ _350\"> </span></span>Net lo<span class=\"_ _1\"></span>ss fr<span class=\"_ _1\"></span>om c<span class=\"_ _1\"></span>ontinuing oper<span class=\"_ _1\"></span>ations<span class=\"_ _241\"> </span><span class=\"lse7 ws112\">(52)<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n for t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n res<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ted to r<span class=\"_ _0\"></span>efl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _0\"></span>s cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>segments, t<span class=\"_ _1\"></span>he compo<span class=\"_ _1\"></span>sition<span class=\"_ _1\"></span> of whic<span class=\"_ _1\"></span>h changed<span class=\"_ _1\"></span> with<span class=\"_ _1\"></span> effect fr<span class=\"_ _1\"></span>om 1<span class=\"_ _1\"></span> January 2022<span class=\"_ _1\"></span> when the<span class=\"_ _1\"></span> Vitamins, Minerals<span class=\"_ _1\"></span> and Supple<span class=\"_ _1\"></span>ments<span class=\"_ _350\"> </span>(<span class=\"_ _0\"></span>V<span class=\"_ _0\"></span>MS) b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s was m<span class=\"_ _0\"></span>oved f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m Nu<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to He<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span>2. <span class=\"_ _3d\"> </span>Fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>c revi<span class=\"_ _0\"></span>ew of I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN Ch<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>a, t<span class=\"_ _0\"></span>he CO<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>M al<span class=\"_ _0\"></span>so rev<span class=\"_ _0\"></span>iew<span class=\"_ _0\"></span>ed fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n for n<span class=\"_ _0\"></span>et reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ofi<span class=\"_ _0\"></span>t excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g I<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>N Chi<span class=\"_ _0\"></span>na (w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch wa<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d in S<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, see N<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>e 29<span class=\"_ _0\"></span>). I<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1, N<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on n<span class=\"_ _0\"></span>et re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd exc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN Ch<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>a was \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>87 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d Nu<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ofi<span class=\"_ _0\"></span>t excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g I<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>N Chi<span class=\"_ _0\"></span>na w<span class=\"_ _0\"></span>as \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>Financial<span class=\"_ _1\"></span> inf<span class=\"_ _1\"></span>ormation<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> the Hy<span class=\"_ _1\"></span>giene,<span class=\"_ _1\"></span> Health and<span class=\"_ _1\"></span> Nutrition<span class=\"_ _1\"></span> operating<span class=\"_ _1\"></span> segments i<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>esent<span class=\"_ _1\"></span>ed on<span class=\"_ _350\"> </span><span class=\"_ _350\">an a</span><span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted ba<span class=\"_ _0\"></span>sis w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h exclu<span class=\"_ _0\"></span>des ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in ca<span class=\"_ _0\"></span>sh a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>tems<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e item<span class=\"_ _0\"></span>s have a pat<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span><span class=\"_ _350\">of rec</span><span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n that i<span class=\"_ _0\"></span>s lar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ly un<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce o<span class=\"_ _0\"></span>f the b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>. Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al<span class=\"_ _350\"> </span>info<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on a<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>is is co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>t wi<span class=\"_ _0\"></span>th h<span class=\"_ _0\"></span>ow man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent rev<span class=\"_ _0\"></span>iews t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ose of m<span class=\"_ _0\"></span>aki<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g de<span class=\"_ _0\"></span>cisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. Fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>etai<span class=\"_ _0\"></span>l on a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>tems is i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on pa<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s 75 to 79<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>The c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany i<span class=\"_ _0\"></span>s do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cil<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>t of N<span class=\"_ _0\"></span>et Reven<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>rom ex<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>l cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d N<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> ass<span class=\"_ _0\"></span>ets (othe<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s, d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>t su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s asse<span class=\"_ _0\"></span>ts)<span class=\"_ _350\"> </span>bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e US (b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ges<span class=\"_ _0\"></span>t cou<span class=\"_ _0\"></span>ntr<span class=\"_ _37\"></span>y out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cil<span class=\"_ _0\"></span>e) and th<span class=\"_ _0\"></span>at fro<span class=\"_ _0\"></span>m<span class=\"_ _350\"> </span>al<span class=\"_ _0\"></span><span class=\"_ _350\">l oth</span><span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s is:<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>All other<span class=\"_ _1\"></span> countries<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _233\"> </span><span class=\"ff1 ls6d ws64\">7<span class=\"_ _0\"></span>78<span class=\"_ _9c\"> </span><span class=\"ls34 ws75\">4<span class=\"_ _0\"></span>,603<span class=\"_ _de\"> </span><span class=\"ls12f ws11a\">9,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>2<span class=\"_ _1d2\"> </span><span class=\"ls12b wsdd\">14,4<span class=\"_ _0\"></span>53<span class=\"_ _350\"> </span></span></span></span></span>Goodwill and o<span class=\"_ _1\"></span>ther in<span class=\"_ _1\"></span>tangible a<span class=\"_ _1\"></span>ssets<span class=\"_ _1cd\"> </span><span class=\"ff1 ls127 wsb1\">1,87<span class=\"_ _1\"></span>5<span class=\"_ _c3\"> </span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>5<span class=\"_ _16e\"> </span><span class=\"ls110 wsff\">7,<span class=\"_ _37\"></span>4<span class=\"_ _4f\"></span>2<span class=\"_ _37\"></span>3<span class=\"_ _176\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _350\"> </span></span></span></span></span>Property<span class=\"_ _1\"></span>, plan<span class=\"_ _1\"></span>t and e<span class=\"_ _1\"></span>quipment<span class=\"_ _17d\"> </span><span class=\"ff1 lsb9 wsb5\">314<span class=\"_ _110\"> </span>828<span class=\"_ _186\"> </span>1<span class=\"_ _0\"></span>,331<span class=\"_ _17f\"> </span><span class=\"ls12d ws119\">2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span>Other non-current rec<span class=\"_ _1\"></span>eivables<span class=\"_ _275\"> </span><span class=\"ff1 lse9 ws2d\">22<span class=\"_ _12d\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _d9\"> </span><span class=\"ls12b wsdd\">81<span class=\"_ _116\"> </span><span class=\"ls33 ws31\">1<span class=\"_ _0\"></span>57<span class=\"_ _350\"> </span></span></span></span></span>2021<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Al<span class=\"_ _0\"></span>l oth<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> countrie<span class=\"_ _1\"></span>s<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _206\"> </span><span class=\"ls7b wsa8\">739<span class=\"_ _de\"> </span><span class=\"ls123 ws85\">3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>873<span class=\"_ _de\"> </span><span class=\"lse9 ws2d\">8,<span class=\"_ _0\"></span>622<span class=\"_ _16c\"> </span><span class=\"ls34 ws75\">13,23<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span></span></span>Goodwill and o<span class=\"_ _1\"></span>ther in<span class=\"_ _1\"></span>tangible a<span class=\"_ _1\"></span>ssets<span class=\"_ _276\"> </span><span class=\"ls37 ws7b\">1,8<span class=\"_ _0\"></span>43<span class=\"_ _183\"> </span><span class=\"ls128 wsb2\">9<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>905<span class=\"_ _207\"> </span><span class=\"ls181 ws15e\">7,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>0<span class=\"_ _16c\"> </span><span class=\"ls111 ws32\">18,868<span class=\"_ _350\"> </span></span></span></span></span>Property<span class=\"_ _1\"></span>, plan<span class=\"_ _1\"></span>t and e<span class=\"_ _1\"></span>quipment<span class=\"_ _f1\"> </span><span class=\"ls4c wsc\">316<span class=\"_ _1f3\"> </span><span class=\"lsd ws7a\">6<span class=\"_ _0\"></span>69<span class=\"_ _172\"> </span><span class=\"ls12c ws118\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>3<span class=\"_ _207\"> </span>2<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>78<span class=\"_ _350\"> </span></span></span></span>Other non-current rec<span class=\"_ _1\"></span>eivables<span class=\"_ _275\"> </span><span class=\"ls4c wsc\">29<span class=\"_ _12a\"> </span>63<span class=\"_ _12a\"> </span><span class=\"lsa9 wsd9\">57<span class=\"_ _143\"> </span><span class=\"ls38 ws36\">149<span class=\"_ _350\"> </span></span></span></span>Ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>r cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly la<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e gro<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>y ch<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, mu<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>e reta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d e-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>erce p<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s cus<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r base i<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th no i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r mo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>an 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% of n<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>revenu<span class=\"_ _0\"></span>e (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: on<span class=\"_ _0\"></span>e cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>7 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on of n<span class=\"_ _0\"></span>et reven<span class=\"_ _0\"></span>ue a<span class=\"_ _0\"></span>cros<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>l se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>).<span class=\"_ _350\"> </span>3 An<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s of O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r Ne<span class=\"_ _0\"></span>t O<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Distrib<span class=\"_ _0\"></span>ution costs<span class=\"_ _1f5\"> </span><span class=\"ff1 ls33 ws31\">(3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>38)<span class=\"_ _182\"> </span></span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>60)<span class=\"_ _350\"> </span></span>Rese<span class=\"_ _1\"></span>arch<span class=\"_ _1\"></span> and de<span class=\"_ _1\"></span>velopmen<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>sts<span class=\"_ _277\"> </span><span class=\"ff1 ls7b wsa8\">(325)<span class=\"_ _178\"> </span></span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span>Other administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> expense<span class=\"_ _1\"></span>s<span class=\"_ _130\"> </span><span class=\"ff1 ls67 ws5e\">(1,205)<span class=\"_ _d1\"> </span></span><span class=\"ls128 wsb2\">(1,<span class=\"_ _1\"></span>190<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span></span>Impairment<span class=\"_ _1\"></span> of goodwill<span class=\"_ _10f\"> </span><span class=\"ff1 ls66 ws5d\">(1<span class=\"_ _0\"></span>67<span class=\"_ _0\"></span>)<span class=\"_ _132\"> </span></span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>Other ne<span class=\"_ _1\"></span>t opera<span class=\"_ _1\"></span>ting inc<span class=\"_ _1\"></span>ome<span class=\"_ _278\"> </span><span class=\"ff1 lsa ws0\">9<span class=\"_ _11a\"> </span><span class=\"ff9\">1<span class=\"_ _350\"> </span></span></span>Other net<span class=\"_ _1\"></span> operat<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>s<span class=\"_ _228\"> </span><span class=\"lsb9 wsb5\">(5,<span class=\"_ _1\"></span>126<span class=\"_ _1\"></span>)<span class=\"_ _1db\"> </span><span class=\"ff9 ls118 ws108\">(4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>A net fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>ss of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: lo<span class=\"_ _0\"></span>ss of \u00a3<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion) has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>gh t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve expe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de a g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n of \u00a3<span class=\"_ _0\"></span>59 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>nil<span class=\"_ _0\"></span>) on s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>seb<span class=\"_ _0\"></span>ack o<span class=\"_ _0\"></span>f a fac<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>site<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> Philippines.<span class=\"_ _350\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>lly c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ises a ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>52 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll<span class=\"_ _350\"> </span>rela<span class=\"_ _0\"></span>ted to th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze (<span class=\"_ _1\"></span>see N<span class=\"_ _0\"></span>ote 9<span class=\"_ _0\"></span>). Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze is rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g seg<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>4 A<span class=\"_ _1\"></span>uditor R<span class=\"_ _1\"></span>emuneration<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>, th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g it<span class=\"_ _0\"></span>s overs<span class=\"_ _0\"></span>eas su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ies) obta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>e fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m the<span class=\"_ _0\"></span> compan<span class=\"_ _1\"></span>y\u2019s Audit<span class=\"_ _1\"></span>or and<span class=\"_ _1\"></span> its a<span class=\"_ _1\"></span>ssocia<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Audit<span class=\"_ _1\"></span> services<span class=\"_ _1\"></span> pursuant<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> legislat<span class=\"_ _1\"></span>ion  A<span class=\"_ _1\"></span>udit o<span class=\"_ _1\"></span>f the<span class=\"_ _1\"></span> Group\u2019s<span class=\"_ _1\"></span> Annual R<span class=\"_ _1\"></span>eport and Financi<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ements<span class=\"_ _ba\"> </span><span class=\"ff1 ls127 wsb1\">8.4<span class=\"_ _e2\"> </span></span><span class=\"lsda wsaa\">6.4</span>  Audit o<span class=\"_ _0\"></span>f the F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies<span class=\"_ _93\"> </span><span class=\"ff1 ls61 ws58\">1<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>.1<span class=\"_ _229\"> </span></span><span class=\"ls137 ws126\">9.<span class=\"_ _37\"></span>5<span class=\"_ _350\"> </span></span>Audit<span class=\"_ _14\"></span>-related<span class=\"_ _1\"></span> assuranc<span class=\"_ _1\"></span>e service<span class=\"_ _1\"></span>s<span class=\"_ _279\"> </span><span class=\"ff1 ls101 ws40\">0.8<span class=\"_ _123\"> </span><span class=\"ff9\">0.5<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t-r<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s<span class=\"_ _27a\"> </span><span class=\"ls101 ws40\">20.3<span class=\"_ _141\"> </span><span class=\"ff9 ls4c wsc\">16.4<span class=\"_ _350\"> </span></span></span>Fee<span class=\"_ _0\"></span>s paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to the co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u2019s Au<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tor a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s for oth<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _350\"> </span>Other assurance<span class=\"_ _1\"></span> services<span class=\"_ _161\"> </span><span class=\"ff1 ls7f wsf2\">2.7<span class=\"_ _12a\"> </span></span><span class=\"ls136 ws125\">0<span class=\"_ _0\"></span>.1<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-a<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _25a\"> </span><span class=\"ls7f wsf2\">2<span class=\"_ _0\"></span>.7<span class=\"_ _12a\"> </span><span class=\"ff9 ls136 ws125\">0<span class=\"_ _0\"></span>.1<span class=\"_ _350\"> </span></span></span>23.0<span class=\"_ _141\"> </span><span class=\"ff9 ls4c wsc\">16.<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>5 Em<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oyee Cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>otal e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e for Di<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, were<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Note<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Wage<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> salaries<span class=\"_ _115\"> </span><span class=\"ff1 ls85 ws79\">1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>8<span class=\"_ _37\"></span>8<span class=\"_ _178\"> </span></span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>,93<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>So<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y cos<span class=\"_ _0\"></span>ts<span class=\"_ _27b\"> </span><span class=\"ff1 ls12b wsdd\">281<span class=\"_ _143\"> </span></span><span class=\"ls35 ws33\">251<span class=\"_ _350\"> </span></span>Other pension c<span class=\"_ _1\"></span>osts<span class=\"_ _15e\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _d9\"> </span><span class=\"ff1 ls8f ws83\">61<span class=\"_ _12a\"> </span></span><span class=\"ls128 wsb2\">60<span class=\"_ _350\"> </span></span></span>Share-base<span class=\"_ _0\"></span>d payments<span class=\"_ _20a\"> </span><span class=\"ls5c ws86\">25<span class=\"_ _12d\"> </span><span class=\"ff1 ls6d ws64\">78<span class=\"_ _12a\"> </span></span><span class=\"ls128 wsb2\">30<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ff co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s<span class=\"_ _27c\"> </span><span class=\"ls131 ws11c\">2,408<span class=\"_ _21a\"> </span><span class=\"ff9 ls13e ws12b\">2<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _350\"> </span></span></span>E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>nd N<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve Dire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s\u2019 a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate em<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re dis<span class=\"_ _0\"></span>clos<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>ges 1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0 a<span class=\"_ _0\"></span>nd 1<span class=\"_ _0\"></span>52 o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>the Dir<span class=\"_ _1\"></span>ectors\u2019<span class=\"_ _1\"></span> Remunerat<span class=\"_ _1\"></span>ion Re<span class=\"_ _1\"></span>port, respectiv<span class=\"_ _1\"></span>ely<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Compen<span class=\"_ _1\"></span>sation<span class=\"_ _1\"></span> aw<span class=\"_ _1\"></span>arded t<span class=\"_ _1\"></span>o k<span class=\"_ _14\"></span>ey manag<span class=\"_ _1\"></span>ement (<span class=\"_ _14\"></span>defined<span class=\"_ _350\"> </span>as th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he N<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors) was:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Shor<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>term<span class=\"_ _1\"></span> employee benefits<span class=\"_ _240\"> </span><span class=\"ff1 lsb9 wsb5\">26<span class=\"_ _128\"> </span></span><span class=\"ls5c ws86\">25<span class=\"_ _350\"> </span></span>Post<span class=\"_ _1\"></span>-employment and<span class=\"_ _1\"></span> other long-<span class=\"_ _1\"></span>term benefits<span class=\"_ _13e\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _e1\"> </span><span class=\"ff9\">\u2013<span class=\"_ _350\"> </span></span></span>Share-base<span class=\"_ _0\"></span>d payments<span class=\"_ _1f7\"> </span><span class=\"ff1 ls128 wsb2\">15<span class=\"_ _d9\"> </span></span><span class=\"ls126 wsc9\">10<span class=\"_ _350\"> </span></span>41<span class=\"_ _12a\"> </span><span class=\"ff9 ls4c wsc\">35<span class=\"_ _350\"> </span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2 Op<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Staff numbers<span class=\"_ _350\"> </span>The m<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nth<span class=\"_ _0\"></span>ly aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of p<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyed by th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p, in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r was:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u2018000<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u2018000<span class=\"_ _350\"> </span>Nor<span class=\"_ _0\"></span>th America<span class=\"_ _26e\"> </span><span class=\"ff1 ls61 ws58\">5.1<span class=\"_ _16a\"> </span></span><span class=\"ls37 ws7b\">5.0<span class=\"_ _350\"> </span></span>Europ<span class=\"_ _0\"></span>e/ANZ<span class=\"_ _27d\"> </span><span class=\"ff1 ls12b wsdd\">14.3<span class=\"_ _151\"> </span><span class=\"ff9\">14.8<span class=\"_ _350\"> </span></span></span>Res<span class=\"_ _0\"></span>t of wor<span class=\"_ _0\"></span>ld<span class=\"_ _27e\"> </span><span class=\"ff1 ls101 ws40\">20.6<span class=\"_ _9b\"> </span></span><span class=\"lse9 ws2d\">22.0<span class=\"_ _350\"> </span></span>40.0<span class=\"_ _141\"> </span><span class=\"ff9 ls6d ws64\">41<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>6 Ne<span class=\"_ _0\"></span>t Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nce (<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se)/I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Foreign<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ange net<span class=\"_ _1\"></span> gain on<span class=\"_ _1\"></span> liquidation o<span class=\"_ _1\"></span>f subsidiarie<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>Gains on<span class=\"_ _1\"></span> liquida<span class=\"_ _1\"></span>tion<span class=\"_ _27f\"> </span><span class=\"ff1 lsba ws18\">69<span class=\"_ _189\"> </span></span><span class=\"ls12b wsdd\">1,048<span class=\"_ _350\"> </span></span>Los<span class=\"_ _1\"></span>ses on<span class=\"_ _1\"></span> liquida<span class=\"_ _1\"></span>tion<span class=\"_ _1f1\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _172\"> </span></span><span class=\"lse7 ws112\">(2<span class=\"_ _0\"></span>82)<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>otal f<span class=\"_ _1\"></span>oreign<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> net<span class=\"_ _1\"></span> gain on<span class=\"_ _1\"></span> liquidation of<span class=\"_ _1\"></span> subsidiaries<span class=\"_ _dc\"> </span><span class=\"lsba ws18\">69<span class=\"_ _c7\"> </span><span class=\"ff9 ls13e ws12b\">76<span class=\"_ _37\"></span>6<span class=\"_ _350\"> </span></span></span>Other finance<span class=\"_ _1\"></span> income<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me o<span class=\"_ _0\"></span>n cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _1ac\"> </span><span class=\"ff1 ls4c wsc\">29<span class=\"_ _12a\"> </span><span class=\"ff9\">29<span class=\"_ _350\"> </span></span></span>Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n net fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _280\"> </span><span class=\"ff1 lsa\">5<span class=\"_ _11a\"> </span><span class=\"ff9\">1<span class=\"_ _350\"> </span></span></span>Movem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t on p<span class=\"_ _0\"></span>ut o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _281\"> </span><span class=\"ff1 lsa\">\u2013<span class=\"_ _dd\"> </span></span><span class=\"ls12b wsdd\">14<span class=\"_ _350\"> </span></span>Finance<span class=\"_ _1\"></span> income on<span class=\"_ _1\"></span> tax<span class=\"_ _1\"></span> balance<span class=\"_ _1\"></span>s<span class=\"_ _1d4\"> </span><span class=\"ff1 lsb9 wsb5\">26<span class=\"_ _109\"> </span></span><span class=\"lsa ws0\">1<span class=\"_ _350\"> </span></span>Other financ<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ome<span class=\"_ _282\"> </span><span class=\"ff1 lsa ws0\">1<span class=\"_ _e1\"> </span><span class=\"ff9\">\u2013<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>otal ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _217\"> </span><span class=\"ff1 ls8f ws83\">61<span class=\"_ _12a\"> </span></span><span class=\"ls37 ws7b\">45<span class=\"_ _350\"> </span></span>Other finance e<span class=\"_ _1\"></span>xpense<span class=\"_ _350\"> </span>Inter<span class=\"_ _1\"></span>est pa<span class=\"_ _1\"></span>yable<span class=\"_ _1\"></span> on borro<span class=\"_ _1\"></span>wings<span class=\"_ _283\"> </span><span class=\"ff1 ls92 wsdb\">(2<span class=\"_ _0\"></span>33)<span class=\"_ _21a\"> </span></span><span class=\"lsa9 wsd9\">(24<span class=\"_ _37\"></span>4)<span class=\"_ _350\"> </span></span>Foreign<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> losse<span class=\"_ _1\"></span>s on<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rcompan<span class=\"_ _1\"></span>y financ<span class=\"_ _1\"></span>ing, net<span class=\"_ _1\"></span> of hedging<span class=\"_ _204\"> </span><span class=\"ff1 ls5e ws55\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>Other financ<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpense<span class=\"_ _160\"> </span><span class=\"ff1 ls5e ws55\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span></span><span class=\"lsa3 ws115\">(20)<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>otal ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"_ _270\"> </span><span class=\"ff1 ls7c ws8a\">(291)<span class=\"_ _21a\"> </span></span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span>Other net<span class=\"_ _1\"></span> finance<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>ense<span class=\"_ _284\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ff9 lsa ws0\">(2<span class=\"_ _0\"></span>19)<span class=\"_ _350\"> </span></span></span>Net finance<span class=\"_ _1\"></span> (<span class=\"_ _14\"></span>expense<span class=\"_ _14\"></span>)/income<span class=\"_ _285\"> </span><span class=\"ls8f ws83\">(<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>)<span class=\"_ _172\"> </span><span class=\"ff9 ls12d ws119\">5<span class=\"_ _37\"></span>47<span class=\"_ _350\"> </span></span></span>As a re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ty s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re, a n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ies have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>liq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>. Up<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>iq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e cum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve fore<span class=\"_ _0\"></span>ign exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s were re<span class=\"_ _0\"></span>cycl<span class=\"_ _0\"></span>ed to t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span> Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t, re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n a net fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>69 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span>), p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span> from<span class=\"_ _1\"></span> the liqui<span class=\"_ _1\"></span>dation<span class=\"_ _1\"></span> of in<span class=\"_ _1\"></span>termedia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> financing and<span class=\"_ _1\"></span> holding c<span class=\"_ _1\"></span>ompanies.<span class=\"_ _350\"> </span>7 In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>ax E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Current tax<span class=\"_ _1c7\"> </span><span class=\"ff1 ls118 ws108\">76<span class=\"_ _37\"></span>6<span class=\"_ _229\"> </span></span><span class=\"lsb9 wsb5\">711<span class=\"_ _350\"> </span></span>Adjustment in<span class=\"_ _1\"></span> respect of<span class=\"_ _1\"></span> prior periods<span class=\"_ _286\"> </span><span class=\"ff1 ls92 wsdb\">(2<span class=\"_ _0\"></span>3)<span class=\"_ _143\"> </span></span><span class=\"lsba\">53<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>ota<span class=\"_ _0\"></span>l current tax<span class=\"_ _225\"> </span><span class=\"ff1 ls12f ws11a\">74<span class=\"_ _37\"></span>3<span class=\"_ _fd\"> </span></span><span class=\"ls13e ws12b\">76<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span>Origination and r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ersal of<span class=\"_ _1\"></span> temporary differences<span class=\"_ _14b\"> </span><span class=\"ff1 lsa3 ws115\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0)<span class=\"_ _200\"> </span></span><span class=\"lsa ws0\">(1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ates<span class=\"_ _287\"> </span><span class=\"ff1 ls7b wsa8\">(5)<span class=\"_ _9b\"> </span></span><span class=\"ls12b wsdd\">185<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>otal d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x<span class=\"_ _288\"> </span><span class=\"ff1 ls7b wsa8\">(25)<span class=\"_ _21a\"> </span></span><span class=\"lsa9 wsd9\">(9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span>Cum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>n defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to the<span class=\"_ _0\"></span> In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _4b\"> </span><span class=\"ff1 lsba ws18\">(7)<span class=\"_ _16d\"> </span></span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span>Income tax charge/<span class=\"_ _14\"></span>(credit<span class=\"_ _1\"></span>)<span class=\"_ _289\"> </span><span class=\"ls101 ws40\">711<span class=\"_ _172\"> </span><span class=\"ff9 lsa9 wsd9\">(20<span class=\"_ _0\"></span>8)<span class=\"_ _350\"> </span></span></span>Cur<span class=\"_ _0\"></span>rent t<span class=\"_ _0\"></span>ax i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es ta<span class=\"_ _0\"></span>x in<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d by U<span class=\"_ _0\"></span>K ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of \u00a3<span class=\"_ _0\"></span>177 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). This is c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">of U</span><span class=\"_ _0\"></span><span class=\"_ _350\">K cor</span><span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n tax o<span class=\"_ _0\"></span>f \u00a31<span class=\"_ _0\"></span>26 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>55 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) and ove<span class=\"_ _0\"></span>rsea<span class=\"_ _0\"></span>s ta<span class=\"_ _0\"></span>x suf<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>red of \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span><span class=\"_ _350\">1: \u00a3</span><span class=\"_ _0\"></span><span class=\"_ _350\">78 mi</span><span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). UK cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x is ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted at 1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>% (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 19<span class=\"_ _0\"></span>%) of t<span class=\"_ _0\"></span>he es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span><span class=\"_ _350\">for th</span><span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>, net o<span class=\"_ _0\"></span>f rel<span class=\"_ _0\"></span>ief fo<span class=\"_ _0\"></span>r overse<span class=\"_ _0\"></span>as ta<span class=\"_ _0\"></span>xes wh<span class=\"_ _0\"></span>ere ava<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le. Taxatio<span class=\"_ _0\"></span>n in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ju<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns is ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted<span class=\"_ _350\"> </span><span class=\"_ _350\">at th</span><span class=\"_ _0\"></span>e rate<span class=\"_ _0\"></span>s preva<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>evan<span class=\"_ _0\"></span>t ju<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>Cas<span class=\"_ _0\"></span>h tax p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r was \u00a3<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>1 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a39<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). Th<span class=\"_ _0\"></span>e var<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>nce fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt yea<span class=\"_ _0\"></span>r tax<span class=\"_ _0\"></span> cha<span class=\"_ _0\"></span>rge of \u00a3<span class=\"_ _0\"></span>766 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is at<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to move<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain t<span class=\"_ _0\"></span>ax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns (shown i<span class=\"_ _0\"></span>n N<span class=\"_ _0\"></span>ote 22)<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span><span class=\"_ _350\">d tim</span><span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nces a<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ccru<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Origination and r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ersal of<span class=\"_ _1\"></span> temporary differences inc<span class=\"_ _1\"></span>ludes adjustments in r<span class=\"_ _1\"></span>espect of prior<span class=\"_ _1\"></span> periods<span class=\"_ _350\"> </span><span class=\"_ _350\">of \u00a3</span><span class=\"_ _0\"></span><span class=\"_ _350\">19 m</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t).<span class=\"_ _350\"> </span>Cum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>n defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t rel<span class=\"_ _0\"></span>ates<span class=\"_ _350\"> </span><span class=\"_ _350\">to defe</span><span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax o<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sets d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r (see N<span class=\"_ _0\"></span>ote 29<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>5 Em<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oyee Cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>The to<span class=\"_ _0\"></span>tal t<span class=\"_ _0\"></span>ax ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e on t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/(l<span class=\"_ _0\"></span>oss) for the ye<span class=\"_ _0\"></span>ar ca<span class=\"_ _0\"></span>n be r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e not<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al t<span class=\"_ _0\"></span>ax ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K tax r<span class=\"_ _0\"></span>ate as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Continuing<span class=\"_ _1\"></span> operation<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Profi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/(lo<span class=\"_ _0\"></span>ss) before i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax<span class=\"_ _28a\"> </span><span class=\"ff1 ls66 ws5d\">3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>67<span class=\"_ _1e2\"> </span></span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ax at th<span class=\"_ _0\"></span>e not<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal U<span class=\"_ _0\"></span>K co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on ta<span class=\"_ _0\"></span>x ra<span class=\"_ _0\"></span>te of 19<span class=\"_ _37\"></span>% (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: 1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>%)<span class=\"_ _8a\"> </span><span class=\"ff1 ls111 ws32\">583<span class=\"_ _13f\"> </span></span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>Effec<span class=\"_ _0\"></span>t of:<span class=\"_ _350\"> </span>Over<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>s tax r<span class=\"_ _0\"></span>ates<span class=\"_ _28b\"> </span><span class=\"ff1 ls101 ws40\">114<span class=\"_ _16a\"> </span></span><span class=\"ls2f ws87\">112<span class=\"_ _350\"> </span></span>Movem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in p<span class=\"_ _0\"></span>rovis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n rela<span class=\"_ _0\"></span>ted to u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons<span class=\"_ _28c\"> </span><span class=\"ff1 ls33 ws31\">(5<span class=\"_ _0\"></span>8)<span class=\"_ _151\"> </span></span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>Ne<span class=\"_ _0\"></span>t im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of d<span class=\"_ _0\"></span>ives<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s recl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed to h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d for sa<span class=\"_ _0\"></span>le<span class=\"_ _28d\"> </span><span class=\"ff1 ls7b wsa8\">(25)<span class=\"_ _21a\"> </span></span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span>Unrecogni<span class=\"_ _1\"></span>sed t<span class=\"_ _1\"></span>ax lo<span class=\"_ _1\"></span>sses, o<span class=\"_ _1\"></span>ther<span class=\"_ _1\"></span> unrecogn<span class=\"_ _1\"></span>ised t<span class=\"_ _1\"></span>ax as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> and de<span class=\"_ _1\"></span>ferr<span class=\"_ _1\"></span>ed tax<span class=\"_ _1\"></span> liability on unr<span class=\"_ _1\"></span>emitted e<span class=\"_ _1\"></span>arnings<span class=\"_ _28e\"> </span><span class=\"ff1 lsb9 wsb5\">71<span class=\"_ _128\"> </span></span><span class=\"ls111 ws32\">68<span class=\"_ _350\"> </span></span>Cum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>n defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to the<span class=\"_ _0\"></span> In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _4b\"> </span><span class=\"ff1 lsba ws18\">(7)<span class=\"_ _16d\"> </span></span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span>Withholding and<span class=\"_ _1\"></span> local t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s<span class=\"_ _28f\"> </span><span class=\"ff1 ls12d ws119\">47<span class=\"_ _12a\"> </span></span><span class=\"ls37 ws7b\">43<span class=\"_ _350\"> </span></span>Reas<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>r es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mates<span class=\"_ _266\"> </span><span class=\"ff1 ls26 ws23\">(4<span class=\"_ _37\"></span>2)<span class=\"_ _151\"> </span></span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ates<span class=\"_ _287\"> </span><span class=\"ff1 ls7b wsa8\">(5)<span class=\"_ _9b\"> </span></span><span class=\"ls12b wsdd\">185<span class=\"_ _350\"> </span></span>No<span class=\"_ _0\"></span>n-ta<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge g<span class=\"_ _0\"></span>ain a<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m le<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>l ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y si<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span><span class=\"_ _350\">ote 6)<span class=\"_ _350\"> </span></span>(1<span class=\"_ _0\"></span>3)<span class=\"_ _186\"> </span><span class=\"ff9 lse7 ws112\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6)<span class=\"_ _350\"> </span></span>Other permanent differenc<span class=\"_ _1\"></span>es<span class=\"_ _287\"> </span><span class=\"ff1 ls196 ws175\">46<span class=\"_ _16a\"> </span></span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span>Income tax charge/<span class=\"_ _14\"></span>(credit<span class=\"_ _1\"></span>)<span class=\"_ _289\"> </span><span class=\"ls101 ws40\">711<span class=\"_ _172\"> </span><span class=\"ff9 lsa9 wsd9\">(20<span class=\"_ _0\"></span>8)<span class=\"_ _350\"> </span></span></span>Ou<span class=\"_ _0\"></span>r ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve tax r<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>n any g<span class=\"_ _0\"></span>iven fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial yea<span class=\"_ _0\"></span>r refl<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s a va<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>ty o<span class=\"_ _0\"></span>f fac<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs th<span class=\"_ _0\"></span>at may n<span class=\"_ _0\"></span>ot be p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span><span class=\"_ _350\">in su</span><span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l year<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ay be a<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted by va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>fit m<span class=\"_ _0\"></span>ix a<span class=\"_ _0\"></span>nd ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x laws<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>regulatio<span class=\"_ _0\"></span>ns and related interpretations.<span class=\"_ _350\"> </span>In D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 th<span class=\"_ _0\"></span>e O<span class=\"_ _0\"></span>ECD p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e Pil<span class=\"_ _0\"></span>lar Two Glo<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>E ru<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch se<span class=\"_ _0\"></span>ek to en<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e mu<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>als p<span class=\"_ _0\"></span>ay<span class=\"_ _350\"> </span>a mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m tax of 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>% in ea<span class=\"_ _0\"></span>ch ju<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sdi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>cop<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>ese r<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d has o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _350\"> </span>in co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x ra<span class=\"_ _0\"></span>te is cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>tly b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow 1<span class=\"_ _0\"></span>5%<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of Pil<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r T<span class=\"_ _1\"></span>wo, now ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to be<span class=\"_ _0\"></span> ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve fro<span class=\"_ _0\"></span>m 1 Jan<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>, is n<span class=\"_ _0\"></span>ot exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to be ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al to th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>OE<span class=\"_ _0\"></span>CD m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ber g<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>cess o<span class=\"_ _0\"></span>f int<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uci<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he Pi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ar 2 r<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>es; h<span class=\"_ _0\"></span>owever, the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>not co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>t thi<span class=\"_ _0\"></span>s le<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ion h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y ena<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted by a<span class=\"_ _0\"></span>ny par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g cou<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>en<span class=\"_ _0\"></span>d of th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d. Acc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>y, the ta<span class=\"_ _0\"></span>x acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Pil<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>wo Glo<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>E r<span class=\"_ _0\"></span>ule<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nsla<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>nto do<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ic le<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>sla<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 202<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of over<span class=\"_ _0\"></span>seas t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ates rep<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e the U<span class=\"_ _0\"></span>K t<span class=\"_ _0\"></span>hat a<span class=\"_ _0\"></span>re ta<span class=\"_ _0\"></span>xed at<span class=\"_ _350\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t rates to t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K r<span class=\"_ _0\"></span>ate.<span class=\"_ _350\"> </span>The n<span class=\"_ _0\"></span>et i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of di<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>ets re<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ed to h<span class=\"_ _0\"></span>eld fo<span class=\"_ _0\"></span>r sa<span class=\"_ _0\"></span>le i<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>2 rep<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e net t<span class=\"_ _0\"></span>ax<span class=\"_ _350\"> </span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le of D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>coo<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d E4<span class=\"_ _0\"></span>5 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FCN C<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>, Sch<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>l, E<span class=\"_ _0\"></span>nfa<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>eb\u00e9 a<span class=\"_ _0\"></span>nd r<span class=\"_ _0\"></span>ecl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span><span class=\"_ _350\">of E4</span><span class=\"_ _0\"></span>5 to he<span class=\"_ _0\"></span>ld for s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e). The bas<span class=\"_ _0\"></span>es on w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch ta<span class=\"_ _0\"></span>x cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>es are c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>r fro<span class=\"_ _0\"></span>m the a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g base<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l taxes s<span class=\"_ _0\"></span>uf<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the ye<span class=\"_ _0\"></span>ar a<span class=\"_ _0\"></span>re ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d for pr<span class=\"_ _0\"></span>evio<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ly ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax<span class=\"_ _350\"> </span>liabilities<span class=\"_ _1\"></span> on unre<span class=\"_ _1\"></span>mitted earning<span class=\"_ _1\"></span>s.<span class=\"_ _350\"> </span>The r<span class=\"_ _0\"></span>eass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r est<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ates in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts rea<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>ed fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>on of ta<span class=\"_ _0\"></span>x<span class=\"_ _350\"> </span>au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y review a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l ta<span class=\"_ _0\"></span>x retu<span class=\"_ _0\"></span>rn su<span class=\"_ _0\"></span>bm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span>se<span class=\"_ _350\"> </span>Financia<span class=\"_ _0\"></span>l Stat<span class=\"_ _1\"></span>ements<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t of ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in ta<span class=\"_ _0\"></span>x rate<span class=\"_ _0\"></span>s in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 pr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he reva<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>foll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ve ena<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>ate fr<span class=\"_ _0\"></span>om 1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>% to 2<span class=\"_ _0\"></span>5% (effe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive<span class=\"_ _350\"> </span>1 Ap<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>l 20<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>) on 24 M<span class=\"_ _0\"></span>ay 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>U<span class=\"_ _0\"></span>K defer<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es have be<span class=\"_ _0\"></span>en c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>vely e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d rate o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>5% af<span class=\"_ _0\"></span>ter f<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in t<span class=\"_ _0\"></span>he exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g of rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>ated te<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>%).<span class=\"_ _350\"> </span>Thi<span class=\"_ _0\"></span>s tax r<span class=\"_ _0\"></span>ate ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e the c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re ta<span class=\"_ _0\"></span>x cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e on p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>We cond<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d are t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore s<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to ta<span class=\"_ _0\"></span>x an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>inte<span class=\"_ _0\"></span>rcom<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny pr<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>aws in m<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>tip<span class=\"_ _0\"></span>le j<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>isd<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. We have in th<span class=\"_ _0\"></span>e pas<span class=\"_ _0\"></span>t fa<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd may i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fu<span class=\"_ _0\"></span>ture f<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>audits and<span class=\"_ _1\"></span> challenges<span class=\"_ _1\"></span> brough<span class=\"_ _1\"></span>t by<span class=\"_ _1\"></span> tax<span class=\"_ _1\"></span> authorities,<span class=\"_ _1\"></span> and w<span class=\"_ _1\"></span>e are<span class=\"_ _1\"></span> inv<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> ongoing tax<span class=\"_ _1\"></span> inv<span class=\"_ _1\"></span>estiga<span class=\"_ _1\"></span>tions<span class=\"_ _1\"></span> in a<span class=\"_ _350\"> </span>nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. If ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es were to b<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>ccess<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>l, o<span class=\"_ _0\"></span>ur e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tive t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate may i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase,<span class=\"_ _0\"></span> we may be r<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ed to m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>es at si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt cos<span class=\"_ _0\"></span>ts to u<span class=\"_ _0\"></span>s, we m<span class=\"_ _0\"></span>ay als<span class=\"_ _0\"></span>o be su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d we may in<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>r cost<span class=\"_ _0\"></span>s in d<span class=\"_ _0\"></span>efen<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n or re<span class=\"_ _0\"></span>ach<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>ny of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>for<span class=\"_ _1\"></span>egoing coul<span class=\"_ _1\"></span>d mat<span class=\"_ _1\"></span>erially<span class=\"_ _1\"></span> and adv<span class=\"_ _1\"></span>ersely<span class=\"_ _1\"></span> affect our<span class=\"_ _1\"></span> busines<span class=\"_ _1\"></span>s, financial<span class=\"_ _1\"></span> condition<span class=\"_ _1\"></span> and r<span class=\"_ _1\"></span>esults<span class=\"_ _1\"></span> of<span class=\"_ _350\"> </span>operati<span class=\"_ _0\"></span>ons.<span class=\"_ _350\"> </span>EC Sta<span class=\"_ _0\"></span>te Ai<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>Wi<span class=\"_ _0\"></span>th re<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>rd to th<span class=\"_ _0\"></span>e Euro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>an Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>\u2019s (<span class=\"_ _0\"></span>EC\u2019s) chal<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e to cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain a<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>ar ta<span class=\"_ _0\"></span>x sys<span class=\"_ _0\"></span>te<span class=\"_ _350\"> </span>a ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent wa<span class=\"_ _0\"></span>s rece<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d in A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>his j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y favou<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up a<span class=\"_ _0\"></span><span class=\"_ _350\">nd w</span><span class=\"_ _0\"></span>as no<span class=\"_ _350\"> </span>ap<span class=\"_ _0\"></span>pea<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nvol<span class=\"_ _0\"></span>ved wer<span class=\"_ _0\"></span>e not m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>. O<span class=\"_ _0\"></span><span class=\"_ _350\">n 31 O</span><span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tob<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, in a n<span class=\"_ _0\"></span>ew devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, the E<span class=\"_ _0\"></span>U Com<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ed a p<span class=\"_ _0\"></span>ress re<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>se an<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span><span class=\"_ _350\">ts i</span><span class=\"_ _0\"></span>ntent<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to<span class=\"_ _350\"> </span>ex<span class=\"_ _0\"></span>tend t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>cop<span class=\"_ _0\"></span>e of it<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>-d<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>h in<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nto Gi<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>r\u2019s c<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate ta<span class=\"_ _0\"></span>x re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>me w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h focu<span class=\"_ _0\"></span>ses<span class=\"_ _350\"> </span><span class=\"_ _350\">on M</span><span class=\"_ _0\"></span>J<span class=\"_ _0\"></span>N Gi<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>tar. This m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter w<span class=\"_ _0\"></span>ill r<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er rev<span class=\"_ _0\"></span>iew as t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>On 8 J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l Cou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span>d it<span class=\"_ _0\"></span>s jud<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>tate a<span class=\"_ _0\"></span>id ca<span class=\"_ _0\"></span>se co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K<span class=\"_ _350\"> </span><span class=\"_ _350\">CFC G</span><span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g E<span class=\"_ _0\"></span>xemp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt r<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n favour o<span class=\"_ _0\"></span>f the E<span class=\"_ _0\"></span>C on a<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>rgu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s bu<span class=\"_ _0\"></span>t has<span class=\"_ _350\"> </span>sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y be<span class=\"_ _0\"></span>en a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh n<span class=\"_ _0\"></span>ot a di<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ct a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ase, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ted pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y. W<span class=\"_ _1\"></span>e bel<span class=\"_ _0\"></span>ieve th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e mat<span class=\"_ _0\"></span>ter i<span class=\"_ _0\"></span>s fin<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ced a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ave the<span class=\"_ _0\"></span>refor<span class=\"_ _0\"></span>e now a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>tely<span class=\"_ _0\"></span> prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed for t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter. The am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are n<span class=\"_ _0\"></span>ot ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al to th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>7 In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>ax E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>The t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d/(<span class=\"_ _1\"></span>cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>) rela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sive i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me i<span class=\"_ _0\"></span>s as fol<span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>Before tax<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _37\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _37\"></span>g<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>)/<span class=\"_ _350\"> </span>credit<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>After<span class=\"_ _1\"></span> tax<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Before tax<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>charge<span class=\"_ _14\"></span>)/<span class=\"_ _350\"> </span>credit<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>ax<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s/(l<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ses)<span class=\"_ _350\"> </span>on for<span class=\"_ _1\"></span>eign currency<span class=\"_ _350\"> </span>translatio<span class=\"_ _0\"></span>n<span class=\"_ _bc\"> </span><span class=\"ff1 ls37 ws7b\">1<span class=\"_ _0\"></span>,065<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span></span>1,0<span class=\"_ _0\"></span>65<span class=\"_ _177\"> </span></span><span class=\"ls18e ws16b\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>74)<span class=\"_ _10c\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _177\"> </span></span>(<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>Reclassifi<span class=\"_ _0\"></span>cation of foreign<span class=\"_ _350\"> </span>currenc<span class=\"_ _0\"></span>y translation<span class=\"_ _350\"> </span>reser<span class=\"_ _0\"></span>ves on disposals or<span class=\"_ _0\"></span> liquidati<span class=\"_ _1\"></span>on of<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span>eign<span class=\"_ _350\"> </span>operati<span class=\"_ _0\"></span>ons<span class=\"_ _290\"> </span><span class=\"ff1 ls135 ws124\">(5<span class=\"_ _37\"></span>6)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _143\"> </span></span>(5<span class=\"_ _0\"></span>6)<span class=\"_ _183\"> </span></span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>0)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1e2\"> </span></span>(5<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span>(Los<span class=\"_ _0\"></span>ses)/gain<span class=\"_ _0\"></span>s on c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow<span class=\"_ _350\"> </span>and ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stment hedge<span class=\"_ _1\"></span>s<span class=\"_ _178\"> </span><span class=\"ff1 lsa ws0\">(11<span class=\"_ _0\"></span>2)<span class=\"_ _128\"> </span><span class=\"ls49 ws9\">(1)<span class=\"_ _207\"> </span><span class=\"ls92 wsdb\">(<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>3)<span class=\"_ _110\"> </span></span></span></span><span class=\"lsb9 wsb5\">118<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>)<span class=\"_ _c7\"> </span></span>114<span class=\"_ _350\"> </span></span>Remeasureme<span class=\"_ _0\"></span>nt of defined<span class=\"_ _350\"> </span>benefit pension plans<span class=\"_ _350\"> </span>(N<span class=\"_ _0\"></span><span class=\"_ _350\">ote 2</span><span class=\"_ _0\"></span>3)<span class=\"_ _291\"> </span><span class=\"ff1 ls4c wsc\">29<span class=\"_ _d9\"> </span><span class=\"ls7b wsa8\">(5)<span class=\"_ _fd\"> </span><span class=\"ls12e ws35\">24<span class=\"_ _13f\"> </span></span></span></span><span class=\"lsb2 wsda\">179<span class=\"_ _13f\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _151\"> </span><span class=\"ls34 ws75\">133<span class=\"_ _350\"> </span></span></span></span>Rev<span class=\"_ _1\"></span>aluation<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> equity<span class=\"_ _350\"> </span>instruments \u2013<span class=\"_ _1\"></span> FVOCI<span class=\"_ _c4\"> </span><span class=\"ff1 lsa ws0\">(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _143\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _116\"> </span><span class=\"lsb2 wsda\">(87)<span class=\"_ _12a\"> </span></span></span></span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _10c\"> </span></span>(<span class=\"_ _0\"></span>1)<span class=\"_ _350\"> </span></span>Other comprehensiv<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e/(expe<span class=\"_ _0\"></span>nse)<span class=\"_ _1b0\"> </span><span class=\"ff1 ls38 ws36\">817<span class=\"_ _d9\"> </span><span class=\"lsdf ws34\">16<span class=\"_ _141\"> </span><span class=\"ls111 ws32\">833<span class=\"_ _1e2\"> </span></span></span></span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _151\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _16f\"> </span></span>(6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8)<span class=\"_ _350\"> </span></span>Current tax<span class=\"_ _234\"> </span><span class=\"ff1 lsf1 ws73\">13<span class=\"_ _292\"> </span></span><span class=\"ws0\">\u2013<span class=\"_ _350\"> </span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 12<span class=\"_ _0\"></span>)<span class=\"_ _97\"> </span><span class=\"ff1 lsa\">3<span class=\"_ _196\"> </span></span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>50)<span class=\"_ _350\"> </span></span>16<span class=\"_ _196\"> </span><span class=\"ff9 lsa3 ws115\">(5<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span>The t<span class=\"_ _0\"></span>ax (char<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d)/cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tly to t<span class=\"_ _0\"></span>he Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt of Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in Equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar is a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Current tax<span class=\"_ _293\"> </span><span class=\"ff1 ls49 ws9\">(1)<span class=\"_ _dd\"> </span></span><span class=\"ws0\">4<span class=\"_ _350\"> </span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 12<span class=\"_ _0\"></span>)<span class=\"_ _10d\"> </span><span class=\"ff1 lsa\">\u2013<span class=\"_ _106\"> </span></span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>(1)<span class=\"_ _106\"> </span><span class=\"ff9 lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>8 Ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs Pe<span class=\"_ _0\"></span>r S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>pen<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>pen<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span>Bas<span class=\"_ _0\"></span>ic ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs/(l<span class=\"_ _0\"></span>oss) per s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re  F<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> continuing<span class=\"_ _1\"></span> operation<span class=\"_ _1\"></span>s<span class=\"_ _294\"> </span><span class=\"ff1 ls7f wsf2\">32<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.7<span class=\"_ _110\"> </span></span><span class=\"lsdf ws34\">(8.8<span class=\"_ _1\"></span>)</span>  F<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> discon<span class=\"_ _1\"></span>tinued opera<span class=\"_ _1\"></span>tions<span class=\"_ _149\"> </span><span class=\"ff1 lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0)<span class=\"_ _141\"> </span></span><span class=\"ls12b wsdd\">4.3<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l ba<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>c ea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>s/(lo<span class=\"_ _0\"></span>ss) pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _147\"> </span><span class=\"ls7f wsf2\">3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.7<span class=\"_ _1f3\"> </span><span class=\"ff9 ls118 ws108\">(4<span class=\"_ _0\"></span>.<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Diluted<span class=\"_ _1\"></span> earnings/<span class=\"_ _1\"></span>(loss<span class=\"_ _14\"></span>) per shar<span class=\"_ _1\"></span>e  F<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> continuing<span class=\"_ _1\"></span> operation<span class=\"_ _1\"></span>s<span class=\"_ _144\"> </span><span class=\"ff1 ls7f wsf2\">3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.7<span class=\"_ _110\"> </span></span><span class=\"lsdf ws34\">(8.8<span class=\"_ _1\"></span>)</span>  F<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> discon<span class=\"_ _1\"></span>tinued opera<span class=\"_ _1\"></span>tions<span class=\"_ _149\"> </span><span class=\"ff1 lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0)<span class=\"_ _141\"> </span></span><span class=\"ls12b wsdd\">4.3<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l d<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs/(l<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>s) per s<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _cc\"> </span><span class=\"ls7f wsf2\">3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.7<span class=\"_ _1f3\"> </span><span class=\"ff9 ls118 ws108\">(4<span class=\"_ _0\"></span>.<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Basic<span class=\"_ _350\"> </span>Bas<span class=\"_ _0\"></span>ic ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re is c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated by d<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e net i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me/(<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>s) attr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to own<span class=\"_ _0\"></span>ers o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> parent<span class=\"_ _1\"></span> compan<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ontinuing<span class=\"_ _1\"></span> operations<span class=\"_ _1\"></span> (2022:<span class=\"_ _1\"></span> \u00a32,<span class=\"_ _0\"></span>337 million<span class=\"_ _1\"></span> income,<span class=\"_ _1\"></span> 2021: \u00a363 million<span class=\"_ _1\"></span> loss<span class=\"_ _14\"></span>) and<span class=\"_ _350\"> </span>dis<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>: \u00a37 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n lo<span class=\"_ _0\"></span>ss; 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>31 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me) by the we<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> of ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es in is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r (20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>: 7<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>; 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: 7<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>,75<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9).<span class=\"_ _350\"> </span>Diluted<span class=\"_ _350\"> </span>Di<span class=\"_ _0\"></span>lute<span class=\"_ _0\"></span>d ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re is c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated by a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> to assu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e conver<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of a<span class=\"_ _0\"></span>ll p<span class=\"_ _0\"></span>otent<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>ly d<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>ve ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e foll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> cat<span class=\"_ _1\"></span>egories o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>tent<span class=\"_ _1\"></span>ially dilut<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ordinary shar<span class=\"_ _1\"></span>es:<span class=\"_ _1\"></span> Executiv<span class=\"_ _1\"></span>e Shar<span class=\"_ _1\"></span>e A<span class=\"_ _14\"></span>wards (including<span class=\"_ _1\"></span> Executiv<span class=\"_ _1\"></span>e Shar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span>Options<span class=\"_ _1\"></span> and Exec<span class=\"_ _1\"></span>utiv<span class=\"_ _1\"></span>e Condit<span class=\"_ _1\"></span>ional A<span class=\"_ _14\"></span>wards<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> and Emplo<span class=\"_ _1\"></span>yee<span class=\"_ _1\"></span> Shares<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>e Scheme<span class=\"_ _1\"></span> Options.<span class=\"_ _1\"></span> The op<span class=\"_ _1\"></span>tions<span class=\"_ _350\"> </span>on<span class=\"_ _0\"></span><span class=\"_ _350\">ly d</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ute ea<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>ey res<span class=\"_ _0\"></span>ult i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e iss<span class=\"_ _0\"></span>ue of s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es at a va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>low th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>rket pr<span class=\"_ _0\"></span>ice of t<span class=\"_ _0\"></span>he sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en a<span class=\"_ _0\"></span>ll p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce cr<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>ria (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>f ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e) have been m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>. As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re were<span class=\"_ _350\"> </span>14<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>,133 (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9) E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve Sha<span class=\"_ _0\"></span>re Awards exc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>on b<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e exercis<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>pr<span class=\"_ _0\"></span>ice for t<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons w<span class=\"_ _0\"></span>as gr<span class=\"_ _0\"></span>eater t<span class=\"_ _0\"></span>han t<span class=\"_ _0\"></span>he aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>are p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce for th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r or th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce cr<span class=\"_ _0\"></span>iter<span class=\"_ _0\"></span>ia<span class=\"_ _350\"> </span>have not b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n me<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>res<span class=\"_ _350\"> </span>2021 av<span class=\"_ _1\"></span>erage<span class=\"_ _350\"> </span>number of<span class=\"_ _1\"></span> share<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>On a b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>c basi<span class=\"_ _0\"></span>s<span class=\"_ _213\"> </span><span class=\"ff1 ls34 ws75\">715<span class=\"_ _0\"></span>,28<span class=\"_ _0\"></span>4,629<span class=\"_ _168\"> </span></span><span class=\"ls128 wsb2\">713,<span class=\"_ _1\"></span>75<span class=\"_ _1\"></span>8,<span class=\"_ _1\"></span>909<span class=\"_ _350\"> </span></span>Dilution<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> Executiv<span class=\"_ _1\"></span>e Shar<span class=\"_ _1\"></span>e A<span class=\"_ _14\"></span>wards<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>1,858,<span class=\"_ _1\"></span>996<span class=\"_ _1d6\"> </span><span class=\"ff9 lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>Dilution<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> Employ<span class=\"_ _1\"></span>ee Shar<span class=\"_ _1\"></span>esa<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> Scheme Opt<span class=\"_ _1\"></span>ions out<span class=\"_ _1\"></span>standing<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>2<span class=\"_ _d6\"> </span><span class=\"ff9 lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>On a d<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span>d basi<span class=\"_ _0\"></span>s<span class=\"_ _240\"> </span><span class=\"ff1 ls110 wsff\">7<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>7,<span class=\"_ _4f\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>4<span class=\"_ _4f\"></span>,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>7<span class=\"_ _17a\"> </span></span><span class=\"ls128 wsb2\">713,<span class=\"_ _1\"></span>75<span class=\"_ _1\"></span>8,<span class=\"_ _1\"></span>909<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>As t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re wa<span class=\"_ _0\"></span>s a los<span class=\"_ _0\"></span>s in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of po<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>es wa<span class=\"_ _0\"></span>s ant<span class=\"_ _0\"></span>i-<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>ve<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>7 In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>ax E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>Brands<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Sof<span class=\"_ _0\"></span>tware<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cos<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _295\"> </span><span class=\"ls181 ws15e\">1<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>3<span class=\"_ _9c\"> </span><span class=\"ls112 ws100\">11<span class=\"_ _1\"></span>,408<span class=\"_ _110\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _0\"></span>0<span class=\"_ _143\"> </span><span class=\"ls12b wsdd\">185<span class=\"_ _19d\"> </span><span class=\"ls130 ws11b\">2<span class=\"_ _37\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>6<span class=\"_ _350\"> </span></span></span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _296\"> </span><span class=\"lsa ws0\">5<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span>72<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">77<span class=\"_ _350\"> </span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _1bf\"> </span><span class=\"ls11b ws10b\">596<span class=\"_ _fd\"> </span><span class=\"ls2e wsa7\">370<span class=\"_ _e1\"> </span></span></span><span class=\"lsa\">\u2013<span class=\"_ _210\"> </span><span class=\"ls13e ws12b\">76<span class=\"_ _186\"> </span><span class=\"ls4c wsc\">1,0<span class=\"_ _0\"></span>42<span class=\"_ _350\"> </span></span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _297\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1d2\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>43)<span class=\"_ _12d\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c8\"> </span><span class=\"ls12b wsdd\">(<span class=\"_ _14\"></span>6,039)<span class=\"_ _350\"> </span></span></span></span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to h<span class=\"_ _0\"></span>eld fo<span class=\"_ _0\"></span>r sa<span class=\"_ _0\"></span>le<span class=\"_ _298\"> </span><span class=\"lse7 ws112\">(1<span class=\"_ _0\"></span>12)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(28)<span class=\"_ _132\"> </span></span></span><span class=\"lsa\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _16d\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _299\"> </span><span class=\"lsa3 ws115\">(22<span class=\"_ _0\"></span>0)<span class=\"_ _106\"> </span></span><span class=\"ws0\">5<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _106\"> </span></span>5<span class=\"_ _172\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29a\"> </span><span class=\"ls9e ws76\">13,448<span class=\"_ _16c\"> </span><span class=\"ls49 ws9\">1<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>212<span class=\"_ _110\"> </span><span class=\"ls12d ws119\">5<span class=\"_ _0\"></span>47<span class=\"_ _1f3\"> </span><span class=\"lsb9 wsb5\">266<span class=\"_ _7b\"> </span></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>47<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _127\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">77<span class=\"_ _1e0\"> </span></span>4<span class=\"_ _dd\"> </span><span class=\"ls36 ws2e\">81<span class=\"_ _350\"> </span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _1b0\"> </span><span class=\"lsa\">\u2013<span class=\"_ _106\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _bf\"> </span>7<span class=\"_ _1e0\"> </span>5<span class=\"_ _350\"> </span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _14c\"> </span><span class=\"ls11b ws10b\">(<span class=\"_ _0\"></span>59)<span class=\"_ _12d\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _13f\"> </span></span></span>(6<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Reclassifi<span class=\"_ _0\"></span>cations<span class=\"_ _29b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _16a\"> </span><span class=\"lse7 ws112\">(1<span class=\"_ _0\"></span>6)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _159\"> </span><span class=\"ls12c ws118\">1<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _c7\"> </span><span class=\"ls7b wsa8\">832<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _186\"> </span><span class=\"lsb9 wsb5\">2,00<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _c1\"> </span><span class=\"ls49 ws9\">14,52<span class=\"_ _0\"></span>5<span class=\"_ _c8\"> </span><span class=\"ls37 ws7b\">11,036<span class=\"_ _141\"> </span><span class=\"lsdf ws34\">653<span class=\"_ _1f3\"> </span><span class=\"ls6d ws64\">278<span class=\"_ _1db\"> </span><span class=\"ls80 ws8b\">26,<span class=\"_ _0\"></span>492<span class=\"_ _350\"> </span></span></span></span></span></span>Ac<span class=\"_ _1\"></span>cumu<span class=\"_ _0\"></span>lated amortisat<span class=\"_ _0\"></span>ion and impairm<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _f5\"> </span><span class=\"ls38 ws36\">4<span class=\"_ _0\"></span>49<span class=\"_ _de\"> </span><span class=\"ls12b wsdd\">6,039<span class=\"_ _143\"> </span><span class=\"ls36 ws2e\">190<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">99<span class=\"_ _21a\"> </span><span class=\"lse9 ws2d\">6,777<span class=\"_ _350\"> </span></span></span></span></span></span>Amor<span class=\"_ _0\"></span>tisation an<span class=\"_ _0\"></span>d impairme<span class=\"_ _0\"></span>nt<span class=\"_ _29c\"> </span><span class=\"ls49 ws9\">39<span class=\"_ _bf\"> </span></span><span class=\"ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls5c ws86\">66<span class=\"_ _12a\"> </span></span>27<span class=\"_ _143\"> </span><span class=\"ls7b wsa8\">132<span class=\"_ _350\"> </span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _29d\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3)<span class=\"_ _c9\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"ls7b wsa8\">(1,<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>1)<span class=\"_ _350\"> </span></span></span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1ad\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _229\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _106\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _10c\"> </span></span></span></span><span class=\"ws0\">1<span class=\"_ _106\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29e\"> </span><span class=\"ls36 ws2e\">342<span class=\"_ _c9\"> </span><span class=\"ls111 ws32\">4,8<span class=\"_ _0\"></span>84<span class=\"_ _141\"> </span><span class=\"ls49 ws9\">2<span class=\"_ _0\"></span>52<span class=\"_ _143\"> </span><span class=\"lsd ws7a\">127<span class=\"_ _9c\"> </span></span></span></span>5,6<span class=\"_ _0\"></span>05<span class=\"_ _350\"> </span></span>Amor<span class=\"_ _0\"></span>tisation an<span class=\"_ _0\"></span>d impairme<span class=\"_ _0\"></span>nt<span class=\"_ _a0\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _143\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>67<span class=\"_ _12a\"> </span><span class=\"ls111 ws32\">68<span class=\"_ _dd\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _1f3\"> </span></span></span></span></span><span class=\"ws0\">275<span class=\"_ _350\"> </span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _13e\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _29f\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _29f\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></span>Reclassifi<span class=\"_ _0\"></span>cations<span class=\"_ _29b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>8<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1b2\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _fd\"> </span><span class=\"ls13e ws12b\">3<span class=\"_ _0\"></span>76<span class=\"_ _bf\"> </span></span></span><span class=\"ws0\">8<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _116\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _93\"> </span><span class=\"lsb2 wsda\">379<span class=\"_ _17f\"> </span><span class=\"ls36 ws2e\">5,427<span class=\"_ _141\"> </span><span class=\"ls111 ws32\">335<span class=\"_ _fd\"> </span><span class=\"ls12b wsdd\">14<span class=\"_ _0\"></span>8<span class=\"_ _9c\"> </span></span></span>6,<span class=\"_ _0\"></span>289<span class=\"_ _350\"> </span></span></span>Ne<span class=\"_ _0\"></span>t bo<span class=\"_ _0\"></span>ok v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _181\"> </span><span class=\"ls8e ws81\">13<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _16e\"> </span><span class=\"ls37 ws7b\">5,32<span class=\"_ _0\"></span>8<span class=\"_ _110\"> </span><span class=\"lse9 ws2d\">295<span class=\"_ _116\"> </span><span class=\"lsba ws18\">139<span class=\"_ _1d2\"> </span><span class=\"ls12e ws35\">18,868<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _199\"> </span><span class=\"ls12b wsdd\">14,146<span class=\"_ _9c\"> </span><span class=\"ls12e ws35\">5,609<span class=\"_ _fd\"> </span><span class=\"lsb9 wsb5\">318<span class=\"_ _116\"> </span><span class=\"lsf1 ws73\">130<span class=\"_ _1db\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _350\"> </span></span></span></span></span></span>The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt st<span class=\"_ _0\"></span>ated fo<span class=\"_ _0\"></span>r br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ce 1<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>5 at th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>te of<span class=\"_ _350\"> </span>acquis<span class=\"_ _1\"></span>ition. Other<span class=\"_ _1\"></span> includes<span class=\"_ _1\"></span> product r<span class=\"_ _1\"></span>egistration,<span class=\"_ _1\"></span> distribution<span class=\"_ _1\"></span> rights, c<span class=\"_ _1\"></span>apitalised<span class=\"_ _1\"></span> product de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>opment<span class=\"_ _350\"> </span>cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Software includes<span class=\"_ _1\"></span> intangible<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> under con<span class=\"_ _1\"></span>struction of<span class=\"_ _1\"></span> \u00a340 million (2021: \u00a328 million<span class=\"_ _14\"></span>).<span class=\"_ _350\"> </span>The ne<span class=\"_ _1\"></span>t book v<span class=\"_ _1\"></span>alues o<span class=\"_ _1\"></span>f si<span class=\"_ _1\"></span>gnificant brand<span class=\"_ _1\"></span> intangible<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> acquir<span class=\"_ _1\"></span>ed thr<span class=\"_ _1\"></span>ough bus<span class=\"_ _1\"></span>iness c<span class=\"_ _1\"></span>ombinati<span class=\"_ _1\"></span>ons ar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span><span class=\"_ _350\">as fol</span><span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Acqui<span class=\"_ _1\"></span>sition<span class=\"_ _350\"> </span>Acqui<span class=\"_ _1\"></span>sition<span class=\"_ _350\"> </span>year<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Mead Johnson<span class=\"_ _1\"></span> Nutrition<span class=\"_ _1\"></span> Compan<span class=\"_ _1\"></span>y<span class=\"_ _2a0\"> </span><span class=\"ls33 ws31\">20<span class=\"_ _0\"></span>17<span class=\"_ _16e\"> </span><span class=\"ff1 ls12f ws11a\">4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _37\"></span>0<span class=\"_ _21a\"> </span></span><span class=\"lsd ws7a\">4,<span class=\"_ _0\"></span>352<span class=\"_ _350\"> </span></span></span>SSL International<span class=\"_ _294\"> </span><span class=\"ls37 ws7b\">201<span class=\"_ _0\"></span>0<span class=\"_ _207\"> </span><span class=\"ff1 ls85 ws79\">1,9<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _9f\"> </span></span><span class=\"ls4c wsc\">1,831<span class=\"_ _350\"> </span></span></span>Boots Healthcare Int<span class=\"_ _1\"></span>ernational<span class=\"_ _1ac\"> </span><span class=\"ls37 ws7b\">2006<span class=\"_ _de\"> </span><span class=\"ff1 ls9e ws76\">1,440<span class=\"_ _189\"> </span></span><span class=\"ls123 ws85\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>387<span class=\"_ _350\"> </span></span></span>Adams<span class=\"_ _1\"></span> Respirat<span class=\"_ _1\"></span>ory Therapeutics<span class=\"_ _18f\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _0\"></span>08<span class=\"_ _183\"> </span></span><span class=\"ff1 ws7a\">1<span class=\"_ _0\"></span>,275<span class=\"_ _172\"> </span></span><span class=\"ls12c ws118\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>Schiff Nutrition Internat<span class=\"_ _1\"></span>ional<span class=\"_ _2a1\"> </span><span class=\"ls2f ws87\">2012<span class=\"_ _21a\"> </span><span class=\"ff1 ls37 ws7b\">1,0<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _143\"> </span></span><span class=\"ls38 ws36\">971<span class=\"_ _350\"> </span></span></span>L&amp;F Household<span class=\"_ _209\"> </span><span class=\"ls87 wsdc\">1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>94<span class=\"_ _1f3\"> </span><span class=\"ff1 ls7b wsa8\">877<span class=\"_ _1f3\"> </span></span><span class=\"ls11b ws10b\">786<span class=\"_ _350\"> </span></span></span>Lanai Holdings<span class=\"_ _2a2\"> </span><span class=\"ls7e ws9c\">2021<span class=\"_ _110\"> </span><span class=\"ff1 ls12e ws35\">680<span class=\"_ _110\"> </span></span><span class=\"ls128 wsb2\">609<span class=\"_ _350\"> </span></span></span>American Home<span class=\"_ _1\"></span> Products C<span class=\"_ _1\"></span>orporation<span class=\"_ _2a3\"> </span><span class=\"ls36 ws2e\">1990<span class=\"_ _141\"> </span><span class=\"ff1 ls91 ws89\">4<span class=\"_ _0\"></span>59<span class=\"_ _143\"> </span></span><span class=\"ls6d ws64\">418<span class=\"_ _350\"> </span></span></span>Bristol-Myers Squibb O<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>C<span class=\"_ _1c9\"> </span><span class=\"ls37 ws7b\">2013<span class=\"_ _141\"> </span><span class=\"ff1 ls111 ws32\">338<span class=\"_ _1f3\"> </span></span><span class=\"ls123 ws85\">2<span class=\"_ _0\"></span>87<span class=\"_ _350\"> </span></span></span>K-Y<span class=\"_ _2a4\"> </span><span class=\"ls37 ws7b\">2014<span class=\"_ _110\"> </span><span class=\"ff1 ls12b wsdd\">280<span class=\"_ _110\"> </span></span><span class=\"ls49 ws9\">280<span class=\"_ _350\"> </span></span></span>The m<span class=\"_ _0\"></span>aj<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of b<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d to have<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>ves (see N<span class=\"_ _0\"></span>ote 1) a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore a<span class=\"_ _0\"></span>re su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to an a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t review. The M<span class=\"_ _0\"></span>J<span class=\"_ _0\"></span>N gl<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>al<span class=\"_ _350\"> </span>br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ps are d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>d to have a fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te life a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re am<span class=\"_ _0\"></span>or<span class=\"_ _37\"></span>tise<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>acco<span class=\"_ _1\"></span>rdingly<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Amortisatio<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>ognised<span class=\"_ _1\"></span> in ne<span class=\"_ _1\"></span>t operat<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>s or<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span> of g<span class=\"_ _1\"></span>oods sold<span class=\"_ _1\"></span> depending<span class=\"_ _350\"> </span><span class=\"_ _350\">on th</span><span class=\"_ _0\"></span>e us<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>The n<span class=\"_ _0\"></span>et b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s of in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite a<span class=\"_ _0\"></span>nd fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te life i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>s fol<span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Net book<span class=\"_ _1\"></span> value<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Indefi<span class=\"_ _0\"></span>nite life<span class=\"_ _1\"></span> assets Bran<span class=\"_ _0\"></span>ds<span class=\"_ _2a5\"> </span><span class=\"ff1 ls37 ws7b\">14,03<span class=\"_ _0\"></span>4<span class=\"_ _d1\"> </span></span><span class=\"ls30 ws88\">12<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>83</span> Goodwill<span class=\"_ _10b\"> </span><span class=\"ff1 ls12e ws35\">5<span class=\"_ _1\"></span>,609<span class=\"_ _16e\"> </span><span class=\"ff9 ls7b wsa8\">5<span class=\"_ _0\"></span>,32<span class=\"_ _0\"></span>8</span></span> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 lsdf ws34\">65<span class=\"_ _128\"> </span></span><span class=\"ls49 ws9\">39<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te l<span class=\"_ _0\"></span>ife a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _cb\"> </span><span class=\"ls12f ws11a\">1<span class=\"_ _37\"></span>9,7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>8<span class=\"_ _d1\"> </span><span class=\"ff9 ls4c wsc\">18,<span class=\"_ _0\"></span>350<span class=\"_ _350\"> </span></span></span>Finite life<span class=\"_ _1\"></span> assets Bran<span class=\"_ _0\"></span>ds<span class=\"_ _2a7\"> </span><span class=\"ff1 ls101 ws40\">112<span class=\"_ _143\"> </span></span><span class=\"ls2f ws87\">123</span> Sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ware<span class=\"_ _2a8\"> </span><span class=\"ff1 lsb9 wsb5\">318<span class=\"_ _1f3\"> </span></span><span class=\"ls49 ws9\">295</span> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 lsdf ws34\">65<span class=\"_ _116\"> </span></span><span class=\"ls126 wsc9\">100<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts<span class=\"_ _25f\"> </span><span class=\"lsd ws7a\">495<span class=\"_ _116\"> </span><span class=\"ff9 ls35 ws33\">51<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l n<span class=\"_ _0\"></span>et b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _2a9\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _c3\"> </span><span class=\"ff9 ls111 ws32\">18,868<span class=\"_ _350\"> </span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>Cash Generating<span class=\"_ _1\"></span> Units<span class=\"_ _350\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te li<span class=\"_ _0\"></span>ves are a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l cas<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng u<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ts (CGUs), or g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps of c<span class=\"_ _0\"></span>ash g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s (toge<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r GCG<span class=\"_ _0\"></span>Us). The g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te li<span class=\"_ _0\"></span>ves are tes<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt at th<span class=\"_ _0\"></span>e level a<span class=\"_ _0\"></span>t wh<span class=\"_ _0\"></span>ich i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cas<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>flows a<span class=\"_ _0\"></span>re la<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nt. G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>lly, thi<span class=\"_ _0\"></span>s is at a G<span class=\"_ _0\"></span>CGU l<span class=\"_ _0\"></span>evel, b<span class=\"_ _0\"></span>ut fo<span class=\"_ _0\"></span>r cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>is<span class=\"_ _350\"> </span><span class=\"_ _350\">is at a CGU l</span><span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>After<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>idering all<span class=\"_ _1\"></span> the e<span class=\"_ _1\"></span>vidence<span class=\"_ _1\"></span> av<span class=\"_ _1\"></span>ailable,<span class=\"_ _1\"></span> including ho<span class=\"_ _1\"></span>w brand<span class=\"_ _1\"></span> and pr<span class=\"_ _1\"></span>oduction ass<span class=\"_ _1\"></span>ets genera<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> cash<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>flows a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ow ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tors t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, the D<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s have con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>at for t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pose<span class=\"_ _0\"></span> of im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t test<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s G<span class=\"_ _0\"></span>CGUs a<span class=\"_ _0\"></span>re H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>ygie<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d I<span class=\"_ _0\"></span>FCN<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s CGUs b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng V<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>S an<span class=\"_ _0\"></span>d Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze.<span class=\"_ _350\"> </span>An a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lysi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e net b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>fe ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l by GCG<span class=\"_ _0\"></span>U/CGU i<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>GCG<span class=\"_ _0\"></span>U<span class=\"_ _0\"></span>/CG<span class=\"_ _0\"></span>U<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite<span class=\"_ _350\"> </span>life asse<span class=\"_ _1\"></span>ts<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Indefinite life<span class=\"_ _1\"></span> assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Heal<span class=\"_ _0\"></span>th<span class=\"_ _d2\"> </span><span class=\"ff1 ls7f wsf2\">5<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>79<span class=\"_ _16e\"> </span><span class=\"lsdf ws34\">3,556<span class=\"_ _17f\"> </span><span class=\"ls111 ws32\">9<span class=\"_ _1\"></span>,335<span class=\"_ _de\"> </span><span class=\"ff9 ls37 ws7b\">5,455<span class=\"_ _de\"> </span><span class=\"ls4c wsc\">3,350<span class=\"_ _16e\"> </span><span class=\"ls128 wsb2\">8,805<span class=\"_ _350\"> </span></span></span></span></span></span></span>Hygiene<span class=\"_ _ba\"> </span><span class=\"ff1 ls85 ws79\">1<span class=\"_ _0\"></span>,92<span class=\"_ _37\"></span>4<span class=\"_ _128\"> </span><span class=\"ls13d wse2\">45<span class=\"_ _183\"> </span></span>1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9<span class=\"_ _207\"> </span></span><span class=\"ls13e ws12b\">1<span class=\"_ _37\"></span>,76<span class=\"_ _37\"></span>0<span class=\"_ _210\"> </span><span class=\"ls37 ws7b\">45<span class=\"_ _189\"> </span><span class=\"ls127 wsb1\">1,805<span class=\"_ _350\"> </span></span></span></span>IFCN<span class=\"_ _f2\"> </span><span class=\"ff1 ls8f ws83\">4<span class=\"_ _0\"></span>,6<span class=\"_ _37\"></span>61<span class=\"_ _189\"> </span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>570<span class=\"_ _183\"> </span><span class=\"lsb9 wsb5\">6,<span class=\"_ _0\"></span>231<span class=\"_ _de\"> </span></span></span></span><span class=\"ls35 ws33\">4,260<span class=\"_ _189\"> </span><span class=\"ls112 ws100\">1,408<span class=\"_ _16e\"> </span><span class=\"ls36 ws2e\">5,66<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span></span>VMS<span class=\"_ _f7\"> </span><span class=\"ff1 ls37 ws7b\">1,089<span class=\"_ _1f3\"> </span><span class=\"lsd ws7a\">277<span class=\"_ _21a\"> </span><span class=\"ls128 wsb2\">1,366<span class=\"_ _143\"> </span></span></span></span><span class=\"ls38 ws36\">971<span class=\"_ _1f3\"> </span></span>248<span class=\"_ _a9\"> </span><span class=\"ls36 ws2e\">1,<span class=\"_ _0\"></span>219<span class=\"_ _350\"> </span></span>Bi<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>eze<span class=\"_ _ba\"> </span><span class=\"ff1 ls133 ws11e\">646<span class=\"_ _123\"> </span><span class=\"ls8f ws83\">161<span class=\"_ _110\"> </span><span class=\"ls7e ws9c\">8<span class=\"_ _0\"></span>07<span class=\"_ _fd\"> </span></span></span></span><span class=\"ls13e ws12b\">5<span class=\"_ _0\"></span>76<span class=\"_ _fd\"> </span><span class=\"lsa ws0\">277<span class=\"_ _1f3\"> </span><span class=\"lsba ws18\">853<span class=\"_ _350\"> </span></span></span></span>14,099<span class=\"_ _9c\"> </span>5,<span class=\"_ _1\"></span>609<span class=\"_ _16c\"> </span><span class=\"ls12f ws11a\">1<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>8<span class=\"_ _c8\"> </span><span class=\"ff9 ls7e ws9c\">13,022<span class=\"_ _de\"> </span><span class=\"ls7b wsa8\">5<span class=\"_ _0\"></span>,328<span class=\"_ _16c\"> </span><span class=\"ls4c wsc\">18,<span class=\"_ _0\"></span>350<span class=\"_ _350\"> </span></span></span></span></span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>, the c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows of c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>. As a r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span> ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ues of t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>ife as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en tes<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t as CGU<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>his is i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent tes<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng ove<span class=\"_ _0\"></span>r the H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>h GCG<span class=\"_ _0\"></span>U. Th<span class=\"_ _0\"></span>e CGU<span class=\"_ _0\"></span>s tes<span class=\"_ _0\"></span>ted se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly ar<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow.<span class=\"_ _350\"> </span>Indefinite<span class=\"_ _1\"></span> life<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cluding goodwill<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intimate W<span class=\"_ _1\"></span>ellness<span class=\"_ _111\"> </span><span class=\"ff1 lsf1 ws73\">2,<span class=\"_ _0\"></span>213<span class=\"_ _186\"> </span></span><span class=\"ls2f ws87\">2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>124<span class=\"_ _350\"> </span></span>Oriental Pharma<span class=\"_ _2aa\"> </span><span class=\"ff1 ls49 ws9\">52<span class=\"_ _dd\"> </span></span><span class=\"ls35 ws33\">51<span class=\"_ _350\"> </span></span>Annua<span class=\"_ _0\"></span>l Impairm<span class=\"_ _0\"></span>ent Review<span class=\"_ _350\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>fe in<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets m<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t be tes<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t on at l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>basi<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>s is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t of a GCG<span class=\"_ _0\"></span>U or CG<span class=\"_ _0\"></span>U fal<span class=\"_ _0\"></span>ls ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly<span class=\"_ _350\"> </span>be<span class=\"_ _0\"></span>low it<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>t bo<span class=\"_ _0\"></span>ok va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e at th<span class=\"_ _0\"></span>e date of te<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g.<span class=\"_ _350\"> </span>The d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, bei<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>her o<span class=\"_ _0\"></span>f val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue l<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s to<span class=\"_ _350\"> </span>dispos<span class=\"_ _1\"></span>e, is<span class=\"_ _1\"></span> inheren<span class=\"_ _1\"></span>tly judgemen<span class=\"_ _1\"></span>tal and<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es man<span class=\"_ _1\"></span>agement t<span class=\"_ _1\"></span>o mak<span class=\"_ _14\"></span>e multiple e<span class=\"_ _1\"></span>stimat<span class=\"_ _1\"></span>es, f<span class=\"_ _1\"></span>or e<span class=\"_ _1\"></span>xample<span class=\"_ _350\"> </span>around indi<span class=\"_ _1\"></span>vidual mark<span class=\"_ _14\"></span>et pres<span class=\"_ _1\"></span>sures<span class=\"_ _1\"></span> and f<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>es, futur<span class=\"_ _1\"></span>e pric<span class=\"_ _1\"></span>e and<span class=\"_ _1\"></span> volume<span class=\"_ _1\"></span> gro<span class=\"_ _1\"></span>wth, future<span class=\"_ _1\"></span> margins,<span class=\"_ _1\"></span> terminal<span class=\"_ _1\"></span> grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h rates a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt rate<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>en fo<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows tha<span class=\"_ _0\"></span>t sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>uses<span class=\"_ _1\"></span><span class=\"_ _350\"> its</span><span class=\"_ _1\"></span> short<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span> budgets and<span class=\"_ _1\"></span> medium-t<span class=\"_ _1\"></span>erm str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span> plans, wi<span class=\"_ _1\"></span>th addition<span class=\"_ _1\"></span>al senior<span class=\"_ _1\"></span> managemen<span class=\"_ _1\"></span>t and<span class=\"_ _350\"> </span>Bo<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>-l<span class=\"_ _0\"></span>evel revi<span class=\"_ _0\"></span>ew. Cash flow<span class=\"_ _0\"></span>s beyo<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>ve-yea<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od a<span class=\"_ _0\"></span>re pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>se ra<span class=\"_ _0\"></span>tes do n<span class=\"_ _0\"></span>ot excee<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>te for th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>kets in wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span><span class=\"_ _350\">the G</span><span class=\"_ _0\"></span>CGU o<span class=\"_ _0\"></span>r CGU o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tes.<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h flows a<span class=\"_ _0\"></span>re di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>eir p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e usi<span class=\"_ _0\"></span>ng a p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span> ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate fo<span class=\"_ _0\"></span>r each G<span class=\"_ _0\"></span>CGU a<span class=\"_ _0\"></span>nd CG<span class=\"_ _0\"></span>U. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e rate<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ved f<span class=\"_ _0\"></span>rom m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>\u2019s v<span class=\"_ _0\"></span>iews o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span><span class=\"_ _350\">the r</span><span class=\"_ _0\"></span>elev<span class=\"_ _0\"></span>ant we<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hted aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t of ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l, su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ly co<span class=\"_ _0\"></span>nver<span class=\"_ _0\"></span>ted to t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>re-t<span class=\"_ _0\"></span>ax eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>discount rate.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>ygi<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d IF<span class=\"_ _0\"></span>CN G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>mate Wel<span class=\"_ _0\"></span>ln<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>nd V<span class=\"_ _0\"></span>MS CG<span class=\"_ _0\"></span>Us<span class=\"_ _0\"></span>, any r<span class=\"_ _0\"></span>easo<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e key valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s woul<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>t im<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>y pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt for ea<span class=\"_ _0\"></span>ch of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e GCG<span class=\"_ _0\"></span>Us a<span class=\"_ _0\"></span>nd CG<span class=\"_ _0\"></span>Us was d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-us<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1:<span class=\"_ _0\"></span> val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>) wi<span class=\"_ _0\"></span>th key assu<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate of 9<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne, I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d In<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate Well<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 9<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>mate Wel<span class=\"_ _0\"></span>ln<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>, 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% for I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN<span class=\"_ _0\"></span>) or 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r VM<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%), a<span class=\"_ _0\"></span>nd a te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _37\"></span>th rate o<span class=\"_ _0\"></span>f eit<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r 2.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>% for H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>, I<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>mate Wel<span class=\"_ _0\"></span>lne<span class=\"_ _0\"></span>ss a<span class=\"_ _0\"></span>nd V<span class=\"_ _0\"></span>MS (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: 2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5%),<span class=\"_ _350\"> </span>or 2<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 2%).<span class=\"_ _350\"> </span>Bi<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>eze<span class=\"_ _350\"> </span>On 1<span class=\"_ _0\"></span>2 Ju<span class=\"_ _0\"></span>ly 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red 1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0% o<span class=\"_ _0\"></span>f the e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s in La<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>i Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, own<span class=\"_ _0\"></span>er of t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d Th<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>Pea<span class=\"_ _0\"></span>rl b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r cas<span class=\"_ _0\"></span>h con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of $<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (\u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze is a le<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>er in<span class=\"_ _0\"></span> over-<span class=\"_ _1\"></span>th<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>r topi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l pa<span class=\"_ _0\"></span>in re<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>f, with a s<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>otp<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Am<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ica re<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d cli<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>channels<span class=\"_ _1\"></span> and a<span class=\"_ _1\"></span> gro<span class=\"_ _1\"></span>wing int<span class=\"_ _1\"></span>ernat<span class=\"_ _1\"></span>ional pr<span class=\"_ _1\"></span>esence<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng 2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>, B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng a s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-term c<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>lowd<span class=\"_ _0\"></span>own<span class=\"_ _0\"></span>, in p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>du<span class=\"_ _0\"></span>e to the c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent m<span class=\"_ _0\"></span>acr<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>utl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k for t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ns p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup r<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>fid<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term p<span class=\"_ _0\"></span>oten<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l for B<span class=\"_ _0\"></span>iofr<span class=\"_ _0\"></span>eeze.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>This<span class=\"_ _1\"></span> underperformanc<span class=\"_ _1\"></span>e,<span class=\"_ _1\"></span> toget<span class=\"_ _1\"></span>her wit<span class=\"_ _1\"></span>h the<span class=\"_ _1\"></span> curr<span class=\"_ _1\"></span>ent m<span class=\"_ _1\"></span>acroec<span class=\"_ _1\"></span>onomic en<span class=\"_ _1\"></span>vironmen<span class=\"_ _1\"></span>t, has<span class=\"_ _1\"></span> intr<span class=\"_ _1\"></span>oduced<span class=\"_ _350\"> </span>ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>nto fu<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze cas<span class=\"_ _0\"></span>h flows<span class=\"_ _0\"></span>. T<span class=\"_ _1\"></span>o refl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>is u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y, mana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>re-ta<span class=\"_ _0\"></span>x di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unt r<span class=\"_ _0\"></span>ate us<span class=\"_ _0\"></span>ed to de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-us<span class=\"_ _0\"></span>e to 12<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>%<span class=\"_ _37\"></span>. Thi<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lted i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>bo<span class=\"_ _0\"></span><span class=\"_ _350\">ok va</span><span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze CGU exce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g its r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refor<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed a g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of \u00a3<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to reco<span class=\"_ _0\"></span>rd B<span class=\"_ _0\"></span>iofr<span class=\"_ _0\"></span>eeze at i<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of \u00a3<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on ($<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on).<span class=\"_ _350\"> </span>The r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t for th<span class=\"_ _0\"></span>e Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze CGU at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022 h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d on a v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-in<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>use<span class=\"_ _0\"></span> basi<span class=\"_ _0\"></span>s usi<span class=\"_ _0\"></span>ng a d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ted ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>ith f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ved fro<span class=\"_ _0\"></span>m a de<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"_ _350\">d five</span><span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Cas<span class=\"_ _0\"></span>h flows b<span class=\"_ _0\"></span>eyon<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e five<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pl<span class=\"_ _0\"></span>an have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng a te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _37\"></span>th rate o<span class=\"_ _0\"></span>f 2.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>%<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> The d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t for B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ates ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>key assum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e of wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y. Thes<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>bu<span class=\"_ _0\"></span><span class=\"_ _350\">t are n</span><span class=\"_ _0\"></span>ot li<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ted to a<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ated m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket share i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al su<span class=\"_ _0\"></span>cces<span class=\"_ _0\"></span>s of new<span class=\"_ _0\"></span> pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span><span class=\"_ _350\">t lau</span><span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>hes a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket expan<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. As n<span class=\"_ _0\"></span>o hea<span class=\"_ _0\"></span>dr<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>m exis<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze<span class=\"_ _350\"> </span>reco<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span><span class=\"_ _350\">erable </span><span class=\"_ _1\"></span>amount and<span class=\"_ _1\"></span> net book<span class=\"_ _1\"></span> value,<span class=\"_ _1\"></span> any<span class=\"_ _1\"></span> changes<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> thes<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>umptions,<span class=\"_ _1\"></span> or any<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>eriorati<span class=\"_ _1\"></span>on in<span class=\"_ _350\"> </span>other<span class=\"_ _1\"></span><span class=\"_ _350\"> mac</span><span class=\"_ _1\"></span>roec<span class=\"_ _1\"></span>onomic or<span class=\"_ _1\"></span> busines<span class=\"_ _1\"></span>s-le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l ass<span class=\"_ _1\"></span>umption<span class=\"_ _1\"></span>s supporting<span class=\"_ _1\"></span> the Bio<span class=\"_ _1\"></span>free<span class=\"_ _1\"></span>ze<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>erable<span class=\"_ _1\"></span> amount<span class=\"_ _350\"> </span>cou<span class=\"_ _0\"></span><span class=\"_ _350\">ld n</span><span class=\"_ _0\"></span>eces<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tate th<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>ses i<span class=\"_ _0\"></span>n fut<span class=\"_ _0\"></span>ure p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>The key ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use of B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>freeze a<span class=\"_ _0\"></span>re ou<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>elow.<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Pre<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate<span class=\"_ _21f\"> </span><span class=\"ff1 ls37 ws7b\">12<span class=\"_ _0\"></span>.0%<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span> rate<span class=\"_ _293\"> </span><span class=\"ff1 ls7e ws9c\">2.<span class=\"_ _0\"></span>5%<span class=\"_ _350\"> </span></span>Ne<span class=\"_ _0\"></span>t revenu<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th r<span class=\"_ _0\"></span>ate (CAGR<span class=\"_ _0\"></span>) for th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>022-2<span class=\"_ _0\"></span>027<span class=\"_ _c1\"> </span><span class=\"ff1 ls101 ws40\">11%<span class=\"_ _350\"> </span></span>Gr<span class=\"_ _0\"></span>oss ma<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>in C<span class=\"_ _0\"></span>AGR fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>22-20<span class=\"_ _0\"></span>27<span class=\"_ _279\"> </span><span class=\"ff1 ls2e wsa7\">1<span class=\"_ _0\"></span>4%<span class=\"_ _350\"> </span></span>The key es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>fre<span class=\"_ _0\"></span>eze recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>summarised bel<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>Key<span class=\"_ _1\"></span> estim<span class=\"_ _0\"></span>ates<span class=\"_ _2ab\"> </span><span class=\"lsa4 ws120\">Commentar<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span></span>Ne<span class=\"_ _0\"></span>t Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _171\"> </span><span class=\"ls30 ws0\">In th<span class=\"_ _0\"></span>e sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t to me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>um te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l assu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>es a five<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r CAG<span class=\"_ _0\"></span>R of<span class=\"_ _350\"> </span></span>11<span class=\"_ _0\"></span>%<span class=\"_ _0\"></span>, to b<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>hro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rket sha<span class=\"_ _0\"></span>re gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>by a mi<span class=\"_ _0\"></span>x of in<span class=\"_ _0\"></span>nova<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng fr<span class=\"_ _0\"></span>om for<span class=\"_ _0\"></span>mat ex<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on of ex<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> internat<span class=\"_ _1\"></span>ional expans<span class=\"_ _1\"></span>ion.<span class=\"_ _350\"> </span>Margins<span class=\"_ _1b0\"> </span><span class=\"ls30 ws0\">In th<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t to m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>m term<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>es Bi<span class=\"_ _0\"></span>ofr<span class=\"_ _0\"></span>eeze ma<span class=\"_ _0\"></span>rgi<span class=\"_ _0\"></span>ns<span class=\"_ _350\"> </span></span>(b<span class=\"_ _0\"></span>oth g<span class=\"_ _0\"></span>ross a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g) to in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t levels a<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e temp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> fac<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d mar<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ns in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 unw<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts f<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span> produc<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>y initiatives on integrating into Reckitt.<span class=\"_ _350\"> </span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _10e\"> </span><span class=\"ls2f ws2e\">Management<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>ermined<span class=\"_ _1\"></span> the Bio<span class=\"_ _1\"></span>free<span class=\"_ _1\"></span>ze-<span class=\"_ _1\"></span>specific w<span class=\"_ _1\"></span>eight<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>erage c<span class=\"_ _1\"></span>ost o<span class=\"_ _1\"></span>f<span class=\"_ _350\"> </span></span>ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (<span class=\"_ _0\"></span>WAC<span class=\"_ _1\"></span>C) a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d pre<span class=\"_ _0\"></span>-ta<span class=\"_ _0\"></span>x dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt r<span class=\"_ _0\"></span>ate wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t of a<span class=\"_ _0\"></span> thi<span class=\"_ _0\"></span>rd-<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. For v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>es ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t use<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e up<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r end<span class=\"_ _0\"></span> <span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d ra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e to refl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y in ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in key assu<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span> rate<span class=\"_ _20e\"> </span><span class=\"ls30 ws0\">M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ess o<span class=\"_ _0\"></span>f the te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span></span><span class=\"_ _350\">rate w</span><span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mar<span class=\"_ _0\"></span>ket grow<span class=\"_ _0\"></span>th p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> long-t<span class=\"_ _1\"></span>erm c<span class=\"_ _1\"></span>ountry inflat<span class=\"_ _1\"></span>ion ra<span class=\"_ _1\"></span>tes.<span class=\"_ _350\"> </span>The t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow show<span class=\"_ _0\"></span>s the s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>22 re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt to rea<span class=\"_ _0\"></span>son<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>key assum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>o rela<span class=\"_ _0\"></span>ted res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nse by m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt (for exa<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, to dri<span class=\"_ _0\"></span>ve fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>cos<span class=\"_ _0\"></span>t savi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>) an<span class=\"_ _0\"></span>d is he<span class=\"_ _0\"></span>nce t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>oret<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>n natu<span class=\"_ _0\"></span>re.<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted N<span class=\"_ _0\"></span>et Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h rates (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 to 202<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>) ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted by 1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>bps<span class=\"_ _2ac\"> </span><span class=\"ff1 ls12d ws119\">+<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>0/<span class=\"_ _0\"></span>-3<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>IT gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>tes (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 to 20<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>) ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d by 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ps<span class=\"_ _2ad\"> </span><span class=\"ff1 ls123 ws85\">+2<span class=\"_ _0\"></span>5/-25<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _37\"></span>th rate (app<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>rom 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>8) ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d by 50<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ps<span class=\"_ _2ae\"> </span><span class=\"ff1 ls123 ws85\">+2<span class=\"_ _0\"></span>5/-25<span class=\"_ _350\"> </span></span>Pre<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted by 5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>bps<span class=\"_ _15b\"> </span><span class=\"ff1 ls12d ws119\">+<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>0/<span class=\"_ _0\"></span>-3<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>2021<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d tha<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>fre<span class=\"_ _0\"></span>eze recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt w<span class=\"_ _0\"></span>as<span class=\"_ _350\"> </span>cons<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span><span class=\"_ _350\">tent w</span><span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>, suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t at th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of 20<span class=\"_ _0\"></span>21 t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re was n<span class=\"_ _0\"></span>o he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>roo<span class=\"_ _0\"></span>m bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>iofr<span class=\"_ _0\"></span>eeze CGU<span class=\"_ _0\"></span>. Gi<span class=\"_ _0\"></span>ven th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>oxim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t for B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze was c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roac<span class=\"_ _0\"></span>h on a fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e le<span class=\"_ _0\"></span>ss cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> <span class=\"_ _350\">of dis</span><span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal b<span class=\"_ _0\"></span>asis u<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a pos<span class=\"_ _0\"></span>t-<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>x dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt ra<span class=\"_ _0\"></span>te of 11<span class=\"_ _0\"></span>% a<span class=\"_ _0\"></span>nd a 2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5% te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h rate<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span> mea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent of B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>freeze w<span class=\"_ _0\"></span>as cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin l<span class=\"_ _0\"></span>evel 3 of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e hi<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>archy, bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>to<span class=\"_ _350\"> </span>the v<span class=\"_ _1\"></span>aluation<span class=\"_ _1\"></span> tec<span class=\"_ _1\"></span>hnique us<span class=\"_ _1\"></span>ed<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>0 Pro<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Pla<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Eq<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>Land and<span class=\"_ _1\"></span> buildings<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Plant<span class=\"_ _1\"></span> and<span class=\"_ _350\"> </span>equipment<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ri<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t of us<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Assets<span class=\"_ _1\"></span> under<span class=\"_ _350\"> </span>construction<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cos<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _fb\"> </span><span class=\"ls2f ws87\">1,245<span class=\"_ _172\"> </span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>1<span class=\"_ _1f3\"> </span><span class=\"ls128 wsb2\">409<span class=\"_ _1f3\"> </span><span class=\"ls7b wsa8\">332<span class=\"_ _de\"> </span><span class=\"ls123 ws85\">4,<span class=\"_ _0\"></span>087<span class=\"_ _350\"> </span></span></span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _12e\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _106\"> </span><span class=\"ls125 ws114\">61<span class=\"_ _16a\"> </span><span class=\"lsb9 wsb5\">110<span class=\"_ _1f3\"> </span><span class=\"ls92 wsdb\">292<span class=\"_ _110\"> </span><span class=\"ls12b wsdd\">4<span class=\"_ _0\"></span>83<span class=\"_ _350\"> </span></span></span></span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _2af\"> </span><span class=\"lsa\">5<span class=\"_ _dd\"> </span><span class=\"ls67 ws5e\">15<span class=\"_ _bf\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _350\"> </span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _124\"> </span><span class=\"ls6d ws64\">(81)<span class=\"_ _207\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _151\"> </span>(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _229\"> </span></span>(8)<span class=\"_ _189\"> </span><span class=\"lsa ws0\">(34<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span></span>Reclas<span class=\"_ _1\"></span>sifications<span class=\"_ _1\"></span> (including held f<span class=\"_ _1\"></span>or sale<span class=\"_ _14\"></span>)<span class=\"_ _e2\"> </span><span class=\"ls35 ws33\">51<span class=\"_ _16a\"> </span>151<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _172\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>207<span class=\"_ _0\"></span>)<span class=\"_ _229\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _350\"> </span></span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _2b0\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>)<span class=\"_ _12d\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _12a\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _151\"> </span><span class=\"ls18e ws16b\">(<span class=\"_ _37\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _2b1\"> </span><span class=\"lse9 ws2d\">1,<span class=\"_ _0\"></span>220<span class=\"_ _16e\"> </span><span class=\"ls7e ws9c\">2,073<span class=\"_ _116\"> </span><span class=\"ls8f ws83\">4<span class=\"_ _0\"></span>61<span class=\"_ _141\"> </span><span class=\"ls131 ws11c\">408<span class=\"_ _183\"> </span><span class=\"ls8e ws81\">4<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span></span></span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _12e\"> </span><span class=\"ls35 ws33\">26<span class=\"_ _128\"> </span><span class=\"ls127 wsb1\">80<span class=\"_ _143\"> </span><span class=\"ls6d ws64\">1<span class=\"_ _0\"></span>37<span class=\"_ _1f3\"> </span><span class=\"lsda wsaa\">256<span class=\"_ _1f3\"> </span><span class=\"ls38 ws36\">499<span class=\"_ _350\"> </span></span></span></span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _124\"> </span><span class=\"lsa ws0\">(19)<span class=\"_ _151\"> </span><span class=\"ls7c ws8a\">(75)<span class=\"_ _185\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>58)<span class=\"_ _12d\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _207\"> </span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>58)<span class=\"_ _350\"> </span></span></span></span>Reclas<span class=\"_ _1\"></span>sifications<span class=\"_ _1\"></span> (including held f<span class=\"_ _1\"></span>or sale<span class=\"_ _14\"></span>)<span class=\"_ _e2\"> </span><span class=\"ls197 ws147\">91<span class=\"_ _116\"> </span></span><span class=\"ls4c\">168<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _189\"> </span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>93)<span class=\"_ _151\"> </span><span class=\"ls2f ws87\">(35)<span class=\"_ _350\"> </span></span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1b2\"> </span><span class=\"ls197 ws147\">91<span class=\"_ _143\"> </span><span class=\"ls2f ws87\">122<span class=\"_ _dd\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _12a\"> </span><span class=\"ls4c wsc\">29<span class=\"_ _1f3\"> </span><span class=\"ls49 ws9\">283<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _159\"> </span><span class=\"ls9e ws76\">1,409<span class=\"_ _c9\"> </span><span class=\"ls128 wsb2\">2,36<span class=\"_ _0\"></span>8<span class=\"_ _151\"> </span><span class=\"ls111 ws32\">58<span class=\"_ _0\"></span>0<span class=\"_ _141\"> </span><span class=\"lse9 ws2d\">394<span class=\"_ _189\"> </span><span class=\"ls7f wsf2\">4<span class=\"_ _0\"></span>,75<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span></span></span>Ac<span class=\"_ _1\"></span>cumu<span class=\"_ _0\"></span>lated depreciation and impair<span class=\"_ _0\"></span>ment<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _275\"> </span><span class=\"ls37 ws7b\">431<span class=\"_ _a9\"> </span><span class=\"ls67 ws5e\">1,<span class=\"_ _0\"></span>301<span class=\"_ _143\"> </span><span class=\"ls2f ws87\">122<span class=\"_ _e1\"> </span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _189\"> </span><span class=\"ls28 ws25\">1,854<span class=\"_ _350\"> </span></span></span>Cha<span class=\"_ _0\"></span>rge fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e year<span class=\"_ _fb\"> </span><span class=\"lsf1 ws73\">58<span class=\"_ _143\"> </span><span class=\"ls4c wsc\">168<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">71<span class=\"_ _bf\"> </span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _1f3\"> </span><span class=\"ls38 ws36\">2<span class=\"_ _0\"></span>97<span class=\"_ _350\"> </span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _14c\"> </span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _178\"> </span><span class=\"ls128 wsb2\">(105)<span class=\"_ _16d\"> </span></span>(3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _151\"> </span><span class=\"ls33 ws31\">(17<span class=\"_ _0\"></span>2)<span class=\"_ _350\"> </span></span></span></span>Impai<span class=\"_ _0\"></span>rment<span class=\"_ _15f\"> </span><span class=\"lsda wsaa\">38<span class=\"_ _a6\"> </span></span>8<span class=\"_ _11a\"> </span>1<span class=\"_ _bf\"> </span>5<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _350\"> </span></span>Reclas<span class=\"_ _1\"></span>sifications<span class=\"_ _1\"></span> (including held f<span class=\"_ _1\"></span>or sale<span class=\"_ _14\"></span>)<span class=\"_ _123\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _29f\"> </span><span class=\"lsa ws0\">1<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _106\"> </span></span>(2)<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _93\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _151\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>32)<span class=\"_ _229\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _132\"> </span></span></span></span><span class=\"ws0\">\u2013<span class=\"_ _13f\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29e\"> </span><span class=\"lsb9 wsb5\">482<span class=\"_ _178\"> </span><span class=\"lsa3 ws115\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>41<span class=\"_ _116\"> </span><span class=\"ls128 wsb2\">156<span class=\"_ _1e0\"> </span></span></span></span><span class=\"lsa\">5<span class=\"_ _183\"> </span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span>Cha<span class=\"_ _0\"></span>rge fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e year<span class=\"_ _be\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _fd\"> </span><span class=\"ls111 ws32\">184<span class=\"_ _128\"> </span><span class=\"ls12b wsdd\">83<span class=\"_ _e1\"> </span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _1f3\"> </span><span class=\"ls7b wsa8\">32<span class=\"_ _0\"></span>9<span class=\"_ _350\"> </span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _124\"> </span><span class=\"lse7 ws112\">(12)<span class=\"_ _141\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _141\"> </span>(4<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>)<span class=\"_ _12d\"> </span>(4<span class=\"_ _0\"></span>)<span class=\"_ _207\"> </span><span class=\"lsa ws0\">(<span class=\"_ _0\"></span>127<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span>Impai<span class=\"_ _0\"></span>rment<span class=\"_ _14c\"> </span>\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _bf\"> </span>2<span class=\"_ _1e0\"> </span>3<span class=\"_ _350\"> </span>Reclas<span class=\"_ _1\"></span>sifications<span class=\"_ _1\"></span> (including held f<span class=\"_ _1\"></span>or sale<span class=\"_ _14\"></span>)<span class=\"_ _123\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>8)<span class=\"_ _229\"> </span>(<span class=\"_ _0\"></span>3)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _143\"> </span>(27<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _2b2\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _128\"> </span><span class=\"lsd ws7a\">69<span class=\"_ _dd\"> </span><span class=\"ls67 ws5e\">15<span class=\"_ _bf\"> </span></span></span></span><span class=\"ws0\">2<span class=\"_ _16a\"> </span><span class=\"lsb9 wsb5\">116<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _8a\"> </span><span class=\"ls67 ws5e\">556<span class=\"_ _172\"> </span><span class=\"ls7c ws8a\">1<span class=\"_ _0\"></span>,511<span class=\"_ _110\"> </span></span>206<span class=\"_ _1e0\"> </span></span><span class=\"lsa\">5<span class=\"_ _17f\"> </span><span class=\"ls6d ws64\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>78<span class=\"_ _350\"> </span></span></span>Ne<span class=\"_ _0\"></span>t bo<span class=\"_ _0\"></span>ok v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _199\"> </span><span class=\"ls7b wsa8\">738<span class=\"_ _1f3\"> </span>732<span class=\"_ _141\"> </span><span class=\"ls5c ws86\">305<span class=\"_ _141\"> </span><span class=\"ls34 ws75\">403<span class=\"_ _16f\"> </span><span class=\"ls8e ws81\">2<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>78<span class=\"_ _350\"> </span></span></span></span></span>As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _c1\"> </span><span class=\"ls67 ws5e\">853<span class=\"_ _141\"> </span><span class=\"ls33 ws31\">8<span class=\"_ _0\"></span>57<span class=\"_ _1f3\"> </span><span class=\"ls12f ws11a\">3<span class=\"_ _0\"></span>74<span class=\"_ _1f3\"> </span><span class=\"ls36 ws2e\">389<span class=\"_ _17f\"> </span><span class=\"ls12d ws119\">2<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>47<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s ri<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t of use a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion) an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s of \u00a32<span class=\"_ _0\"></span>4 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion). Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of \u00a370 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span><span class=\"_ _350\">1: \u00a3</span><span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) on the l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ciat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f \u00a31<span class=\"_ _0\"></span>3 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a31<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) on the ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>itm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts to pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, pla<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f \u00a376 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a38<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on).<span class=\"_ _350\"> </span>11 Equity Instruments<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Equity investments<span class=\"_ _112\"> </span><span class=\"ff1 lsb9 wsb5\">82<span class=\"_ _16a\"> </span></span><span class=\"ls33 ws31\">171<span class=\"_ _350\"> </span></span>Inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts in a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ted for u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _219\"> </span><span class=\"ff1 lsa\">4<span class=\"_ _128\"> </span></span><span class=\"ls5c ws86\">23<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>otal equity instruments<span class=\"_ _105\"> </span><span class=\"ls12e ws35\">86<span class=\"_ _143\"> </span><span class=\"ff9 ls87 wsdc\">1<span class=\"_ _0\"></span>94<span class=\"_ _350\"> </span></span></span>Equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 is co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of a nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ber o<span class=\"_ _0\"></span>f lis<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ted e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup h<span class=\"_ _0\"></span>as a m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y st<span class=\"_ _0\"></span>ake. Th<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s 13<span class=\"_ _0\"></span>% of th<span class=\"_ _0\"></span>e ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s in<span class=\"_ _350\"> </span>Pac<span class=\"_ _0\"></span>kabl<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs L<span class=\"_ _0\"></span>LC, wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h were reva<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed to \u00a3n<span class=\"_ _0\"></span>il d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 20<span class=\"_ _0\"></span>22 (<span class=\"_ _0\"></span>31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>Inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r usi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d rel<span class=\"_ _0\"></span>ate pre<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y to the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> <span class=\"_ _350\">in Your.M</span><span class=\"_ _0\"></span>D AS (tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g as H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ily). T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lt of H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>hil<span class=\"_ _0\"></span>y am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to a loss o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span><span class=\"_ _350\">\u00a32 m</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: los<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). The G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has a<span class=\"_ _0\"></span>lso re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d an i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e of \u00a3<span class=\"_ _0\"></span>19 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>l) w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to th<span class=\"_ _0\"></span>is inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re are n<span class=\"_ _0\"></span>o ga<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>los<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to thi<span class=\"_ _0\"></span>s inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>12 D<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ed T<span class=\"_ _1\"></span>ax<span class=\"_ _350\"> </span>Deferred tax<span class=\"_ _350\"> </span>Ac<span class=\"_ _1\"></span>celerated<span class=\"_ _1\"></span> capit<span class=\"_ _1\"></span>al<span class=\"_ _350\"> </span>allowanc<span class=\"_ _1\"></span>es<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intangib<span class=\"_ _1\"></span>le<span class=\"_ _350\"> </span>assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Short-<span class=\"_ _1\"></span>term<span class=\"_ _350\"> </span>tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ry<span class=\"_ _350\"> </span>differenc<span class=\"_ _1\"></span>es<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>ax losses<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Retirement<span class=\"_ _1\"></span> benefit<span class=\"_ _350\"> </span>obligations<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _1b0\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span><span class=\"ls92 wsdb\">(<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3)<span class=\"_ _207\"> </span><span class=\"ls36 ws2e\">442<span class=\"_ _128\"> </span><span class=\"lsd ws7a\">27<span class=\"_ _106\"> </span><span class=\"ls86 wsa6\">(6)<span class=\"_ _12\"> </span><span class=\"ls12e ws35\">(2,609<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span></span></span></span></span></span></span>Cred<span class=\"_ _0\"></span>ited/(<span class=\"_ _1\"></span>cha<span class=\"_ _0\"></span>rged<span class=\"_ _0\"></span>) to the<span class=\"_ _350\"> </span>Income Statement<span class=\"_ _19a\"> </span><span class=\"lsa ws0\">2<span class=\"_ _109\"> </span>1<span class=\"_ _dd\"> </span><span class=\"lsdf ws34\">16<span class=\"_ _d9\"> </span><span class=\"ls128 wsb2\">15<span class=\"_ _d9\"> </span><span class=\"ls33 ws31\">(9)<span class=\"_ _143\"> </span><span class=\"ls13d wse2\">25<span class=\"_ _350\"> </span></span></span></span></span></span>Cred<span class=\"_ _0\"></span>ited/(<span class=\"_ _1\"></span>cha<span class=\"_ _0\"></span>rged<span class=\"_ _0\"></span>) to<span class=\"_ _350\"> </span>other<span class=\"_ _1\"></span> comprehensiv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> income<span class=\"_ _be\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _bf\"> </span>8<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls7b wsa8\">(5)<span class=\"_ _d9\"> </span></span>3<span class=\"_ _350\"> </span></span>Exchange<span class=\"_ _1\"></span> difference<span class=\"_ _1\"></span>s<span class=\"_ _c4\"> </span><span class=\"lsba ws18\">(7)<span class=\"_ _16e\"> </span><span class=\"lsa ws0\">(2<span class=\"_ _0\"></span>52)<span class=\"_ _143\"> </span><span class=\"ls91 ws89\">37<span class=\"_ _a6\"> </span></span>4<span class=\"_ _1e0\"> </span>6<span class=\"_ _9b\"> </span>(2<span class=\"_ _0\"></span>12)<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _ad\"> </span><span class=\"ls5e ws55\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _1d7\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>74)<span class=\"_ _172\"> </span><span class=\"ls34 ws75\">503<span class=\"_ _12d\"> </span><span class=\"ls196 ws175\">46<span class=\"_ _e2\"> </span></span></span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4)<span class=\"_ _1d7\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>2022<span class=\"_ _350\"> </span>Ac<span class=\"_ _1\"></span>celerated<span class=\"_ _1\"></span> capit<span class=\"_ _1\"></span>al<span class=\"_ _350\"> </span>allowanc<span class=\"_ _1\"></span>es<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intangib<span class=\"_ _1\"></span>le<span class=\"_ _350\"> </span>assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Short-<span class=\"_ _1\"></span>term<span class=\"_ _350\"> </span>tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ry<span class=\"_ _350\"> </span>differenc<span class=\"_ _1\"></span>es<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>ax losses<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Retirement<span class=\"_ _1\"></span> benefit<span class=\"_ _350\"> </span>obligations<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Deferred<span class=\"_ _1\"></span> tax ass<span class=\"_ _1\"></span>ets<span class=\"_ _bd\"> </span><span class=\"ls67 ws5e\">20<span class=\"_ _fd\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6)<span class=\"_ _16d\"> </span><span class=\"lse9 ws2d\">221<span class=\"_ _128\"> </span><span class=\"ls12b wsdd\">28<span class=\"_ _10c\"> </span><span class=\"ls101 ws40\">11<span class=\"_ _185\"> </span><span class=\"ls12e ws35\">24<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span></span></span></span></span>Deferred<span class=\"_ _1\"></span> tax liabilities<span class=\"_ _171\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span><span class=\"ls33 ws31\">(3<span class=\"_ _0\"></span>,2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8)<span class=\"_ _9f\"> </span><span class=\"lsb9 wsb5\">282<span class=\"_ _d9\"> </span><span class=\"ls197 ws147\">18<span class=\"_ _fd\"> </span><span class=\"ls7b wsa8\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"ls91 ws89\">(3,0<span class=\"_ _0\"></span>37)<span class=\"_ _350\"> </span></span></span></span></span></span></span>Deferred tax<span class=\"_ _af\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _1d7\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _172\"> </span><span class=\"ls34 ws75\">503<span class=\"_ _12d\"> </span><span class=\"ls196 ws175\">46<span class=\"_ _e2\"> </span></span></span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4)<span class=\"_ _1d7\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>Deferred tax<span class=\"_ _350\"> </span>Acceler<span class=\"_ _0\"></span>ated<span class=\"_ _350\"> </span>capital<span class=\"_ _350\"> </span>allowanc<span class=\"_ _1\"></span>es<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intangible<span class=\"_ _350\"> </span>assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Short-<span class=\"_ _1\"></span>term<span class=\"_ _350\"> </span>temporary<span class=\"_ _350\"> </span>differences<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span> l<span class=\"_ _37\"></span>o<span class=\"_ _0\"></span>s<span class=\"_ _37\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _37\"></span>s<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Retirem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>ben<span class=\"_ _0\"></span>efit<span class=\"_ _350\"> </span>obligations<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _1b1\"> </span><span class=\"ls101 ws40\">(55)<span class=\"_ _200\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>,76<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _177\"> </span></span></span><span class=\"lsa\">427<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _12a\"> </span><span class=\"lsda wsaa\">38<span class=\"_ _16c\"> </span><span class=\"lsa9 wsd9\">(3,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span></span></span></span>Credit<span class=\"_ _1\"></span>ed/<span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>harged)<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> the<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _e0\"> </span><span class=\"lsa ws0\">3<span class=\"_ _110\"> </span><span class=\"ls111 ws32\">86<span class=\"_ _0\"></span>4<span class=\"_ _12a\"> </span><span class=\"ls11b ws10b\">59<span class=\"_ _13f\"> </span><span class=\"lsa9 wsd9\">(24)<span class=\"_ _106\"> </span></span></span></span>2<span class=\"_ _110\"> </span><span class=\"ls128 wsb2\">90<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span>(Charg<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>) to oth<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>comprehen<span class=\"_ _1\"></span>sive<span class=\"_ _1\"></span> income<span class=\"_ _42\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _13f\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _141\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>50)<span class=\"_ _350\"> </span></span></span></span>(<span class=\"_ _1\"></span>Charged)<span class=\"_ _1\"></span> directly<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> equity<span class=\"_ _12a\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Arising<span class=\"_ _1\"></span> on bus<span class=\"_ _1\"></span>iness<span class=\"_ _350\"> </span>acquis<span class=\"_ _1\"></span>itions<span class=\"_ _1\"></span>/dispo<span class=\"_ _1\"></span>sals<span class=\"_ _1b5\"> </span><span class=\"lsa ws0\">4<span class=\"_ _1f3\"> </span><span class=\"ls35 ws33\">(1<span class=\"_ _0\"></span>51)<span class=\"_ _c7\"> </span><span class=\"ls2f ws87\">(31)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _185\"> </span><span class=\"ls11b ws10b\">(<span class=\"_ _0\"></span>178)<span class=\"_ _350\"> </span></span></span>Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _22b\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _143\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _12a\"> </span></span></span>(1)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _350\"> </span></span></span></span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _45\"> </span><span class=\"ls118 ws108\">(49<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>23)<span class=\"_ _172\"> </span><span class=\"ls4c wsc\">442<span class=\"_ _12a\"> </span></span></span></span><span class=\"lsa\">27<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span><span class=\"ls128 wsb2\">(<span class=\"_ _1\"></span>2,609)<span class=\"_ _350\"> </span></span></span></span>2021<span class=\"_ _350\"> </span>Acceler<span class=\"_ _0\"></span>ated<span class=\"_ _350\"> </span>capital<span class=\"_ _350\"> </span>allow<span class=\"_ _0\"></span>ances<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intangible<span class=\"_ _350\"> </span>assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Short-<span class=\"_ _1\"></span>term<span class=\"_ _350\"> </span>temporary<span class=\"_ _350\"> </span>differences<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span> l<span class=\"_ _37\"></span>o<span class=\"_ _0\"></span>s<span class=\"_ _37\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _37\"></span>s<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Retirem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>ben<span class=\"_ _0\"></span>efit<span class=\"_ _350\"> </span>obligations<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts<span class=\"_ _1c0\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _185\"> </span><span class=\"ls6d ws64\">(37<span class=\"_ _0\"></span>)<span class=\"_ _185\"> </span><span class=\"ls101 ws40\">189<span class=\"_ _12a\"> </span><span class=\"ls2f ws87\">24<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _143\"> </span><span class=\"ls38 ws36\">1<span class=\"_ _0\"></span>97<span class=\"_ _350\"> </span></span></span></span></span></span></span>Deferred tax liabilities<span class=\"_ _126\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span><span class=\"ls30 ws88\">(<span class=\"_ _0\"></span>2,9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>6)<span class=\"_ _1e2\"> </span><span class=\"lsba ws18\">253<span class=\"_ _bf\"> </span></span></span></span><span class=\"ws0\">3<span class=\"_ _143\"> </span>(2<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"lse7 ws112\">(2,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>06)<span class=\"_ _350\"> </span></span></span>Deferr<span class=\"_ _1\"></span>ed tax<span class=\"_ _276\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>23)<span class=\"_ _172\"> </span><span class=\"ls4c wsc\">442<span class=\"_ _12a\"> </span><span class=\"lsa ws0\">27<span class=\"_ _106\"> </span></span></span></span>(6<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span><span class=\"ls128 wsb2\">(<span class=\"_ _1\"></span>2,609)<span class=\"_ _350\"> </span></span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es have b<span class=\"_ _0\"></span>een o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fset w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>ey rela<span class=\"_ _0\"></span>te to in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he sa<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span> taxation autho<span class=\"_ _0\"></span>rity.<span class=\"_ _350\"> </span>Unrecogni<span class=\"_ _1\"></span>sed de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>ax as<span class=\"_ _1\"></span>sets<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>n cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on ta<span class=\"_ _0\"></span>x lo<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span> tota<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>9 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n gros<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a32<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>1 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on g<span class=\"_ _0\"></span>ross) have not b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _350\"> </span>as t<span class=\"_ _1\"></span>he lik<span class=\"_ _14\"></span>elihood of f<span class=\"_ _1\"></span>uture<span class=\"_ _1\"></span> economic<span class=\"_ _1\"></span> benefit i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t sufficient<span class=\"_ _1\"></span>ly as<span class=\"_ _1\"></span>sured. T<span class=\"_ _1\"></span>hese<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts will<span class=\"_ _1\"></span> be r<span class=\"_ _1\"></span>ecognis<span class=\"_ _1\"></span>ed<span class=\"_ _350\"> </span><span class=\"_ _350\">if u</span><span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e los<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r temp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces be<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le.<span class=\"_ _350\"> </span>Unrecogni<span class=\"_ _1\"></span>sed de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>ax liabi<span class=\"_ _1\"></span>lities<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>gate a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f gros<span class=\"_ _0\"></span>s tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s,<span class=\"_ _0\"></span> br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r wh<span class=\"_ _0\"></span>ich d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es have n<span class=\"_ _0\"></span>ot be<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span> reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 is \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,90<span class=\"_ _37\"></span>0 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on).<span class=\"_ _350\"> </span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax o<span class=\"_ _0\"></span>n sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>f \u00a3<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) are com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span>accr<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses d<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e for ta<span class=\"_ _0\"></span>x on a c<span class=\"_ _0\"></span>ash b<span class=\"_ _0\"></span>asis o<span class=\"_ _0\"></span>f \u00a341<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>37 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n), othe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term<span class=\"_ _350\"> </span>tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rar<span class=\"_ _37\"></span>y dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>43 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>5 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) and ne<span class=\"_ _0\"></span>t of defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties o<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>ear<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ngs o<span class=\"_ _0\"></span>f \u00a3<span class=\"_ _0\"></span>58 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion).<span class=\"_ _350\"> </span>1<span class=\"_ _0\"></span>3 I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Raw<span class=\"_ _1\"></span> mat<span class=\"_ _1\"></span>erials<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onsumable<span class=\"_ _1\"></span>s<span class=\"_ _285\"> </span><span class=\"ff1 ls12d ws119\">47<span class=\"_ _0\"></span>1<span class=\"_ _c7\"> </span></span><span class=\"ls12b wsdd\">383<span class=\"_ _350\"> </span></span>Work in p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>gres<span class=\"_ _0\"></span>s<span class=\"_ _2b3\"> </span><span class=\"ff1 ls112 ws100\">88<span class=\"_ _12a\"> </span></span><span class=\"ls2e wsa7\">70<span class=\"_ _350\"> </span></span>Finished<span class=\"_ _1\"></span> goods a<span class=\"_ _1\"></span>nd goods<span class=\"_ _1\"></span> held f<span class=\"_ _1\"></span>or r<span class=\"_ _1\"></span>esale<span class=\"_ _2b4\"> </span><span class=\"ff1 lsb9 wsb5\">1,26<span class=\"_ _0\"></span>6<span class=\"_ _189\"> </span></span><span class=\"ls12b wsdd\">1,0<span class=\"_ _0\"></span>06<span class=\"_ _350\"> </span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _37\"></span> i<span class=\"_ _37\"></span>n<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>e<span class=\"_ _37\"></span>n<span class=\"_ _37\"></span>t<span class=\"_ _0\"></span>o<span class=\"_ _37\"></span>r<span class=\"_ _37\"></span>i<span class=\"_ _37\"></span>e<span class=\"_ _37\"></span>s<span class=\"_ _27c\"> </span><span class=\"ls127 wsb1\">1,825<span class=\"_ _16f\"> </span><span class=\"ff9 ls11b ws10b\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>459<span class=\"_ _350\"> </span></span></span>The to<span class=\"_ _0\"></span>tal co<span class=\"_ _0\"></span>st of i<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed as a<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in co<span class=\"_ _0\"></span>st of s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d to<span class=\"_ _350\"> </span>\u00a3<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"_ _350\">0 m</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>5,<span class=\"_ _37\"></span>292 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on). Thi<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>des i<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y wr<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fs an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span><span class=\"_ _350\">1: \u00a3</span><span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span><span class=\"_ _350\">1 mi</span><span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022 w<span class=\"_ _0\"></span>as \u00a3<span class=\"_ _0\"></span>16<span class=\"_ _37\"></span>4 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>51 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>12 D<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ed T<span class=\"_ _1\"></span>ax <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>14 Tra<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er R<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>Amounts falling<span class=\"_ _1\"></span> due within<span class=\"_ _1\"></span> one y<span class=\"_ _1\"></span>ear<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>T<span class=\"_ _14\"></span>rade receiv<span class=\"_ _1\"></span>ables<span class=\"_ _111\"> </span><span class=\"ff1 ls118 ws108\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>76<span class=\"_ _37\"></span>6<span class=\"_ _186\"> </span></span><span class=\"ls123 ws85\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>587<span class=\"_ _350\"> </span></span>Less<span class=\"_ _0\"></span>: Provis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n for i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _2b5\"> </span><span class=\"ff1 ls26 ws23\">(4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _185\"> </span></span><span class=\"lse7 ws112\">(3<span class=\"_ _0\"></span>6)<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>rad<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les \u2013 n<span class=\"_ _0\"></span>et<span class=\"_ _161\"> </span><span class=\"ff1 ls7f wsf2\">1,7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _9f\"> </span></span><span class=\"ls35 ws33\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>551<span class=\"_ _350\"> </span></span>Other rec<span class=\"_ _1\"></span>eivables<span class=\"_ _27f\"> </span><span class=\"ff1 lsb9 wsb5\">26<span class=\"_ _0\"></span>4<span class=\"_ _143\"> </span></span><span class=\"ls4c\">291<span class=\"_ _350\"> </span></span>Prepa<span class=\"_ _1\"></span>yments<span class=\"_ _1\"></span> and accrued<span class=\"_ _1\"></span> income<span class=\"_ _1fc\"> </span><span class=\"ff1 lse9 ws2d\">94<span class=\"_ _128\"> </span></span><span class=\"ls131 ws11c\">84<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>rade<span class=\"_ _1\"></span> and o<span class=\"_ _1\"></span>ther r<span class=\"_ _1\"></span>eceiv<span class=\"_ _1\"></span>ables<span class=\"_ _1a2\"> </span><span class=\"ls131 ws11c\">2,<span class=\"_ _1\"></span>082<span class=\"_ _16f\"> </span><span class=\"ff9 ls30 ws88\">1<span class=\"_ _0\"></span>,92<span class=\"_ _0\"></span>6<span class=\"_ _350\"> </span></span></span>The c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e den<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fol<span class=\"_ _0\"></span>lowi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> currencies:<span class=\"_ _350\"> </span>Currency analy<span class=\"_ _1\"></span>sis<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US dollar<span class=\"_ _2b6\"> </span><span class=\"ff1 ls66 ws5d\">678<span class=\"_ _fd\"> </span></span><span class=\"ls18e ws16b\">5<span class=\"_ _0\"></span>74<span class=\"_ _350\"> </span></span>Euro<span class=\"_ _2b7\"> </span><span class=\"ff1 ls36 ws2e\">289<span class=\"_ _1f3\"> </span></span><span class=\"ls7e ws9c\">302<span class=\"_ _350\"> </span></span>Ster<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng<span class=\"_ _2b8\"> </span><span class=\"ff1 lsdf ws34\">165<span class=\"_ _143\"> </span></span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>67<span class=\"_ _350\"> </span></span>Brazilian<span class=\"_ _1\"></span> real<span class=\"_ _27d\"> </span><span class=\"ff1 ls37 ws7b\">132<span class=\"_ _143\"> </span></span><span class=\"ls2f ws87\">128<span class=\"_ _350\"> </span></span>Other currencies<span class=\"_ _2b9\"> </span><span class=\"ff1 ls12b wsdd\">818<span class=\"_ _1f3\"> </span></span><span class=\"ls7c ws8a\">755<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>rade and other<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>eivables<span class=\"_ _2ba\"> </span><span class=\"ff1 ls131 ws11c\">2,08<span class=\"_ _1\"></span>2<span class=\"_ _186\"> </span><span class=\"ff9 ls30 ws88\">1<span class=\"_ _0\"></span>,92<span class=\"_ _0\"></span>6<span class=\"_ _350\"> </span></span></span>The m<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>um ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ure to cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk at t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>d is th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue of e<span class=\"_ _0\"></span>ach cl<span class=\"_ _0\"></span>ass o<span class=\"_ _0\"></span>f rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>mentioned<span class=\"_ _1\"></span> abov<span class=\"_ _1\"></span>e.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>a. T<span class=\"_ _14\"></span>rade rece<span class=\"_ _1\"></span>ivables<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>rad<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>st of a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts d<span class=\"_ _0\"></span>ue fr<span class=\"_ _0\"></span>om cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s cus<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r base i<span class=\"_ _0\"></span>s lar<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>iver<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y the<span class=\"_ _0\"></span>re is l<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ited c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of cre<span class=\"_ _0\"></span>dit r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>. Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t ris<span class=\"_ _0\"></span>k is ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ed at a s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span><span class=\"_ _350\">d Gr</span><span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p level a<span class=\"_ _0\"></span>nd ta<span class=\"_ _0\"></span>kes into a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s of cus<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, pas<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ce, f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>nt fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s. I<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l cred<span class=\"_ _0\"></span>it l<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d base<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e fac<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The f<span class=\"_ _1\"></span>ollowing<span class=\"_ _1\"></span> table<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>vides an<span class=\"_ _1\"></span> ageing anal<span class=\"_ _1\"></span>ysis<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> trade r<span class=\"_ _1\"></span>eceivable<span class=\"_ _1\"></span>s at<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar end:<span class=\"_ _350\"> </span>Ageing<span class=\"_ _1\"></span> analysis<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>No<span class=\"_ _0\"></span>t over<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>e<span class=\"_ _27e\"> </span><span class=\"ff1 ls127 wsb1\">1,543<span class=\"_ _207\"> </span></span><span class=\"ls4c wsc\">1,31<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>Up to 3 m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ths overd<span class=\"_ _0\"></span>ue<span class=\"_ _22f\"> </span><span class=\"ff1 ls33 ws31\">1<span class=\"_ _0\"></span>57<span class=\"_ _143\"> </span></span><span class=\"ls36 ws2e\">219<span class=\"_ _350\"> </span></span>Ove<span class=\"_ _0\"></span>r 3 m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>s over<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>e<span class=\"_ _11b\"> </span><span class=\"ff1 ls12e ws35\">66<span class=\"_ _12a\"> </span></span><span class=\"lsf1 ws73\">50<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>rade r<span class=\"_ _1\"></span>eceivables<span class=\"_ _27b\"> </span><span class=\"ls118 ws108\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>76<span class=\"_ _37\"></span>6<span class=\"_ _186\"> </span><span class=\"ff9 ls123 ws85\">1,<span class=\"_ _37\"></span>587<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, a pr<span class=\"_ _0\"></span>ovisi<span class=\"_ _0\"></span>on of \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) was reco<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>de<span class=\"_ _350\"> </span>rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n a for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>-l<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g as<span class=\"_ _0\"></span>sess<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>feti<span class=\"_ _0\"></span>me ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>s as req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d by<span class=\"_ _350\"> </span>I<span class=\"_ _0\"></span>FRS 9. This ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s of sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c tra<span class=\"_ _0\"></span>de re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces al<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g wi<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span>the r<span class=\"_ _0\"></span>isk o<span class=\"_ _0\"></span>f fut<span class=\"_ _0\"></span>ure c<span class=\"_ _0\"></span>usto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r de<span class=\"_ _0\"></span>fau<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>As at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>f \u00a31<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on) were pa<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ue b<span class=\"_ _0\"></span>ut n<span class=\"_ _0\"></span>ot<span class=\"_ _350\"> </span>im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es wer<span class=\"_ _0\"></span>e not i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>eca<span class=\"_ _0\"></span>use h<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>ng co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>ir na<span class=\"_ _0\"></span>ture a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>col<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, re<span class=\"_ _0\"></span>cover<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>np<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>n du<span class=\"_ _0\"></span>e cou<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>b. O<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t ta<span class=\"_ _0\"></span>x of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>12 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). This co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span> <span class=\"_ _350\">\u00a31 m</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>2 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) of im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d over thr<span class=\"_ _0\"></span>ee m<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>hs fro<span class=\"_ _0\"></span>m a br<span class=\"_ _0\"></span>oad r<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>f cou<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ies<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>c. O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>rent r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 of \u00a3<span class=\"_ _0\"></span>157 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>49 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>non-current<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>erable sale<span class=\"_ _1\"></span>s tax<span class=\"_ _1\"></span> and long-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm prep<span class=\"_ _1\"></span>ayments<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>d. Financial<span class=\"_ _1\"></span> instruments<span class=\"_ _1\"></span> (Note 15)<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, \u00a32<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>1 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,92<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span>) of th<span class=\"_ _0\"></span>e cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les to<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng<span class=\"_ _350\"> </span>\u00a32<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>39 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>075 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) are fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e mai<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y rel<span class=\"_ _0\"></span>ated to a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts owe<span class=\"_ _0\"></span>d from<span class=\"_ _0\"></span> cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s or g<span class=\"_ _0\"></span>overn<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt bo<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>ypi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t bea<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t are n<span class=\"_ _0\"></span>ot fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re mo<span class=\"_ _0\"></span>stl<span class=\"_ _0\"></span>y pr<span class=\"_ _0\"></span>epay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>15 F<span class=\"_ _1\"></span>inanci<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Instrume<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> and<span class=\"_ _1\"></span> Finan<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> Ris<span class=\"_ _1\"></span>k Man<span class=\"_ _1\"></span>ageme<span class=\"_ _1\"></span>nt<span class=\"_ _350\"> </span>Financial<span class=\"_ _1\"></span> instruments b<span class=\"_ _1\"></span>y cat<span class=\"_ _1\"></span>egory<span class=\"_ _350\"> </span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _236\"> </span><span class=\"ff9 ls48\">At 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span>Note<span class=\"_ _350\"> </span>Amortised<span class=\"_ _350\"> </span>cost<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Derivative<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>us<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>hedging<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>through the<span class=\"_ _1\"></span> Income<span class=\"_ _350\"> </span>Statement<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>instruments<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>value<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span>tal<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Amortised<span class=\"_ _350\"> </span>cost<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Derivative<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>used<span class=\"_ _1\"></span> for<span class=\"_ _350\"> </span>hedging<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Fair<span class=\"_ _1\"></span> value<span class=\"_ _350\"> </span>through the<span class=\"_ _350\"> </span>Inco<span class=\"_ _0\"></span>me<span class=\"_ _350\"> </span>Statement<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Equity<span class=\"_ _350\"> </span>instruments<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Carrying<span class=\"_ _350\"> </span>value t<span class=\"_ _1\"></span>otal<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>Cur<span class=\"_ _0\"></span>rent a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t tra<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _1b2\"> </span><span class=\"ls12b wsdd\">14d<span class=\"_ _183\"> </span><span class=\"ff1 ls7e ws9c\">2<span class=\"_ _0\"></span>,071<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _189\"> </span></span>2,<span class=\"_ _0\"></span>071<span class=\"_ _178\"> </span></span></span><span class=\"ws88\">1<span class=\"_ _0\"></span>,92<span class=\"_ _0\"></span>6<span class=\"_ _e1\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _178\"> </span></span><span class=\"ws88\">1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>26<span class=\"_ _350\"> </span></span>Derivat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> instruments<span class=\"_ _1\"></span> \u2013 FX f<span class=\"_ _1\"></span>orward e<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ange con<span class=\"_ _1\"></span>tracts<span class=\"_ _1b5\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _bf\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _128\"> </span><span class=\"ls126 wsc9\">34<span class=\"_ _12d\"> </span><span class=\"ls13d wse2\">25<span class=\"_ _e1\"> </span></span></span>\u2013<span class=\"_ _128\"> </span><span class=\"ls91 ws89\">59<span class=\"_ _e1\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _dd\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _bf\"> </span></span></span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _350\"> </span></span></span></span></span>Equity instrumen<span class=\"_ _1\"></span>ts<span class=\"_ _1ec\"> </span><span class=\"lsb9 wsb5\">11<span class=\"_ _bf\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _128\"> </span></span><span class=\"ff1\">82<span class=\"_ _128\"> </span>82<span class=\"_ _bf\"> </span></span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _229\"> </span><span class=\"ls33 ws31\">171<span class=\"_ _229\"> </span>171<span class=\"_ _350\"> </span></span></span></span>Cash<span class=\"_ _1\"></span> and cash<span class=\"_ _1\"></span> equivalen<span class=\"_ _1\"></span>ts<span class=\"_ _244\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _207\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>7<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _a9\"> </span></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>57<span class=\"_ _172\"> </span></span><span class=\"ls125 ws114\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>261<span class=\"_ _158\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _172\"> </span></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>61<span class=\"_ _350\"> </span></span></span>Lia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>Borrowi<span class=\"_ _1\"></span>ngs (<span class=\"_ _14\"></span>commercial<span class=\"_ _1\"></span> paper<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> loans<span class=\"_ _1\"></span> and o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>drafts<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>17<span class=\"_ _21a\"> </span><span class=\"ff1 ls49 ws9\">1<span class=\"_ _0\"></span>,2<span class=\"_ _0\"></span>52<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _183\"> </span></span>1<span class=\"_ _0\"></span>,252<span class=\"_ _12a\"> </span></span><span class=\"ls6d ws64\">37<span class=\"_ _158\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span></span>37<span class=\"_ _350\"> </span></span>Lease obligations<span class=\"_ _160\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _141\"> </span><span class=\"ff1\">389<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _110\"> </span></span>389<span class=\"_ _1f3\"> </span></span><span class=\"ls7b wsa8\">328<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1f3\"> </span></span>328<span class=\"_ _350\"> </span></span></span>Bonds<span class=\"_ _2bb\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _16e\"> </span><span class=\"ff1 ls12f ws11a\">5<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>74<span class=\"_ _158\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _16e\"> </span></span>5<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>74<span class=\"_ _16f\"> </span></span><span class=\"lsd ws7a\">7<span class=\"_ _1\"></span>,969<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _16f\"> </span></span>7<span class=\"_ _14\"></span>,969<span class=\"_ _350\"> </span></span></span>Senior note<span class=\"_ _1\"></span>s<span class=\"_ _28b\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _21a\"> </span></span><span class=\"ff1 lsba\">1,<span class=\"_ _0\"></span>369<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _21a\"> </span></span>1,3<span class=\"_ _0\"></span>69<span class=\"_ _16f\"> </span></span><span class=\"lse9 ws2d\">1,<span class=\"_ _0\"></span>229<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _16f\"> </span></span>1<span class=\"_ _0\"></span>,22<span class=\"_ _0\"></span>9<span class=\"_ _350\"> </span></span>Derivat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> instruments<span class=\"_ _1\"></span> \u2013 FX f<span class=\"_ _1\"></span>orward e<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ange con<span class=\"_ _1\"></span>tracts<span class=\"_ _1b5\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _bf\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _12d\"> </span><span class=\"ls126 wsc9\">34<span class=\"_ _bf\"> </span></span></span>\u2013<span class=\"_ _128\"> </span><span class=\"ls128 wsb2\">56<span class=\"_ _bf\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _106\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _128\"> </span><span class=\"lsda wsaa\">36<span class=\"_ _bf\"> </span></span></span>\u2013<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _350\"> </span></span></span></span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> \u2013 Int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span> rate<span class=\"_ _1\"></span> swaps<span class=\"_ _2bc\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _e1\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _fd\"> </span><span class=\"lsdf ws34\">164<span class=\"_ _e1\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _fd\"> </span><span class=\"lsdf ws34\">16<span class=\"_ _0\"></span>4<span class=\"_ _bf\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _e1\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _350\"> </span></span></span></span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> \u2013 C<span class=\"_ _1\"></span>ross<span class=\"_ _1\"></span> currency<span class=\"_ _1\"></span> inter<span class=\"_ _1\"></span>est rat<span class=\"_ _1\"></span>e sw<span class=\"_ _1\"></span>aps<span class=\"_ _164\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _bf\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _128\"> </span><span class=\"ls133 ws11e\">84<span class=\"_ _bf\"> </span></span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _128\"> </span><span class=\"ls133 ws11e\">84<span class=\"_ _bf\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _128\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _e1\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _350\"> </span></span></span></span></span>Cur<span class=\"_ _0\"></span>rent a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t tra<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es<span class=\"_ _f5\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _c8\"> </span><span class=\"ff1 ls36 ws2e\">5,<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _9c\"> </span></span>5,34<span class=\"_ _0\"></span>4<span class=\"_ _186\"> </span><span class=\"ff9\">5,193<span class=\"_ _bf\"> </span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _207\"> </span><span class=\"ls36 ws2e\">5,<span class=\"_ _14\"></span>193<span class=\"_ _350\"> </span></span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Th<span class=\"_ _0\"></span>e cat<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>is d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e are d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>y IF<span class=\"_ _0\"></span>RS 9. Leas<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e sco<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FR<span class=\"_ _0\"></span>S 9<span class=\"_ _1\"></span>, bu<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>ey re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>n w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>pe of I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>RS 7, and th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>refo<span class=\"_ _0\"></span>re have b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en sh<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>n se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ly. B<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs la<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y rel<span class=\"_ _0\"></span>ate to co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>er. As at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ha<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l pa<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r in is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g to \u20ac8<span class=\"_ _0\"></span>41 m<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (nom<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ue) at ra<span class=\"_ _0\"></span>tes b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n 0.9<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>% an<span class=\"_ _0\"></span>d 2.74% wi<span class=\"_ _0\"></span>th m<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom 6 J<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 to 3<span class=\"_ _0\"></span>0 Ju<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd $<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>50 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e) at ra<span class=\"_ _0\"></span>tes b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n 4.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>% an<span class=\"_ _0\"></span>d 4.9<span class=\"_ _0\"></span>5% w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>mat<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies r<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m 3 Ja<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 to 2<span class=\"_ _0\"></span>3 M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ch 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span>The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt hi<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>archy l<span class=\"_ _0\"></span>evels h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">Qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>ces (una<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>uste<span class=\"_ _0\"></span>d) i<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ive ma<span class=\"_ _0\"></span>rkets fo<span class=\"_ _0\"></span>r ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>ets o<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s (l<span class=\"_ _0\"></span>evel 1<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">In<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ts ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ces in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in l<span class=\"_ _0\"></span>evel 1 tha<span class=\"_ _0\"></span>t are o<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et or l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y, eit<span class=\"_ _0\"></span>her d<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y (i<span class=\"_ _0\"></span>.e<span class=\"_ _0\"></span>. as pr<span class=\"_ _0\"></span>ices) or in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly (<span class=\"_ _0\"></span>i.<span class=\"_ _0\"></span>e. d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ved f<span class=\"_ _0\"></span>rom p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>es) (level 2). I<span class=\"_ _0\"></span>f al<span class=\"_ _0\"></span>l si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt in<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d to fa<span class=\"_ _0\"></span>ir<span class=\"_ _350\"> </span></span>value an<span class=\"_ _1\"></span> instrument ar<span class=\"_ _1\"></span>e obs<span class=\"_ _1\"></span>ervable, the in<span class=\"_ _1\"></span>strument is<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> lev<span class=\"_ _1\"></span>el 2<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">In<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ts fo<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t or li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y tha<span class=\"_ _0\"></span>t are n<span class=\"_ _0\"></span>ot ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n ob<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le ma<span class=\"_ _0\"></span>rket dat<span class=\"_ _0\"></span>a (i<span class=\"_ _0\"></span>.e<span class=\"_ _0\"></span>. un<span class=\"_ _0\"></span>obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ts) (level 3)<span class=\"_ _350\"> </span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>The fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es he<span class=\"_ _0\"></span>ld at f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue by th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>valuation<span class=\"_ _1\"></span> methodology applied<span class=\"_ _1\"></span> in de<span class=\"_ _1\"></span>termining<span class=\"_ _1\"></span> their fair<span class=\"_ _1\"></span> value.<span class=\"_ _350\"> </span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _174\"> </span><span class=\"ff9 ls48\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span>Leve<span class=\"_ _0\"></span>l 1<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Leve<span class=\"_ _0\"></span>l 2<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Leve<span class=\"_ _0\"></span>l 3<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Level 1<span class=\"_ _0\"></span><span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Level 2<span class=\"_ _0\"></span><span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Level 3<span class=\"_ _0\"></span><span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>Derivative financia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>instruments \u2013<span class=\"_ _1\"></span> FX forward<span class=\"_ _350\"> </span>ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> contracts<span class=\"_ _d6\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls91 ws89\">59<span class=\"_ _9b\"> </span></span>\u2013<span class=\"_ _17f\"> </span><span class=\"ls91 ws89\">59<span class=\"_ _177\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _177\"> </span></span>\u2013<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _350\"> </span></span></span></span>Equity instrumen<span class=\"_ _1\"></span>ts <span class=\"_ _2ab\"> </span><span class=\"ff1 ls4c\">29<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls67 ws5e\">53<span class=\"_ _17f\"> </span><span class=\"lsb9 wsb5\">82<span class=\"_ _21a\"> </span></span></span></span></span><span class=\"ls12b wsdd\">14<span class=\"_ _c8\"> </span><span class=\"lsb9 wsb5\">114<span class=\"_ _9c\"> </span><span class=\"ls37 ws7b\">43<span class=\"_ _c8\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span></span>Lia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>Derivative financia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>instruments \u2013<span class=\"_ _1\"></span> FX forward<span class=\"_ _350\"> </span>ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> contracts<span class=\"_ _d6\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls128 wsb2\">56<span class=\"_ _1e2\"> </span></span>\u2013<span class=\"_ _17f\"> </span><span class=\"ls128 wsb2\">56<span class=\"_ _177\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _16e\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _177\"> </span></span>\u2013<span class=\"_ _16e\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _350\"> </span></span></span></span>Derivative financia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>instru<span class=\"_ _0\"></span>ments \u2013 Interest rate<span class=\"_ _350\"> </span>swaps<span class=\"_ _97\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _200\"> </span><span class=\"lsdf ws34\">164<span class=\"_ _9b\"> </span></span>\u2013<span class=\"_ _200\"> </span><span class=\"lsdf ws34\">164<span class=\"_ _9b\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _17f\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _9b\"> </span></span>\u2013<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _350\"> </span></span></span></span>Derivative financia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>instruments \u2013<span class=\"_ _1\"></span> Cro<span class=\"_ _1\"></span>ss<span class=\"_ _350\"> </span>currency int<span class=\"_ _1\"></span>erest rat<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span>swaps<span class=\"_ _97\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls133 ws11e\">84<span class=\"_ _1e2\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls133 ws11e\">84<span class=\"_ _1e2\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _16e\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _177\"> </span></span>\u2013<span class=\"_ _16e\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _350\"> </span></span></span></span>The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s was d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rates<span class=\"_ _0\"></span> de<span class=\"_ _0\"></span>rive<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m ma<span class=\"_ _0\"></span>rket sou<span class=\"_ _0\"></span>rce<span class=\"_ _0\"></span>d data a<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce Sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the r<span class=\"_ _0\"></span>esul<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d bac<span class=\"_ _0\"></span>k<span class=\"_ _350\"> </span><span class=\"_ _350\">to pres</span><span class=\"_ _0\"></span>ent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue (<span class=\"_ _0\"></span>level 2 cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). The fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te swa<span class=\"_ _0\"></span>p con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e cros<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span>s was ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows at fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ma<span class=\"_ _0\"></span>rket rates<span class=\"_ _0\"></span> (l<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span> 2 cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 was d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>oth q<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>pr<span class=\"_ _0\"></span><span class=\"_ _350\">ice i</span><span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>leve<span class=\"_ _0\"></span>l 1 clas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n) and ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rket info<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n (l<span class=\"_ _0\"></span>evel 3 cla<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on). At<span class=\"_ _350\"> </span>31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n Pac<span class=\"_ _0\"></span>kabl<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs L<span class=\"_ _0\"></span>LC (prev<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>usl<span class=\"_ _0\"></span>y Pha<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>cks)<span class=\"_ _350\"> </span>was c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ated us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a pu<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>icl<span class=\"_ _0\"></span>y avai<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>t fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng r<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nd (<span class=\"_ _0\"></span>level 2 cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>E<span class=\"_ _0\"></span>xcept for t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>nd se<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>or n<span class=\"_ _0\"></span>otes<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s of oth<span class=\"_ _0\"></span>er fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>cos<span class=\"_ _0\"></span>t ap<span class=\"_ _0\"></span>prox<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>te the<span class=\"_ _0\"></span>ir c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds as at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022 i<span class=\"_ _0\"></span>s a lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span><span class=\"_ _350\">of \u00a3</span><span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>612 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) an<span class=\"_ _0\"></span>d the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he se<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>or n<span class=\"_ _0\"></span>otes as a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 is a<span class=\"_ _350\"> </span>lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty o<span class=\"_ _0\"></span>f \u00a31<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>25<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a31<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion). Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e bo<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ior n<span class=\"_ _0\"></span>otes wa<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ved<span class=\"_ _350\"> </span>usi<span class=\"_ _0\"></span>ng q<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rket rates i<span class=\"_ _0\"></span>n an a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tive m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket (level 1 cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>Offsetting financi<span class=\"_ _1\"></span>al ass<span class=\"_ _1\"></span>ets and<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> liabilitie<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>The Group ent<span class=\"_ _1\"></span>ers int<span class=\"_ _1\"></span>o derivat<span class=\"_ _1\"></span>ive t<span class=\"_ _1\"></span>ransactions under Interna<span class=\"_ _1\"></span>tional S<span class=\"_ _1\"></span>waps and<span class=\"_ _1\"></span> Derivative<span class=\"_ _1\"></span>s Association<span class=\"_ _1\"></span> (I<span class=\"_ _0\"></span>SDA) mas<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r net<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. In ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in ci<span class=\"_ _0\"></span>rcu<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces \u2013 fo<span class=\"_ _0\"></span>r exam<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>e, wh<span class=\"_ _0\"></span>en a c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>it even<span class=\"_ _0\"></span>t suc<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span><span class=\"_ _350\">as a de</span><span class=\"_ _0\"></span>fau<span class=\"_ _0\"></span>lt o<span class=\"_ _0\"></span>ccur<span class=\"_ _0\"></span>s \u2013 al<span class=\"_ _0\"></span>l ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>re ter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he te<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>val<span class=\"_ _0\"></span>ue is a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d on<span class=\"_ _0\"></span>ly a s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gle n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e in se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of al<span class=\"_ _0\"></span>l tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The I<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>DA agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts d<span class=\"_ _0\"></span>o not m<span class=\"_ _0\"></span>eet t<span class=\"_ _0\"></span>he cr<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>ria fo<span class=\"_ _0\"></span>r of<span class=\"_ _0\"></span>fset<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is is<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>use th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>tly h<span class=\"_ _0\"></span>ave any le<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y enfo<span class=\"_ _0\"></span>rcea<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e rig<span class=\"_ _0\"></span>ht to of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d am<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s,<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>use th<span class=\"_ _0\"></span>e ri<span class=\"_ _0\"></span>ght to o<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>set is e<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>ceab<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y on t<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>ccur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce of f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re event<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch as a de<span class=\"_ _0\"></span>fau<span class=\"_ _0\"></span>lt even<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>The fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le set<span class=\"_ _0\"></span>s ou<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts of re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at are s<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to<span class=\"_ _0\"></span> the abo<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e agr<span class=\"_ _1\"></span>eements.<span class=\"_ _350\"> </span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span>Gross amounts<span class=\"_ _350\"> </span>of rec<span class=\"_ _1\"></span>ognised<span class=\"_ _350\"> </span>financial assets/<span class=\"_ _350\"> </span>liabilitie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> Balance She<span class=\"_ _1\"></span>et<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Related<span class=\"_ _1\"></span> financial<span class=\"_ _350\"> </span>instrum<span class=\"_ _0\"></span>ents that<span class=\"_ _350\"> </span>are not offset<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Financia<span class=\"_ _0\"></span>l asse<span class=\"_ _1\"></span>ts<span class=\"_ _350\"> </span>FX forward<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>racts<span class=\"_ _14b\"> </span><span class=\"ff1 ls91 ws89\">59<span class=\"_ _1b3\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6)<span class=\"_ _c6\"> </span><span class=\"ls13d wse2\">23<span class=\"_ _350\"> </span></span></span></span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>ets<span class=\"_ _1ef\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>57<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _29f\"> </span></span>1<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>57<span class=\"_ _350\"> </span></span>1,216<span class=\"_ _c6\"> </span><span class=\"ls135 ws124\">(3<span class=\"_ _0\"></span>6)<span class=\"_ _12a\"> </span><span class=\"ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span></span>Financi<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>abilitie<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>FX forward<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>racts<span class=\"_ _2bd\"> </span><span class=\"ff1 ls135 ws124\">(5<span class=\"_ _37\"></span>6)<span class=\"_ _c6\"> </span><span class=\"ls128 wsb2\">36<span class=\"_ _1b3\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span></span>Other fi<span class=\"_ _0\"></span>nancial liabi<span class=\"_ _0\"></span>lities<span class=\"_ _165\"> </span><span class=\"ff1 ws0\">(2<span class=\"_ _0\"></span>49)<span class=\"_ _da\"> </span>\u2013<span class=\"_ _190\"> </span>(2<span class=\"_ _0\"></span>49)<span class=\"_ _350\"> </span></span>(305<span class=\"_ _1\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls128 wsb2\">36<span class=\"_ _190\"> </span><span class=\"lsa ws0\">(<span class=\"_ _0\"></span>269)<span class=\"_ _350\"> </span></span></span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>21<span class=\"_ _350\"> </span>Gross am<span class=\"_ _0\"></span>ounts of<span class=\"_ _350\"> </span>recogni<span class=\"_ _1\"></span>sed<span class=\"_ _350\"> </span>financial assets/<span class=\"_ _350\"> </span>liabilities<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> Balance<span class=\"_ _1\"></span> Sheet<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Relat<span class=\"_ _1\"></span>ed financial<span class=\"_ _1\"></span> instruments t<span class=\"_ _1\"></span>hat<span class=\"_ _350\"> </span>are not offset<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Net amount<span class=\"_ _1\"></span> \u00a3m<span class=\"_ _350\"> </span>Financia<span class=\"_ _0\"></span>l asse<span class=\"_ _1\"></span>ts<span class=\"_ _350\"> </span>FX forward<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>racts<span class=\"_ _14b\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _125\"> </span><span class=\"lse7 ws112\">(32)<span class=\"_ _125\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _350\"> </span></span></span></span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>ets<span class=\"_ _2a1\"> </span><span class=\"ls125 ws114\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>61<span class=\"_ _d6\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _a6\"> </span><span class=\"ls125 ws114\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>61<span class=\"_ _350\"> </span></span></span>1,<span class=\"_ _0\"></span>323<span class=\"_ _125\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>32)<span class=\"_ _104\"> </span><span class=\"ls4c wsc\">1,<span class=\"_ _0\"></span>291<span class=\"_ _350\"> </span></span></span>Financi<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>abilitie<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>FX forward<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>racts<span class=\"_ _297\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>52)<span class=\"_ _125\"> </span><span class=\"ls7b wsa8\">32<span class=\"_ _125\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>20)<span class=\"_ _350\"> </span></span></span></span>Other fi<span class=\"_ _0\"></span>nancial liabi<span class=\"_ _0\"></span>lities<span class=\"_ _2b4\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>73)<span class=\"_ _126\"> </span></span><span class=\"ws0\">\u2013<span class=\"_ _125\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>73)<span class=\"_ _350\"> </span></span></span>(12<span class=\"_ _0\"></span>5)<span class=\"_ _125\"> </span><span class=\"ls7b wsa8\">32<span class=\"_ _125\"> </span><span class=\"lsa9 wsd9\">(93<span class=\"_ _350\"> </span></span></span><span class=\"ls7b wsa8\"><span class=\"lsa9 wsd9\">)<span class=\"_ _350\"> </span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>15 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l R<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Financial<span class=\"_ _1\"></span> risk<span class=\"_ _1\"></span> management<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s mu<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns ex<span class=\"_ _0\"></span>pose i<span class=\"_ _0\"></span>t to a va<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>ty of fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks t<span class=\"_ _0\"></span>hat i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate<span class=\"_ _0\"></span>s (forei<span class=\"_ _0\"></span>gn excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e ri<span class=\"_ _0\"></span>sk), ma<span class=\"_ _0\"></span>rket pri<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>tes, c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span> ris<span class=\"_ _0\"></span>ks an<span class=\"_ _0\"></span>d liq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ty. Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as in p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ce a ris<span class=\"_ _0\"></span>k ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>hat us<span class=\"_ _0\"></span>es fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy<span class=\"_ _0\"></span> fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng d<span class=\"_ _0\"></span>ebt<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, to lim<span class=\"_ _0\"></span>it t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>ese r<span class=\"_ _0\"></span>isks o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>financial<span class=\"_ _1\"></span> performance<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> the Group.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g a<span class=\"_ _0\"></span>nd fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ri<span class=\"_ _0\"></span>sk ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es are ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>to Gro<span class=\"_ _0\"></span>up Treasur<span class=\"_ _0\"></span>y (GT<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> to ach<span class=\"_ _0\"></span>ieve be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s of sc<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>. G<span class=\"_ _0\"></span>T man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y in a<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>t wi<span class=\"_ _0\"></span>th un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s ris<span class=\"_ _0\"></span>ks. G<span class=\"_ _0\"></span>T ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y tho<span class=\"_ _0\"></span>se ris<span class=\"_ _0\"></span>ks an<span class=\"_ _0\"></span>d flow<span class=\"_ _0\"></span>s gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">by the u</span><span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>; sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are n<span class=\"_ _0\"></span>ot u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ken.<span class=\"_ _350\"> </span>The B<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>rd of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors r<span class=\"_ _0\"></span>eview<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ag<span class=\"_ _0\"></span>rees p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, gu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d au<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y level<span class=\"_ _0\"></span>s for al<span class=\"_ _0\"></span>l ar<span class=\"_ _0\"></span>eas of<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>reasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y ap<span class=\"_ _0\"></span>proves si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e GT f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>c<span class=\"_ _350\"> </span>independent<span class=\"_ _1\"></span> revi<span class=\"_ _1\"></span>ews<span class=\"_ _1\"></span> and audits,<span class=\"_ _1\"></span> both<span class=\"_ _1\"></span> intern<span class=\"_ _1\"></span>al and e<span class=\"_ _1\"></span>xternal.<span class=\"_ _350\"> </span>1<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>rket r<span class=\"_ _0\"></span>isk<span class=\"_ _350\"> </span>(a<span class=\"_ _1\"></span>) Curr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>cy ri<span class=\"_ _0\"></span>sk<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s inte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ente<span class=\"_ _0\"></span>rs in<span class=\"_ _0\"></span>to tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n ma<span class=\"_ _0\"></span>ny cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d as su<span class=\"_ _0\"></span>ch is<span class=\"_ _350\"> </span>exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>isk a<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m var<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>s cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy ex<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>s. F<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span> ar<span class=\"_ _0\"></span><span class=\"_ _350\">ises f</span><span class=\"_ _0\"></span>rom f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re com<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>et inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span><span class=\"_ _350\">in for</span><span class=\"_ _0\"></span>eig<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy is to a<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gn i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t of it<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>jor c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s in or<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r to provi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span> som<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>rotec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ion ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ure o<span class=\"_ _0\"></span>n fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>. The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up m<span class=\"_ _0\"></span>ay<span class=\"_ _350\"> </span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>take bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ere m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t of it<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re lo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>It is<span class=\"_ _1\"></span> the Gr<span class=\"_ _1\"></span>oup\u2019s<span class=\"_ _1\"></span> policy t<span class=\"_ _1\"></span>o monit<span class=\"_ _1\"></span>or and, wher<span class=\"_ _1\"></span>e appr<span class=\"_ _1\"></span>opriat<span class=\"_ _1\"></span>e, hedge<span class=\"_ _1\"></span> its f<span class=\"_ _1\"></span>oreign<span class=\"_ _1\"></span> currency<span class=\"_ _1\"></span> transaction<span class=\"_ _1\"></span> exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re. Th<span class=\"_ _0\"></span>ese t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res ar<span class=\"_ _0\"></span>ise m<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y from fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>pts a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for<span class=\"_ _350\"> </span>go<span class=\"_ _0\"></span>ods a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces of fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span>ente<span class=\"_ _1\"></span>rs int<span class=\"_ _1\"></span>o hedge<span class=\"_ _1\"></span>s and appli<span class=\"_ _1\"></span>es hedge<span class=\"_ _1\"></span> accoun<span class=\"_ _1\"></span>ting, hedges<span class=\"_ _1\"></span> are<span class=\"_ _1\"></span> document<span class=\"_ _1\"></span>ed and<span class=\"_ _1\"></span> test<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>or eff<span class=\"_ _1\"></span>ectivenes<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>on a<span class=\"_ _0\"></span>n on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g basi<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th any i<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _350\"> </span>The l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s ente<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>to for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th G<span class=\"_ _0\"></span>T to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>ese<span class=\"_ _350\"> </span>exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res wh<span class=\"_ _0\"></span>ere p<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owed by l<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>l re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. G<span class=\"_ _0\"></span>T matc<span class=\"_ _0\"></span>hes t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>hedges<span class=\"_ _1\"></span> the po<span class=\"_ _1\"></span>sition<span class=\"_ _1\"></span> where<span class=\"_ _1\"></span> possible<span class=\"_ _1\"></span>, us<span class=\"_ _1\"></span>ing spo<span class=\"_ _1\"></span>t and<span class=\"_ _1\"></span> forward<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span>eign<span class=\"_ _1\"></span> currency<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ange con<span class=\"_ _1\"></span>tracts.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gy i<span class=\"_ _0\"></span>s to min<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ise I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt vola<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y by m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>itor<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>extern<span class=\"_ _1\"></span>al financing,<span class=\"_ _1\"></span> and ext<span class=\"_ _1\"></span>ernal hedging<span class=\"_ _1\"></span> arrangements. T<span class=\"_ _1\"></span>he Group\u2019<span class=\"_ _1\"></span>s hedging<span class=\"_ _1\"></span> profile i<span class=\"_ _1\"></span>s regul<span class=\"_ _1\"></span>arly r<span class=\"_ _1\"></span>evie<span class=\"_ _1\"></span>wed<span class=\"_ _350\"> </span>to ens<span class=\"_ _0\"></span>ure i<span class=\"_ _0\"></span>t is ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate a<span class=\"_ _0\"></span>nd to m<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>gate t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ris<span class=\"_ _0\"></span>ks as fa<span class=\"_ _0\"></span>r as pos<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>The no<span class=\"_ _1\"></span>tional pr<span class=\"_ _1\"></span>incipal amoun<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> outstanding f<span class=\"_ _1\"></span>orward f<span class=\"_ _1\"></span>oreign<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> contracts<span class=\"_ _1\"></span> at 31<span class=\"_ _1\"></span> December<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>22 wa<span class=\"_ _0\"></span>s \u00a3<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>95 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,03<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) and \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>376 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a37,027 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd fo<span class=\"_ _0\"></span>reig<span class=\"_ _0\"></span>n excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ted as c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y in Eu<span class=\"_ _0\"></span>ro,<span class=\"_ _0\"></span> St<span class=\"_ _1\"></span>erling, US<span class=\"_ _1\"></span> dollar<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> Canadian<span class=\"_ _1\"></span> dollar<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> Australian<span class=\"_ _1\"></span> dollar<span class=\"_ _14\"></span>, Mexican pe<span class=\"_ _1\"></span>so and<span class=\"_ _1\"></span> T<span class=\"_ _14\"></span>urkish lira.<span class=\"_ _1\"></span> The not<span class=\"_ _1\"></span>ional v<span class=\"_ _1\"></span>alue of<span class=\"_ _1\"></span> the p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le l<span class=\"_ _0\"></span>eg r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s was a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Cash<span class=\"_ _1\"></span> flow hedge<span class=\"_ _1\"></span> profile<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Euro<span class=\"_ _2be\"> </span><span class=\"ff1 ls13d wse2\">343<span class=\"_ _1f3\"> </span></span><span class=\"lsa ws0\">327<span class=\"_ _350\"> </span></span>Ster<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng<span class=\"_ _2bf\"> </span><span class=\"ff1 ls12d ws119\">2<span class=\"_ _0\"></span>47<span class=\"_ _13f\"> </span></span><span class=\"ls4c wsc\">310<span class=\"_ _350\"> </span></span>US dollar<span class=\"_ _274\"> </span><span class=\"ff1 lsf1\">218<span class=\"_ _1f3\"> </span></span><span class=\"lsa ws0\">273<span class=\"_ _350\"> </span></span>Canadian<span class=\"_ _1\"></span> dollar<span class=\"_ _2c0\"> </span><span class=\"ff1 ls4c wsc\">96<span class=\"_ _16a\"> </span></span><span class=\"ls34 ws75\">113<span class=\"_ _350\"> </span></span>Australi<span class=\"_ _1\"></span>an dollar<span class=\"_ _2aa\"> </span><span class=\"ff1 ls80 ws8b\">92<span class=\"_ _143\"> </span></span><span class=\"ls87 wsdc\">1<span class=\"_ _0\"></span>07<span class=\"_ _350\"> </span></span>Mex<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>an p<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>o<span class=\"_ _2c1\"> </span><span class=\"ff1 ls12f ws11a\">74<span class=\"_ _106\"> </span></span><span class=\"ls35 ws33\">51<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>urkish lira<span class=\"_ _2c2\"> </span><span class=\"ff1 wsa8\">73<span class=\"_ _128\"> </span></span><span class=\"ls4c\">42<span class=\"_ _350\"> </span></span>Other<span class=\"_ _2c3\"> </span><span class=\"ff1 lse9 ws2d\">394<span class=\"_ _110\"> </span></span><span class=\"ls37 ws7b\">434<span class=\"_ _350\"> </span></span>1,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>37<span class=\"_ _16f\"> </span><span class=\"ff9 lsa9 wsd9\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>57<span class=\"_ _350\"> </span></span>The<span class=\"_ _0\"></span>se for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ly ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted to mat<span class=\"_ _0\"></span>ure over t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d Jan<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span><span class=\"_ _350\">y 20</span><span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"_ _350\">3 to<span class=\"_ _350\"> </span></span>De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>23 (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: J<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 to De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22)<span class=\"_ _0\"></span>. Of t<span class=\"_ _0\"></span>he tota<span class=\"_ _0\"></span>l am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, \u00a32<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n)<span class=\"_ _350\"> </span>is due<span class=\"_ _1\"></span> between<span class=\"_ _1\"></span> January 2024<span class=\"_ _1\"></span> and January 2026<span class=\"_ _1\"></span> (2021: January 2023 and<span class=\"_ _1\"></span> January 2024)<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Cash<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span> hedging is<span class=\"_ _1\"></span> applied<span class=\"_ _1\"></span> with t<span class=\"_ _1\"></span>he ec<span class=\"_ _1\"></span>onomic r<span class=\"_ _1\"></span>elation<span class=\"_ _1\"></span>ship and<span class=\"_ _1\"></span> expect<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffective<span class=\"_ _1\"></span>ness be<span class=\"_ _1\"></span>ing as<span class=\"_ _1\"></span>sessed<span class=\"_ _1\"></span> at inc<span class=\"_ _1\"></span>epti<span class=\"_ _1\"></span>on, with<span class=\"_ _1\"></span> any<span class=\"_ _1\"></span> ineffectiv<span class=\"_ _1\"></span>enes<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>ognised<span class=\"_ _1\"></span> in t<span class=\"_ _1\"></span>he Income<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ment. The<span class=\"_ _1\"></span> ineffectiv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> portion<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m cas<span class=\"_ _0\"></span>h fl<span class=\"_ _0\"></span>ow he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es is im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l)<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Ga<span class=\"_ _0\"></span>ins re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>hen<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d the h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve o<span class=\"_ _0\"></span>n for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 of \u00a3<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n, n<span class=\"_ _0\"></span>et of ta<span class=\"_ _0\"></span>x (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n, n<span class=\"_ _0\"></span>et of ta<span class=\"_ _0\"></span>x) are re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ds in w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch th<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p had fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts us<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r cas<span class=\"_ _0\"></span>h flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h total f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _350\"> </span>of \u00a3<span class=\"_ _0\"></span>12 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>et (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a31<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on as<span class=\"_ _0\"></span>set). Th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s are d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>n a di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e ra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e of<span class=\"_ _350\"> </span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e a flu<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tuat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of 5% in a<span class=\"_ _0\"></span>ny on<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t pa<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h al<span class=\"_ _0\"></span>l oth<span class=\"_ _0\"></span>ers r<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>cons<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, wou<span class=\"_ _0\"></span>ld h<span class=\"_ _0\"></span>ave a max<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>um ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f \u00a37 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a36 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n) on sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty, unt<span class=\"_ _0\"></span>il th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>po<span class=\"_ _0\"></span>int a<span class=\"_ _0\"></span>t wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e four l<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>pairings<span class=\"_ _1\"></span> in order<span class=\"_ _1\"></span> of nominal<span class=\"_ _1\"></span> value w<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span> Euro<span class=\"_ _1\"></span>/Polish<span class=\"_ _1\"></span> zloty<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>uro/<span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>erling, Euro<span class=\"_ _1\"></span>/T<span class=\"_ _1\"></span>urki<span class=\"_ _1\"></span>sh lira<span class=\"_ _1\"></span> and US Doll<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>/<span class=\"_ _350\"> </span>Mex<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>an p<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>o.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k on i<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowi<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p se<span class=\"_ _0\"></span>eks to mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> of fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h pla<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng d<span class=\"_ _0\"></span>ebt w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in a n<span class=\"_ _0\"></span>et inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e or<span class=\"_ _350\"> </span>using financ<span class=\"_ _1\"></span>ial instruments.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>15 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l R<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>As at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ha<span class=\"_ _0\"></span>d des<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d a 202<span class=\"_ _0\"></span>3 U<span class=\"_ _0\"></span>S do<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ar b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d total<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng $<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span><span class=\"_ _350\">1: $</span><span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n), 203<span class=\"_ _0\"></span>0 Eu<span class=\"_ _0\"></span>ro bo<span class=\"_ _0\"></span>nd to<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng \u20ac8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u20ac<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) and co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ial p<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>tota<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng \u20ac<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u20ac<span class=\"_ _0\"></span>nil<span class=\"_ _0\"></span>) as t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n a ne<span class=\"_ _0\"></span>t inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nsh<span class=\"_ _0\"></span>ip.<span class=\"_ _0\"></span> Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y swa<span class=\"_ _0\"></span>p co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts of \u20ac<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u20ac75<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) were als<span class=\"_ _0\"></span>o in a<span class=\"_ _350\"> </span>he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p. As t<span class=\"_ _0\"></span>he fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy s<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>d du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r, this rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span>was e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>t was re<span class=\"_ _0\"></span>pla<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>l pa<span class=\"_ _0\"></span>per. Poss<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e so<span class=\"_ _0\"></span>urce<span class=\"_ _0\"></span>s of in<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ess i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>any i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s n<span class=\"_ _0\"></span>et i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n Eur<span class=\"_ _0\"></span>os. T<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges a<span class=\"_ _0\"></span>re d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nted a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d are as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sed<span class=\"_ _0\"></span> for ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iven<span class=\"_ _0\"></span>ess o<span class=\"_ _0\"></span>n an o<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The n<span class=\"_ _0\"></span>et g<span class=\"_ _0\"></span>ain o<span class=\"_ _0\"></span>r lo<span class=\"_ _0\"></span>ss un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>ese a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts is re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e net<span class=\"_ _0\"></span> ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t on o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 was a \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span> (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ga<span class=\"_ _0\"></span>in). If Ster<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng wea<span class=\"_ _0\"></span>kens by 5% a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e US d<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>lar a<span class=\"_ _0\"></span>nd E<span class=\"_ _0\"></span>uro, t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>um i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span><span class=\"_ _350\">on </span><span class=\"_ _1\"></span>shareholders\u2019<span class=\"_ _1\"></span> equity due<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> the net<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>vestmen<span class=\"_ _1\"></span>t hedging on<span class=\"_ _1\"></span> US<span class=\"_ _1\"></span> dollar bond<span class=\"_ _1\"></span> and Eur<span class=\"_ _1\"></span>o bond/<span class=\"_ _1\"></span>commer<span class=\"_ _1\"></span>cial<span class=\"_ _350\"> </span>pap<span class=\"_ _0\"></span>er wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d be \u00a3<span class=\"_ _0\"></span>22 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>oss a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>75 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n los<span class=\"_ _0\"></span>s resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>y.<span class=\"_ _350\"> </span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d a \u20ac8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d du<span class=\"_ _0\"></span>e in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>6. C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e issu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e bo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup e<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>nto a \u20ac8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on cr<span class=\"_ _0\"></span>oss cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te swa<span class=\"_ _0\"></span>p on s<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>r ter<span class=\"_ _0\"></span>ms to th<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>26 b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">to mi</span><span class=\"_ _0\"></span>tig<span class=\"_ _0\"></span>ate fore<span class=\"_ _0\"></span>ign exc<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>, for w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d. S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>rces o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vene<span class=\"_ _0\"></span>ss o<span class=\"_ _0\"></span>n this h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e rela<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nsh<span class=\"_ _0\"></span>ip w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l com<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m a di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>n cre<span class=\"_ _0\"></span>dit r<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>cou<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons to t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>ms of e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d ite<span class=\"_ _0\"></span>m or i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>. At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> no ma<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>al ineff<span class=\"_ _1\"></span>ectivene<span class=\"_ _1\"></span>ss (20<span class=\"_ _1\"></span>21: no ma<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>al ineff<span class=\"_ _1\"></span>ectivene<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> has<span class=\"_ _1\"></span> been r<span class=\"_ _1\"></span>ecognis<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> the Inc<span class=\"_ _1\"></span>ome<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t as th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t is n<span class=\"_ _0\"></span>ot ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rate e<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e sw<span class=\"_ _0\"></span>ap is d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>usse<span class=\"_ _0\"></span>d in i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rate<span class=\"_ _350\"> </span>risk belo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>The re<span class=\"_ _1\"></span>maining major<span class=\"_ _1\"></span> monetary financial<span class=\"_ _1\"></span> instruments (liquid<span class=\"_ _1\"></span> assets,<span class=\"_ _1\"></span> receiv<span class=\"_ _1\"></span>ables, int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span> and non-int<span class=\"_ _1\"></span>erest<span class=\"_ _350\"> </span>bea<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies) are di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ly de<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p or a<span class=\"_ _0\"></span>re tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to<span class=\"_ _350\"> </span>the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy o<span class=\"_ _0\"></span>f the l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ty t<span class=\"_ _0\"></span>hro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e use of d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tives<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s from f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue m<span class=\"_ _0\"></span>oveme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s on d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ives h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d at fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e thr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me<span class=\"_ _350\"> </span>Statem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t, re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, was a \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ga<span class=\"_ _0\"></span>in).<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>se d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ives a<span class=\"_ _0\"></span>re use<span class=\"_ _0\"></span>d to he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>sses o<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n-Ste<span class=\"_ _0\"></span>rli<span class=\"_ _0\"></span>ng fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>ets<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s t<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny an<span class=\"_ _0\"></span>d fel<span class=\"_ _0\"></span>low G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>(b) Cost i<span class=\"_ _0\"></span>nflat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ri<span class=\"_ _0\"></span>sk<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>e to the n<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re of it<span class=\"_ _0\"></span>s bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y, frei<span class=\"_ _0\"></span>ght a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>fla<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n ris<span class=\"_ _0\"></span>ks.<span class=\"_ _0\"></span> Sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term vola<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts is m<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>gate<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>gh m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>m-ter<span class=\"_ _0\"></span>m con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>inven<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>es of key mater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ls an<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>. Over t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>m an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>ng te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up m<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tes<span class=\"_ _350\"> </span>the impac<span class=\"_ _0\"></span>t of inflation through: imp<span class=\"_ _0\"></span>lementi<span class=\"_ _0\"></span>ng pricing an<span class=\"_ _0\"></span>d re<span class=\"_ _1\"></span>venue growth manag<span class=\"_ _0\"></span>ement; ide<span class=\"_ _0\"></span>ntify<span class=\"_ _0\"></span>ing<span class=\"_ _350\"> </span>productivity and e<span class=\"_ _1\"></span>ffi<span class=\"_ _0\"></span>ciencie<span class=\"_ _1\"></span>s; and impr<span class=\"_ _1\"></span>oving<span class=\"_ _1\"></span> sales mix.<span class=\"_ _350\"> </span>(c<span class=\"_ _1\"></span>) Inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te ri<span class=\"_ _0\"></span>sk<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as bo<span class=\"_ _0\"></span>th in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t-bea<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st b<span class=\"_ _0\"></span>ear<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>it<span class=\"_ _0\"></span>s inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e rate ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ure o<span class=\"_ _0\"></span>n a re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ar b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p set<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s des<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d level of fi<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng r<span class=\"_ _0\"></span>ate exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of it<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tegy. Th<span class=\"_ _0\"></span>e mix o<span class=\"_ _0\"></span>f fixe<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re on i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st-bea<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s is ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d by usi<span class=\"_ _0\"></span>ng a m<span class=\"_ _0\"></span>ix<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ure of fi<span class=\"_ _0\"></span>xed a<span class=\"_ _0\"></span>nd fl<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g ra<span class=\"_ _0\"></span>te dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The fi<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>d/<span class=\"_ _0\"></span>flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng m<span class=\"_ _0\"></span>ix o<span class=\"_ _0\"></span>n lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s is ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ed by u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g a m<span class=\"_ _0\"></span>ix<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re of fi<span class=\"_ _0\"></span>xed an<span class=\"_ _0\"></span>d fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing r<span class=\"_ _0\"></span>ate b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowi<span class=\"_ _0\"></span>ngs a<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>well a<span class=\"_ _0\"></span>s by usi<span class=\"_ _0\"></span>ng d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ives to s<span class=\"_ _0\"></span>wap fi<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>d to floa<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g ra<span class=\"_ _0\"></span>te.<span class=\"_ _350\"> </span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0 th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>wo \u20ac8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>nds d<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>26 a<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>. In o<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>r to ma<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n a level of<span class=\"_ _0\"></span> flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng r<span class=\"_ _0\"></span>ate de<span class=\"_ _0\"></span>bt in l<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>y the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>to a \u20ac8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span> mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>ross c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t r<span class=\"_ _0\"></span>ate swa<span class=\"_ _0\"></span>p on s<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar ter<span class=\"_ _0\"></span>ms to th<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>26 b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d an i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate sw<span class=\"_ _0\"></span>ap o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>the c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s du<span class=\"_ _0\"></span>e on t<span class=\"_ _0\"></span>he 2<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ccou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e fore<span class=\"_ _0\"></span>ign exc<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge e<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>cross c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy s<span class=\"_ _0\"></span>wap i<span class=\"_ _0\"></span>s des<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d ab<span class=\"_ _0\"></span>ove. Th<span class=\"_ _0\"></span>e inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te ele<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt sw<span class=\"_ _0\"></span>aps t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>xed co<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span><span class=\"_ _350\">on th</span><span class=\"_ _0\"></span>e bo<span class=\"_ _0\"></span>nd fo<span class=\"_ _0\"></span>r fl<span class=\"_ _0\"></span>oati<span class=\"_ _0\"></span>ng r<span class=\"_ _0\"></span>ate (the c<span class=\"_ _0\"></span>ross cu<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t r<span class=\"_ _0\"></span>ate swa<span class=\"_ _0\"></span>p wi<span class=\"_ _0\"></span>th refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d refere<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>rates fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng G<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>P LI<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>OR ce<span class=\"_ _0\"></span>ssa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d the i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate s<span class=\"_ _0\"></span>wap w<span class=\"_ _0\"></span>ith r<span class=\"_ _0\"></span>efere<span class=\"_ _0\"></span>nce to EU<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R). T<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span> rate s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ced i<span class=\"_ _0\"></span>nto a fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e rela<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hip w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds. S<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>urces o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vene<span class=\"_ _0\"></span>ss o<span class=\"_ _0\"></span>n this h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e rela<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nsh<span class=\"_ _0\"></span>ip w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l com<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m a di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>n cre<span class=\"_ _0\"></span>dit r<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>cou<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons to t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>ms of e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d item o<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t.<span class=\"_ _0\"></span> <span class=\"_ _350\">At 31 De</span><span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 n<span class=\"_ _0\"></span>o mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ess (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: n<span class=\"_ _0\"></span>o mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ess) has be<span class=\"_ _0\"></span>en<span class=\"_ _350\"> </span>recogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> Income<span class=\"_ _1\"></span> Sta<span class=\"_ _1\"></span>temen<span class=\"_ _1\"></span>t.<span class=\"_ _350\"> </span>Vario<span class=\"_ _0\"></span>us sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>s are s<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted ta<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>to cons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g, r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ewal of ex<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g p<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>al<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve fina<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g an<span class=\"_ _0\"></span>d he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g. B<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>ios<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>s the i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of a d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te shi<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t. F<span class=\"_ _0\"></span>or ea<span class=\"_ _0\"></span>ch si<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>me i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate s<span class=\"_ _0\"></span>hif<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>use<span class=\"_ _0\"></span><span class=\"_ _350\">d for a</span><span class=\"_ _0\"></span>ll cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d on a f<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>l-yea<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d pr<span class=\"_ _0\"></span>e-ta<span class=\"_ _0\"></span>x bas<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The s<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ios a<span class=\"_ _0\"></span>re on<span class=\"_ _0\"></span>ly r<span class=\"_ _0\"></span>un fo<span class=\"_ _0\"></span>r lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties t<span class=\"_ _0\"></span>hat re<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e maj<span class=\"_ _0\"></span>or i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st-be<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on<span class=\"_ _350\"> </span><span class=\"_ _350\">the s</span><span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n the I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of a 5<span class=\"_ _0\"></span>0 bas<span class=\"_ _0\"></span>is-p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt sh<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>n inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span><span class=\"_ _350\">rates wo</span><span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d be a m<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>um i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) or de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se of \u00a3<span class=\"_ _0\"></span>13 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span><span class=\"_ _350\">1: \u00a3</span><span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"_ _350\">0 m</span><span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on), resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y for th<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s covere<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he si<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is do<span class=\"_ _0\"></span>ne o<span class=\"_ _0\"></span>n a pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ic ba<span class=\"_ _0\"></span>sis<span class=\"_ _350\"> </span><span class=\"_ _350\">to veri</span><span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y that t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>um l<span class=\"_ _0\"></span>oss si<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d is w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e li<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>t gi<span class=\"_ _0\"></span>ven by ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>(d) Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>chm<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rk ref<span class=\"_ _0\"></span>orm a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ed ri<span class=\"_ _0\"></span>sks<span class=\"_ _350\"> </span>A fundamen<span class=\"_ _1\"></span>tal r<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>orm of<span class=\"_ _1\"></span> major<span class=\"_ _1\"></span> inter<span class=\"_ _1\"></span>est ra<span class=\"_ _1\"></span>te be<span class=\"_ _1\"></span>nchmark<span class=\"_ _1\"></span>s was<span class=\"_ _1\"></span> undertak<span class=\"_ _1\"></span>en glob<span class=\"_ _1\"></span>ally<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>luding<span class=\"_ _350\"> </span><span class=\"_ _350\">the r</span><span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>lace<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of s<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e inte<span class=\"_ _0\"></span>rba<span class=\"_ _0\"></span>nk o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fered r<span class=\"_ _0\"></span>ates (<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>Rs) wit<span class=\"_ _0\"></span>h al<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve nea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k<span class=\"_ _1\"></span>-free r<span class=\"_ _0\"></span>ates<span class=\"_ _350\"> </span><span class=\"_ _350\">(referred to a</span><span class=\"_ _0\"></span>s \u2018<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R refor<span class=\"_ _0\"></span>m\u2019<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d it<span class=\"_ _0\"></span>s fina<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t fac<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t refere<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>Rs<span class=\"_ _0\"></span> suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t they i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ated n<span class=\"_ _0\"></span>ew be<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>hma<span class=\"_ _0\"></span>rk r<span class=\"_ _0\"></span>ates o<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d cla<span class=\"_ _0\"></span>use<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>uto<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y sw<span class=\"_ _0\"></span>itch<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>Rs to th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t fal<span class=\"_ _0\"></span>l-<span class=\"_ _0\"></span>bac<span class=\"_ _0\"></span>k rates<span class=\"_ _0\"></span>. N<span class=\"_ _0\"></span>o fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts we<span class=\"_ _0\"></span>re req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>22 to<span class=\"_ _350\"> </span>confo<span class=\"_ _0\"></span>rm to t<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>ew ben<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rk ra<span class=\"_ _0\"></span>tes.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>15 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l R<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>As a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Con<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t Aut<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ty (<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>A) in ea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>nel b<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k su<span class=\"_ _0\"></span>bm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s for US<span class=\"_ _0\"></span> do<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>r LI<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>OR w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l ceas<span class=\"_ _0\"></span>e in m<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>-202<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e al<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>ve refere<span class=\"_ _0\"></span>nce r<span class=\"_ _0\"></span>ate fo<span class=\"_ _0\"></span>r US do<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ar LI<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>R is th<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span>Over<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ght F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g Rate (S<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>FR). At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s no ex<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l US d<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ar re<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng<span class=\"_ _350\"> </span>finan<span class=\"_ _0\"></span>cial instrum<span class=\"_ _0\"></span>ent.<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p had c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s of cros<span class=\"_ _0\"></span>s cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t swa<span class=\"_ _0\"></span>p li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es wi<span class=\"_ _0\"></span>th a ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>val<span class=\"_ _0\"></span>ue of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced to th<span class=\"_ _0\"></span>e of<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l IS<span class=\"_ _0\"></span>DA fal<span class=\"_ _0\"></span>lb<span class=\"_ _0\"></span>ack r<span class=\"_ _0\"></span>ate Se<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>red O<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>nig<span class=\"_ _0\"></span>ht F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Rate (SO<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>R)<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: u<span class=\"_ _0\"></span>nre<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s of cro<span class=\"_ _0\"></span>ss cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t swa<span class=\"_ _0\"></span>p li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of \u00a34<span class=\"_ _0\"></span>9 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span>).<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s EU<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ra<span class=\"_ _0\"></span>te swa<span class=\"_ _0\"></span>p is un<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d as EU<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R is n<span class=\"_ _0\"></span>ot im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d by I<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R refo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>2. C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>it r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as no s<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns of cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t ris<span class=\"_ _0\"></span>k. Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk ar<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>s from c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>equivalents,<span class=\"_ _1\"></span> derivat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> instruments, depo<span class=\"_ _1\"></span>sits wi<span class=\"_ _1\"></span>th bank<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ions, as<span class=\"_ _1\"></span> well<span class=\"_ _1\"></span> as<span class=\"_ _350\"> </span>cred<span class=\"_ _0\"></span>it ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s to cus<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of l<span class=\"_ _0\"></span>ifet<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>it l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s rela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>other<span class=\"_ _1\"></span> recei<span class=\"_ _1\"></span>vables<span class=\"_ _1\"></span> is de<span class=\"_ _1\"></span>tailed in<span class=\"_ _1\"></span> Note<span class=\"_ _1\"></span> 14. Financi<span class=\"_ _1\"></span>al instit<span class=\"_ _1\"></span>ution c<span class=\"_ _1\"></span>ounte<span class=\"_ _1\"></span>rparties ar<span class=\"_ _1\"></span>e subject<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> appro<span class=\"_ _1\"></span>val under<span class=\"_ _1\"></span> the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s cou<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ty r<span class=\"_ _0\"></span>isk p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d su<span class=\"_ _0\"></span>ch ap<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>oval is l<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d to fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>tut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns wi<span class=\"_ _0\"></span>th a B<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>B rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>or a<span class=\"_ _0\"></span>bove. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p use<span class=\"_ _0\"></span>s B<span class=\"_ _0\"></span>BB a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r rate<span class=\"_ _0\"></span>d cou<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e ris<span class=\"_ _0\"></span>k an<span class=\"_ _0\"></span>d on<span class=\"_ _0\"></span>ly us<span class=\"_ _0\"></span>es su<span class=\"_ _0\"></span>b-<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>B<span class=\"_ _350\"> </span>rate<span class=\"_ _0\"></span>d cou<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s by excepti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ure to a<span class=\"_ _0\"></span>ny in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>l co<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to<span class=\"_ _350\"> </span><span class=\"_ _350\">a li</span><span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>t defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy, whi<span class=\"_ _0\"></span>ch is rea<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly by th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard o<span class=\"_ _0\"></span>f Dir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> Derivat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> instruments<span class=\"_ _1\"></span> are only<span class=\"_ _1\"></span> traded<span class=\"_ _1\"></span> with c<span class=\"_ _1\"></span>ounter<span class=\"_ _1\"></span>parties appr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> accor<span class=\"_ _1\"></span>dance<span class=\"_ _1\"></span> with t<span class=\"_ _1\"></span>he<span class=\"_ _350\"> </span>ap<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>d po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>y. Deri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ive ri<span class=\"_ _0\"></span>sk is m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng a r<span class=\"_ _0\"></span>isk we<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k fro<span class=\"_ _0\"></span>m asse<span class=\"_ _0\"></span>t pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is is co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sed<span class=\"_ _0\"></span> <span class=\"_ _350\">of sh</span><span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns. F<span class=\"_ _0\"></span>or r<span class=\"_ _0\"></span>isk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re to maj<span class=\"_ _0\"></span>or fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s by lo<span class=\"_ _0\"></span>oki<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>t the d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>cas<span class=\"_ _0\"></span><span class=\"_ _350\">h an</span><span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tag<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts t<span class=\"_ _0\"></span>aki<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nto<span class=\"_ _350\"> </span>acco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t the t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e to matu<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the n<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e sum<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re. Th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons l<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>n the t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re no<span class=\"_ _0\"></span>t com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le ye<span class=\"_ _0\"></span>ar o<span class=\"_ _0\"></span>n year.<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Counterparty<span class=\"_ _216\"> </span><span class=\"ws46\">Credit rating<span class=\"_ _350\"> </span></span>Limi<span class=\"_ _0\"></span>t<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Exposure<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion A<span class=\"_ _131\"> </span><span class=\"ff1 ls86 wsa6\">A+<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">250<span class=\"_ _116\"> </span><span class=\"ls7b wsa8\">1<span class=\"_ _0\"></span>87<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion B<span class=\"_ _1fa\"> </span><span class=\"ff1 ls86 wsa6\">A+<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">250<span class=\"_ _143\"> </span><span class=\"lsb2 wsda\">179<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion C<span class=\"_ _131\"> </span><span class=\"ff1 ls86 wsa6\">A+<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">250<span class=\"_ _116\"> </span><span class=\"ls34 ws75\">162<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion D<span class=\"_ _131\"> </span><span class=\"ff1 ls86 wsa6\">A+<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">2<span class=\"_ _0\"></span>50<span class=\"_ _fd\"> </span><span class=\"ls12b wsdd\">145<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion E<span class=\"_ _136\"> </span><span class=\"ff1 lsa ws0\">A<span class=\"_ _110\"> </span><span class=\"ls67 ws5e\">200<span class=\"_ _fd\"> </span><span class=\"ls131 ws11c\">108<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion F<span class=\"_ _285\"> </span><span class=\"ff1 lsa ws0\">A<span class=\"_ _141\"> </span><span class=\"ls67 ws5e\">200<span class=\"_ _fd\"> </span><span class=\"ls9e ws76\">100<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion G<span class=\"_ _131\"> </span><span class=\"ff1 ls86 wsa6\">A+<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">250<span class=\"_ _128\"> </span><span class=\"ls7b wsa8\">87<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion H<span class=\"_ _1d5\"> </span><span class=\"ff1 ls67 ws5e\">BBB+<span class=\"_ _fd\"> </span><span class=\"lsb9 wsb5\">125<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">83<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion I<span class=\"_ _228\"> </span><span class=\"ff1 ls12d ws119\">A<span class=\"_ _0\"></span>A-<span class=\"_ _c7\"> </span><span class=\"lsd ws7a\">275<span class=\"_ _128\"> </span><span class=\"lsdf ws34\">63<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion J<span class=\"_ _285\"> </span><span class=\"ff1 lsa ws0\">A<span class=\"_ _141\"> </span><span class=\"ls67 ws5e\">200<span class=\"_ _128\"> </span><span class=\"ls91 ws89\">59<span class=\"_ _350\"> </span></span></span></span>2021<span class=\"_ _350\"> </span>Counterparty<span class=\"_ _cd\"> </span><span class=\"ls49 ws46\">Cr<span class=\"_ _1\"></span>edit rat<span class=\"_ _1\"></span>ing<span class=\"_ _350\"> </span></span>Limit<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Exp<span class=\"_ _0\"></span>osure<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion A<span class=\"_ _1fc\"> </span><span class=\"ls66 ws5d\">A+<span class=\"_ _c7\"> </span></span><span class=\"lsf1\">250<span class=\"_ _143\"> </span><span class=\"ls67 ws5e\">210<span class=\"_ _350\"> </span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion B<span class=\"_ _2c4\"> </span><span class=\"ls66 ws5d\">A+<span class=\"_ _1f3\"> </span></span><span class=\"lsf1\">250<span class=\"_ _143\"> </span><span class=\"ls4c wsc\">160<span class=\"_ _350\"> </span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion C<span class=\"_ _1fc\"> </span><span class=\"ls66 ws5d\">A+<span class=\"_ _1f3\"> </span></span><span class=\"lsf1\">2<span class=\"_ _0\"></span>50<span class=\"_ _143\"> </span><span class=\"ls12d ws119\">1<span class=\"_ _0\"></span>47<span class=\"_ _350\"> </span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion D<span class=\"_ _1fc\"> </span><span class=\"ls66 ws5d\">A+<span class=\"_ _c7\"> </span></span><span class=\"lsf1\">250<span class=\"_ _13f\"> </span><span class=\"lsa ws0\">127<span class=\"_ _350\"> </span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion E<span class=\"_ _194\"> </span><span class=\"ls66 ws5d\">A+<span class=\"_ _1f3\"> </span></span><span class=\"lsf1\">250<span class=\"_ _16a\"> </span><span class=\"lsb9 wsb5\">115<span class=\"_ _350\"> </span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion F<span class=\"_ _2c5\"> </span><span class=\"lsa ws0\">A<span class=\"_ _1f3\"> </span><span class=\"ls37 ws7b\">200<span class=\"_ _16a\"> </span><span class=\"lsb9 wsb5\">115<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion G<span class=\"_ _2c6\"> </span><span class=\"lsa ws0\">A<span class=\"_ _1f3\"> </span><span class=\"ls37 ws7b\">200<span class=\"_ _143\"> </span><span class=\"ls7e ws9c\">1<span class=\"_ _0\"></span>02<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion H<span class=\"_ _148\"> </span><span class=\"ls192 ws172\">AAA<span class=\"_ _141\"> </span><span class=\"ls128 wsb2\">300<span class=\"_ _128\"> </span><span class=\"ls12b wsdd\">83<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion I<span class=\"_ _149\"> </span><span class=\"lsa ws0\">A<span class=\"_ _1f3\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _0\"></span>0<span class=\"_ _12a\"> </span><span class=\"ls2e wsa7\">70<span class=\"_ _350\"> </span></span></span></span>Financial<span class=\"_ _1\"></span> institut<span class=\"_ _1\"></span>ion J<span class=\"_ _194\"> </span><span class=\"ls66 ws5d\">A+<span class=\"_ _1f3\"> </span></span><span class=\"lsf1\">2<span class=\"_ _0\"></span>50<span class=\"_ _128\"> </span><span class=\"ls28 ws25\">54<span class=\"_ _350\"> </span></span></span>3<span class=\"_ _0\"></span>. Liq<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ri<span class=\"_ _0\"></span>sk<span class=\"_ _350\"> </span>Liq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ty r<span class=\"_ _0\"></span>isk i<span class=\"_ _0\"></span>s the r<span class=\"_ _0\"></span>isk t<span class=\"_ _0\"></span>hat t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ca<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ot re<span class=\"_ _0\"></span>pay fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es as an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>hey fa<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ri<span class=\"_ _0\"></span>sk is co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ated tow<span class=\"_ _0\"></span>ards b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>nd se<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>or n<span class=\"_ _0\"></span>ote pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al re<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts d<span class=\"_ _0\"></span>ue b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>23 a<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>4.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>15 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l R<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>At the en<span class=\"_ _0\"></span>d of 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ha<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term d<span class=\"_ _0\"></span>ebt excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g le<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of \u00a3<span class=\"_ _0\"></span>6,<span class=\"_ _37\"></span>85<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span><span class=\"_ _350\">1: \u00a3</span><span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span><span class=\"_ _350\">2 mi</span><span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n), of whi<span class=\"_ _0\"></span>ch \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,196 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a36<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>45 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) is repaya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e in m<span class=\"_ _0\"></span>ore t<span class=\"_ _0\"></span>han t<span class=\"_ _0\"></span>wo yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span><span class=\"_ _350\">In a</span><span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fac<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es tota<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g \u00a34<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a34<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n),<span class=\"_ _350\"> </span><span class=\"_ _350\">of wh</span><span class=\"_ _0\"></span>ich \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a34<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) expire<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>n two ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese f<span class=\"_ _0\"></span>aci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s are<span class=\"_ _0\"></span> prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed by h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>-q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l ban<span class=\"_ _0\"></span>ks, a<span class=\"_ _0\"></span>re u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>rawn a<span class=\"_ _0\"></span>t year e<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ain a fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial c<span class=\"_ _0\"></span>ovenan<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>wh<span class=\"_ _0\"></span>ich is n<span class=\"_ _0\"></span>ot ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to res<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s fu<span class=\"_ _0\"></span>ture o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fa<span class=\"_ _0\"></span>cil<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>tog<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er wi<span class=\"_ _0\"></span>th ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d su<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>t to me<span class=\"_ _0\"></span>et th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted<span class=\"_ _350\"> </span>cash req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts.<span class=\"_ _350\"> </span>Al<span class=\"_ _0\"></span>l bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fac<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e at flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng r<span class=\"_ _0\"></span>ates of i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The f<span class=\"_ _1\"></span>acilities<span class=\"_ _1\"></span> ha<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> been arranged<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span> general c<span class=\"_ _1\"></span>orporat<span class=\"_ _1\"></span>e purpo<span class=\"_ _1\"></span>ses, includi<span class=\"_ _1\"></span>ng support f<span class=\"_ _1\"></span>or commer<span class=\"_ _1\"></span>cial<span class=\"_ _350\"> </span>pap<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce. A<span class=\"_ _0\"></span>ll fa<span class=\"_ _0\"></span>cil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>r co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>itm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t fees at m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket rates<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g li<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>t at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>2 ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted in a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>rda<span class=\"_ _0\"></span>nce w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cle<span class=\"_ _0\"></span>s of<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as \u00a32<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>9 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a32<span class=\"_ _0\"></span>2,1<span class=\"_ _0\"></span>97 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>The fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le an<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>yses t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>s into re<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>nt ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e rema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od at t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et da<span class=\"_ _0\"></span>te to the c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual m<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ty d<span class=\"_ _0\"></span>ate.<span class=\"_ _350\"> </span><span class=\"_ _350\">The a</span><span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ar<span class=\"_ _0\"></span>e the co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ual u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h have be<span class=\"_ _0\"></span>en<span class=\"_ _350\"> </span>ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>pot r<span class=\"_ _0\"></span>ates at t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>nt Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et da<span class=\"_ _0\"></span>te, in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t to be pa<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Les<span class=\"_ _0\"></span>s t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>n <span class=\"lsa\"> </span>1 yea<span class=\"_ _0\"></span>r<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en <span class=\"lsa ws0\"> </span>1 an<span class=\"_ _0\"></span>d 2 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en <span class=\"lsa ws0\"> </span>2 an<span class=\"_ _0\"></span>d 5 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ove<span class=\"_ _0\"></span>r <span class=\"lsa ws0\"> </span>5 yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span><span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Commerc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>aper<span class=\"_ _1b2\"> </span><span class=\"ff1 ls67 ws5e\">(1,20<span class=\"_ _0\"></span>0)<span class=\"_ _c0\"> </span>(1,20<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>Bonds<span class=\"_ _14c\"> </span><span class=\"ff1 lsdf ws34\">(<span class=\"_ _14\"></span>6,650)<span class=\"_ _16e\"> </span><span class=\"ls5e ws55\">(5<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _176\"> </span><span class=\"ls7f wsf2\">(1<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>)<span class=\"_ _1d7\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6)<span class=\"_ _c3\"> </span><span class=\"ls92 wsdb\">(1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span></span></span></span></span>Senior note<span class=\"_ _1\"></span>s<span class=\"_ _2c7\"> </span><span class=\"ff1 ls38 ws36\">(2<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>17)<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">(<span class=\"_ _0\"></span>59)<span class=\"_ _9b\"> </span>(59)<span class=\"_ _21a\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _16c\"> </span><span class=\"ls8e ws81\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>T<span class=\"_ _14\"></span>rade payable<span class=\"_ _1\"></span>s<span class=\"_ _be\"> </span><span class=\"ff1 ls135 ws124\">(2<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6)<span class=\"_ _95\"> </span>(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>6)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>Other payables<span class=\"_ _be\"> </span><span class=\"ff1 ls85 ws79\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span>(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,9<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _185\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>21<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Les<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>n <span class=\"lsa\"> </span>1 yea<span class=\"_ _0\"></span>r<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n <span class=\"lsa ws0\"> </span>1 an<span class=\"_ _0\"></span>d 2 yea<span class=\"_ _0\"></span>rs<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n <span class=\"lsa ws0\"> </span>2 an<span class=\"_ _0\"></span>d 5 yea<span class=\"_ _0\"></span>rs<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ove<span class=\"_ _0\"></span>r <span class=\"lsa ws0\"> </span>5 yea<span class=\"_ _0\"></span>rs<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Bonds<span class=\"_ _2a0\"> </span><span class=\"ls6d ws64\">(8,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>)<span class=\"_ _1db\"> </span><span class=\"lse7 ws112\">(2,<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>2)<span class=\"_ _16f\"> </span><span class=\"ls118 ws108\">(49<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span><span class=\"lsa3 ws115\">(2,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0)<span class=\"_ _c3\"> </span><span class=\"ls12c ws118\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span></span>Senior note<span class=\"_ _1\"></span>s<span class=\"_ _1b7\"> </span><span class=\"ls101 ws40\">(<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>855)<span class=\"_ _185\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>53)<span class=\"_ _151\"> </span>(<span class=\"_ _0\"></span>53)<span class=\"_ _16f\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _c3\"> </span><span class=\"ls128 wsb2\">(1,059<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>T<span class=\"_ _14\"></span>rade payable<span class=\"_ _1\"></span>s<span class=\"_ _e8\"> </span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>06<span class=\"_ _37\"></span>4)<span class=\"_ _7b\"> </span>(2<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>Other payables<span class=\"_ _f6\"> </span><span class=\"ls2f ws87\">(3,129)<span class=\"_ _c0\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8)<span class=\"_ _c7\"> </span><span class=\"ls6d ws64\">(8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _132\"> </span></span></span></span><span class=\"ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>The t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow ana<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ive fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n a gro<span class=\"_ _0\"></span>ss<span class=\"_ _350\"> </span>basi<span class=\"_ _0\"></span>s into re<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>nt m<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ngs b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et date<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d the c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual m<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ty d<span class=\"_ _0\"></span>ate. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e are th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>cas<span class=\"_ _0\"></span>h flows w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>pot r<span class=\"_ _0\"></span>ates at t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>nt Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et da<span class=\"_ _0\"></span>te.<span class=\"_ _350\"> </span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span>Les<span class=\"_ _0\"></span>s t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>n <span class=\"lsa\"> </span>1 yea<span class=\"_ _0\"></span>r<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en <span class=\"lsa ws0\"> </span>1 an<span class=\"_ _0\"></span>d 2 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en <span class=\"lsa ws0\"> </span>2 an<span class=\"_ _0\"></span>d 5 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ove<span class=\"_ _0\"></span>r <span class=\"lsa ws0\"> </span>5 yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span><span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>FX forward<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>racts Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _265\"> </span><span class=\"ff1 ls135 ws124\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6)<span class=\"_ _123\"> </span><span class=\"lsba ws18\">(7<span class=\"_ _0\"></span>)<span class=\"_ _141\"> </span><span class=\"ls92 wsdb\">(1<span class=\"_ _0\"></span>3)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013</span></span></span></span> In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _20a\"> </span><span class=\"ff1 ls118 ws108\">5<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>76<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">7<span class=\"_ _dd\"> </span><span class=\"lsb9 wsb5\">12<span class=\"_ _bf\"> </span></span>\u2013<span class=\"_ _350\"> </span></span></span>Cross c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate sw<span class=\"_ _0\"></span>ap Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _20a\"> </span><span class=\"ff1 ls7b wsa8\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _9b\"> </span>(25)<span class=\"_ _de\"> </span><span class=\"ls6d ws64\">(785<span class=\"_ _0\"></span>)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013</span></span></span> In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _144\"> </span><span class=\"ff1 lsa ws0\">3<span class=\"_ _1e0\"> </span>3<span class=\"_ _110\"> </span><span class=\"lsd ws7a\">75<span class=\"_ _0\"></span>8<span class=\"_ _e1\"> </span></span>\u2013<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate s<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _135\"> </span><span class=\"ff1 ls7c ws8a\">(2<span class=\"_ _0\"></span>1)<span class=\"_ _141\"> </span>(21)<span class=\"_ _16d\"> </span><span class=\"ls86 wsa6\">(6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _9b\"> </span><span class=\"ls92 wsdb\">(<span class=\"_ _0\"></span>53)</span></span></span> In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _144\"> </span><span class=\"ff1 lsa ws0\">6<span class=\"_ _1e0\"> </span>6<span class=\"_ _dd\"> </span><span class=\"ls38 ws36\">17<span class=\"_ _dd\"> </span>17<span class=\"_ _350\"> </span></span></span>At 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>21<span class=\"_ _350\"> </span>Les<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>n <span class=\"lsa\"> </span>1 yea<span class=\"_ _0\"></span>r<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n <span class=\"lsa ws0\"> </span>1 an<span class=\"_ _0\"></span>d 2 yea<span class=\"_ _0\"></span>rs<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n <span class=\"lsa ws0\"> </span>2 an<span class=\"_ _0\"></span>d 5 yea<span class=\"_ _0\"></span>rs<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ove<span class=\"_ _0\"></span>r <span class=\"lsa ws0\"> </span>5 yea<span class=\"_ _0\"></span>rs<span class=\"lsa\"> </span>\u00a3m<span class=\"_ _350\"> </span>FX forward<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>change<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>racts Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _232\"> </span><span class=\"ls12b wsdd\">(7<span class=\"_ _14\"></span>,016)<span class=\"_ _1f3\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _12a\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013</span></span></span></span> In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _277\"> </span><span class=\"ls181 ws15e\">7,<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>4<span class=\"_ _190\"> </span><span class=\"lsb9 wsb5\">11<span class=\"_ _109\"> </span><span class=\"lsa ws0\">1<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>Cross c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate sw<span class=\"_ _0\"></span>ap Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _150\"> </span><span class=\"ls33 ws31\">(9)<span class=\"_ _12d\"> </span>(9)<span class=\"_ _189\"> </span><span class=\"ls2e wsa7\">(<span class=\"_ _0\"></span>770)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013</span></span></span> In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _144\"> </span><span class=\"lsa ws0\">3<span class=\"_ _bf\"> </span>3<span class=\"_ _1f3\"> </span>72<span class=\"_ _0\"></span>3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate s<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _150\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _229\"> </span>(3)<span class=\"_ _12d\"> </span><span class=\"ls33 ws31\">(9)<span class=\"_ _c7\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)</span></span></span> In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ow<span class=\"_ _144\"> </span><span class=\"lsa ws0\">5<span class=\"_ _bf\"> </span>5<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _350\"> </span></span></span></span>Cas<span class=\"_ _0\"></span>h flow fo<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g is p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess u<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>n an a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ated ba<span class=\"_ _0\"></span>sis by G<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>. GT<span class=\"_ _350\"> </span>mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tors r<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fore<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts to e<span class=\"_ _0\"></span>nsu<span class=\"_ _0\"></span>re it ha<span class=\"_ _0\"></span>s suf<span class=\"_ _37\"></span>fici<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>ash to m<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>operation<span class=\"_ _1\"></span>al needs<span class=\"_ _1\"></span> while<span class=\"_ _1\"></span> maintain<span class=\"_ _1\"></span>ing sufficient<span class=\"_ _1\"></span> headr<span class=\"_ _1\"></span>oom on<span class=\"_ _1\"></span> its undra<span class=\"_ _1\"></span>wn c<span class=\"_ _1\"></span>ommitted<span class=\"_ _1\"></span> borro<span class=\"_ _1\"></span>wing f<span class=\"_ _1\"></span>acilitie<span class=\"_ _1\"></span>s.<span class=\"_ _350\"> </span>Fun<span class=\"_ _0\"></span>ds over a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>bove th<span class=\"_ _0\"></span>ose re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d for s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-term wo<span class=\"_ _0\"></span>rki<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses by t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ted to G<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>. The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up us<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e rem<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nces to s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tle o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>pay bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, or, in<span class=\"_ _350\"> </span>the eve<span class=\"_ _0\"></span>nt of a su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>, i<span class=\"_ _0\"></span>nvest i<span class=\"_ _0\"></span>n sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-term in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ed by i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h a BB<span class=\"_ _0\"></span>B r<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>r ab<span class=\"_ _0\"></span>ove.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>15 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l R<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>4. Capital<span class=\"_ _1\"></span> management<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>rs c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l to be n<span class=\"_ _0\"></span>et de<span class=\"_ _0\"></span>bt p<span class=\"_ _0\"></span>lus tot<span class=\"_ _0\"></span>al eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y. Net de<span class=\"_ _0\"></span>bt is c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated as to<span class=\"_ _0\"></span>tal fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>liabilitie<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s cash<span class=\"_ _1\"></span> and ca<span class=\"_ _1\"></span>sh equiv<span class=\"_ _1\"></span>alents and<span class=\"_ _1\"></span> short<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span> deposits.<span class=\"_ _1\"></span> T<span class=\"_ _14\"></span>otal equity inc<span class=\"_ _1\"></span>ludes sh<span class=\"_ _1\"></span>are c<span class=\"_ _1\"></span>apital,<span class=\"_ _350\"> </span>rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d reta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs as s<span class=\"_ _0\"></span>how<span class=\"_ _0\"></span>n in t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Note<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cash and<span class=\"_ _1\"></span> cash<span class=\"_ _1\"></span> equivalents<span class=\"_ _1\"></span> including o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>drafts<span class=\"_ _29d\"> </span><span class=\"ff1 ls128 wsb2\">1,156<span class=\"_ _189\"> </span></span><span class=\"ls11b ws10b\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>59<span class=\"_ _350\"> </span></span>Financing li<span class=\"_ _1\"></span>abilities<span class=\"_ _1a0\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _c8\"> </span><span class=\"ff1 ls12f ws11a\">(<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>0)<span class=\"_ _200\"> </span></span><span class=\"ls130 ws11b\">(<span class=\"_ _0\"></span>9,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>7<span class=\"_ _4f\"></span>)<span class=\"_ _350\"> </span></span></span>Ne<span class=\"_ _0\"></span>t deb<span class=\"_ _0\"></span>t<span class=\"_ _2c8\"> </span><span class=\"ff1 ls110 wsff\">7,<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>8<span class=\"_ _4f\"></span>4<span class=\"_ _21a\"> </span></span><span class=\"ls11b ws10b\">8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>378<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>otal equity<span class=\"_ _2c9\"> </span><span class=\"ff1 ls9e ws76\">9<span class=\"_ _14\"></span>,483<span class=\"_ _21a\"> </span><span class=\"ff9 ls181 ws15e\">7,<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>3<span class=\"_ _350\"> </span></span></span>1<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>4<span class=\"_ _4f\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"ff9 ls4c wsc\">15<span class=\"_ _0\"></span>,831<span class=\"_ _350\"> </span></span>The o<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ves for m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l ar<span class=\"_ _0\"></span>e to safe<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>rd th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y to co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e as a g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>in o<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>r to prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e retu<span class=\"_ _0\"></span>rns fo<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts for o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r s<span class=\"_ _0\"></span>takeh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs an<span class=\"_ _0\"></span>d to ma<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n an<span class=\"_ _350\"> </span>ef<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>nt ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>tal s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re to op<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ise t<span class=\"_ _0\"></span>he cos<span class=\"_ _0\"></span>t of c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l.<span class=\"_ _350\"> </span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>ns to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e for<span class=\"_ _0\"></span>m of di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>. Re<span class=\"_ _0\"></span>fer to N<span class=\"_ _0\"></span>ote 28 fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>fur<span class=\"_ _37\"></span>the<span class=\"_ _0\"></span><span class=\"_ _350\">r det</span><span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>rs n<span class=\"_ _0\"></span>et de<span class=\"_ _0\"></span>bt an<span class=\"_ _0\"></span>d at yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup h<span class=\"_ _0\"></span>ad n<span class=\"_ _0\"></span>et d<span class=\"_ _0\"></span>ebt of \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,98<span class=\"_ _0\"></span>4 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>378 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up s<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ks to pay dow<span class=\"_ _0\"></span>n net d<span class=\"_ _0\"></span>ebt u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>sh ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess to m<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>in a<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span> lev<span class=\"_ _1\"></span>el o<span class=\"_ _1\"></span>f financial<span class=\"_ _1\"></span> flexibility<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Supply chain<span class=\"_ _1\"></span> finance<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pates i<span class=\"_ _0\"></span>n a sup<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>y cha<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me (SC<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>) un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r wh<span class=\"_ _0\"></span>ich ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ers to t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup a<span class=\"_ _0\"></span>re a<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to acces<span class=\"_ _0\"></span>s an S<span class=\"_ _0\"></span>CF a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t that e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>em to fu<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>ir wor<span class=\"_ _0\"></span>ki<span class=\"_ _0\"></span>ng ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>ose o<span class=\"_ _0\"></span>f this p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>me is to fa<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tate ef<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ent pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ble t<span class=\"_ _0\"></span>he w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng<span class=\"_ _350\"> </span>sup<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>rs to se<span class=\"_ _0\"></span>ll t<span class=\"_ _0\"></span>hei<span class=\"_ _0\"></span>r re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les d<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p to a ba<span class=\"_ _0\"></span>nk b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>ir d<span class=\"_ _0\"></span>ue da<span class=\"_ _0\"></span>te. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>not i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ur a<span class=\"_ _0\"></span>ny ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t toward<span class=\"_ _0\"></span>s the b<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k on t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e sup<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. As p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>his<span class=\"_ _0\"></span> fac<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>nfi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed to ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>at it w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l ma<span class=\"_ _0\"></span>ke payme<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>f \u00a3<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion) to the<span class=\"_ _0\"></span>se su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ers a<span class=\"_ _0\"></span>s they f<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>l du<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>ese a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>on th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et an<span class=\"_ _0\"></span>d al<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me a<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> cas<span class=\"_ _0\"></span>h flows a<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>ey cont<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ue to b<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f the n<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ycle of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al<span class=\"_ _350\"> </span>natu<span class=\"_ _0\"></span>re re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ns o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>se of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>16 C<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Cas<span class=\"_ _0\"></span>h E<span class=\"_ _0\"></span>q<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cas<span class=\"_ _0\"></span>h at ba<span class=\"_ _0\"></span>nk a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>n han<span class=\"_ _0\"></span>d<span class=\"_ _217\"> </span><span class=\"ff1 ls34 ws75\">6<span class=\"_ _0\"></span>62<span class=\"_ _1f3\"> </span></span><span class=\"ls123 ws85\">587<span class=\"_ _350\"> </span></span>Short<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>erm b<span class=\"_ _1\"></span>ank depos<span class=\"_ _1\"></span>its<span class=\"_ _153\"> </span><span class=\"ff1 lsd ws7a\">495<span class=\"_ _fd\"> </span></span><span class=\"ls18e ws16b\">674<span class=\"_ _350\"> </span></span>Ca<span class=\"_ _0\"></span>sh a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _211\"> </span><span class=\"ls8e ws81\">1,1<span class=\"_ _37\"></span>57<span class=\"_ _172\"> </span><span class=\"ff9 ls125 ws114\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>261<span class=\"_ _350\"> </span></span></span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s in a n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ber o<span class=\"_ _0\"></span>f terr<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re are e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>res<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, or w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re it is d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>lt fo<span class=\"_ _0\"></span>r the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up to ex<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>ash re<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ily a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _0\"></span>m.<span class=\"_ _0\"></span> <span class=\"_ _350\">As a re</span><span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>t, \u00a3<span class=\"_ _0\"></span>276 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a36<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) of cash i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in ca<span class=\"_ _0\"></span>sh a<span class=\"_ _0\"></span>nd ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>nts is r<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">for us</span><span class=\"_ _0\"></span>e by the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up, ye<span class=\"_ _0\"></span>t avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r use i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>evant s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>y<span class=\"_ _37\"></span>\u2019s day-to-<span class=\"_ _0\"></span>day o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>17<span class=\"_ _1\"></span> Financial Liabilities \u2013 Borr<span class=\"_ _1\"></span>owings<span class=\"_ _350\"> </span>Current<span class=\"_ _111\"> </span><span class=\"ls134 ws123\">Note<span class=\"_ _350\"> </span></span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ba<span class=\"_ _0\"></span>nk l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d overdr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>40<span class=\"_ _128\"> </span><span class=\"ff9 lse9 ws2d\">22<span class=\"_ _350\"> </span></span>Commerc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>aper<span class=\"_ _1f2\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _158\"> </span></span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>Bonds<span class=\"_ _2ca\"> </span><span class=\"ff1 lsa3 ws115\">413<span class=\"_ _16f\"> </span></span><span class=\"ls112 ws100\">2,401<span class=\"_ _350\"> </span></span>Lea<span class=\"_ _1\"></span>se liabiliti<span class=\"_ _1\"></span>es<span class=\"_ _13a\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _128\"> </span><span class=\"ff1 ls6d ws64\">78<span class=\"_ _12a\"> </span></span><span class=\"lse9 ws2d\">62<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _14\"></span>otal short<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>erm bor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wings<span class=\"_ _cd\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _de\"> </span><span class=\"ff9 ls112 ws100\">2<span class=\"_ _1\"></span>,485<span class=\"_ _350\"> </span></span></span>Bonds<span class=\"_ _2cb\"> </span><span class=\"ff1 ls8f ws83\">5,<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>61<span class=\"_ _de\"> </span></span><span class=\"ls36 ws2e\">5,568<span class=\"_ _350\"> </span></span>Senior note<span class=\"_ _1\"></span>s<span class=\"_ _2cc\"> </span><span class=\"ff1 lsba\">1,3<span class=\"_ _0\"></span>69<span class=\"_ _16f\"> </span></span><span class=\"lse9 ws2d\">1,<span class=\"_ _0\"></span>229<span class=\"_ _350\"> </span></span>Other non-current borro<span class=\"_ _1\"></span>wings<span class=\"_ _cb\"> </span><span class=\"ff1 lse9 ws2d\">22<span class=\"_ _dd\"> </span></span><span class=\"ls67 ws5e\">15<span class=\"_ _350\"> </span></span>Lea<span class=\"_ _1\"></span>se liabiliti<span class=\"_ _1\"></span>es<span class=\"_ _13a\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _123\"> </span><span class=\"ff1 ls101 ws40\">311<span class=\"_ _1f3\"> </span></span><span class=\"ls35 ws33\">26<span class=\"_ _0\"></span>6<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _14\"></span>otal long-<span class=\"_ _1\"></span>term<span class=\"_ _1\"></span> borro<span class=\"_ _1\"></span>wings<span class=\"_ _215\"> </span><span class=\"lsdf ws34\">7<span class=\"_ _14\"></span>,163<span class=\"_ _21a\"> </span><span class=\"ff9 ls181 ws15e\">7,<span class=\"_ _4f\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>8<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _14\"></span>o<span class=\"_ _0\"></span>tal borrowin<span class=\"_ _0\"></span>gs<span class=\"_ _2cd\"> </span><span class=\"ls111 ws32\">8,884<span class=\"_ _21a\"> </span><span class=\"ff9 ls130 ws11b\">9,<span class=\"_ _4f\"></span>5<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>3<span class=\"_ _350\"> </span></span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _15e\"> </span><span class=\"ff1 ls33 ws31\">2<span class=\"_ _0\"></span>57<span class=\"_ _210\"> </span></span><span class=\"ls13e ws12b\">76<span class=\"_ _350\"> </span></span>Less over<span class=\"_ _0\"></span>dra<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ts p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>n cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> Cas<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>ow State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _111\"> </span><span class=\"ff1 ls49 ws9\">(1)<span class=\"_ _16a\"> </span></span><span class=\"lse7 ws112\">(2)<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>otal<span class=\"_ _1\"></span> financing<span class=\"_ _1\"></span> liabili<span class=\"_ _1\"></span>ties<span class=\"_ _222\"> </span><span class=\"ls12f ws11a\">9,1<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>0<span class=\"_ _16f\"> </span><span class=\"ff9 ls130 ws11b\">9,<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>7<span class=\"_ _350\"> </span></span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _f0\"> </span>B<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k lo<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>s are d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d in a n<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>: al<span class=\"_ _0\"></span>l are u<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d b<span class=\"_ _0\"></span>ear i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-ter<span class=\"_ _0\"></span>m int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>15 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l I<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l R<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up u<span class=\"_ _0\"></span>ses d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>ive fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in el<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate an<span class=\"_ _0\"></span>d excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>ris<span class=\"_ _0\"></span>k on i<span class=\"_ _0\"></span>ts fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>tems a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves on t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _350\"> </span>is sh<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>n be<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Assets<span class=\"_ _1e3\"> </span>Liabilities<span class=\"_ _350\"> </span>2022 (\u00a3m<span class=\"_ _1\"></span>)<span class=\"_ _5a\"> </span><span class=\"ls17 ws15\">Current<span class=\"_ _2a\"> </span>Non<span class=\"_ _0\"></span>-current<span class=\"_ _19d\"> </span>Current<span class=\"_ _2a\"> </span>Non<span class=\"_ _0\"></span>-current<span class=\"_ _350\"> </span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> (financing<span class=\"_ _1\"></span> liabilitie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>)<span class=\"_ _210\"> </span><span class=\"ff1 ls13d wse2\">25<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _116\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _16e\"> </span><span class=\"ls33 ws31\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8)<span class=\"_ _350\"> </span></span></span></span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>non-financing<span class=\"_ _350\"> </span>liabilities<span class=\"_ _14\"></span>)<span class=\"_ _2ce\"> </span><span class=\"ff1 ls126 wsc9\">34<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span><span class=\"ls7c ws8a\">(21)<span class=\"_ _128\"> </span><span class=\"ls49 ws9\">(1)<span class=\"_ _350\"> </span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _2cf\"> </span><span class=\"ff1 ls91 ws89\">59<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _143\"> </span><span class=\"ls7b wsa8\">(55)<span class=\"_ _16e\"> </span></span>(2<span class=\"_ _0\"></span>49)<span class=\"_ _350\"> </span></span></span>Asset<span class=\"_ _0\"></span>s<span class=\"_ _1b1\"> </span><span class=\"ls5f ws56\">Lia<span class=\"_ _0\"></span>bilities<span class=\"_ _350\"> </span></span>2021 (\u00a3m<span class=\"_ _1\"></span>)<span class=\"_ _18b\"> </span><span class=\"lsf wse\">Current<span class=\"_ _2a\"> </span><span class=\"lsa4 ws120\">Non-<span class=\"_ _0\"></span>current<span class=\"_ _350\"> </span></span></span>1<span class=\"_ _350\"> </span>Current<span class=\"_ _1df\"> </span><span class=\"lsa4 ws120\">Non<span class=\"_ _0\"></span>-current<span class=\"_ _350\"> </span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> (financing<span class=\"_ _1\"></span> liabilitie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>)<span class=\"_ _132\"> </span><span class=\"ls4c\">31<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(36)<span class=\"_ _c7\"> </span><span class=\"ls12b wsdd\">(71)<span class=\"_ _350\"> </span></span></span></span></span>Derivativ<span class=\"_ _1\"></span>e financ<span class=\"_ _1\"></span>ial instruments<span class=\"_ _1\"></span> <span class=\"lsa ws0\"> </span>(<span class=\"_ _1\"></span>non-financing li<span class=\"_ _1\"></span>abilities<span class=\"_ _14\"></span>)<span class=\"_ _2d0\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _109\"> </span><span class=\"lsa ws0\">1<span class=\"_ _16a\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>16)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _1ee\"> </span><span class=\"ls125 ws114\">61<span class=\"_ _1ab\"> </span></span><span class=\"lsa\">1<span class=\"_ _143\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>52)<span class=\"_ _1f3\"> </span><span class=\"ls12b wsdd\">(71)<span class=\"_ _350\"> </span></span></span></span>1. <span class=\"_ _7a\"> </span>I<span class=\"_ _0\"></span>ncluded wi<span class=\"_ _1\"></span>thin Other<span class=\"_ _1\"></span> non-current<span class=\"_ _1\"></span> receiv<span class=\"_ _1\"></span>ables on<span class=\"_ _1\"></span> the<span class=\"_ _1\"></span> Balance<span class=\"_ _1\"></span> Sheet<span class=\"_ _350\"> </span>Re<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f move<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s to Ca<span class=\"_ _0\"></span>sh Fl<span class=\"_ _0\"></span>ow St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>A<span class=\"_ _1\"></span>t 1 J<span class=\"_ _1\"></span>anuary<span class=\"_ _2c9\"> </span><span class=\"ff1 lsdf ws34\">9<span class=\"_ _1\"></span>,637<span class=\"_ _16c\"> </span><span class=\"ff9 ls11b ws10b\">10<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>598<span class=\"_ _350\"> </span></span></span>Proc<span class=\"_ _1\"></span>eeds f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> borro<span class=\"_ _1\"></span>wings<span class=\"_ _209\"> </span><span class=\"ff1 ls12f ws11a\">2<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>74<span class=\"_ _12a\"> </span></span><span class=\"lsda wsaa\">38<span class=\"_ _350\"> </span></span>Repayment of borrowings<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>(3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>07)<span class=\"_ _176\"> </span><span class=\"ff9 lsa9 wsd9\">(1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g cas<span class=\"_ _0\"></span>h fl<span class=\"_ _0\"></span>ows<span class=\"_ _1c6\"> </span><span class=\"ff1 ls5c ws86\">383<span class=\"_ _143\"> </span></span><span class=\"ls33 ws31\">(92)<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>h flows<span class=\"_ _270\"> </span><span class=\"ls8e ws81\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _1d2\"> </span><span class=\"ff9 ls128 wsb2\">(1,098)<span class=\"_ _350\"> </span></span></span>New le<span class=\"_ _1\"></span>ase li<span class=\"_ _1\"></span>abilities<span class=\"_ _111\"> </span><span class=\"ff1 lsf1 ws73\">134<span class=\"_ _116\"> </span></span><span class=\"ls128 wsb2\">109<span class=\"_ _350\"> </span></span>E<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>, fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er move<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _2d1\"> </span><span class=\"ff1 ls7c ws8a\">519<span class=\"_ _12a\"> </span></span><span class=\"ls49 ws9\">28<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>otal non-cash<span class=\"_ _1\"></span> financing item<span class=\"_ _1\"></span>s<span class=\"_ _15e\"> </span><span class=\"lsdf ws34\">653<span class=\"_ _13f\"> </span><span class=\"ff9 ls6d ws64\">137<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _2d2\"> </span><span class=\"ls12f ws11a\">9,1<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>0<span class=\"_ _189\"> </span><span class=\"ff9 ls130 ws11b\">9,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>7<span class=\"_ _350\"> </span></span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>I<span class=\"_ _0\"></span>n 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, \u00a31<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs wi<span class=\"_ _0\"></span>th m<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es g<span class=\"_ _0\"></span>reat<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an t<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>e m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ths a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in r<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>ym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>Maturity o<span class=\"_ _1\"></span>f borro<span class=\"_ _1\"></span>wings (<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xcluding<span class=\"_ _1\"></span> lease<span class=\"_ _1\"></span> liabilities<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Bank<span class=\"_ _1\"></span> loan<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>v<span class=\"_ _14\"></span>erdraft<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>able<span class=\"_ _1\"></span>:<span class=\"_ _350\"> </span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>ne yea<span class=\"_ _0\"></span>r or o<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nd<span class=\"_ _20b\"> </span><span class=\"ff1 ls9e ws76\">40<span class=\"_ _128\"> </span></span><span class=\"lse9 ws2d\">22<span class=\"_ _350\"> </span></span>Other borr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ings rep<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>able:<span class=\"_ _350\"> </span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>ne yea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Commerc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>aper<span class=\"_ _1f2\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _158\"> </span></span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span>Bonds<span class=\"_ _2ca\"> </span><span class=\"ff1 lsa3 ws115\">413<span class=\"_ _16f\"> </span></span><span class=\"ls112 ws100\">2,401<span class=\"_ _350\"> </span></span>Af<span class=\"_ _0\"></span>ter on<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d in l<span class=\"_ _0\"></span>ess th<span class=\"_ _0\"></span>an fi<span class=\"_ _0\"></span>ve year<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>Bonds<span class=\"_ _2cb\"> </span><span class=\"ff1 ls12b wsdd\">4,381<span class=\"_ _16e\"> </span></span><span class=\"lsb9 wsb5\">2,54<span class=\"_ _0\"></span>6<span class=\"_ _350\"> </span></span>Senior note<span class=\"_ _1\"></span>s<span class=\"_ _2d3\"> </span><span class=\"ff1 lsdf ws34\">636<span class=\"_ _1f3\"> </span></span><span class=\"lsa9 wsd9\">572<span class=\"_ _350\"> </span></span>Af<span class=\"_ _0\"></span>ter fi<span class=\"_ _0\"></span>ve year<span class=\"_ _0\"></span>s or l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ger<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Bonds<span class=\"_ _2cb\"> </span><span class=\"ff1 ls131 ws11c\">1,<span class=\"_ _1\"></span>080<span class=\"_ _de\"> </span><span class=\"ff9 ls7e ws9c\">3,<span class=\"_ _0\"></span>022<span class=\"_ _350\"> </span></span></span>Senior note<span class=\"_ _1\"></span>s<span class=\"_ _2d3\"> </span><span class=\"ff1 ls7b wsa8\">73<span class=\"_ _0\"></span>3<span class=\"_ _1f3\"> </span></span><span class=\"lsa9 wsd9\">6<span class=\"_ _0\"></span>57<span class=\"_ _350\"> </span></span>Other non-current borro<span class=\"_ _1\"></span>wings<span class=\"_ _cb\"> </span><span class=\"ff1 lse9 ws2d\">22<span class=\"_ _dd\"> </span></span><span class=\"ls67 ws5e\">15<span class=\"_ _350\"> </span></span>8,455<span class=\"_ _178\"> </span><span class=\"ff9 ls130 ws11b\">9,<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>3<span class=\"_ _350\"> </span></span>Gross bor<span class=\"_ _0\"></span>rowings (unsecured<span class=\"_ _0\"></span>)<span class=\"_ _131\"> </span><span class=\"lsd ws7a\">8,<span class=\"_ _0\"></span>495<span class=\"_ _183\"> </span><span class=\"ff9 ls130 ws11b\">9,<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>5<span class=\"_ _350\"> </span></span></span>1<span class=\"_ _0\"></span>8 Prov<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s for Li<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd C<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>Legal<span class=\"_ _350\"> </span>provi<span class=\"_ _1\"></span>sions<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Oth<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>provi<span class=\"_ _1\"></span>sions<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span> provi<span class=\"_ _1\"></span>sions<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _215\"> </span><span class=\"ls7b wsa8\">232<span class=\"_ _128\"> </span><span class=\"ls128 wsb2\">60<span class=\"_ _1f3\"> </span><span class=\"ls92 wsdb\">2<span class=\"_ _0\"></span>92<span class=\"_ _350\"> </span></span></span></span>Cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _242\"> </span><span class=\"ls49 ws9\">39<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _128\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _350\"> </span></span></span></span>Ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>sed d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e year<span class=\"_ _2d4\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _128\"> </span>(4)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>73<span class=\"_ _350\"> </span></span></span>Rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _18f\"> </span><span class=\"ls101 ws40\">(15)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _151\"> </span><span class=\"lse7 ws112\">(26<span class=\"_ _350\"> </span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _8f\"> </span><span class=\"ls12b wsdd\">(7)<span class=\"_ _132\"> </span></span><span class=\"ws0\">\u2013<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">(7<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _14a\"> </span><span class=\"ls197 ws147\">180<span class=\"_ _128\"> </span><span class=\"ls67 ws5e\">55<span class=\"_ _151\"> </span><span class=\"ls111 ws32\">235<span class=\"_ _350\"> </span></span></span></span>Cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _242\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _dd\"> </span><span class=\"ls67 ws5e\">15<span class=\"_ _12a\"> </span></span>77<span class=\"_ _350\"> </span></span>Ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>sed d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e year<span class=\"_ _14a\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _12d\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _13f\"> </span><span class=\"lsb9 wsb5\">(11<span class=\"_ _350\"> </span></span></span></span>Rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _18f\"> </span><span class=\"ls33 ws31\">(17<span class=\"_ _0\"></span>)<span class=\"_ _c7\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>12)<span class=\"_ _151\"> </span></span></span><span class=\"lsa\">(29<span class=\"_ _350\"> </span></span>Reclassifi<span class=\"_ _0\"></span>cation<span class=\"_ _248\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">5<span class=\"_ _1e0\"> </span>2<span class=\"_ _350\"> </span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1fc\"> </span><span class=\"ws0\">7<span class=\"_ _1e0\"> </span>5<span class=\"_ _106\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _277\"> </span><span class=\"lse9 ws2d\">221<span class=\"_ _128\"> </span><span class=\"lsdf ws34\">65<span class=\"_ _110\"> </span><span class=\"ls12b wsdd\">286<span class=\"_ _350\"> </span></span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>17 Fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l Li<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es \u2013 B<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs <span class=\"_ _0\"></span><span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Provis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns have b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Current<span class=\"_ _2cb\"> </span><span class=\"ff1 lsd ws7a\">227<span class=\"_ _16a\"> </span></span><span class=\"ls36 ws2e\">191<span class=\"_ _350\"> </span></span>Non-current<span class=\"_ _2d5\"> </span><span class=\"ff1 ls91 ws89\">59<span class=\"_ _128\"> </span></span><span class=\"ls19b ws17e\">44<span class=\"_ _350\"> </span></span>286<span class=\"_ _1f3\"> </span><span class=\"ff9 ls4c wsc\">235<span class=\"_ _350\"> </span></span>Provis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has a p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>r con<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n as a res<span class=\"_ _0\"></span>ult o<span class=\"_ _0\"></span>f pas<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>event<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>t is mo<span class=\"_ _0\"></span>re l<span class=\"_ _0\"></span>ikely th<span class=\"_ _0\"></span>an n<span class=\"_ _0\"></span>ot th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>ere w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be a<span class=\"_ _0\"></span>n ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>flow of re<span class=\"_ _0\"></span>sou<span class=\"_ _0\"></span>rces to s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tle t<span class=\"_ _0\"></span>hat o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>n be re<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>y es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>s at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d le<span class=\"_ _0\"></span>gal p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns of<span class=\"_ _0\"></span> \u00a32<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion) in re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to a n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of hi<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>cal r<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s in va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span> jurisdictions.<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>se p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to mat<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ere t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y invo<span class=\"_ _0\"></span>lved w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h, o<span class=\"_ _0\"></span>r po<span class=\"_ _0\"></span>tenti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be<span class=\"_ _350\"> </span>invol<span class=\"_ _0\"></span>ved i<span class=\"_ _0\"></span>n, l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s bes<span class=\"_ _0\"></span>t es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate of t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ikely s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>. Du<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span><span class=\"_ _350\">to the u</span><span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in na<span class=\"_ _0\"></span>ture o<span class=\"_ _0\"></span>f the r<span class=\"_ _0\"></span>eso<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>jor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e mat<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s, \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>14<span class=\"_ _37\"></span>4 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion)<span class=\"_ _350\"> </span><span class=\"_ _350\">is rec</span><span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ed as a c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n as i<span class=\"_ _0\"></span>t is pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ters c<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d be s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>t 12 m<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>hs;<span class=\"_ _0\"></span> however, it is p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e tha<span class=\"_ _0\"></span>t they m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e. Le<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>l prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es \u00a3<span class=\"_ _0\"></span>77 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a37<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on)<span class=\"_ _350\"> </span>rela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to th<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>umi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>er S<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>er (<span class=\"_ _0\"></span>HS<span class=\"_ _0\"></span>) issu<span class=\"_ _0\"></span>e in Ko<span class=\"_ _0\"></span>rea (see N<span class=\"_ _0\"></span>ote 20).<span class=\"_ _350\"> </span>Other pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ions inc<span class=\"_ _1\"></span>lude en<span class=\"_ _1\"></span>vironmental<span class=\"_ _1\"></span> and o<span class=\"_ _1\"></span>ther oblig<span class=\"_ _1\"></span>ations<span class=\"_ _1\"></span> throughout<span class=\"_ _1\"></span> the Gr<span class=\"_ _1\"></span>oup, t<span class=\"_ _1\"></span>he majority o<span class=\"_ _1\"></span>f<span class=\"_ _350\"> </span>wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to be ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>19 L<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> Liabili<span class=\"_ _1\"></span>ties<span class=\"_ _350\"> </span>Maturity an<span class=\"_ _1\"></span>alysis<span class=\"_ _1\"></span> \u2013 c<span class=\"_ _1\"></span>ontractual undi<span class=\"_ _1\"></span>scount<span class=\"_ _1\"></span>ed ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>ne yea<span class=\"_ _0\"></span>r<span class=\"_ _2d6\"> </span><span class=\"ff1 ls131 ws11c\">80<span class=\"_ _128\"> </span></span><span class=\"ls196 ws175\">64<span class=\"_ _350\"> </span></span>Late<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n on<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d les<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>n fi<span class=\"_ _0\"></span>ve year<span class=\"_ _0\"></span>s<span class=\"_ _206\"> </span><span class=\"ff1 ls67 ws5e\">253<span class=\"_ _1f3\"> </span></span><span class=\"lse9 ws2d\">222<span class=\"_ _350\"> </span></span>Af<span class=\"_ _0\"></span>ter fi<span class=\"_ _0\"></span>ve year<span class=\"_ _0\"></span>s<span class=\"_ _2d7\"> </span><span class=\"ff1 lsf1 ws73\">135<span class=\"_ _116\"> </span></span><span class=\"ls12b wsdd\">14<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>otal u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d le<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _2bd\"> </span><span class=\"ff1 ls12e ws35\">468<span class=\"_ _110\"> </span></span><span class=\"ls35 ws33\">426<span class=\"_ _350\"> </span></span>Lease l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _116\"> </span><span class=\"ff1 ls36 ws2e\">3<span class=\"_ _0\"></span>89<span class=\"_ _1f3\"> </span></span><span class=\"ls7b wsa8\">328<span class=\"_ _350\"> </span></span>Current<span class=\"_ _2d8\"> </span><span class=\"ff1 ls6d ws64\">78<span class=\"_ _12a\"> </span></span><span class=\"lse9 ws2d\">62<span class=\"_ _350\"> </span></span>Non-current<span class=\"_ _1c7\"> </span><span class=\"ff1 ls101 ws40\">311<span class=\"_ _110\"> </span></span><span class=\"ls35 ws33\">26<span class=\"_ _0\"></span>6<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d to \u00a31<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>20 Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt L<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>Humidifier Sanitiser<span class=\"_ _1\"></span> issue<span class=\"_ _350\"> </span>The H<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>r Sa<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>r (<span class=\"_ _0\"></span>HS) i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>e in S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th Kore<span class=\"_ _0\"></span>a was a tr<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ic even<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>es to ma<span class=\"_ _0\"></span>ke both<span class=\"_ _350\"> </span>pu<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ic an<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s to the v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ms w<span class=\"_ _0\"></span>ho have su<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>d lu<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nj<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y as a r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt of th<span class=\"_ _0\"></span>e Ox<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span>pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d the r<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>e that t<span class=\"_ _0\"></span>he O<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>y HS p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t p<span class=\"_ _0\"></span>layed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e issu<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>As p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span>, over th<span class=\"_ _0\"></span>e las<span class=\"_ _0\"></span>t seve<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l year<span class=\"_ _0\"></span>s the S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th Kor<span class=\"_ _0\"></span>ean g<span class=\"_ _0\"></span>overn<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s des<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d a<span class=\"_ _350\"> </span>nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of d<span class=\"_ _0\"></span>isea<span class=\"_ _0\"></span>ses as H<span class=\"_ _0\"></span>S in<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, in a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on to th<span class=\"_ _0\"></span>e HS l<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y for w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch Re<span class=\"_ _0\"></span>ckit<span class=\"_ _0\"></span>t Kor<span class=\"_ _0\"></span>ea\u2019s co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> pla<span class=\"_ _0\"></span>n was e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>hm<span class=\"_ _0\"></span>a, tox<span class=\"_ _0\"></span>ic he<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>s, c<span class=\"_ _0\"></span>hil<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>ters<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l lu<span class=\"_ _0\"></span>ng d<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>LD), bro<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>hit<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>upper airway<span class=\"_ _1\"></span> dise<span class=\"_ _1\"></span>ase,<span class=\"_ _1\"></span> pneumonia, sk<span class=\"_ _1\"></span>in dise<span class=\"_ _1\"></span>ase<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>acc<span class=\"_ _1\"></span>ompanied b<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>espirat<span class=\"_ _1\"></span>ory injuries<span class=\"_ _14\"></span>) and depr<span class=\"_ _1\"></span>ession<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>acco<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d by resp<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nj<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ies). On 2<span class=\"_ _0\"></span>9 Oc<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e M<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of Env<span class=\"_ _0\"></span>iro<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t (M<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>) pu<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span><span class=\"_ _350\">a rep</span><span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>hat co<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed e<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on ex<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en H<span class=\"_ _0\"></span>S use a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>hma<span class=\"_ _0\"></span>, I<span class=\"_ _0\"></span>LD a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> pn<span class=\"_ _0\"></span>eu<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span>. O<span class=\"_ _0\"></span>n 24 O<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e MO<span class=\"_ _0\"></span>E p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d a se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the E<span class=\"_ _0\"></span>C rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch up<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the epide<span class=\"_ _1\"></span>miological studie<span class=\"_ _1\"></span>s supporting a<span class=\"_ _1\"></span>sthma, ILD and<span class=\"_ _1\"></span> pneumonia, while<span class=\"_ _1\"></span> designa<span class=\"_ _1\"></span>ting tw<span class=\"_ _1\"></span>o new<span class=\"_ _1\"></span> HS<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>iec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>asis a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>te upp<span class=\"_ _0\"></span>er r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ira<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>. O<span class=\"_ _0\"></span>ur ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>s are cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>revi<span class=\"_ _0\"></span>ewin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on E<span class=\"_ _0\"></span>C rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ini<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>sess<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>at it d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not c<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>usa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>en H<span class=\"_ _0\"></span>S use a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>bove in<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es.<span class=\"_ _350\"> </span>The Ko<span class=\"_ _0\"></span>rea<span class=\"_ _0\"></span>n Nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>bly p<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ed a b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l on 6 M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0 to am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e HS law. The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>be<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>me ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive on 2<span class=\"_ _0\"></span>5 S<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>temb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0. T<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt rel<span class=\"_ _0\"></span>ate to: (<span class=\"_ _0\"></span>i) t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on of H<span class=\"_ _0\"></span>S in<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y (removi<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt for \u2018<span class=\"_ _0\"></span>sub<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ial c<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>\u2019 wi<span class=\"_ _0\"></span>th H<span class=\"_ _0\"></span>S exp<span class=\"_ _0\"></span>osur<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>); (<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>le<span class=\"_ _0\"></span>gal p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n of c<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on (shif<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the b<span class=\"_ _0\"></span>urd<span class=\"_ _0\"></span>en o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>of for c<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on to th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>fend<span class=\"_ _0\"></span>ant i<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span> demonstrat<span class=\"_ _1\"></span>es \u2018<span class=\"_ _1\"></span>epidemiological<span class=\"_ _1\"></span> corr<span class=\"_ _1\"></span>elation\u2019<span class=\"_ _1\"></span> between<span class=\"_ _1\"></span> HS e<span class=\"_ _1\"></span>xposur<span class=\"_ _1\"></span>e and t<span class=\"_ _1\"></span>heir injury<span class=\"_ _1\"></span>), and<span class=\"_ _1\"></span> (iii) amendments<span class=\"_ _350\"> </span>to the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d set u<span class=\"_ _0\"></span>p by th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd H<span class=\"_ _0\"></span>S com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>es (the S<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>Rel<span class=\"_ _0\"></span>ief F<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d (SR<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>), n<span class=\"_ _0\"></span>ow cal<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Re<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>f Fun<span class=\"_ _0\"></span>d (I<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>)) to provi<span class=\"_ _0\"></span>de ex<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to HS<span class=\"_ _350\"> </span>vi<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ims (wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h woul<span class=\"_ _0\"></span>d cover a<span class=\"_ _0\"></span>ll e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of co<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>t aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s except m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tres<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m<span class=\"_ _350\"> </span>KR<span class=\"_ _0\"></span>W 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for d<span class=\"_ _0\"></span>eath c<span class=\"_ _0\"></span>ases<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>ost i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>). Th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t can a<span class=\"_ _0\"></span>lso<span class=\"_ _0\"></span> im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e on H<span class=\"_ _0\"></span>S man<span class=\"_ _0\"></span>uf<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rer<span class=\"_ _0\"></span>s an a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>y for th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>RF u<span class=\"_ _0\"></span>p to th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt prev<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>usl<span class=\"_ _0\"></span>y col<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted for t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>SR<span class=\"_ _0\"></span>F<span class=\"_ _1\"></span>. In D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he M<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>E be<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>n the p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ess to rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d I<span class=\"_ _0\"></span>RF l<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e lev<span class=\"_ _0\"></span>y n<span class=\"_ _0\"></span>otice<span class=\"_ _0\"></span> was is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ed to Re<span class=\"_ _0\"></span>cki<span class=\"_ _0\"></span>tt Ko<span class=\"_ _0\"></span>rea on 2<span class=\"_ _0\"></span>7 Feb<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>il a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns fi<span class=\"_ _0\"></span>led by H<span class=\"_ _0\"></span>S cla<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ts ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t Rec<span class=\"_ _0\"></span>kit<span class=\"_ _0\"></span>t Kore<span class=\"_ _0\"></span>a has a<span class=\"_ _0\"></span>lso b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>amended HS<span class=\"_ _1\"></span> law<span class=\"_ _14\"></span>, for e<span class=\"_ _1\"></span>xample<span class=\"_ _1\"></span> due t<span class=\"_ _1\"></span>o the<span class=\"_ _1\"></span> low<span class=\"_ _1\"></span>ered<span class=\"_ _1\"></span> causat<span class=\"_ _1\"></span>ion standar<span class=\"_ _1\"></span>d of<span class=\"_ _1\"></span> \u2018epide<span class=\"_ _1\"></span>miological c<span class=\"_ _1\"></span>orrela<span class=\"_ _1\"></span>tion\u2019<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Thu<span class=\"_ _0\"></span>s, we h<span class=\"_ _0\"></span>ave see<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of ci<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>l cla<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se, p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y se<span class=\"_ _0\"></span>eki<span class=\"_ _0\"></span>ng awa<span class=\"_ _0\"></span>rds fo<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>l dis<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ess<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me (for p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s not a<span class=\"_ _0\"></span>lre<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>y covered by t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>). Re<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>tly, however, the tr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d has s<span class=\"_ _0\"></span>tead<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>de<span class=\"_ _0\"></span>cli<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to ab<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>wo to four n<span class=\"_ _0\"></span>ew civ<span class=\"_ _0\"></span>il a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns p<span class=\"_ _0\"></span>er m<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>h, w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch we exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>8 Prov<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s for Li<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd C<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>The H<span class=\"_ _0\"></span>S m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iati<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>e (H<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>) was es<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n Oc<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g wi<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span>cla<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>nt g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps an<span class=\"_ _0\"></span>d HS c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies to d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>uss va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ous i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to des<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ive<span class=\"_ _350\"> </span>me<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pl<span class=\"_ _0\"></span>an to cover a<span class=\"_ _0\"></span>ll H<span class=\"_ _0\"></span>S vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>s. I<span class=\"_ _0\"></span>n Ma<span class=\"_ _0\"></span>rch 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>C co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ated a m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al to<span class=\"_ _350\"> </span>the H<span class=\"_ _0\"></span>S in<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y, incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Rec<span class=\"_ _0\"></span>kit<span class=\"_ _0\"></span>t Kore<span class=\"_ _0\"></span>a. R<span class=\"_ _0\"></span>eck<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>t Korea h<span class=\"_ _0\"></span>as rej<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d the m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>s it di<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e a com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve reso<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to th<span class=\"_ _0\"></span>e HS is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>. In a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, R<span class=\"_ _0\"></span>ecki<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t Korea co<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d not a<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>pt thi<span class=\"_ _0\"></span>s or<span class=\"_ _350\"> </span>any<span class=\"_ _1\"></span> future<span class=\"_ _1\"></span> mediation<span class=\"_ _1\"></span> propo<span class=\"_ _1\"></span>sals f<span class=\"_ _1\"></span>rom HSMC wi<span class=\"_ _1\"></span>thout financi<span class=\"_ _1\"></span>al support fr<span class=\"_ _1\"></span>om the<span class=\"_ _1\"></span> Group.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ly ha<span class=\"_ _0\"></span>s a prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>n of \u00a3<span class=\"_ _0\"></span>77 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a37<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) in re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>S issu<span class=\"_ _0\"></span>e in S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span>Korea<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re are f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>l cos<span class=\"_ _0\"></span>ts t<span class=\"_ _0\"></span>hat a<span class=\"_ _0\"></span>re not c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d can<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>t be<span class=\"_ _350\"> </span>rel<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ly e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>ted at t<span class=\"_ _0\"></span>he cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>S law am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>e fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>, in pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ar th<span class=\"_ _0\"></span>ose w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to cou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t inte<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>reta<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, s<span class=\"_ _0\"></span>uch a<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e new<span class=\"_ _350\"> </span>epidemiological<span class=\"_ _1\"></span> corre<span class=\"_ _1\"></span>lation<span class=\"_ _1\"></span> standard, an<span class=\"_ _1\"></span>y limit<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> applied b<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>urts to<span class=\"_ _1\"></span> damage a<span class=\"_ _1\"></span>wards,<span class=\"_ _1\"></span> the in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est<span class=\"_ _350\"> </span>rate a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ed by i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ual co<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to da<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ge awa<span class=\"_ _0\"></span>rds a<span class=\"_ _0\"></span>nd ex<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l fac<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs su<span class=\"_ _0\"></span>ch as t<span class=\"_ _0\"></span>he r<span class=\"_ _0\"></span>ate of fu<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e IR<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span> application<span class=\"_ _1\"></span>s/r<span class=\"_ _1\"></span>ecognition<span class=\"_ _1\"></span>s. Ac<span class=\"_ _1\"></span>cordingly<span class=\"_ _14\"></span>, it is<span class=\"_ _1\"></span> not<span class=\"_ _1\"></span> possible<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> mak<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>eliable<span class=\"_ _1\"></span> estimat<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> liability<span class=\"_ _1\"></span> for<span class=\"_ _350\"> </span>individuals r<span class=\"_ _1\"></span>ecognised<span class=\"_ _1\"></span> by<span class=\"_ _1\"></span> the go<span class=\"_ _1\"></span>vernment<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> having<span class=\"_ _1\"></span> HS injuries.<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>crotizin<span class=\"_ _0\"></span>g Entero<span class=\"_ _0\"></span>coli<span class=\"_ _0\"></span>tis (<span class=\"_ _0\"></span>NE<span class=\"_ _0\"></span>C)<span class=\"_ _350\"> </span>Prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng to N<span class=\"_ _0\"></span>EC h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en fi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d aga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>st t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up, o<span class=\"_ _0\"></span>r ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span>Ab<span class=\"_ _0\"></span>bot<span class=\"_ _0\"></span>t L<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, in s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te an<span class=\"_ _0\"></span>d fede<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l cou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d States<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s all<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> to NE<span class=\"_ _0\"></span>C in p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-term i<span class=\"_ _0\"></span>nfa<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. Pl<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>fs c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>hat h<span class=\"_ _0\"></span>uma<span class=\"_ _0\"></span>n mi<span class=\"_ _0\"></span>lk fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>) an<span class=\"_ _0\"></span>d prete<span class=\"_ _0\"></span>rm for<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>ovin<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ived i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>die<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>use N<span class=\"_ _0\"></span>EC<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>at p<span class=\"_ _0\"></span>reter<span class=\"_ _0\"></span>m inf<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ld re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ve a die<span class=\"_ _0\"></span>t of<span class=\"_ _350\"> </span>exclus<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>y br<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>t mi<span class=\"_ _0\"></span>lk. T<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as de<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>e mate<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of th<span class=\"_ _0\"></span>e cla<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>s. I<span class=\"_ _0\"></span>t con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>at<span class=\"_ _350\"> </span>its pr<span class=\"_ _1\"></span>oducts pro<span class=\"_ _1\"></span>vide cr<span class=\"_ _1\"></span>itical t<span class=\"_ _1\"></span>ools<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> expert neona<span class=\"_ _1\"></span>tologists<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> the nut<span class=\"_ _1\"></span>ritional<span class=\"_ _1\"></span> management<span class=\"_ _1\"></span> of pr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>erm<span class=\"_ _350\"> </span>inf<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s for w<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>m hu<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>n mi<span class=\"_ _0\"></span>lk, by i<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>f, is not nu<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y suf<span class=\"_ _37\"></span>fici<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re use<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>sup<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on of m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. Any p<span class=\"_ _0\"></span>oten<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l cos<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ng to t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re n<span class=\"_ _0\"></span>ot con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d pr<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ot be re<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t tim<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span> Other<span class=\"_ _350\"> </span>From t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e to tim<span class=\"_ _0\"></span>e, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p is i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>d in d<span class=\"_ _0\"></span>iscu<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s in re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to o<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng ta<span class=\"_ _0\"></span>x ma<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>n a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of<span class=\"_ _350\"> </span>jurisdiction<span class=\"_ _1\"></span>s around<span class=\"_ _1\"></span> the w<span class=\"_ _1\"></span>orld. Wher<span class=\"_ _1\"></span>e appropri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>, the<span class=\"_ _1\"></span> Directors<span class=\"_ _1\"></span> mak<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>sions<span class=\"_ _1\"></span> based<span class=\"_ _1\"></span> on their<span class=\"_ _1\"></span> ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of ea<span class=\"_ _0\"></span>ch cas<span class=\"_ _0\"></span>e (<span class=\"_ _1\"></span>se<span class=\"_ _0\"></span>e No<span class=\"_ _0\"></span>te 7)<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>21 Trad<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er P<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>T<span class=\"_ _14\"></span>rade payable<span class=\"_ _1\"></span>s<span class=\"_ _55\"> </span><span class=\"ff1 ls128 wsb2\">2,<span class=\"_ _0\"></span>366<span class=\"_ _16e\"> </span></span><span class=\"lsb9 wsb5\">2,0<span class=\"_ _0\"></span>64<span class=\"_ _350\"> </span></span>Other payables<span class=\"_ _2aa\"> </span><span class=\"ff1 lsb9 wsb5\">123<span class=\"_ _116\"> </span></span><span class=\"ls126 wsc9\">100<span class=\"_ _350\"> </span></span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r tax a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ty p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le<span class=\"_ _117\"> </span><span class=\"ff1 ls38 ws36\">172<span class=\"_ _143\"> </span></span><span class=\"lsba ws18\">155<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _279\"> </span><span class=\"ff1 ls5c ws86\">105<span class=\"_ _e1\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Accru<span class=\"_ _0\"></span>als<span class=\"_ _2a8\"> </span><span class=\"ff1 ls7f wsf2\">2<span class=\"_ _37\"></span>,78<span class=\"_ _0\"></span>1<span class=\"_ _21a\"> </span></span><span class=\"ls30 ws88\">2<span class=\"_ _0\"></span>,94<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>rade<span class=\"_ _1\"></span> and o<span class=\"_ _1\"></span>ther p<span class=\"_ _1\"></span>ayable<span class=\"_ _1\"></span>s<span class=\"_ _2d9\"> </span><span class=\"ls12d ws119\">5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>47<span class=\"_ _21a\"> </span><span class=\"ff9 ls7f wsf2\">5<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>267<span class=\"_ _350\"> </span></span></span>In<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in a<span class=\"_ _0\"></span>ccru<span class=\"_ _0\"></span>als i<span class=\"_ _0\"></span>s \u00a31<span class=\"_ _0\"></span>,13<span class=\"_ _0\"></span>7 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,137 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>customers and<span class=\"_ _1\"></span> gov<span class=\"_ _1\"></span>ernment bodies f<span class=\"_ _1\"></span>or trade spend.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en pr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nted as a c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ent) fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>the r<span class=\"_ _0\"></span>eass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons to re<span class=\"_ _0\"></span>fle<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t tha<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>re is n<span class=\"_ _0\"></span>ot an u<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal r<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ht to de<span class=\"_ _0\"></span>fer<span class=\"_ _350\"> </span>set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (<span class=\"_ _1\"></span>se<span class=\"_ _0\"></span>e No<span class=\"_ _0\"></span>te 22).<span class=\"_ _350\"> </span>Other no<span class=\"_ _0\"></span>n-cur<span class=\"_ _0\"></span>rent liabilities<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _2da\"> </span><span class=\"ff1 lsa\">\u2013<span class=\"_ _143\"> </span></span><span class=\"ls34 ws75\">135<span class=\"_ _350\"> </span></span>Indemnity pro<span class=\"_ _1\"></span>vision<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or dispo<span class=\"_ _1\"></span>sed bu<span class=\"_ _1\"></span>sinesse<span class=\"_ _1\"></span>s<span class=\"_ _2db\"> </span><span class=\"ff1 ws8a\">51<span class=\"_ _128\"> </span></span><span class=\"ls37 ws7b\">45<span class=\"_ _350\"> </span></span>US emplo<span class=\"_ _1\"></span>yee-rel<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>yables<span class=\"_ _215\"> </span><span class=\"ff1 ls36 ws2e\">42<span class=\"_ _128\"> </span></span><span class=\"ls133 ws11e\">46<span class=\"_ _350\"> </span></span>Other<span class=\"_ _24d\"> </span><span class=\"ff1 ls13d wse2\">23<span class=\"_ _128\"> </span></span><span class=\"lsda wsaa\">36<span class=\"_ _350\"> </span></span>Other<span class=\"_ _1\"></span> non-cur<span class=\"_ _1\"></span>rent<span class=\"_ _1\"></span> liabili<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>s<span class=\"_ _2dc\"> </span><span class=\"ls101 ws40\">116<span class=\"_ _1f3\"> </span><span class=\"ff9 ls35 ws33\">262<span class=\"_ _350\"> </span></span></span>Financial<span class=\"_ _1\"></span> instruments (Not<span class=\"_ _1\"></span>e 15)<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,193 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n) of the cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>tota<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>9 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n) are fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>late to am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s owed<span class=\"_ _350\"> </span>to sup<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>ear<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g. A<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at a<span class=\"_ _0\"></span>re not<span class=\"_ _0\"></span> financial in<span class=\"_ _1\"></span>struments compri<span class=\"_ _1\"></span>se emplo<span class=\"_ _1\"></span>yee-rela<span class=\"_ _1\"></span>ted li<span class=\"_ _1\"></span>abilities, soc<span class=\"_ _1\"></span>ial sec<span class=\"_ _1\"></span>urity liabilities<span class=\"_ _1\"></span> and ac<span class=\"_ _1\"></span>crued int<span class=\"_ _1\"></span>erest<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>20 Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt L<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>22 Cu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-c<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t T<span class=\"_ _1\"></span>ax A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d Li<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Current tax liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _1f0\"> </span><span class=\"ff1 lsb2 wsda\">791<span class=\"_ _12a\"> </span></span><span class=\"ls2f ws87\">93<span class=\"_ _350\"> </span></span>Non<span class=\"_ _0\"></span>-current tax liabi<span class=\"_ _0\"></span>lities<span class=\"_ _2dd\"> </span><span class=\"ff1 ls126 wsc9\">54<span class=\"_ _110\"> </span></span><span class=\"ls35 ws33\">826<span class=\"_ _350\"> </span></span>T<span class=\"_ _14\"></span>otal<span class=\"_ _1\"></span> curr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> and<span class=\"_ _1\"></span> non-curr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> tax<span class=\"_ _1\"></span> liabili<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>s<span class=\"_ _1ac\"> </span><span class=\"ls13d wse2\">845<span class=\"_ _143\"> </span></span><span class=\"ff9 ws2e\">919<span class=\"_ _350\"> </span></span>Cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>ax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns ta<span class=\"_ _0\"></span>ken by us are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ice, t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>dv<span class=\"_ _0\"></span>ice a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>raw<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g sim<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>fro<span class=\"_ _0\"></span><span class=\"_ _350\">m ou</span><span class=\"_ _0\"></span>r fac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d circ<span class=\"_ _0\"></span>ums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s to tho<span class=\"_ _0\"></span>se in c<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>aw<span class=\"_ _1\"></span>. In p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>lar, inte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>fer p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g is<span class=\"_ _350\"> </span><span class=\"_ _350\">an a</span><span class=\"_ _0\"></span>rea of ta<span class=\"_ _0\"></span>xat<span class=\"_ _0\"></span>ion t<span class=\"_ _0\"></span>hat d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ds he<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>ly on t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d circ<span class=\"_ _0\"></span>ums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span> invol<span class=\"_ _0\"></span>ves a si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt de<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ee of j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. Tax asset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e of<span class=\"_ _0\"></span>fset w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>ere is a l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly<span class=\"_ _350\"> </span>enfo<span class=\"_ _0\"></span>rcea<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e rig<span class=\"_ _0\"></span>ht to d<span class=\"_ _0\"></span>o so.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es is a<span class=\"_ _0\"></span>n am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of \u00a37<span class=\"_ _0\"></span>22 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a37<span class=\"_ _0\"></span>70 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on) rela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>tax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>fer p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>. W<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>194 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>55 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n) relates to<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e mo<span class=\"_ _0\"></span>st l<span class=\"_ _0\"></span>ikely o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>me m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e reso<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is<span class=\"_ _350\"> </span>con<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ted on o<span class=\"_ _0\"></span>ne b<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>. The<span class=\"_ _0\"></span>re is n<span class=\"_ _0\"></span>o in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>l ta<span class=\"_ _0\"></span>x un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>is met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>that i<span class=\"_ _0\"></span>s mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l to th<span class=\"_ _0\"></span>e Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Als<span class=\"_ _0\"></span>o wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n tax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons is a<span class=\"_ _0\"></span>n am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>28 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a361<span class=\"_ _0\"></span>5 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) recog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the<span class=\"_ _0\"></span> exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>is m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l in is<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd cover m<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>tip<span class=\"_ _0\"></span>le j<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>isd<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, i<span class=\"_ _0\"></span>t is not m<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ful to p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span> aggregat<span class=\"_ _1\"></span>ed sens<span class=\"_ _1\"></span>itivity estima<span class=\"_ _1\"></span>tes.<span class=\"_ _1\"></span> The sourc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> of e<span class=\"_ _1\"></span>stimation unc<span class=\"_ _1\"></span>ertainty underlying thi<span class=\"_ _1\"></span>s amount<span class=\"_ _1\"></span> are<span class=\"_ _350\"> </span>sh<span class=\"_ _0\"></span>own in N<span class=\"_ _0\"></span>ote 1<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on of u<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in ta<span class=\"_ _0\"></span>x po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns is revi<span class=\"_ _0\"></span>ewed re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y for ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n cir<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates a<span class=\"_ _0\"></span>re up<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d as po<span class=\"_ _0\"></span>tent<span class=\"_ _0\"></span>ial re<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns for t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>es are e<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>d thr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>c<span class=\"_ _350\"> </span>au<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>r wid<span class=\"_ _0\"></span>er c<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>aw<span class=\"_ _1\"></span>. As a r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, gi<span class=\"_ _0\"></span>ven th<span class=\"_ _0\"></span>e size, p<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le ra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e of o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>mes a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of reso<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>the<span class=\"_ _0\"></span>re is a s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt r<span class=\"_ _0\"></span>isk of m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent to t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>ese l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span> wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e nex<span class=\"_ _0\"></span>t fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r.<span class=\"_ _350\"> </span>The d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>tes un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n tax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons m<span class=\"_ _0\"></span>ay take sever<span class=\"_ _0\"></span>al<span class=\"_ _350\"> </span>year<span class=\"_ _0\"></span>s to reso<span class=\"_ _0\"></span>lve (see N<span class=\"_ _0\"></span>ote 1)<span class=\"_ _0\"></span>. No<span class=\"_ _0\"></span>tw<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hs<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>his<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion t<span class=\"_ _0\"></span>ax l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies ha<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>be<span class=\"_ _0\"></span><span class=\"_ _350\">en rea</span><span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d to refl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>ere i<span class=\"_ _0\"></span>s not a<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l ri<span class=\"_ _0\"></span>ght to d<span class=\"_ _0\"></span>efer s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>ese l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d the c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t of \u00a372<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>770 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) has be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d as a cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t). The as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain t<span class=\"_ _0\"></span>ax p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a31<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span>mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion) has a<span class=\"_ _0\"></span>lso b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span><span class=\"_ _350\">ted as a cu</span><span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ent l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>; see N<span class=\"_ _0\"></span>ote 2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>).<span class=\"_ _350\"> </span>The r<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g no<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y in 2<span class=\"_ _0\"></span>022 r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tes to the U<span class=\"_ _0\"></span>S tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on t<span class=\"_ _0\"></span>ax (<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ced as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> <span class=\"_ _350\">of th</span><span class=\"_ _0\"></span><span class=\"_ _350\">e 20</span><span class=\"_ _0\"></span>17 T<span class=\"_ _1\"></span>ax Cu<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd J<span class=\"_ _0\"></span>obs A<span class=\"_ _0\"></span>ct) on n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>US ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs an<span class=\"_ _0\"></span>d pr<span class=\"_ _0\"></span>ofi<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot prev<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>usl<span class=\"_ _0\"></span>y taxe<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span><span class=\"_ _350\">as of 3</span><span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>. Th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup h<span class=\"_ _0\"></span>as a ri<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t to defer t<span class=\"_ _0\"></span>his l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>l af<span class=\"_ _0\"></span>ter 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>23 Pension<span class=\"_ _1\"></span> and Po<span class=\"_ _1\"></span>st-Re<span class=\"_ _1\"></span>tirement C<span class=\"_ _1\"></span>ommitments<span class=\"_ _350\"> </span>Plan<span class=\"_ _1\"></span> details<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>wor<span class=\"_ _0\"></span>ld cover<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g many o<span class=\"_ _0\"></span>f it<span class=\"_ _0\"></span>s emp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>ly f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> pla<span class=\"_ _0\"></span>n (<span class=\"_ _0\"></span>U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>) is set u<span class=\"_ _0\"></span>p un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d is a se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p. I<span class=\"_ _0\"></span>t has t<span class=\"_ _0\"></span>wo se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, a de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n se<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d a de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich cl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>l fro<span class=\"_ _0\"></span>m<span class=\"_ _350\"> </span>31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>. Mem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ers h<span class=\"_ _0\"></span>ave a nor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>l reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>e of 65<span class=\"_ _0\"></span>. T<span class=\"_ _1\"></span>ru<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>re ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d by<span class=\"_ _350\"> </span>the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up, a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p, an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ayin<span class=\"_ _0\"></span>g a<span class=\"_ _0\"></span>ll ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ive cos<span class=\"_ _0\"></span>ts of t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit s<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n is fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns as<span class=\"_ _350\"> </span>requir<span class=\"_ _1\"></span>ed, follo<span class=\"_ _1\"></span>wing e<span class=\"_ _1\"></span>ach T<span class=\"_ _14\"></span>riennial<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>aluation.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, a ful<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n is ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t on a tr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>mos<span class=\"_ _0\"></span><span class=\"_ _350\">t re</span><span class=\"_ _0\"></span>cent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>ut a<span class=\"_ _0\"></span>s at 5 A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 20<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n was i<span class=\"_ _0\"></span>n sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us o<span class=\"_ _0\"></span>n its te<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span> prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, no c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e pai<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 (2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>: \u00a3n<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>).<span class=\"_ _350\"> </span>Funding le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>els ar<span class=\"_ _1\"></span>e monit<span class=\"_ _1\"></span>ored<span class=\"_ _1\"></span> on an<span class=\"_ _1\"></span> annual ba<span class=\"_ _1\"></span>sis.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>es to m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>itor t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t of U<span class=\"_ _0\"></span>K H<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h Cou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t ru<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>gs cl<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to<span class=\"_ _350\"> </span>equ<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ise t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ntee<span class=\"_ _0\"></span>d M<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>imu<span class=\"_ _0\"></span>m Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on el<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s for m<span class=\"_ _0\"></span>en an<span class=\"_ _0\"></span>d wom<span class=\"_ _0\"></span>en w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span> Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m G<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>d Mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m Pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ed fro<span class=\"_ _0\"></span>m po<span class=\"_ _0\"></span>st 17 M<span class=\"_ _0\"></span>ay 1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0 pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ser<span class=\"_ _37\"></span>vice<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Dis<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>n tr<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tees f<span class=\"_ _0\"></span>rom a<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t no<span class=\"_ _350\"> </span>fin<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n has yet b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up a<span class=\"_ _0\"></span>lso o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tes a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r pos<span class=\"_ _0\"></span>t-reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns in ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>wo ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>pla<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e US Ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th Ca<span class=\"_ _0\"></span>re Pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e M<span class=\"_ _0\"></span>ead J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>on &amp; Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny, LLC Med<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al Pl<span class=\"_ _0\"></span>an (tog<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er,<span class=\"_ _350\"> </span>the U<span class=\"_ _0\"></span>S (<span class=\"_ _0\"></span>Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>). I<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>S Reti<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e He<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>h Ca<span class=\"_ _0\"></span>re Pla<span class=\"_ _0\"></span>n, s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>me e<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>reti<span class=\"_ _0\"></span>ree h<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>re be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>hey rea<span class=\"_ _0\"></span>ch a co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed \u2018a<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd yea<span class=\"_ _0\"></span>rs o<span class=\"_ _0\"></span>f ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019 fig<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e of 70,<span class=\"_ _0\"></span> al<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>e mus<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e a mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m of 55<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is p<span class=\"_ _0\"></span>lan c<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d to new m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>n 20<span class=\"_ _37\"></span>09. In the M<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>Jo<span class=\"_ _0\"></span>hn<span class=\"_ _0\"></span>son &amp; Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, LLC Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal P<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f MJ<span class=\"_ _0\"></span>N on 1<span class=\"_ _0\"></span>5 J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,<span class=\"_ _350\"> </span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e eli<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e for ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>hc<span class=\"_ _0\"></span>are b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>f they l<span class=\"_ _0\"></span>eave em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span><span class=\"_ _350\">e of 6</span><span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span> leave af<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>f 55 a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ave comp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ted 1<span class=\"_ _0\"></span>0 yea<span class=\"_ _0\"></span>rs of s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice, o<span class=\"_ _0\"></span>r have th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>nvol<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span> term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>e of 5<span class=\"_ _0\"></span>5. A B<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee i<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up fo<span class=\"_ _0\"></span>r bo<span class=\"_ _0\"></span>th of th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce of t<span class=\"_ _0\"></span>he US p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ayi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ive cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span>th reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. B<span class=\"_ _0\"></span>oth of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>re un<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>For t<span class=\"_ _1\"></span>he US<span class=\"_ _1\"></span> (Medical) plans, a<span class=\"_ _1\"></span> full i<span class=\"_ _1\"></span>ndependent actuari<span class=\"_ _1\"></span>al valu<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> is carr<span class=\"_ _1\"></span>ied out<span class=\"_ _1\"></span> on an<span class=\"_ _1\"></span> annual ba<span class=\"_ _1\"></span>sis. The<span class=\"_ _1\"></span> mos<span class=\"_ _0\"></span>t re<span class=\"_ _0\"></span>cent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>ut o<span class=\"_ _0\"></span>n 1 Ja<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r bot<span class=\"_ _0\"></span>h of th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s, f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>evels a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l ba<span class=\"_ _0\"></span>sis w<span class=\"_ _0\"></span>ith co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>de eq<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l to th<span class=\"_ _0\"></span>e clai<span class=\"_ _0\"></span>ms m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e each ye<span class=\"_ _0\"></span>ar. It is exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>that t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be \u00a3<span class=\"_ _0\"></span>7 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>: \u00a37 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e of IA<span class=\"_ _0\"></span>S 1<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, the p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted u<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d was u<span class=\"_ _0\"></span>sed fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e UK a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d US pl<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>, as p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pl<span class=\"_ _0\"></span>an tr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ial va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ts (at 5 Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2) a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e US (<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n val<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to<span class=\"_ _350\"> </span>31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns have a wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>13<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 17<span class=\"_ _1\"></span>.0 yea<span class=\"_ _0\"></span>rs). This d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e is pre<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y dr<span class=\"_ _0\"></span>iven by s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant r<span class=\"_ _0\"></span>ises i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>lds ove<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>the ye<span class=\"_ _0\"></span>ar to 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Significant<span class=\"_ _1\"></span> actuarial a<span class=\"_ _1\"></span>ssumption<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>The s<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d in d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K an<span class=\"_ _0\"></span>d US<span class=\"_ _0\"></span> (M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>) pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>s at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r were:<span class=\"_ _350\"> </span>2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>U<span class=\"_ _0\"></span>K %<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>%<span class=\"_ _151\"> </span><span class=\"ff9 ls48\">U<span class=\"_ _0\"></span>K %<span class=\"_ _350\"> </span></span>US (Medical)<span class=\"_ _350\"> </span>%<span class=\"_ _350\"> </span>Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s<span class=\"_ _2de\"> </span><span class=\"ff1 lsdf ws34\">5.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span></span></span><span class=\"ls36 ws2e\">5.4<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ons d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>deferment<span class=\"_ _175\"> </span><span class=\"ff1 ls111 ws32\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span></span></span><span class=\"lsda wsaa\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span></span>Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _1cd\"> </span><span class=\"ff1 ls111 ws32\">3.2<span class=\"_ _0\"></span>5<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _177\"> </span></span></span><span class=\"lsda wsaa\">3.<span class=\"_ _0\"></span>25<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _233\"> </span><span class=\"ff1 ls37 ws7b\">5.0<span class=\"_ _13f\"> </span><span class=\"lsdf ws34\">5.2<span class=\"_ _128\"> </span></span></span><span class=\"ls11c ws10c\">1.9<span class=\"_ _16a\"> </span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>.7<span class=\"_ _350\"> </span></span></span>In<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n \u2013 R<span class=\"_ _0\"></span>PI<span class=\"_ _eb\"> </span><span class=\"ff1 ls111 ws32\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e2\"> </span></span></span><span class=\"lsda wsaa\">3.4<span class=\"_ _e1\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Annual medical<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span> inflation<span class=\"_ _2a3\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _95\"> </span><span class=\"ls37 ws7b\">5.0<span class=\"_ _0\"></span>-8<span class=\"_ _0\"></span>.0<span class=\"_ _bf\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">5.0-8<span class=\"_ _0\"></span>.0<span class=\"_ _350\"> </span></span></span></span>As<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s reg<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fu<span class=\"_ _0\"></span>ture m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ce a<span class=\"_ _0\"></span>re set i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rda<span class=\"_ _0\"></span>nce w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h pu<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce in e<span class=\"_ _0\"></span>ach te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y. The ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted l<span class=\"_ _0\"></span>ifeti<span class=\"_ _0\"></span>me of a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>ed 6<span class=\"_ _0\"></span>0 a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>fetim<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span><span class=\"_ _350\">of a pa</span><span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>nt w<span class=\"_ _0\"></span>ho w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ed 6<span class=\"_ _0\"></span>0 i<span class=\"_ _0\"></span>n 1<span class=\"_ _0\"></span>5 year<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s in t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>) are d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>U<span class=\"_ _0\"></span>K yea<span class=\"_ _0\"></span>rs<span class=\"_ _7b\"> </span>US ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _176\"> </span><span class=\"ff9 ls48\">U<span class=\"_ _0\"></span>K yea<span class=\"_ _0\"></span>rs<span class=\"_ _200\"> </span><span class=\"lsf ws122\">US ye<span class=\"_ _1\"></span>ars<span class=\"_ _350\"> </span></span></span>N<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f yea<span class=\"_ _0\"></span>rs a c<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted t<span class=\"_ _0\"></span>o li<span class=\"_ _0\"></span>ve beyo<span class=\"_ _0\"></span>nd 6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>: Male<span class=\"_ _2c6\"> </span><span class=\"ff1 ls19c ws180\">2<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>5<span class=\"_ _177\"> </span><span class=\"lsdf ws34\">25.2<span class=\"_ _185\"> </span></span></span><span class=\"ls113 ws101\">2<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>5<span class=\"_ _c7\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>.1</span></span> Female<span class=\"_ _188\"> </span><span class=\"ff1 ls19d ws16d\">2<span class=\"_ _37\"></span>9.<span class=\"_ _37\"></span>0<span class=\"_ _16d\"> </span><span class=\"ls19c ws180\">2<span class=\"_ _0\"></span>7.<span class=\"_ _4f\"></span>3<span class=\"_ _185\"> </span></span></span><span class=\"ls11c ws10c\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _151\"> </span><span class=\"ls113 ws101\">2<span class=\"_ _0\"></span>7.<span class=\"_ _4f\"></span>2<span class=\"_ _350\"> </span></span></span>N<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f yea<span class=\"_ _0\"></span>rs a f<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to l<span class=\"_ _0\"></span>ive beyo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d 6<span class=\"_ _0\"></span>0: Male<span class=\"_ _244\"> </span><span class=\"ff1 ls12b wsdd\">28.8<span class=\"_ _1e2\"> </span><span class=\"ls85 ws79\">2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.9<span class=\"_ _16d\"> </span></span></span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.7<span class=\"_ _9b\"> </span><span class=\"ls35 ws33\">26.<span class=\"_ _0\"></span>8</span></span> Female<span class=\"_ _20a\"> </span><span class=\"ff1 ls101 ws40\">30.4<span class=\"_ _1e2\"> </span><span class=\"ls85 ws79\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _16d\"> </span></span><span class=\"ff9\">30.2<span class=\"_ _177\"> </span><span class=\"lsdf ws34\">28.8<span class=\"_ _350\"> </span></span></span></span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, the m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons we<span class=\"_ _0\"></span>re ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>d SA<span class=\"_ _0\"></span>PS m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y tab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> 3N<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>A for m<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es (scal<span class=\"_ _0\"></span>ed by 9<span class=\"_ _0\"></span>8%) a<span class=\"_ _0\"></span>nd ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e 3<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>FA f<span class=\"_ _1\"></span>or fe<span class=\"_ _0\"></span>mal<span class=\"_ _0\"></span>es (scal<span class=\"_ _0\"></span>ed by 1<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>%). Al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span> cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es is ma<span class=\"_ _0\"></span>de by a<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e CM<span class=\"_ _0\"></span>I se<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h a lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5% pe<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>m fro<span class=\"_ _0\"></span>m 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 onw<span class=\"_ _0\"></span>ards<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e US p<span class=\"_ _0\"></span>lan t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons we<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>the P<span class=\"_ _0\"></span>ri-2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>12 T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l Data<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent S<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>le M<span class=\"_ _0\"></span>P-2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e COVI<span class=\"_ _0\"></span>D-19 h<span class=\"_ _0\"></span>as ha<span class=\"_ _0\"></span>d an i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>, the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm<span class=\"_ _350\"> </span>im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n fu<span class=\"_ _0\"></span>ture m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y tre<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s is cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>tly u<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y no a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span> to mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>is re<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>rd.<span class=\"_ _350\"> </span>Amounts r<span class=\"_ _1\"></span>ecogni<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> the B<span class=\"_ _1\"></span>alance<span class=\"_ _1\"></span> Sheet<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et are a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>eet l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fo<span class=\"_ _0\"></span>r:  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _2d3\"> </span><span class=\"ff1 lsb2 wsda\">(81)<span class=\"_ _186\"> </span></span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)</span> Other<span class=\"_ _24c\"> </span><span class=\"ff1 ws0\">(15<span class=\"_ _0\"></span>9)<span class=\"_ _9f\"> </span></span><span class=\"lsb9 wsb5\">(211)<span class=\"_ _350\"> </span></span>Lia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y on B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _2df\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ff9 lsa9 wsd9\">(3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span>Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>eet a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r: UK<span class=\"_ _2e0\"> </span><span class=\"ff1 lsa3 ws115\">2<span class=\"_ _0\"></span>41<span class=\"_ _1f3\"> </span></span><span class=\"ls101 ws40\">298</span> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 ls67 ws5e\">53<span class=\"_ _12a\"> </span></span><span class=\"lsa9 wsd9\">57<span class=\"_ _350\"> </span></span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t on B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _1cc\"> </span><span class=\"lse9 ws2d\">294<span class=\"_ _1f3\"> </span><span class=\"ff9 lsba ws18\">355<span class=\"_ _350\"> </span></span></span>Net pension<span class=\"_ _1\"></span> asset<span class=\"_ _2e1\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _128\"> </span><span class=\"ff9 ls6d ws64\">37<span class=\"_ _350\"> </span></span></span>The U<span class=\"_ _0\"></span>K s<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us of \u00a3<span class=\"_ _0\"></span>241 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a32<span class=\"_ _0\"></span>98 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) relate<span class=\"_ _0\"></span>s mai<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y to th<span class=\"_ _0\"></span>e Rec<span class=\"_ _0\"></span>kit<span class=\"_ _0\"></span>t Be<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>kise<span class=\"_ _0\"></span>r Pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n Fun<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Thi<span class=\"_ _0\"></span>s sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed it h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l rig<span class=\"_ _0\"></span>ht to a ref<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span>any su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>ce al<span class=\"_ _0\"></span>l me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>een p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>l ad<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span>that t<span class=\"_ _0\"></span>he Truste<span class=\"_ _0\"></span>es wou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e un<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to u<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>ind u<span class=\"_ _0\"></span>p th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an o<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ce me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> wi<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ut t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>The fu<span class=\"_ _1\"></span>nded and<span class=\"_ _1\"></span> unfunded a<span class=\"_ _1\"></span>mounts r<span class=\"_ _1\"></span>ecogni<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> the Bal<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> Sheet ar<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>termined<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> follo<span class=\"_ _1\"></span>ws:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medica<span class=\"_ _0\"></span>l)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Prese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> obligation<span class=\"_ _1\"></span>s<span class=\"_ _a0\"> </span><span class=\"ff1 lsa3 ws115\">(941<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _32\"> </span><span class=\"ls92 wsdb\">(373)<span class=\"_ _19e\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4)<span class=\"_ _1df\"> </span></span></span></span></span><span class=\"ls112 ws100\">(1<span class=\"_ _1\"></span>,486<span class=\"_ _1\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _95\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _30\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,967<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _189\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>6<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"lsb9 wsb5\">426<span class=\"_ _1de\"> </span><span class=\"ls8f ws83\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _1ba\"> </span></span></span></span></span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,78<span class=\"_ _37\"></span>8<span class=\"_ _9b\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _176\"> </span><span class=\"ls38 ws36\">496<span class=\"_ _17c\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>284<span class=\"_ _350\"> </span></span></span></span>Surplus/<span class=\"_ _1\"></span>(liability)<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> funded<span class=\"_ _350\"> </span>plans<span class=\"_ _b8\"> </span><span class=\"ff1 ls13d wse2\">245<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls67 ws5e\">53<span class=\"_ _182\"> </span><span class=\"ls4c wsc\">298<span class=\"_ _176\"> </span></span></span></span></span><span class=\"ls7e ws9c\">302<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span><span class=\"ls67 ws5e\">15<span class=\"_ _c3\"> </span><span class=\"ls33 ws31\">3<span class=\"_ _0\"></span>17<span class=\"_ _350\"> </span></span></span></span></span>Prese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of un<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span>obligation<span class=\"_ _1\"></span>s<span class=\"_ _199\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _d1\"> </span><span class=\"lsb2 wsda\">(81)<span class=\"_ _17a\"> </span></span>(1<span class=\"_ _0\"></span>59)<span class=\"_ _17c\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _16f\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _95\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _1de\"> </span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>69)<span class=\"_ _17a\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span>Irrecov<span class=\"_ _1\"></span>erable surplus<span class=\"_ _171\"> </span><span class=\"ff1 ls26 ws23\">(4<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _183\"> </span></span>(4)<span class=\"_ _9c\"> </span></span><span class=\"ls118 ws108\">(4)<span class=\"_ _186\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _16f\"> </span></span>(4)<span class=\"_ _350\"> </span></span>Net pension s<span class=\"_ _1\"></span>urplus/<span class=\"_ _350\"> </span>(liability)<span class=\"_ _2e2\"> </span><span class=\"ff1 lsa3 ws115\">2<span class=\"_ _0\"></span>41<span class=\"_ _d1\"> </span><span class=\"lsb2 wsda\">(8<span class=\"_ _0\"></span>1)<span class=\"_ _20f\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>6)<span class=\"_ _c3\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _7b\"> </span></span></span></span></span><span class=\"ls101 ws40\">298<span class=\"_ _95\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _1de\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _16c\"> </span><span class=\"ls6d ws64\">37<span class=\"_ _350\"> </span></span></span></span></span>Group plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts ar<span class=\"_ _1\"></span>e compri<span class=\"_ _1\"></span>sed a<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ollows<span class=\"_ _1\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medica<span class=\"_ _0\"></span>l)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Equiti<span class=\"_ _1\"></span>es<span class=\"_ _d8\"> </span><span class=\"ff1 lsf1 ws73\">134<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls80 ws8b\">92<span class=\"_ _7b\"> </span><span class=\"lse9 ws2d\">226<span class=\"_ _16c\"> </span></span></span></span></span><span class=\"ls11b ws10b\">178<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _176\"> </span><span class=\"ls7e ws9c\">202<span class=\"_ _1db\"> </span><span class=\"lsda wsaa\">380<span class=\"_ _350\"> </span></span></span></span></span>Government<span class=\"_ _1\"></span> bonds<span class=\"_ _113\"> </span><span class=\"ff1 ls66 ws5d\">167<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"ls33 ws31\">1<span class=\"_ _0\"></span>57<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">324<span class=\"_ _19d\"> </span></span></span></span></span><span class=\"ls67 ws5e\">215<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1db\"> </span><span class=\"ls128 wsb2\">230<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">4<span class=\"_ _0\"></span>45<span class=\"_ _350\"> </span></span></span></span></span>Corporat<span class=\"_ _1\"></span>e bond<span class=\"_ _1\"></span>s<span class=\"_ _45\"> </span><span class=\"ff1 lsb9 wsb5\">265<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"lsf1 ws73\">135<span class=\"_ _c0\"> </span><span class=\"ls9e ws76\">40<span class=\"_ _0\"></span>0<span class=\"_ _7b\"> </span></span></span></span></span><span class=\"ls4c wsc\">35<span class=\"_ _0\"></span>6<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls5c ws86\">25<span class=\"_ _c3\"> </span><span class=\"ls36 ws2e\">381<span class=\"_ _350\"> </span></span></span></span></span>Real estate/propert<span class=\"_ _0\"></span>y \u2013<span class=\"_ _350\"> </span>unquot<span class=\"_ _1\"></span>ed<span class=\"_ _29a\"> </span><span class=\"ff1 lsb9 wsb5\">82<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _21a\"> </span><span class=\"lsdf ws34\">19<span class=\"_ _d1\"> </span><span class=\"ls128 wsb2\">101<span class=\"_ _c8\"> </span></span></span></span></span><span class=\"ls34 ws75\">113<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _19d\"> </span><span class=\"ls7b wsa8\">132<span class=\"_ _350\"> </span></span></span></span></span>Ins<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _1b3\"> </span><span class=\"ff1 ls91\">2<span class=\"_ _0\"></span>72<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16d\"> </span>-<span class=\"_ _176\"> </span></span>272<span class=\"_ _7b\"> </span></span><span class=\"lsda wsaa\">388<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _7b\"> </span></span>388<span class=\"_ _350\"> </span></span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets \u2013 u<span class=\"_ _0\"></span>nqu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>d<span class=\"_ _189\"> </span><span class=\"ff1 lsb9 wsb5\">266<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls13d wse2\">23<span class=\"_ _7b\"> </span><span class=\"ls36 ws2e\">289<span class=\"_ _1db\"> </span></span></span></span></span><span class=\"lsba ws18\">538<span class=\"_ _177\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _16e\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _1db\"> </span><span class=\"lsba ws18\">558<span class=\"_ _350\"> </span></span></span></span>Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _189\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>6<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"lsb9 wsb5\">426<span class=\"_ _1de\"> </span><span class=\"ls8f ws83\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _1ba\"> </span></span></span></span></span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,78<span class=\"_ _37\"></span>8<span class=\"_ _9b\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _176\"> </span><span class=\"ls38 ws36\">496<span class=\"_ _17c\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>284<span class=\"_ _350\"> </span></span></span></span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0, th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>ree of t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ns e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>to an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich cover, in a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>rega<span class=\"_ _0\"></span>te, \u00a3<span class=\"_ _0\"></span>272 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span>(\u00a33<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>9 at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1)<span class=\"_ _0\"></span>. The a<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>chas<span class=\"_ _0\"></span>e of bu<span class=\"_ _0\"></span>lk a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ies u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h the i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>r wi<span class=\"_ _0\"></span>ll pay t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ent to t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>ses we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e tr<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tees to<span class=\"_ _350\"> </span>ens<span class=\"_ _0\"></span>ure t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>d an as<span class=\"_ _0\"></span>set t<span class=\"_ _0\"></span>hat wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d match i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d in a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>dan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>9 by th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>n the a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>the v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es rem<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d the m<span class=\"_ _0\"></span>atch<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s are h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n fun<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. As t<span class=\"_ _0\"></span>his w<span class=\"_ _0\"></span>as an i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt d<span class=\"_ _0\"></span>ecis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n by the t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>the i<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f pla<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sets (du<span class=\"_ _0\"></span>e to the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _350\"> </span>pr<span class=\"_ _0\"></span>ice of th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>uy-<span class=\"_ _0\"></span>in as<span class=\"_ _0\"></span>set) ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n was<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>s have not e<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ny suc<span class=\"_ _0\"></span>h bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>agreements<span class=\"_ _1\"></span> in 2022.<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ted to a<span class=\"_ _0\"></span>ny bu<span class=\"_ _0\"></span>y-<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of any of t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> UK pension schemes.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>35 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a34<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) relat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g to lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty d<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ven i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt fu<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Thi<span class=\"_ _0\"></span>s is a be<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>ke poo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent ve<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>cle w<span class=\"_ _0\"></span>ith u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g lis<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>, eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span> The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>le is p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ger b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>sec<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es he<span class=\"_ _0\"></span>ld w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>le. T<span class=\"_ _0\"></span>he Truste<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>urch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 to l<span class=\"_ _0\"></span>ower r<span class=\"_ _0\"></span>isk w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o wit<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ut re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>otent<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts h<span class=\"_ _0\"></span>ave a low lever<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span>suf<span class=\"_ _37\"></span>fici<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l col<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l in p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ce. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, no co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s were m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e aga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>st t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r to 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 des<span class=\"_ _0\"></span>pite t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ced i<span class=\"_ _0\"></span>n gi<span class=\"_ _0\"></span>lt ma<span class=\"_ _0\"></span>rkets<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span><span class=\"_ _350\">The r</span><span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g oth<span class=\"_ _0\"></span>er as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns for t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e US (<span class=\"_ _0\"></span>Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns at la<span class=\"_ _0\"></span>st va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>date is a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>le to pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Active partici<span class=\"_ _0\"></span>pants<span class=\"_ _2b4\"> </span><span class=\"ff1 ls49 ws9\">(1)<span class=\"_ _177\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _128\"> </span></span></span><span class=\"lsb9 wsb5\">(<span class=\"_ _0\"></span>1)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Par<span class=\"_ _0\"></span>ticipants with deferred benefi<span class=\"_ _0\"></span>ts<span class=\"_ _c5\"> </span><span class=\"ff1 ls7e ws9c\">(3<span class=\"_ _0\"></span>07)<span class=\"_ _128\"> </span><span class=\"ls49 ws9\">(1)<span class=\"_ _21a\"> </span></span></span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>6)<span class=\"_ _210\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></span>Participants<span class=\"_ _1\"></span> receiving<span class=\"_ _1\"></span> benefits<span class=\"_ _e9\"> </span><span class=\"ff1 ls86 wsa6\">(6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _16d\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _37\"></span>6)<span class=\"_ _183\"> </span></span></span><span class=\"ls6d ws64\">(8<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Pre<span class=\"_ _1\"></span>sent v<span class=\"_ _1\"></span>alue o<span class=\"_ _1\"></span>f obliga<span class=\"_ _1\"></span>tion<span class=\"_ _2e3\"> </span><span class=\"ff1 lsa3 ws115\">(941<span class=\"_ _0\"></span>)<span class=\"_ _110\"> </span><span class=\"lsb2 wsda\">(81<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span></span></span><span class=\"ls112 ws100\">(1,486<span class=\"_ _1\"></span>)<span class=\"_ _16f\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _39\"></span> </span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>The m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s n<span class=\"_ _0\"></span>et sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us/(defi<span class=\"_ _0\"></span>cit) is as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Pres<span class=\"_ _1\"></span>ent val<span class=\"_ _1\"></span>ue of<span class=\"_ _1\"></span> obligation<span class=\"_ _94\"> </span><span class=\"ls48 ws0\">Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ue of p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _2e4\"> </span><span class=\"ls12d ws119\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>47<span class=\"_ _13f\"> </span><span class=\"ls2f ws87\">125<span class=\"_ _143\"> </span><span class=\"ls36 ws2e\">719<span class=\"_ _16f\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>391<span class=\"_ _9c\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,75<span class=\"_ _37\"></span>4)<span class=\"_ _118\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _16d\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _7b\"> </span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>26<span class=\"_ _37\"></span>4)<span class=\"_ _350\"> </span></span></span></span>Current<span class=\"_ _1\"></span> service cost<span class=\"_ _2e5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _1e0\"> </span>9<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _bf\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>Administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> costs<span class=\"_ _2e6\"> </span><span class=\"lsa ws0\">2<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _bf\"> </span>2<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>e/(i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e)<span class=\"_ _2e7\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _1e0\"> </span><span class=\"lsa ws0\">3<span class=\"_ _1e0\"> </span>9<span class=\"_ _12a\"> </span><span class=\"ls4c wsc\">35<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(26)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _c7\"> </span><span class=\"ls2f ws87\">(31)<span class=\"_ _350\"> </span></span></span></span></span>25<span class=\"_ _a6\"> </span><span class=\"lsa ws0\">4<span class=\"_ _dd\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _12a\"> </span><span class=\"ls12d ws119\">47<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(2<span class=\"_ _0\"></span>6)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _1f3\"> </span><span class=\"ls2f ws87\">(3<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span>Remeasurements:<span class=\"_ _350\"> </span>Return<span class=\"_ _1\"></span> on plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts, ex<span class=\"_ _1\"></span>cluding amounts<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rest inc<span class=\"_ _1\"></span>ome<span class=\"_ _148\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e2\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _10c\"> </span></span>\u2013<span class=\"_ _13f\"> </span><span class=\"lsa3 ws115\">(3<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ls128 wsb2\">(106<span class=\"_ _350\"> </span></span></span></span>Los<span class=\"_ _1\"></span>ses/<span class=\"_ _1\"></span>(gains<span class=\"_ _14\"></span>) from<span class=\"_ _1\"></span> changes<span class=\"_ _1\"></span> in demographic<span class=\"_ _1\"></span> assump<span class=\"_ _1\"></span>tions<span class=\"_ _15d\"> </span><span class=\"lsa ws0\">1<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _106\"> </span></span>4<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(<span class=\"_ _0\"></span>1)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>Gains f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>hange in<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _24e\"> </span><span class=\"lsa ws0\">(27)<span class=\"_ _229\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span></span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _12a\"> </span>(1)<span class=\"_ _350\"> </span></span></span>Experience losses<span class=\"_ _1\"></span>/(gains<span class=\"_ _1\"></span>)<span class=\"_ _2e8\"> </span><span class=\"lsa ws0\">8<span class=\"_ _106\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _dd\"> </span></span>4<span class=\"_ _bf\"> </span>9<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>(1<span class=\"_ _0\"></span>8)<span class=\"_ _c7\"> </span>(<span class=\"_ _0\"></span>14)<span class=\"_ _151\"> </span><span class=\"ls91 ws89\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _185\"> </span></span>(<span class=\"_ _0\"></span>57)<span class=\"_ _141\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _37\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16a\"> </span><span class=\"ls2f ws87\">(3<span class=\"_ _0\"></span>1)<span class=\"_ _178\"> </span><span class=\"ls87 wsdc\">(1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _2e9\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _16a\"> </span>(5)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>4<span class=\"_ _bf\"> </span>4<span class=\"_ _350\"> </span></span>Contributions<span class=\"_ _1\"></span> \u2013 employ<span class=\"_ _1\"></span>ers<span class=\"_ _2ea\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _1f3\"> </span></span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span>Paymen<span class=\"_ _1\"></span>ts fr<span class=\"_ _1\"></span>om plan<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span>Benefi<span class=\"_ _0\"></span>t payments<span class=\"_ _2eb\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _185\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>)<span class=\"_ _207\"> </span>(1<span class=\"_ _0\"></span>33)<span class=\"_ _13f\"> </span><span class=\"ls111 ws32\">68<span class=\"_ _a6\"> </span></span></span></span></span><span class=\"ws0\">8<span class=\"_ _210\"> </span><span class=\"lsa9 wsd9\">57<span class=\"_ _143\"> </span><span class=\"ls34 ws75\">133<span class=\"_ _350\"> </span></span></span></span>As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _2ec\"> </span><span class=\"ls9e ws76\">1,486<span class=\"_ _fd\"> </span><span class=\"ls7e ws9c\">1<span class=\"_ _0\"></span>07<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">650<span class=\"_ _c9\"> </span><span class=\"ls13d wse2\">2,<span class=\"_ _0\"></span>243<span class=\"_ _d1\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,78<span class=\"_ _0\"></span>8)<span class=\"_ _132\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _9f\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>6)<span class=\"_ _12\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span></span></span>Current<span class=\"_ _1\"></span> service cost<span class=\"_ _2e5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _1e0\"> </span>8<span class=\"_ _bf\"> </span>9<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>Administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> costs<span class=\"_ _2e6\"> </span><span class=\"lsa ws0\">3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>e/(i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e)<span class=\"_ _2e7\"> </span><span class=\"lsa ws0\">27<span class=\"_ _bf\"> </span>4<span class=\"_ _dd\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _128\"> </span><span class=\"ls37 ws7b\">43<span class=\"_ _143\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span></span></span>30<span class=\"_ _1e0\"> </span><span class=\"lsa ws0\">5<span class=\"_ _12a\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _128\"> </span><span class=\"lsba ws18\">55<span class=\"_ _143\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span></span></span>Remeasurements:<span class=\"_ _350\"> </span>Return<span class=\"_ _1\"></span> on plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts, ex<span class=\"_ _1\"></span>cluding amounts<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rest inc<span class=\"_ _1\"></span>ome<span class=\"_ _148\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _1f3\"> </span></span><span class=\"ls4c\">565<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">96<span class=\"_ _13f\"> </span><span class=\"ls125 ws114\">6<span class=\"_ _0\"></span>61<span class=\"_ _350\"> </span></span></span></span></span>(<span class=\"_ _1\"></span>Gains<span class=\"_ _14\"></span>) from c<span class=\"_ _1\"></span>hanges<span class=\"_ _1\"></span> in demographic<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _2e1\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _229\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>(<span class=\"_ _1\"></span>Gains<span class=\"_ _14\"></span>) from c<span class=\"_ _1\"></span>hange in<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _2ed\"> </span><span class=\"lsa9 wsd9\">(5<span class=\"_ _0\"></span>18)<span class=\"_ _141\"> </span><span class=\"lse7 ws112\">(22)<span class=\"_ _172\"> </span><span class=\"ls35 ws33\">(<span class=\"_ _0\"></span>151)<span class=\"_ _207\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span></span></span></span>(2)<span class=\"_ _229\"> </span>(2)<span class=\"_ _350\"> </span></span></span>Experience (gains<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>/losses<span class=\"_ _2ee\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">3<span class=\"_ _dd\"> </span></span></span>16<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>(5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"lse7 ws112\">(36)<span class=\"_ _178\"> </span></span>(<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>8)<span class=\"_ _189\"> </span><span class=\"ls111 ws32\">(<span class=\"_ _1\"></span>688<span class=\"_ _1\"></span>)<span class=\"_ _172\"> </span><span class=\"ls4c wsc\">565<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls87 wsdc\">94<span class=\"_ _c7\"> </span><span class=\"ls11b ws10b\">6<span class=\"_ _0\"></span>59<span class=\"_ _350\"> </span></span></span></span></span></span>Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _2e9\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _dd\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _128\"> </span><span class=\"ls28 ws25\">54<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">66<span class=\"_ _e1\"> </span></span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _229\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _fd\"> </span>(4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span>Contributions<span class=\"_ _1\"></span> \u2013 employ<span class=\"_ _1\"></span>ers<span class=\"_ _2ea\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">(7)<span class=\"_ _1f3\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _141\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span></span></span>Paymen<span class=\"_ _1\"></span>ts fr<span class=\"_ _1\"></span>om plan<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span>Benefi<span class=\"_ _0\"></span>t payments<span class=\"_ _2ef\"> </span><span class=\"ls12b wsdd\">(71)<span class=\"_ _16a\"> </span>(7)<span class=\"_ _16d\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _a9\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>122)<span class=\"_ _16a\"> </span></span></span>71<span class=\"_ _bf\"> </span></span><span class=\"ws0\">7<span class=\"_ _12d\"> </span><span class=\"ls19b ws17e\">44<span class=\"_ _143\"> </span><span class=\"ls2f ws87\">122<span class=\"_ _350\"> </span></span></span></span>As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2f0\"> </span><span class=\"lsa3 ws115\">941<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">81<span class=\"_ _110\"> </span><span class=\"ls37 ws7b\">532<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">1,554<span class=\"_ _17f\"> </span><span class=\"ls8e ws81\">(<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>8<span class=\"_ _37\"></span>6)<span class=\"_ _106\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _172\"> </span><span class=\"ls26 ws23\">(42<span class=\"_ _37\"></span>6)<span class=\"_ _19d\"> </span><span class=\"ls8f ws83\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span></span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rge fo<span class=\"_ _0\"></span>r the ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r is sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Defined con<span class=\"_ _1\"></span>tribution<span class=\"_ _1\"></span> plans<span class=\"_ _227\"> </span><span class=\"ff1 lsd ws7a\">49<span class=\"_ _128\"> </span></span><span class=\"ls112 ws100\">48<span class=\"_ _350\"> </span></span>Defined benefit<span class=\"_ _1\"></span> plans (<span class=\"_ _14\"></span>net char<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>luding int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span>) UK<span class=\"_ _2f1\"> </span><span class=\"ff1 lsa ws0\">3<span class=\"_ _1e0\"> </span><span class=\"ff9\">2</span></span>  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _21f\"> </span><span class=\"ff1 lsa ws0\">1<span class=\"_ _11a\"> </span><span class=\"ff9\">1</span></span> Other<span class=\"_ _2b7\"> </span><span class=\"ff1 ws0\">8<span class=\"_ _1e0\"> </span><span class=\"ff9\">9<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>otal p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ofi<span class=\"_ _0\"></span>t (N<span class=\"_ _0\"></span>ote 5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>61<span class=\"_ _12a\"> </span><span class=\"ff9 ls128 wsb2\">60<span class=\"_ _350\"> </span></span>Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n net fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in n<span class=\"_ _0\"></span>et fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>No<span class=\"_ _0\"></span>te 6)<span class=\"_ _202\"> </span><span class=\"ff1 ls7b wsa8\">(5)<span class=\"_ _128\"> </span></span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>fore i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax<span class=\"_ _25b\"> </span><span class=\"ff1 ls128 wsb2\">56<span class=\"_ _12a\"> </span></span><span class=\"ls11b ws10b\">59<span class=\"_ _350\"> </span></span>Remeasurement<span class=\"_ _1\"></span> gains/<span class=\"_ _1\"></span>(losse<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>) f<span class=\"_ _1\"></span>or<span class=\"_ _350\"> </span>2<span class=\"_ _350\"> </span>: UK<span class=\"_ _2f2\"> </span><span class=\"ff1 ls86 wsa6\">(61<span class=\"_ _0\"></span>)<span class=\"_ _13f\"> </span></span><span class=\"ls87 wsdc\">94</span>  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _2f3\"> </span><span class=\"ff1 ls128 wsb2\">36<span class=\"_ _d9\"> </span></span><span class=\"ls12b wsdd\">14</span> Other<span class=\"_ _2ca\"> </span><span class=\"ff1 ls126 wsc9\">54<span class=\"_ _12a\"> </span></span><span class=\"lsda wsaa\">56<span class=\"_ _350\"> </span></span>29<span class=\"_ _116\"> </span><span class=\"ff9\">16<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>des c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, pas<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice co<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> administrativ<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>sts<span class=\"_ _350\"> </span>2. <span class=\"_ _3d\"> </span>Re<span class=\"_ _0\"></span>mea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es \u00a3n<span class=\"_ _0\"></span>il (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n O<span class=\"_ _0\"></span>CI fo<span class=\"_ _0\"></span>r ir<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le s<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us<span class=\"_ _350\"> </span>Se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _350\"> </span>The s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on to ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s is sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span> <span class=\"lsa\"> </span>assumption<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d <span class=\"lsa\"> </span>benefit obligation<span class=\"_ _350\"> </span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _2f4\"> </span><span class=\"ff1 ls49\">Increase 0.<span class=\"_ _1\"></span>1%<span class=\"_ _d9\"> </span>Decrease<span class=\"_ _1\"></span> by<span class=\"_ _1\"></span> 1.<span class=\"_ _0\"></span>3%<span class=\"_ _350\"> </span></span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _267\"> </span><span class=\"ff1 ls49\">I<span class=\"_ _0\"></span>ncrease 1.0%<span class=\"_ _123\"> </span>Decrease b<span class=\"_ _1\"></span>y 11.5%<span class=\"_ _350\"> </span></span>RPI in<span class=\"_ _0\"></span>crease<span class=\"_ _206\"> </span><span class=\"ff1 ls49 ws73\">I<span class=\"_ _0\"></span>ncrease 0.<span class=\"_ _1\"></span>1%<span class=\"_ _190\"> </span><span class=\"ls87 ws0\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>se by 0.7<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>RPI I<span class=\"_ _0\"></span>ncrease<span class=\"_ _233\"> </span><span class=\"ff1 ls49 ws73\">Increase 1.0%<span class=\"_ _12b\"> </span><span class=\"ls87 ws0\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e by 9<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>2%<span class=\"_ _350\"> </span></span></span>Lif<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpectancy<span class=\"_ _f1\"> </span><span class=\"ff1 ls87 ws0\">Mem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s l<span class=\"_ _0\"></span>ive 1 yea<span class=\"_ _0\"></span>r l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>er<span class=\"_ _190\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e by 3.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span>2021<span class=\"_ _350\"> </span>Change<span class=\"_ _1\"></span> in <span class=\"lsa ws0\"> </span>assumpti<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>Change<span class=\"_ _1\"></span> in defined <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>benefit obliga<span class=\"_ _1\"></span>tion<span class=\"_ _350\"> </span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _173\"> </span><span class=\"ls136 wsa6\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 0<span class=\"_ _37\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _1e0\"> </span><span class=\"lsa3 ws0\">De<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e by 1<span class=\"_ _0\"></span>.6%<span class=\"_ _350\"> </span></span></span>RPI in<span class=\"_ _0\"></span>crease<span class=\"_ _226\"> </span><span class=\"ls136 wsa6\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 0<span class=\"_ _37\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _1af\"> </span><span class=\"lsa3 ws0\">I<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease by 0<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Lif<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpectancy<span class=\"_ _275\"> </span><span class=\"lsa3 ws0\">Mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs l<span class=\"_ _0\"></span>ive 1 yea<span class=\"_ _0\"></span>r lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>er<span class=\"_ _11a\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e by 4.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span>The a<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ove sens<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ty a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>es are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on a c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n an a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g all o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>n p<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ice, t<span class=\"_ _0\"></span>his i<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>kely to occu<span class=\"_ _0\"></span>r, and ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n so<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns may<span class=\"_ _350\"> </span>be correl<span class=\"_ _1\"></span>ated.<span class=\"_ _350\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal c<span class=\"_ _0\"></span>ost t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d rate<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>A 1% ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ed h<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>car<span class=\"_ _0\"></span>e cost t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d ra<span class=\"_ _0\"></span>tes wou<span class=\"_ _0\"></span>ld have a<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span> cos<span class=\"_ _0\"></span>t, i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st co<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Risk<span class=\"_ _1\"></span> and risk<span class=\"_ _1\"></span> management<span class=\"_ _350\"> </span>Thr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh i<span class=\"_ _0\"></span>ts de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d po<span class=\"_ _0\"></span>st-em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">to a nu</span><span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of r<span class=\"_ _0\"></span>isks<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h are d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ed as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t vol<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty<span class=\"_ _0\"></span>: <span class=\"ff9 ls30\">Th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng a d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate s<span class=\"_ _0\"></span>et wi<span class=\"_ _0\"></span>th refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> </span>bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. If p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>ets u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form t<span class=\"_ _0\"></span>his y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>, thi<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll cre<span class=\"_ _0\"></span>ate a de<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/red<span class=\"_ _0\"></span>uce t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span>plans<span class=\"_ _1\"></span> hold a s<span class=\"_ _1\"></span>ignificant pr<span class=\"_ _1\"></span>oportion of<span class=\"_ _1\"></span> equities,<span class=\"_ _1\"></span> which<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>xpected t<span class=\"_ _1\"></span>o ou<span class=\"_ _1\"></span>tperform c<span class=\"_ _1\"></span>orporat<span class=\"_ _1\"></span>e bonds<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> lo<span class=\"_ _0\"></span>ng ter<span class=\"_ _0\"></span>m wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g vola<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd ri<span class=\"_ _0\"></span>sk i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t-<span class=\"_ _1\"></span>term<span class=\"_ _0\"></span>. H<span class=\"_ _0\"></span>owever, the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p be<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>eves that d<span class=\"_ _0\"></span>ue to<span class=\"_ _0\"></span> the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm na<span class=\"_ _0\"></span>ture o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>gth of t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>, a level of co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is a<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gy to ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>efficiently<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s: <span class=\"ff9 ls30\">A i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>eld<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>ecre<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span></span>lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ugh t<span class=\"_ _0\"></span>his w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et by an d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>\u2019 bo<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in ma<span class=\"_ _0\"></span>rket bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>lds i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e year e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K pl<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>\u2019 li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>red<span class=\"_ _0\"></span>uce<span class=\"_ _0\"></span>d by \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>45 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, of<span class=\"_ _0\"></span>fse<span class=\"_ _0\"></span>t by a red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>\u2019 bo<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s by \u00a36<span class=\"_ _0\"></span>02 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in a<span class=\"_ _350\"> </span>\u00a3<span class=\"_ _0\"></span>57 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion n<span class=\"_ _0\"></span>et d<span class=\"_ _0\"></span>ecr<span class=\"_ _0\"></span>ease to t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 s<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k: <span class=\"ff9 ls30\">S<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>nked to i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span></span>to hig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (<span class=\"_ _1\"></span>al<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>, in m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t case<span class=\"_ _0\"></span>s, c<span class=\"_ _0\"></span>aps o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e level o<span class=\"_ _0\"></span>f infl<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ce to<span class=\"_ _350\"> </span>prote<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t ext<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). In ord<span class=\"_ _0\"></span>er to m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isks<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tees<span class=\"_ _0\"></span>\u2019 inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gy w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>lan p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des a h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h level o<span class=\"_ _0\"></span>f prote<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t hig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d lon<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm<span class=\"_ _350\"> </span>inflation<span class=\"_ _1\"></span> through in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stments in<span class=\"_ _1\"></span> index<span class=\"_ _1\"></span>-link<span class=\"_ _1\"></span>ed gilts,<span class=\"_ _1\"></span> liability driv<span class=\"_ _1\"></span>en in<span class=\"_ _1\"></span>vestments<span class=\"_ _1\"></span> and ins<span class=\"_ _1\"></span>urance c<span class=\"_ _1\"></span>ontracts.<span class=\"_ _350\"> </span><span class=\"_ _350\">In t</span><span class=\"_ _0\"></span>he US p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t are n<span class=\"_ _0\"></span>ot li<span class=\"_ _0\"></span>nked to i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, so th<span class=\"_ _0\"></span>is is a l<span class=\"_ _0\"></span>ess m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Life<span class=\"_ _1\"></span> expectancy: <span class=\"ff9 ls30 ws0\">The ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns\u2019 o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re to prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e li<span class=\"_ _0\"></span>fe of th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er.<span class=\"_ _350\"> </span></span>Wh<span class=\"_ _0\"></span>ils<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ow for a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in l<span class=\"_ _0\"></span>ife exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cy, inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es ab<span class=\"_ _0\"></span>ove this a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>ll res<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t in a<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is is pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>rease<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>to ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt in h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sen<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>fe exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y. In 202<span class=\"_ _0\"></span>0 th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al U<span class=\"_ _0\"></span>K<span class=\"_ _350\"> </span>sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e red<span class=\"_ _0\"></span>uce<span class=\"_ _0\"></span>d it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re by pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g an i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t that w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l pay th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of so<span class=\"_ _0\"></span>me<span class=\"_ _350\"> </span><span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n\u2019s p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1 t<span class=\"_ _0\"></span>wo ot<span class=\"_ _0\"></span>her U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d a sim<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar i<span class=\"_ _0\"></span>nsu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>co<span class=\"_ _1\"></span>vering 10<span class=\"_ _0\"></span>0% of their<span class=\"_ _1\"></span> members\u2019 benefits.<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in r<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>: <span class=\"ff9 ls30\">Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p is awa<span class=\"_ _0\"></span>re tha<span class=\"_ _0\"></span>t fut<span class=\"_ _0\"></span>ure ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges to t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lato<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ewor<span class=\"_ _0\"></span>k may im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span> </span>the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis o<span class=\"_ _0\"></span>f the v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s pla<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ons d<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>rs t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>isl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>yse<span class=\"_ _0\"></span>s the r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>ey occ<span class=\"_ _0\"></span>ur.<span class=\"_ _350\"> </span>Inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ar<span class=\"_ _0\"></span>e well d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, su<span class=\"_ _0\"></span>ch tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>re of any s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d not h<span class=\"_ _0\"></span>ave a mater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e overa<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>evel of ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>. A p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of un<span class=\"_ _0\"></span>it l<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ked insu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> underlying in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>estments<span class=\"_ _1\"></span> in quot<span class=\"_ _1\"></span>ed equit<span class=\"_ _1\"></span>ies and<span class=\"_ _1\"></span> quot<span class=\"_ _1\"></span>ed bonds,<span class=\"_ _1\"></span> although t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> also in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ests in<span class=\"_ _1\"></span> property<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ieves tha<span class=\"_ _0\"></span>t qu<span class=\"_ _0\"></span>oted e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of<span class=\"_ _0\"></span>fer t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t retu<span class=\"_ _0\"></span>rns over t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g term w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span> acce<span class=\"_ _0\"></span>pta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e level of r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tees o<span class=\"_ _0\"></span>f al<span class=\"_ _0\"></span>l the U<span class=\"_ _0\"></span>K f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds have m<span class=\"_ _0\"></span>oved th<span class=\"_ _0\"></span>e maj<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets to<span class=\"_ _0\"></span> low<span class=\"_ _1\"></span>-cost in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stment funds<span class=\"_ _1\"></span> in c<span class=\"_ _1\"></span>onsultati<span class=\"_ _1\"></span>on with<span class=\"_ _1\"></span> the Group<span class=\"_ _1\"></span> whilst maint<span class=\"_ _1\"></span>aining prudent<span class=\"_ _1\"></span> diversificat<span class=\"_ _1\"></span>ion<span class=\"_ _350\"> </span><span class=\"_ _350\">and </span><span class=\"_ _1\"></span>appropriat<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est and<span class=\"_ _1\"></span> inflation<span class=\"_ _1\"></span> hedging. The T<span class=\"_ _14\"></span>rustee<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>ngaged in<span class=\"_ _1\"></span> ongoing<span class=\"_ _350\"> </span>dis<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns to al<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir g<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ls in r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k. At pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t, t<span class=\"_ _0\"></span>he T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>es have no<span class=\"_ _0\"></span>ted th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>sset p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e UK p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns sh<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ld re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re to cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>ks.<span class=\"_ _350\"> </span>24 S<span class=\"_ _1\"></span>hare<span class=\"_ _1\"></span> Cap<span class=\"_ _1\"></span>ital<span class=\"_ _350\"> </span>Issued and<span class=\"_ _1\"></span> fully<span class=\"_ _1\"></span> paid<span class=\"_ _350\"> </span>Equity or<span class=\"_ _1\"></span>dinary<span class=\"_ _350\"> </span>shares<span class=\"_ _1\"></span> number<span class=\"_ _350\"> </span>Nominal value<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _244\"> </span><span class=\"ls12c ws118\">7<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _19b\"> </span><span class=\"ls18e ws16b\">74<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _228\"> </span><span class=\"ls36 ws2e\">736,<span class=\"_ _0\"></span>535,<span class=\"_ _1\"></span>17<span class=\"_ _1\"></span>9<span class=\"_ _13c\"> </span><span class=\"ls12f ws11a\">74<span class=\"_ _350\"> </span></span></span>The h<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>lde<span class=\"_ _0\"></span>rs of o<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares (<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue 1<span class=\"_ _37\"></span>0 pen<span class=\"_ _0\"></span>ce) are ent<span class=\"_ _0\"></span>itl<span class=\"_ _0\"></span>ed to re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ve di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>red f<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span> tim<span class=\"_ _0\"></span>e to ti<span class=\"_ _0\"></span>me a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d to one vote p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re at me<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>ent co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any.<span class=\"_ _350\"> </span>Al<span class=\"_ _0\"></span>lot<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>se of tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r ni<span class=\"_ _0\"></span>l ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: n<span class=\"_ _0\"></span>il o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res) were al<span class=\"_ _0\"></span>lot<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d 1,<span class=\"_ _37\"></span>35<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,7<span class=\"_ _1\"></span>67 ordi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span> were re<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>sed f<span class=\"_ _0\"></span>rom Treasur<span class=\"_ _0\"></span>y (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: 1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>677,<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>2) to sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>y ves<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>/exercis<span class=\"_ _0\"></span>es un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es as fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>Or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ry s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res o<span class=\"_ _0\"></span>f 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>p<span class=\"_ _2b0\"> </span><span class=\"ff1 ls49 ws9\">2022<span class=\"_ _299\"> </span></span><span class=\"ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>Nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>sha<span class=\"_ _0\"></span>res<span class=\"_ _350\"> </span>Consideration <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>shares<span class=\"_ _350\"> </span>Considera<span class=\"_ _1\"></span>tion <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re Opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns \u2013 exerc<span class=\"_ _0\"></span>ises<span class=\"_ _19b\"> </span><span class=\"ff1 ls91 ws89\">372<span class=\"_ _0\"></span>,711<span class=\"_ _2f5\"> </span><span class=\"ls197 ws147\">18<span class=\"_ _20e\"> </span></span></span><span class=\"ls38 ws36\">86<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>697<span class=\"_ _ad\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _350\"> </span></span></span>Condition<span class=\"_ _1\"></span>al A<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds \u2013<span class=\"_ _1\"></span> ve<span class=\"_ _1\"></span>sting<span class=\"_ _b5\"> </span><span class=\"ff1 ls37 ws7b\">313,<span class=\"_ _0\"></span>293<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1a5\"> </span></span></span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>67<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _14\"></span>otal under<span class=\"_ _1\"></span> Executiv<span class=\"_ _1\"></span>e Sh<span class=\"_ _1\"></span>are Opt<span class=\"_ _1\"></span>ion<span class=\"_ _350\"> </span><span class=\"_ _350\">and </span><span class=\"_ _1\"></span>Conditional<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>d Schemes<span class=\"_ _1ea\"> </span><span class=\"ff1 ls12e ws35\">686,<span class=\"_ _1\"></span>004<span class=\"_ _2f5\"> </span><span class=\"ls197 ws147\">18<span class=\"_ _23\"> </span><span class=\"ff9 ls196 ws175\">1,0<span class=\"_ _1\"></span>25<span class=\"_ _1\"></span>,564<span class=\"_ _2f5\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _350\"> </span></span></span></span></span>Savi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s-re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d Sh<span class=\"_ _0\"></span>are O<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s \u2013<span class=\"_ _350\"> </span>exercises<span class=\"_ _23d\"> </span><span class=\"ff1 lsdf ws34\">665,7<span class=\"_ _14\"></span>63<span class=\"_ _113\"> </span><span class=\"ls128 wsb2\">36<span class=\"_ _a1\"> </span><span class=\"ff9 ls35 ws33\">651,<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>8<span class=\"_ _13c\"> </span><span class=\"ls49 ws9\">39<span class=\"_ _350\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _142\"> </span><span class=\"ff1 ls127 wsb1\">1,351,<span class=\"_ _1\"></span>7<span class=\"_ _14\"></span>67<span class=\"_ _184\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _1ba\"> </span><span class=\"ff9 ls181 ws15e\">1<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>7<span class=\"_ _37\"></span>7,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>2<span class=\"_ _19b\"> </span></span></span><span class=\"ff9\">80<span class=\"_ _350\"> </span></span></span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, 1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,7<span class=\"_ _1\"></span>67 T<span class=\"_ _14\"></span>r<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res we<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ed (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>677<span class=\"_ _1\"></span>,112)<span class=\"_ _0\"></span>, leav<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce he<span class=\"_ _0\"></span>ld a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>22 of 2<span class=\"_ _0\"></span>0,7<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 22<span class=\"_ _0\"></span>,122<span class=\"_ _0\"></span>,98<span class=\"_ _0\"></span>0). P<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s rece<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d from t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>nce of Treasur<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res to<span class=\"_ _350\"> </span>exercis<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns we<span class=\"_ _0\"></span>re \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed P<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of i<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ve sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a Lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>erm I<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ve Plan<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span> oth<span class=\"_ _0\"></span>er sh<span class=\"_ _0\"></span>are s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>ll s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y-set<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tota<span class=\"_ _0\"></span>l cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e for sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>year w<span class=\"_ _0\"></span>as \u00a378 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion).<span class=\"_ _350\"> </span>Executi<span class=\"_ _0\"></span>ve share a<span class=\"_ _1\"></span>wards<span class=\"_ _350\"> </span>Executiv<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>hare a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds, compri<span class=\"_ _1\"></span>sing bo<span class=\"_ _1\"></span>th Shar<span class=\"_ _1\"></span>e Opt<span class=\"_ _1\"></span>ions and<span class=\"_ _1\"></span> Condition<span class=\"_ _1\"></span>al A<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds, ar<span class=\"_ _1\"></span>e grant<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o the<span class=\"_ _1\"></span> sen<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t team<span class=\"_ _0\"></span>. Sh<span class=\"_ _0\"></span>are O<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s are g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted a<span class=\"_ _0\"></span>t an exer<span class=\"_ _0\"></span>cise p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>dat<span class=\"_ _1\"></span><span class=\"_ _350\">e </span><span class=\"_ _1\"></span>and become<span class=\"_ _1\"></span> pay<span class=\"_ _1\"></span>able on<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>se \u2013<span class=\"_ _1\"></span> follo<span class=\"_ _1\"></span>wing sa<span class=\"_ _1\"></span>tisfaction<span class=\"_ _1\"></span> of perf<span class=\"_ _1\"></span>ormance<span class=\"_ _1\"></span> crit<span class=\"_ _1\"></span>eria. Condi<span class=\"_ _1\"></span>tional<span class=\"_ _350\"> </span>Awards e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>tle t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nt to re<span class=\"_ _0\"></span>ceive s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res at n<span class=\"_ _0\"></span>o cos<span class=\"_ _0\"></span>t foll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of bo<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e fol<span class=\"_ _0\"></span>lowi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> performance<span class=\"_ _1\"></span> crit<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span> and con<span class=\"_ _1\"></span>tinued emplo<span class=\"_ _1\"></span>yment<span class=\"_ _1\"></span> (Performance<span class=\"_ _1\"></span> Share<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>),<span class=\"_ _1\"></span> or just<span class=\"_ _1\"></span> conti<span class=\"_ _1\"></span>nued emplo<span class=\"_ _1\"></span>yment<span class=\"_ _350\"> </span>(T<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>-vested Shares).<span class=\"_ _350\"> </span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7 an<span class=\"_ _0\"></span>d May 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>are g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span><span class=\"_ _350\">over th</span><span class=\"_ _0\"></span>ree yea<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>%)<span class=\"_ _1cf\"> </span><span class=\"ls11c ws10c\">&lt;6%<span class=\"_ _16a\"> </span>6%<span class=\"_ _168\"> </span></span><span class=\"lsa3\">B<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n 6% and 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _186\"> </span><span class=\"ls33 ws31\">\u22651<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Prop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of awa<span class=\"_ _0\"></span>rds ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g (<span class=\"_ _0\"></span>%)<span class=\"_ _d3\"> </span><span class=\"ls35 ws33\">Nil<span class=\"_ _9b\"> </span><span class=\"ls37 ws7b\">20%<span class=\"_ _350\"> </span></span></span>Straigh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>-line be<span class=\"_ _1\"></span>tween<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>% a<span class=\"_ _0\"></span>nd 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _16f\"> </span><span class=\"ls127 wsb1\">100%<span class=\"_ _350\"> </span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d <span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum <span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span>ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h at a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual F<span class=\"_ _0\"></span>X r<span class=\"_ _0\"></span>ates (th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r CAG<span class=\"_ _0\"></span>R)<span class=\"_ _22b\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _123\"> </span><span class=\"ls6d ws64\">4%<span class=\"_ _123\"> </span><span class=\"ls28 ws25\">9%<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h at co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>t F<span class=\"_ _0\"></span>X rates (th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r CAG<span class=\"_ _0\"></span>R)<span class=\"_ _164\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _16a\"> </span><span class=\"ls6d ws64\">4%<span class=\"_ _e2\"> </span><span class=\"ls28 ws25\">9%<span class=\"_ _350\"> </span></span></span></span>Ne<span class=\"_ _0\"></span>t Revenu<span class=\"_ _0\"></span>e gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th (thre<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-year C<span class=\"_ _0\"></span>AG<span class=\"_ _0\"></span>R)<span class=\"_ _2f6\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _123\"> </span><span class=\"ls67 ws5e\">2%<span class=\"_ _16a\"> </span><span class=\"ls11c ws10c\">6%<span class=\"_ _350\"> </span></span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _22c\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _17f\"> </span><span class=\"ls101 ws40\">10.<span class=\"_ _0\"></span>8%<span class=\"_ _17f\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _0\"></span>.8%<span class=\"_ _350\"> </span></span></span></span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>20<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d<span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum<span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span>ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t Revenu<span class=\"_ _0\"></span>e gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th (thre<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-year C<span class=\"_ _0\"></span>AG<span class=\"_ _0\"></span>R)<span class=\"_ _2f6\"> </span><span class=\"lsf1 ws73\">50%<span class=\"_ _1e2\"> </span><span class=\"ls11c ws10c\">1<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _a9\"> </span>4<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _22c\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _16e\"> </span>13.<span class=\"_ _0\"></span>5%<span class=\"_ _17f\"> </span><span class=\"ls12b wsdd\">14.8%<span class=\"_ _350\"> </span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual F<span class=\"_ _0\"></span>X r<span class=\"_ _0\"></span>ates (<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l yea<span class=\"_ _0\"></span>r)<span class=\"_ _1cf\"> </span><span class=\"ls80 ws8b\">12.<span class=\"_ _0\"></span>5%<span class=\"_ _16f\"> </span><span class=\"ls49 ws9\">283p<span class=\"_ _a9\"> </span><span class=\"ls4c wsc\">318p<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>t F<span class=\"_ _0\"></span>X rates (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _290\"> </span><span class=\"ls80 ws8b\">1<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5%<span class=\"_ _189\"> </span><span class=\"lsb9 wsb5\">3<span class=\"_ _0\"></span>04p<span class=\"_ _9f\"> </span><span class=\"ls6d ws64\">341<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span></span></span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>T<span class=\"_ _1\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 fo<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of I<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>N Ch<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive o<span class=\"_ _0\"></span>f ens<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>w tar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re no h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>or ea<span class=\"_ _1\"></span>sier t<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>hiev<span class=\"_ _1\"></span>e than<span class=\"_ _1\"></span> the or<span class=\"_ _1\"></span>iginal tar<span class=\"_ _1\"></span>gets<span class=\"_ _350\"> </span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>21<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d<span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum<span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span>ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Like-fo<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>-l<span class=\"_ _0\"></span>ike Net R<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h (thre<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>year C<span class=\"_ _0\"></span>AGR)<span class=\"_ _2f7\"> </span><span class=\"lsf1 ws73\">50%<span class=\"_ _207\"> </span><span class=\"ls11c ws10c\">0<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _a9\"> </span>4<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _22c\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _16e\"> </span><span class=\"ls12c ws118\">1<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>.7<span class=\"_ _0\"></span>%<span class=\"_ _16e\"> </span><span class=\"ls6d ws64\">1<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>4%<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual F<span class=\"_ _0\"></span>X r<span class=\"_ _0\"></span>ates (<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l yea<span class=\"_ _0\"></span>r)<span class=\"_ _1cf\"> </span><span class=\"ls80 ws8b\">12.<span class=\"_ _0\"></span>5%<span class=\"_ _16f\"> </span><span class=\"lsd ws7a\">28<span class=\"_ _0\"></span>9p<span class=\"_ _16f\"> </span><span class=\"lsda wsaa\">360p<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>t F<span class=\"_ _0\"></span>X rates (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _290\"> </span><span class=\"ls80 ws8b\">1<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5%<span class=\"_ _16f\"> </span><span class=\"ls4c wsc\">308p<span class=\"_ _16f\"> </span></span>382p<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>T<span class=\"_ _1\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 fo<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of I<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>N Ch<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive o<span class=\"_ _0\"></span>f ens<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>w tar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re no h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>or ea<span class=\"_ _1\"></span>sier t<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>hiev<span class=\"_ _1\"></span>e than<span class=\"_ _1\"></span> the or<span class=\"_ _1\"></span>iginal tar<span class=\"_ _1\"></span>gets<span class=\"_ _350\"> </span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d<span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum<span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0% v<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Like-fo<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>-l<span class=\"_ _0\"></span>ike Net R<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h (thre<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>year C<span class=\"_ _0\"></span>AGR)<span class=\"_ _298\"> </span><span class=\"ls127 wsb1\">40%<span class=\"_ _e2\"> </span><span class=\"ls67 ws5e\">2%<span class=\"_ _42\"> </span><span class=\"ls80 ws8b\">5%<span class=\"_ _350\"> </span></span></span></span>Relat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> T<span class=\"_ _14\"></span>otal Shar<span class=\"_ _1\"></span>eholder Re<span class=\"_ _1\"></span>turn<span class=\"_ _2f8\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _182\"> </span><span class=\"lse9 ws2d\">Median<span class=\"_ _2b\"> </span><span class=\"ws73\">Upper quartile<span class=\"_ _350\"> </span></span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _2f9\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _16e\"> </span><span class=\"ls34 ws75\">13.2%<span class=\"_ _109\"> </span><span class=\"ls67 ws5e\">15.2%<span class=\"_ _350\"> </span></span></span></span>Perc<span class=\"_ _1\"></span>entage<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> net r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>enue fr<span class=\"_ _1\"></span>om mor<span class=\"_ _1\"></span>e sustai<span class=\"_ _1\"></span>nable products<span class=\"_ _210\"> </span><span class=\"ls80 ws8b\">5%<span class=\"_ _9b\"> </span><span class=\"ls128 wsb2\">30%<span class=\"_ _184\"> </span><span class=\"ls4c wsc\">33%<span class=\"_ _350\"> </span></span></span></span>Perc<span class=\"_ _1\"></span>entage reduction in Greenhouse<span class=\"_ _1\"></span> Gas (<span class=\"_ _1\"></span>GHG) emissions<span class=\"_ _350\"> </span><span class=\"_ _350\">in o</span><span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s<span class=\"_ _2fa\"> </span><span class=\"ls80 ws8b\">5%<span class=\"_ _9b\"> </span>6<span class=\"_ _0\"></span>5%<span class=\"_ _184\"> </span><span class=\"lsd ws7a\">69<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>The c<span class=\"_ _0\"></span>ost i<span class=\"_ _0\"></span>s sp<span class=\"_ _0\"></span>read over t<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e Exe<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>tive Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ers o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up Le<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p T<span class=\"_ _1\"></span>eam<span class=\"_ _0\"></span>, vest<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns m<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t be m<span class=\"_ _0\"></span>et over th<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span><span class=\"_ _350\">d are n</span><span class=\"_ _0\"></span>ot retes<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs of t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>or m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent tea<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>, for awa<span class=\"_ _0\"></span>rds g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>or to 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span> tar<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>n be rete<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d in yea<span class=\"_ _0\"></span>rs fo<span class=\"_ _0\"></span>ur o<span class=\"_ _0\"></span>r five of t<span class=\"_ _0\"></span>he sc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>me. I<span class=\"_ _0\"></span>f any t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>et ha<span class=\"_ _0\"></span>s not b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n met<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>ny rema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>sha<span class=\"_ _0\"></span>res o<span class=\"_ _0\"></span>r opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ich h<span class=\"_ _0\"></span>ave not ves<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l la<span class=\"_ _0\"></span>pse. F<span class=\"_ _0\"></span>or awa<span class=\"_ _0\"></span>rds g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>n May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>her<span class=\"_ _0\"></span>eaf<span class=\"_ _0\"></span>ter,<span class=\"_ _350\"> </span>vest<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns m<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t be m<span class=\"_ _0\"></span>et over th<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e not re<span class=\"_ _0\"></span>teste<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent S<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YE S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es (offere<span class=\"_ _0\"></span>d to al<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>f wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>evan<span class=\"_ _0\"></span>t ge<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ic ar<span class=\"_ _0\"></span>ea)<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of S<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r Exe<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>tive S<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e Ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ip Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy P<span class=\"_ _0\"></span>lan (S<span class=\"_ _0\"></span>OP<span class=\"_ _0\"></span>P) awa<span class=\"_ _0\"></span>rds<span class=\"_ _0\"></span>. Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds have<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l li<span class=\"_ _0\"></span>ves of bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d eig<span class=\"_ _0\"></span>ht yea<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y not s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to a<span class=\"_ _0\"></span>ny vest<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>a<span class=\"_ _350\"> </span>oth<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyee<span class=\"_ _0\"></span>\u2019s con<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>ese ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l for de<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>refor<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>hav<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> been aggr<span class=\"_ _1\"></span>egat<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> the ta<span class=\"_ _1\"></span>bles f<span class=\"_ _1\"></span>ollo<span class=\"_ _1\"></span>wing.<span class=\"_ _350\"> </span>Summary of<span class=\"_ _1\"></span> shares<span class=\"_ _1\"></span> outstanding<span class=\"_ _350\"> </span>Al<span class=\"_ _0\"></span>l ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Exe<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds as a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>e the c<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ge for 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as use<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Bl<span class=\"_ _0\"></span>ack-Scho<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of on<span class=\"_ _0\"></span>e awa<span class=\"_ _0\"></span>rd on t<span class=\"_ _0\"></span>he da<span class=\"_ _0\"></span>te of th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nt of t<span class=\"_ _0\"></span>he awa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>A<span class=\"_ _1\"></span>ward<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t are<span class=\"_ _1\"></span> subject t<span class=\"_ _1\"></span>o T<span class=\"_ _14\"></span>otal<span class=\"_ _1\"></span> Shareholder<span class=\"_ _1\"></span> Ret<span class=\"_ _1\"></span>urn (TSR)<span class=\"_ _1\"></span> performance<span class=\"_ _1\"></span> condit<span class=\"_ _1\"></span>ions, ha<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> been v<span class=\"_ _1\"></span>alued<span class=\"_ _350\"> </span><span class=\"_ _350\">by a thi</span><span class=\"_ _0\"></span>rd-<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y spe<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>st u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e Mo<span class=\"_ _0\"></span>nte Ca<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>o mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed P<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ab<span class=\"_ _0\"></span>le 1: Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>The m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt awa<span class=\"_ _0\"></span>rds a<span class=\"_ _0\"></span>re sha<span class=\"_ _0\"></span>re op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al awa<span class=\"_ _0\"></span>rds<span class=\"_ _0\"></span>, d<span class=\"_ _0\"></span>etai<span class=\"_ _0\"></span>ls of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch have be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.<span class=\"_ _350\"> </span>Black<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Scholes model<span class=\"_ _1\"></span> assump<span class=\"_ _1\"></span>tions<span class=\"_ _350\"> </span>Awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _dd\"> </span><span class=\"lsa4 wsf5\">G<span class=\"_ _0\"></span>rant date<span class=\"_ _350\"> </span></span>Exerci<span class=\"_ _0\"></span>se price <span class=\"ws0\"> </span>at grant<span class=\"lsa ws0\"> </span>\u00a3<span class=\"_ _350\"> </span>Modified <span class=\"lsa ws0\"> </span>exercise price<span class=\"lsa ws0\"> </span>\u00a3<span class=\"_ _350\"> </span>Per<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>nce<span class=\"_ _350\"> </span>period<span class=\"_ _350\"> </span>Share<span class=\"_ _1\"></span> price<span class=\"_ _1\"></span> on<span class=\"_ _350\"> </span>grant date <span class=\"lsa ws0\"> </span>\u00a3<span class=\"_ _350\"> </span>V<span class=\"_ _1\"></span>olatility <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>%<span class=\"_ _350\"> </span>Dividend yield<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>%<span class=\"_ _350\"> </span>Life <span class=\"lsa ws0\"> </span>years<span class=\"_ _350\"> </span>Risk<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>free <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rate<span class=\"lsa ws0\"> </span>%<span class=\"_ _350\"> </span>Fair v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f <span class=\"lsa\"> </span>one a<span class=\"_ _1\"></span>ward<span class=\"lsa ws0\"> </span>\u00a3<span class=\"_ _350\"> </span>Share options<span class=\"_ _350\"> </span>2013<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">3 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _2a1\"> </span><span class=\"ls137 ws126\">3<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>4<span class=\"_ _104\"> </span><span class=\"ls37 ws7b\">3<span class=\"_ _0\"></span>8.06<span class=\"_ _172\"> </span><span class=\"ls67 ws5e\">2013\u201315<span class=\"_ _104\"> </span></span></span>3<span class=\"_ _37\"></span>9.<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>6<span class=\"_ _2fb\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _171\"> </span><span class=\"ls12b wsdd\">4.3<span class=\"_ _1c3\"> </span></span></span></span><span class=\"lsa\">4<span class=\"_ _10e\"> </span><span class=\"ls125 ws114\">0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>61<span class=\"_ _158\"> </span><span class=\"ls4c wsc\">3.29<span class=\"_ _350\"> </span></span></span></span></span>2014<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">1<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _23b\"> </span><span class=\"ls113 ws101\">4<span class=\"_ _0\"></span>7.<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>3<span class=\"_ _132\"> </span><span class=\"ls35 ws33\">4<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>51<span class=\"_ _172\"> </span><span class=\"ls7d ws74\">20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>\u201316<span class=\"_ _104\"> </span><span class=\"lsd ws7a\">4<span class=\"_ _0\"></span>6.69<span class=\"_ _ad\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _164\"> </span><span class=\"ls12c ws118\">3.7<span class=\"_ _1d6\"> </span></span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _11a\"> </span><span class=\"ls13e ws12b\">0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>76<span class=\"_ _e1\"> </span><span class=\"ls12b wsdd\">3<span class=\"_ _0\"></span>.85<span class=\"_ _350\"> </span></span></span></span></span>2015<span class=\"_ _12b\"> </span><span class=\"ls30 ws0\">1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>14<span class=\"_ _2fc\"> </span><span class=\"lsa9 wsd9\">50<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>57<span class=\"_ _104\"> </span>50<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>57<span class=\"_ _1e2\"> </span><span class=\"ls67 ws5e\">2015\u20131<span class=\"_ _1\"></span>7<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">52.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _ad\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _171\"> </span><span class=\"ls37 ws7b\">4.0<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _1af\"> </span><span class=\"ls35 ws33\">1<span class=\"_ _0\"></span>.03<span class=\"_ _bf\"> </span><span class=\"ls12b wsdd\">4.34<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>2016<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">2 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5<span class=\"_ _121\"> </span><span class=\"ls4c wsc\">63.2<span class=\"_ _0\"></span>5<span class=\"_ _12a\"> </span>63<span class=\"_ _0\"></span>.25<span class=\"_ _172\"> </span><span class=\"ls7d ws74\">20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>\u20131<span class=\"_ _0\"></span>8<span class=\"_ _118\"> </span><span class=\"ls136 ws125\">6<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>5<span class=\"_ _ad\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _164\"> </span><span class=\"ls11c ws10c\">2.9<span class=\"_ _1d6\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _1af\"> </span><span class=\"ls87 wsdc\">1<span class=\"_ _0\"></span>.07<span class=\"_ _109\"> </span><span class=\"ls12c ws118\">6<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span></span></span></span>20<span class=\"_ _0\"></span>17<span class=\"_ _1e0\"> </span><span class=\"ls30 ws0\">1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>6<span class=\"_ _23f\"> </span><span class=\"ls113 ws101\">6<span class=\"_ _0\"></span>7.<span class=\"_ _37\"></span>6<span class=\"_ _4f\"></span>8<span class=\"_ _106\"> </span>6<span class=\"_ _0\"></span>7.<span class=\"_ _37\"></span>6<span class=\"_ _4f\"></span>8<span class=\"_ _16d\"> </span><span class=\"ls7d ws74\">20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7\u201319<span class=\"_ _104\"> </span><span class=\"ls49 ws9\">66.<span class=\"_ _0\"></span>28<span class=\"_ _2f5\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _171\"> </span><span class=\"ls37 ws7b\">3.0<span class=\"_ _40\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.4<span class=\"_ _0\"></span>6<span class=\"_ _bf\"> </span><span class=\"ls36 ws2e\">5.54<span class=\"_ _350\"> </span></span></span></span></span>2018<span class=\"_ _a6\"> </span><span class=\"ls7f wsd9\">3<span class=\"_ _0\"></span>0 N<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>17<span class=\"_ _1d1\"> </span><span class=\"ls11c ws10c\">6<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>9<span class=\"_ _104\"> </span>6<span class=\"_ _37\"></span>4.9<span class=\"_ _37\"></span>9<span class=\"_ _178\"> </span><span class=\"ls37 ws7b\">2018<span class=\"_ _0\"></span>\u201320<span class=\"_ _12a\"> </span><span class=\"ls12b wsdd\">64.86<span class=\"_ _2f5\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _171\"> </span><span class=\"lsda wsaa\">3.4<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _bf\"> </span><span class=\"ls101 ws40\">0.6<span class=\"_ _0\"></span>8<span class=\"_ _bf\"> </span><span class=\"lsf1 ws73\">5.58<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>2019<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">1<span class=\"_ _37\"></span>0 May 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>9<span class=\"_ _117\"> </span><span class=\"ls101 ws40\">60.83<span class=\"_ _12a\"> </span>6<span class=\"_ _0\"></span>0.83<span class=\"_ _172\"> </span><span class=\"ls67 ws5e\">2019\u201321<span class=\"_ _106\"> </span><span class=\"ls125 ws114\">61<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _19b\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _171\"> </span><span class=\"ls12c ws118\">3<span class=\"_ _37\"></span>.7<span class=\"_ _40\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.<span class=\"_ _0\"></span>83<span class=\"_ _bf\"> </span>5.<span class=\"_ _0\"></span>89<span class=\"_ _350\"> </span></span></span></span>2020<span class=\"_ _10c\"> </span><span class=\"wsaa\">1 Ma<span class=\"_ _1\"></span>y 2020<span class=\"_ _2fd\"> </span><span class=\"ls37 ws7b\">65.20<span class=\"_ _104\"> </span>65.20<span class=\"_ _183\"> </span>2020<span class=\"_ _0\"></span>\u201322<span class=\"_ _d9\"> </span><span class=\"ls12c ws118\">6<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>.70<span class=\"_ _ad\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _171\"> </span><span class=\"ls12b wsdd\">2.6<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.<span class=\"_ _0\"></span>55<span class=\"_ _11a\"> </span><span class=\"ls113 ws101\">7.<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>6<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span>2021<span class=\"_ _bf\"> </span><span class=\"ls30 ws0\">28 May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _5a\"> </span><span class=\"ls12b wsdd\">64.67<span class=\"_ _12a\"> </span>64.67<span class=\"_ _186\"> </span><span class=\"ls7e ws9c\">202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>\u20132<span class=\"_ _0\"></span>3<span class=\"_ _210\"> </span><span class=\"ls4c wsc\">63.68<span class=\"_ _13c\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _13c\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _0\"></span>.1<span class=\"_ _1d6\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _e1\"> </span><span class=\"ls37 ws7b\">0.<span class=\"_ _0\"></span>20<span class=\"_ _e1\"> </span><span class=\"ls113 ws101\">7.<span class=\"_ _4f\"></span>8<span class=\"_ _37\"></span>4<span class=\"_ _350\"> </span></span></span></span></span>2022<span class=\"_ _29f\"> </span><span class=\"lse9 wsaa\">20 Ma<span class=\"_ _1\"></span>y 20<span class=\"_ _1\"></span>22<span class=\"_ _1d8\"> </span><span class=\"ls7b wsa8\">63<span class=\"_ _0\"></span>.32<span class=\"_ _104\"> </span>63<span class=\"_ _0\"></span>.32<span class=\"_ _178\"> </span><span class=\"ls125 ws114\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2-24<span class=\"_ _104\"> </span></span></span><span class=\"ws2d\">62<span class=\"_ _0\"></span>.42<span class=\"_ _2fe\"> </span>22<span class=\"_ _171\"> </span></span><span class=\"lsda\">2.2<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _1b3\"> </span><span class=\"ls4c wsc\">1.31<span class=\"_ _11a\"> </span><span class=\"ls113 ws101\">7.<span class=\"_ _37\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span></span></span></span>Co<span class=\"_ _1\"></span>nditi<span class=\"_ _1\"></span>onal<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>ward<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>2018<span class=\"_ _a6\"> </span><span class=\"ls7f wsd9\">3<span class=\"_ _0\"></span>0 N<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>17<span class=\"_ _173\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _178\"> </span><span class=\"ls37 ws7b\">2018<span class=\"_ _0\"></span>\u201320<span class=\"_ _12a\"> </span><span class=\"ls12b wsdd\">64.86<span class=\"_ _2f5\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _171\"> </span><span class=\"lsda wsaa\">3.4<span class=\"_ _1c3\"> </span></span></span></span></span>4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.6<span class=\"_ _0\"></span>8<span class=\"_ _132\"> </span><span class=\"lsda wsaa\">56.<span class=\"_ _1\"></span>71<span class=\"_ _350\"> </span></span></span></span></span>2019<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">1<span class=\"_ _37\"></span>0 May 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>9<span class=\"_ _244\"> </span><span class=\"lsa\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _172\"> </span><span class=\"ls67 ws5e\">2019\u201321<span class=\"_ _106\"> </span><span class=\"ls125 ws114\">61.<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>0<span class=\"_ _ad\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _2ff\"> </span><span class=\"ls12c ws118\">3<span class=\"_ _0\"></span>.7<span class=\"_ _1d6\"> </span></span></span></span></span>4<span class=\"_ _bf\"> </span><span class=\"ls101 ws40\">0.8<span class=\"_ _0\"></span>3<span class=\"_ _210\"> </span><span class=\"ls7e ws9c\">5<span class=\"_ _0\"></span>3.02<span class=\"_ _350\"> </span></span></span></span></span>2020<span class=\"_ _10c\"> </span><span class=\"wsaa\">1 Ma<span class=\"_ _1\"></span>y 2020<span class=\"_ _15b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _183\"> </span><span class=\"ls37 ws7b\">2020<span class=\"_ _0\"></span>\u201322<span class=\"_ _d9\"> </span><span class=\"ls12c ws118\">6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _ad\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _171\"> </span><span class=\"ls12b wsdd\">2.6<span class=\"_ _40\"> </span></span></span></span></span>4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.55<span class=\"_ _190\"> </span><span class=\"ls137 ws126\">5<span class=\"_ _37\"></span>9.1<span class=\"_ _37\"></span>7<span class=\"_ _350\"> </span></span></span></span></span>2021<span class=\"_ _bf\"> </span><span class=\"ls30 ws0\">28 May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _279\"> </span><span class=\"lsa\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _a9\"> </span><span class=\"ls8f ws83\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>-2<span class=\"_ _0\"></span>3<span class=\"_ _210\"> </span><span class=\"ls4c wsc\">63<span class=\"_ _0\"></span>.68<span class=\"_ _13c\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _13c\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _0\"></span>.1<span class=\"_ _1d6\"> </span></span></span></span></span>4<span class=\"_ _e1\"> </span><span class=\"ls37 ws7b\">0.20<span class=\"_ _210\"> </span><span class=\"ls4c wsc\">58.65<span class=\"_ _350\"> </span></span></span></span></span>2022<span class=\"_ _29f\"> </span><span class=\"lse9 wsaa\">20 Ma<span class=\"_ _1\"></span>y 20<span class=\"_ _1\"></span>22<span class=\"_ _2c4\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _178\"> </span><span class=\"ls125 ws114\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2-24<span class=\"_ _104\"> </span></span></span><span class=\"ws2d\">62<span class=\"_ _0\"></span>.42<span class=\"_ _13c\"> </span>22<span class=\"_ _2ff\"> </span></span><span class=\"lsda\">2.2<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _138\"> </span><span class=\"ls4c wsc\">1<span class=\"_ _0\"></span>.31<span class=\"_ _12a\"> </span><span class=\"ls37 ws7b\">43.6<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span></span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed P<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ab<span class=\"_ _0\"></span>le 2: Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e awa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>s movem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 an<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span>Awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>Opti<span class=\"_ _0\"></span>ons<span class=\"_ _350\"> </span>outstanding at<span class=\"_ _1\"></span> <span class=\"_ _350\">1 Ja</span><span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span>number<span class=\"_ _350\"> </span>Granted/<span class=\"_ _350\"> </span>adjus<span class=\"_ _0\"></span>tments<span class=\"lsa ws0\"> </span>number<span class=\"_ _350\"> </span>Lapsed<span class=\"lsa ws0\"> </span>number<span class=\"_ _350\"> </span>Exercised/<span class=\"_ _0\"></span>vested<span class=\"_ _350\"> </span>number<span class=\"_ _350\"> </span>Options<span class=\"_ _350\"> </span>outstanding<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> <span class=\"_ _350\">31 D</span><span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>number<span class=\"_ _350\"> </span>Gra<span class=\"_ _0\"></span>nted/<span class=\"_ _350\"> </span>adjustments<span class=\"lsa ws0\"> </span>number<span class=\"_ _350\"> </span>Lapsed<span class=\"lsa ws0\"> </span>number<span class=\"_ _350\"> </span>Exercised/<span class=\"_ _350\"> </span>ve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d numbe<span class=\"_ _1\"></span>r<span class=\"_ _350\"> </span>Options<span class=\"_ _350\"> </span>outstanding<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> <span class=\"_ _350\">31 D</span><span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>number<span class=\"_ _350\"> </span>Share options<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>2012<span class=\"_ _2c0\"> </span><span class=\"ls6d ws64\">1<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>1<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span><span class=\"lsa9 wsd9\">(2,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>)<span class=\"_ _2ab\"> </span></span></span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>2013<span class=\"_ _162\"> </span><span class=\"ls181 ws15e\">2<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>7,<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>0<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _16d\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>7<span class=\"_ _0\"></span>9,<span class=\"_ _4f\"></span>3<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _21a\"> </span><span class=\"ff1 ls9e ws76\">168,40<span class=\"_ _1\"></span>7<span class=\"_ _40\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _16e\"> </span><span class=\"lsdf ws34\">(16<span class=\"_ _0\"></span>6,350)<span class=\"_ _116\"> </span><span class=\"ls33 ws31\">2<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>57<span class=\"_ _350\"> </span></span></span></span></span></span></span></span>2014<span class=\"_ _2b3\"> </span><span class=\"ls181 ws15e\">4<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>2<span class=\"_ _37\"></span>9<span class=\"_ _37\"></span>6<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _141\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _189\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>9,1<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>)<span class=\"_ _de\"> </span><span class=\"ff1 ls12b wsdd\">284<span class=\"_ _0\"></span>,810<span class=\"_ _1d6\"> </span></span></span></span><span class=\"ff1\">\u2013<span class=\"_ _16a\"> </span>(1<span class=\"_ _0\"></span>,02<span class=\"_ _0\"></span>9)<span class=\"_ _16f\"> </span><span class=\"lsa3 ws115\">(5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>2)<span class=\"_ _16e\"> </span><span class=\"ls110 wsff\">2<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>7,<span class=\"_ _37\"></span>3<span class=\"_ _4f\"></span>6<span class=\"_ _37\"></span>9<span class=\"_ _350\"> </span></span></span></span></span></span>2015<span class=\"_ _300\"> </span><span class=\"ls18e ws16b\">74<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>6<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _151\"> </span><span class=\"ls5d ws54\">(1<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>000<span class=\"_ _1\"></span>)<span class=\"_ _16c\"> </span>(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>000<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span><span class=\"ff1 ls85 ws79\">4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _116\"> </span><span class=\"ls17f ws15c\">(2,<span class=\"_ _1\"></span>000<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>8)<span class=\"_ _16e\"> </span><span class=\"ls12f ws11a\">3<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span>2016<span class=\"_ _2a4\"> </span><span class=\"ls127 wsb1\">1,<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>20,80<span class=\"_ _1\"></span>2<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16e\"> </span>(3<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>9)<span class=\"_ _17f\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>9,<span class=\"_ _4f\"></span>8<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _de\"> </span><span class=\"ff1 ls67 ws5e\">56<span class=\"_ _1\"></span>7<span class=\"_ _14\"></span>,553<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1e2\"> </span><span class=\"ls118 ws108\">(<span class=\"_ _0\"></span>76<span class=\"_ _37\"></span>,9<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _189\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>9,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>6)<span class=\"_ _de\"> </span><span class=\"ls13d wse2\">431,325<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span>20<span class=\"_ _0\"></span>17<span class=\"_ _2b3\"> </span><span class=\"ls30 ws88\">573<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>07<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _185\"> </span><span class=\"ls6d ws64\">(82<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>376)<span class=\"_ _dd\"> </span><span class=\"lsa3 ws115\">(8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _de\"> </span><span class=\"ff1 ls12e ws35\">490,<span class=\"_ _1\"></span>681<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _a9\"> </span><span class=\"ls5c ws86\">(96<span class=\"_ _1\"></span>,305)<span class=\"_ _ad\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _178\"> </span><span class=\"ls118 ws108\">3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>76<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>2018<span class=\"_ _55\"> </span><span class=\"ls28 ws25\">1,83<span class=\"_ _14\"></span>7<span class=\"_ _14\"></span>,<span class=\"_ _0\"></span>548<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _21a\"> </span><span class=\"ls49 ws9\">(839<span class=\"_ _14\"></span>,<span class=\"_ _0\"></span>095)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _189\"> </span><span class=\"ff1 ls36 ws2e\">9<span class=\"_ _0\"></span>98,45<span class=\"_ _0\"></span>3<span class=\"_ _1d6\"> </span></span><span class=\"ff1\">\u2013<span class=\"_ _9f\"> </span><span class=\"ls12e ws35\">(<span class=\"_ _1\"></span>86,068<span class=\"_ _1\"></span>)<span class=\"_ _ad\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _207\"> </span></span>912,385<span class=\"_ _350\"> </span></span></span></span></span></span></span>2019<span class=\"_ _112\"> </span><span class=\"ls12b wsdd\">2,086,058<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _207\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,79<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _126\"> </span></span>\u2013<span class=\"_ _c3\"> </span><span class=\"ff1 lsb9 wsb5\">1,824,<span class=\"_ _0\"></span>262<span class=\"_ _12a\"> </span><span class=\"ls118 ws108\">8<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>76<span class=\"_ _17f\"> </span><span class=\"ls7b wsa8\">(73<span class=\"_ _0\"></span>3,733)<span class=\"_ _17f\"> </span></span></span></span><span class=\"ff1\">(<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>42)<span class=\"_ _c0\"> </span><span class=\"ls37 ws7b\">1,07<span class=\"_ _1\"></span>4,06<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span></span>2020<span class=\"_ _28b\"> </span><span class=\"ls11b ws10b\">2,<span class=\"_ _37\"></span>595<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>52<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span></span>(<span class=\"_ _0\"></span>378<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>9)<span class=\"_ _126\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"ff1 ls49 ws9\">2<span class=\"_ _0\"></span>,21<span class=\"_ _0\"></span>6,52<span class=\"_ _0\"></span>3<span class=\"_ _fd\"> </span><span class=\"ls9e ws76\">(<span class=\"_ _1\"></span>2,400<span class=\"_ _1\"></span>)<span class=\"_ _16c\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>9,<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _19d\"> </span><span class=\"ls127 wsb1\">1,86<span class=\"_ _0\"></span>4,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>07<span class=\"_ _350\"> </span></span></span></span></span></span></span></span>2021<span class=\"_ _301\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16c\"> </span><span class=\"ls7c ws8a\">3,075,<span class=\"_ _0\"></span>575<span class=\"_ _16e\"> </span><span class=\"lse7 ws112\">(205,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6)<span class=\"_ _126\"> </span></span></span>\u2013<span class=\"_ _200\"> </span><span class=\"ff1 ls12f ws11a\">2<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>9<span class=\"_ _143\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _c8\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>576<span class=\"_ _0\"></span>)<span class=\"_ _da\"> </span></span></span></span><span class=\"ff1\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls36 ws2e\">2,<span class=\"_ _0\"></span>423,353<span class=\"_ _350\"> </span></span></span></span>2022<span class=\"_ _293\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _c3\"> </span><span class=\"ls9e ws76\">3,<span class=\"_ _1\"></span>104,3<span class=\"_ _1\"></span>25<span class=\"_ _d1\"> </span><span class=\"ls7b wsa8\">(2<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>5)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls67 ws5e\">2,855,820<span class=\"_ _350\"> </span></span></span></span></span></span></span>Performance<span class=\"_ _1\"></span> shares<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>2016<span class=\"_ _162\"> </span><span class=\"ls2f ws87\">124,8<span class=\"_ _0\"></span>63<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _189\"> </span></span>(124<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span>63)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>20<span class=\"_ _0\"></span>17<span class=\"_ _24e\"> </span><span class=\"ls33 ws31\">175<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span></span>(17<span class=\"_ _0\"></span>5)<span class=\"_ _126\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>2018<span class=\"_ _14f\"> </span>835,82<span class=\"_ _0\"></span>3<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"lsda wsaa\">(389<span class=\"_ _14\"></span>,<span class=\"_ _0\"></span>368)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"ff1 ls36 ws2e\">4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6,455<span class=\"_ _d6\"> </span></span><span class=\"ff1\">\u2013<span class=\"_ _9b\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _126\"> </span></span>\u2013<span class=\"_ _189\"> </span><span class=\"ls37 ws7b\">4<span class=\"_ _0\"></span>02,<span class=\"_ _0\"></span>326<span class=\"_ _350\"> </span></span></span></span></span></span>2019<span class=\"_ _25d\"> </span><span class=\"ls130 ws11b\">1<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>6<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"ls128 wsb2\">(1<span class=\"_ _1\"></span>75,064<span class=\"_ _1\"></span>)<span class=\"_ _189\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4)<span class=\"_ _16f\"> </span><span class=\"ff1 lsb9 wsb5\">827<span class=\"_ _14\"></span>,718<span class=\"_ _143\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,70<span class=\"_ _37\"></span>8<span class=\"_ _de\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _17f\"> </span><span class=\"ls38 ws36\">(172<span class=\"_ _0\"></span>,917<span class=\"_ _0\"></span>)<span class=\"_ _de\"> </span><span class=\"ls4c wsc\">296,168<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>2020<span class=\"_ _55\"> </span><span class=\"ls4c wsc\">1,160,465<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsa3 ws115\">(1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>0)<span class=\"_ _126\"> </span></span>\u2013<span class=\"_ _207\"> </span><span class=\"ff1 ls12f ws11a\">9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>5<span class=\"_ _132\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>,70<span class=\"_ _0\"></span>0<span class=\"_ _178\"> </span><span class=\"ls30 ws88\">(<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>70)<span class=\"_ _da\"> </span></span></span></span><span class=\"ff1\">\u2013<span class=\"_ _9f\"> </span><span class=\"lsd ws7a\">81<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>275<span class=\"_ _350\"> </span></span></span></span></span>2021<span class=\"_ _301\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4c wsc\">1,3<span class=\"_ _0\"></span>48,016<span class=\"_ _fd\"> </span><span class=\"ls181 ws15e\">(<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>7,<span class=\"_ _0\"></span>7<span class=\"_ _4f\"></span>1<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>)<span class=\"_ _2ab\"> </span></span></span>\u2013<span class=\"_ _1d2\"> </span><span class=\"ff1 ls49 ws9\">1,<span class=\"_ _0\"></span>250,<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span>0<span class=\"_ _123\"> </span><span class=\"ls67 ws5e\">(1,200)<span class=\"_ _19d\"> </span></span></span><span class=\"ff1\">(21<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9)<span class=\"_ _da\"> </span>\u2013<span class=\"_ _17f\"> </span><span class=\"lsa3 ws115\">1<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0,<span class=\"_ _37\"></span>411<span class=\"_ _350\"> </span></span></span></span>2022<span class=\"_ _293\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls110 wsff\">1<span class=\"_ _37\"></span>,<span class=\"_ _4f\"></span>3<span class=\"_ _37\"></span>9<span class=\"_ _37\"></span>7,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>8<span class=\"_ _4f\"></span>6<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">(120,539)<span class=\"_ _ad\"> </span></span></span>\u2013<span class=\"_ _16c\"> </span><span class=\"ls118 ws108\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>47<span class=\"_ _350\"> </span></span></span></span>Time-<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> shar<span class=\"_ _1\"></span>es<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>2016<span class=\"_ _302\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>20<span class=\"_ _0\"></span>17<span class=\"_ _302\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>2018<span class=\"_ _2c0\"> </span><span class=\"ls12b wsdd\">14,036<span class=\"_ _e2\"> </span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>97<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>3)<span class=\"_ _16a\"> </span><span class=\"ff1 ls17f ws15c\">1,<span class=\"_ _1\"></span>000<span class=\"_ _40\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _123\"> </span></span>(1,<span class=\"_ _1\"></span>000<span class=\"_ _14\"></span>)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span></span></span></span></span></span>2019<span class=\"_ _303\"> </span><span class=\"ls85 ws79\">8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4)<span class=\"_ _110\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _9f\"> </span></span>(3<span class=\"_ _0\"></span>1,<span class=\"_ _37\"></span>38<span class=\"_ _0\"></span>3)<span class=\"_ _1e2\"> </span><span class=\"ff1 ls110 wsff\">3<span class=\"_ _37\"></span>7,<span class=\"_ _4f\"></span>8<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>3<span class=\"_ _45\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _fd\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>0)<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">(30,553)<span class=\"_ _fd\"> </span><span class=\"ls17f ws15c\">5,<span class=\"_ _1\"></span>000<span class=\"_ _350\"> </span></span></span></span></span></span></span></span>2020<span class=\"_ _300\"> </span><span class=\"ls2f ws87\">243,912<span class=\"_ _dd\"> </span><span class=\"ls181 ws15e\">7,<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>2<span class=\"_ _110\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>62)<span class=\"_ _16f\"> </span><span class=\"ls30 ws88\">(8<span class=\"_ _37\"></span>4,9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _189\"> </span><span class=\"ff1 ls49 ws9\">150,797<span class=\"_ _fd\"> </span><span class=\"ls7b wsa8\">(3,<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>5)<span class=\"_ _16f\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6)<span class=\"_ _172\"> </span><span class=\"lsb9 wsb5\">(71,713<span class=\"_ _1\"></span>)<span class=\"_ _a9\"> </span><span class=\"lsdf ws34\">63,663<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>2021<span class=\"_ _301\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16d\"> </span><span class=\"ls12c ws118\">3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>7<span class=\"_ _9b\"> </span></span>(28<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>49)<span class=\"_ _16f\"> </span><span class=\"lse7 ws112\">(2<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>6)<span class=\"_ _17f\"> </span><span class=\"ff1 ls111 ws32\">338,7<span class=\"_ _1\"></span>52<span class=\"_ _1e0\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0)<span class=\"_ _de\"> </span><span class=\"ls131 ws11c\">(<span class=\"_ _14\"></span>48,080<span class=\"_ _1\"></span>)<span class=\"_ _16e\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _183\"> </span><span class=\"ls8e ws81\">2<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>0,1<span class=\"_ _37\"></span>37<span class=\"_ _350\"> </span></span></span></span></span></span></span></span>2022<span class=\"_ _293\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _189\"> </span><span class=\"lsdf ws34\">384,<span class=\"_ _0\"></span>508<span class=\"_ _110\"> </span><span class=\"ls7c ws8a\">(35,<span class=\"_ _0\"></span>511)<span class=\"_ _189\"> </span><span class=\"ls131 ws11c\">(12,080<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span><span class=\"ls85 ws79\">33<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,9<span class=\"_ _37\"></span>17<span class=\"_ _350\"> </span></span></span></span></span></span></span>Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e awa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>U<span class=\"_ _37\"></span>K<span class=\"_ _0\"></span> S<span class=\"_ _37\"></span>AY<span class=\"_ _37\"></span>E<span class=\"_ _304\"> </span><span class=\"ls6d ws64\">73<span class=\"_ _0\"></span>8,<span class=\"_ _37\"></span>410<span class=\"_ _a9\"> </span><span class=\"ls2f ws87\">383,<span class=\"_ _0\"></span>424<span class=\"_ _183\"> </span><span class=\"ls128 wsb2\">(148,654)<span class=\"_ _c9\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>02,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3)<span class=\"_ _17f\"> </span><span class=\"ff1 ls49 ws9\">870,527<span class=\"_ _a9\"> </span><span class=\"ls12e ws35\">201,068<span class=\"_ _de\"> </span><span class=\"ls110 wsff\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>4<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>)<span class=\"_ _d1\"> </span><span class=\"lsa ws0\">(1<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>59)<span class=\"_ _16e\"> </span><span class=\"ls127 wsb1\">841,808<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>U<span class=\"_ _0\"></span>S<span class=\"_ _37\"></span> S<span class=\"_ _0\"></span>AY<span class=\"_ _37\"></span>E<span class=\"_ _304\"> </span><span class=\"ls7f wsf2\">672,9<span class=\"_ _37\"></span>95<span class=\"_ _1e2\"> </span><span class=\"ls130 ws11b\">4<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _141\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,794<span class=\"_ _0\"></span>)<span class=\"_ _9f\"> </span><span class=\"ls18e ws16b\">(6<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>747<span class=\"_ _37\"></span>)<span class=\"_ _a9\"> </span><span class=\"ff1 ls8e ws81\">9<span class=\"_ _0\"></span>51<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _16d\"> </span><span class=\"lse9 ws2d\">223<span class=\"_ _0\"></span>,811<span class=\"_ _16e\"> </span><span class=\"lsa ws0\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _19d\"> </span><span class=\"lsdf ws34\">(243,691)<span class=\"_ _16c\"> </span><span class=\"ls192 ws172\">800,<span class=\"_ _1\"></span>444<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>Oversea<span class=\"_ _1\"></span>s SA<span class=\"_ _14\"></span>YE<span class=\"_ _305\"> </span><span class=\"lsb9 wsb5\">2,302,103<span class=\"_ _9f\"> </span><span class=\"lsa ws0\">93<span class=\"_ _0\"></span>0,727<span class=\"_ _21a\"> </span><span class=\"ls118 ws108\">(67<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _d1\"> </span><span class=\"lse9 ws2d\">(482,826)<span class=\"_ _12\"> </span></span><span class=\"ff1\">2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>4<span class=\"_ _9f\"> </span><span class=\"ls37 ws7b\">3<span class=\"_ _0\"></span>68,03<span class=\"_ _0\"></span>1<span class=\"_ _c9\"> </span><span class=\"lsdf ws34\">(260,638<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span><span class=\"ls8e ws81\">(3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _7b\"> </span><span class=\"ls127 wsb1\">1,87<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>953<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span>SOPP<span class=\"_ _2b9\"> </span><span class=\"ls12b wsdd\">156,0<span class=\"_ _0\"></span>00<span class=\"_ _fd\"> </span><span class=\"ls92 wsdb\">92,<span class=\"_ _0\"></span>80<span class=\"_ _37\"></span>0<span class=\"_ _177\"> </span><span class=\"ls112 ws100\">(33<span class=\"_ _1\"></span>,403<span class=\"_ _1\"></span>)<span class=\"_ _207\"> </span><span class=\"ls11b ws10b\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>597<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ff1 ls17f ws15c\">200<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>800<span class=\"_ _110\"> </span><span class=\"ls12f ws11a\">2<span class=\"_ _37\"></span>9,<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _177\"> </span><span class=\"ls118 ws108\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>76)<span class=\"_ _de\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>62<span class=\"_ _37\"></span>4)<span class=\"_ _21a\"> </span><span class=\"ls9e ws76\">1<span class=\"_ _1\"></span>77<span class=\"_ _39\"></span>,400<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>Weig<span class=\"_ _0\"></span>ht<span class=\"_ _0\"></span>ed aver<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge exe<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>se p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ice (sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s)<span class=\"_ _8a\"> </span><span class=\"ff9 ls11c ws10c\">\u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.97<span class=\"_ _fd\"> </span><span class=\"ls12b wsdd\">\u00a36<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>7<span class=\"_ _1f3\"> </span><span class=\"ls49 ws9\">\u00a36<span class=\"_ _0\"></span>4.05<span class=\"_ _143\"> </span><span class=\"ls113 ws101\">\u00a3<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>0<span class=\"_ _1f3\"> </span><span class=\"ff1 ls34 ws75\">\u00a362.<span class=\"_ _0\"></span>58<span class=\"_ _fd\"> </span><span class=\"lsb9 wsb5\">\u00a36<span class=\"_ _0\"></span>3.31<span class=\"_ _141\"> </span><span class=\"ls4c wsc\">\u00a363<span class=\"_ _0\"></span>.29<span class=\"_ _12d\"> </span><span class=\"ls19c ws180\">\u00a3<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>1<span class=\"_ _143\"> </span><span class=\"lsf1 ws73\">\u00a36<span class=\"_ _0\"></span>3.21<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Gr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t da<span class=\"_ _0\"></span>te an<span class=\"_ _0\"></span>d exer<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>ice fo<span class=\"_ _0\"></span>r ea<span class=\"_ _0\"></span>ch of t<span class=\"_ _0\"></span>he aw<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>re sh<span class=\"_ _0\"></span>own i<span class=\"_ _0\"></span>n Table 1<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed P<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>For o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e year e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e weig<span class=\"_ _0\"></span>hte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual l<span class=\"_ _0\"></span>ife is 4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6 yea<span class=\"_ _0\"></span>rs<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8 yea<span class=\"_ _0\"></span>rs). Opti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 tha<span class=\"_ _0\"></span>t cou<span class=\"_ _0\"></span>ld have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n exercis<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span> <span class=\"_ _350\">date we</span><span class=\"_ _0\"></span>re 1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>07 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 1<span class=\"_ _0\"></span>,94<span class=\"_ _0\"></span>6,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>41) w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h a weig<span class=\"_ _0\"></span>hted ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge exer<span class=\"_ _0\"></span>cise p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce of \u00a3<span class=\"_ _0\"></span>57<span class=\"_ _1\"></span>.5<span class=\"_ _0\"></span>4 (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>57<span class=\"_ _1\"></span>.0<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns ma<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-ba<span class=\"_ _0\"></span>sed p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e, in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to th<span class=\"_ _0\"></span>e ach<span class=\"_ _0\"></span>ievem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce cr<span class=\"_ _0\"></span>iter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>, are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors<span class=\"_ _0\"></span>\u2019 exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>ght of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _350\"> </span>and re<span class=\"_ _1\"></span>levan<span class=\"_ _1\"></span>t published<span class=\"_ _1\"></span> targe<span class=\"_ _1\"></span>ts.<span class=\"_ _350\"> </span>Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e term<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, ear<span class=\"_ _0\"></span>ly exerc<span class=\"_ _0\"></span>ise m<span class=\"_ _0\"></span>ay on<span class=\"_ _0\"></span>ly be g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in excep<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l circ<span class=\"_ _0\"></span>ums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the<span class=\"_ _0\"></span>refo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of ea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y exercis<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>d into t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>No m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l mo<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons h<span class=\"_ _0\"></span>ave occu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on to th<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>outstanding a<span class=\"_ _1\"></span>wards.<span class=\"_ _350\"> </span>An es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate o<span class=\"_ _0\"></span>f fut<span class=\"_ _0\"></span>ure vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is ma<span class=\"_ _0\"></span>de w<span class=\"_ _0\"></span>ith r<span class=\"_ _0\"></span>efere<span class=\"_ _0\"></span>nce to h<span class=\"_ _0\"></span>isto<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l volat<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y over a si<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od to<span class=\"_ _350\"> </span>the perform<span class=\"_ _1\"></span>ance pe<span class=\"_ _1\"></span>riod or<span class=\"_ _1\"></span> the c<span class=\"_ _1\"></span>ontractual<span class=\"_ _1\"></span> life<span class=\"_ _1\"></span> as appr<span class=\"_ _1\"></span>opriat<span class=\"_ _1\"></span>e. Hist<span class=\"_ _1\"></span>orical v<span class=\"_ _1\"></span>olat<span class=\"_ _1\"></span>ility is<span class=\"_ _1\"></span> calculat<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ased on<span class=\"_ _1\"></span> the a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ard d<span class=\"_ _0\"></span>evia<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s da<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e movem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g an a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roxi<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to<span class=\"_ _350\"> </span>the c<span class=\"_ _1\"></span>ontinuously<span class=\"_ _1\"></span> compounded<span class=\"_ _1\"></span> rat<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> ret<span class=\"_ _1\"></span>urn on<span class=\"_ _1\"></span> the sh<span class=\"_ _1\"></span>are.<span class=\"_ _350\"> </span>National<span class=\"_ _1\"></span> Insurance<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>ributions<span class=\"_ _1\"></span> are p<span class=\"_ _1\"></span>ayable<span class=\"_ _1\"></span> in r<span class=\"_ _1\"></span>espect o<span class=\"_ _1\"></span>f certain<span class=\"_ _1\"></span> share-ba<span class=\"_ _1\"></span>sed pa<span class=\"_ _1\"></span>yment<span class=\"_ _1\"></span> transactions<span class=\"_ _1\"></span> and<span class=\"_ _350\"> </span>are treated as<span class=\"_ _1\"></span> cash-set<span class=\"_ _0\"></span>tled transa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>ns.<span class=\"_ _350\"> </span>The we<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hted ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge sh<span class=\"_ _0\"></span>are p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r was \u00a3<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a361<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>60)<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Options<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional<span class=\"_ _1\"></span> awar<span class=\"_ _1\"></span>ds gran<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> during the<span class=\"_ _1\"></span> year<span class=\"_ _350\"> </span>Opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l awa<span class=\"_ _0\"></span>rds g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h may ves<span class=\"_ _0\"></span>t or b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>me exe<span class=\"_ _0\"></span>rcis<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le at<span class=\"_ _0\"></span> var<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>us date<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 an<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>28 a<span class=\"_ _0\"></span>re as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>Pri<span class=\"_ _0\"></span>ce to b<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>paid<span class=\"lsa ws0\"> </span>\u00a3<span class=\"_ _350\"> </span>Nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>shares<span class=\"_ _1\"></span> under<span class=\"_ _350\"> </span>option<span class=\"_ _350\"> </span>Executiv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional aw<span class=\"_ _1\"></span>ard schemes<span class=\"_ _350\"> </span>L<span class=\"_ _1\"></span>TIP \u2013 o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _243\"> </span><span class=\"ls7b wsa8\">63<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>32<span class=\"_ _20\"> </span><span class=\"lsdf ws34\">3,<span class=\"_ _1\"></span>104,325<span class=\"_ _350\"> </span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>res<span class=\"_ _22f\"> </span><span class=\"lsa\">\u2013<span class=\"_ _170\"> </span><span class=\"ls111 ws32\">1,397<span class=\"_ _39\"></span>,186<span class=\"_ _350\"> </span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e-ves<span class=\"_ _0\"></span>ted s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res<span class=\"_ _160\"> </span><span class=\"lsa\">\u2013<span class=\"_ _1ba\"> </span><span class=\"lsf1 ws73\">384<span class=\"_ _0\"></span>,508<span class=\"_ _350\"> </span></span></span>Group Senior<span class=\"_ _1\"></span> Executi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> Share<span class=\"_ _1\"></span> Ownership P<span class=\"_ _1\"></span>olicy Pl<span class=\"_ _1\"></span>an<span class=\"_ _14b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d2\"> </span><span class=\"ls130 ws11b\">2<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>0<span class=\"_ _4f\"></span>0<span class=\"_ _350\"> </span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _253\"> </span><span class=\"lsdf ws34\">4<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>915,6<span class=\"_ _1\"></span>19<span class=\"_ _350\"> </span></span>Savings<span class=\"_ _1\"></span>-related<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> schemes<span class=\"_ _350\"> </span>U<span class=\"_ _0\"></span>K Sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e<span class=\"_ _2d3\"> </span><span class=\"ls37 ws7b\">53.01<span class=\"_ _a1\"> </span>20<span class=\"_ _0\"></span>1,06<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>US S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _2d3\"> </span><span class=\"ls37 ws7b\">53.0<span class=\"_ _0\"></span>1<span class=\"_ _c0\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _0\"></span>3,8<span class=\"_ _0\"></span>11<span class=\"_ _350\"> </span></span></span>Oversea<span class=\"_ _1\"></span>s Scheme<span class=\"_ _10d\"> </span><span class=\"ls37 ws7b\">53.01<span class=\"_ _1a5\"> </span><span class=\"ls35 ws33\">368<span class=\"_ _0\"></span>,031<span class=\"_ _350\"> </span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _257\"> </span><span class=\"ls85 ws79\">792<span class=\"_ _37\"></span>,9<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span>Options<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional<span class=\"_ _1\"></span> awar<span class=\"_ _1\"></span>ds outstanding<span class=\"_ _350\"> </span>Opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l awa<span class=\"_ _0\"></span>rds w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h have ves<span class=\"_ _0\"></span>ted or m<span class=\"_ _0\"></span>ay ves<span class=\"_ _0\"></span>t at var<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>us da<span class=\"_ _0\"></span>tes bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 an<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>9<span class=\"_ _350\"> </span>are a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Pri<span class=\"_ _0\"></span>ce to b<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>id \u00a3<span class=\"_ _350\"> </span>Nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span><span class=\"_ _350\">under </span><span class=\"_ _1\"></span>option<span class=\"_ _350\"> </span>From<span class=\"_ _106\"> </span><span class=\"ls17e ws15a\">To<span class=\"_ _110\"> </span><span class=\"ls7c ws8a\">2022<span class=\"_ _c7\"> </span>202<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span>Executiv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional aw<span class=\"_ _1\"></span>ard schemes<span class=\"_ _350\"> </span>L<span class=\"_ _1\"></span>TIP \u2013 o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _152\"> </span><span class=\"ls37 ws7b\">38.06<span class=\"_ _de\"> </span><span class=\"ls11b ws10b\">78.0<span class=\"_ _37\"></span>0<span class=\"_ _9a\"> </span></span>1<span class=\"_ _0\"></span>0,5<span class=\"_ _0\"></span>45,<span class=\"_ _0\"></span>453<span class=\"_ _2b\"> </span><span class=\"ls130 ws11b\">9,<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>8<span class=\"_ _4f\"></span>4<span class=\"_ _350\"> </span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>res<span class=\"_ _306\"> </span><span class=\"lsa\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e1\"> </span><span class=\"ls36 ws2e\">3,<span class=\"_ _0\"></span>815,827<span class=\"_ _1fd\"> </span><span class=\"lsdf ws34\">3,<span class=\"_ _0\"></span>504,418<span class=\"_ _350\"> </span></span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e-ves<span class=\"_ _0\"></span>ted s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res<span class=\"_ _cf\"> </span><span class=\"lsa\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _1d7\"> </span><span class=\"ls85 ws79\">6<span class=\"_ _0\"></span>55<span class=\"_ _37\"></span>,7<span class=\"_ _0\"></span>17<span class=\"_ _72\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _0\"></span>8,<span class=\"_ _0\"></span>432<span class=\"_ _350\"> </span></span></span></span>Group Senior<span class=\"_ _1\"></span> Executi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> Share<span class=\"_ _1\"></span> Ownership P<span class=\"_ _1\"></span>olicy Pl<span class=\"_ _1\"></span>an<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _95\"> </span><span class=\"ls112 ws100\">17<span class=\"_ _1\"></span>7<span class=\"_ _39\"></span>,400<span class=\"_ _1de\"> </span><span class=\"ls5d ws54\">200<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span>00<span class=\"_ _350\"> </span></span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _307\"> </span><span class=\"ls8e ws81\">1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _48\"> </span><span class=\"ls37 ws7b\">14,0<span class=\"_ _0\"></span>87<span class=\"_ _14\"></span>,03<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span>Savings<span class=\"_ _1\"></span>-related<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> schemes<span class=\"_ _350\"> </span>U<span class=\"_ _0\"></span>K Sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e<span class=\"_ _23c\"> </span><span class=\"ls12b wsdd\">44.<span class=\"_ _0\"></span>56<span class=\"_ _17f\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>4<span class=\"_ _a1\"> </span><span class=\"ls127 wsb1\">841,808<span class=\"_ _72\"> </span><span class=\"ls2e wsa7\">870,<span class=\"_ _37\"></span>527<span class=\"_ _350\"> </span></span></span></span></span>US S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _147\"> </span><span class=\"ls12b wsdd\">44.56<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">62.4<span class=\"_ _0\"></span>4<span class=\"_ _17a\"> </span><span class=\"ls19b ws17e\">800<span class=\"_ _1\"></span>,444<span class=\"_ _182\"> </span><span class=\"ls12c ws118\">9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span></span>Oversea<span class=\"_ _1\"></span>s Scheme<span class=\"_ _242\"> </span><span class=\"ls12b wsdd\">4<span class=\"_ _0\"></span>4.56<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">62.4<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span></span></span><span class=\"lsba\">1<span class=\"_ _0\"></span>,87<span class=\"_ _1\"></span>0,953<span class=\"_ _1fd\"> </span><span class=\"ls12b wsdd\">2,07<span class=\"_ _1\"></span>6,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>04<span class=\"_ _350\"> </span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _2d5\"> </span><span class=\"lsdf ws34\">3,513,205<span class=\"_ _2a\"> </span><span class=\"ls36 ws2e\">3,898,364<span class=\"_ _350\"> </span></span></span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>Ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d Paym<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>26 O<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r Re<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves<span class=\"_ _350\"> </span>Att<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to own<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of t<span class=\"_ _0\"></span>he pa<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span>Hedging<span class=\"_ _350\"> </span>rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Foreign<span class=\"_ _350\"> </span>currency<span class=\"_ _350\"> </span>translation<span class=\"_ _350\"> </span>rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>otal other<span class=\"_ _350\"> </span>reser<span class=\"_ _0\"></span>ves<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Balance<span class=\"_ _1\"></span> at 1<span class=\"_ _1\"></span> January 2021<span class=\"_ _266\"> </span><span class=\"lsa ws0\">(<span class=\"_ _0\"></span>19)<span class=\"_ _189\"> </span><span class=\"lsa3 ws115\">(3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0)<span class=\"_ _16f\"> </span><span class=\"ls6d ws64\">(379)<span class=\"_ _350\"> </span></span></span></span>Other comprehensiv<span class=\"_ _1\"></span>e income/<span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span>Ga<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>n cas<span class=\"_ _0\"></span>h flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s, n<span class=\"_ _0\"></span>et of t<span class=\"_ _0\"></span>ax<span class=\"_ _14d\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _350\"> </span></span></span>Ne<span class=\"_ _0\"></span>t exchan<span class=\"_ _0\"></span>ge l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es on fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, n<span class=\"_ _0\"></span>et of ta<span class=\"_ _0\"></span>x<span class=\"_ _2ab\"> </span><span class=\"lsa\">\u2013<span class=\"_ _177\"> </span><span class=\"ls18e ws16b\">(<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _186\"> </span>(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Ga<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>n net i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges<span class=\"_ _0\"></span>, n<span class=\"_ _0\"></span>et of ta<span class=\"_ _0\"></span>x<span class=\"_ _122\"> </span><span class=\"lsa\">\u2013<span class=\"_ _128\"> </span><span class=\"ls131 ws11c\">84<span class=\"_ _12d\"> </span>84<span class=\"_ _350\"> </span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of for<span class=\"_ _0\"></span>eig<span class=\"_ _0\"></span>n cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y tra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ves o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>dispos<span class=\"_ _1\"></span>al or li<span class=\"_ _1\"></span>quidation<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span>eign opera<span class=\"_ _1\"></span>tions, ne<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> tax<span class=\"_ _2de\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _172\"> </span><span class=\"lsa3 ws115\">(5<span class=\"_ _0\"></span>50)<span class=\"_ _189\"> </span>(<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>otal ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e/(<span class=\"_ _1\"></span>exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>) for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r<span class=\"_ _2af\"> </span><span class=\"ls128 wsb2\">30<span class=\"_ _a9\"> </span><span class=\"lsa3 ws115\">(8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _207\"> </span>(8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span>Ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _267\"> </span><span class=\"lsb9 wsb5\">11<span class=\"_ _308\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1,<span class=\"_ _37\"></span>20<span class=\"_ _0\"></span>0)<span class=\"_ _c8\"> </span><span class=\"ls12c ws118\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span></span></span>Other comprehensiv<span class=\"_ _1\"></span>e income/<span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>)<span class=\"_ _350\"> </span>Ga<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>n cas<span class=\"_ _0\"></span>h flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s, n<span class=\"_ _0\"></span>et of t<span class=\"_ _0\"></span>ax<span class=\"_ _309\"> </span><span class=\"lsa\">2<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>2<span class=\"_ _350\"> </span></span>Ne<span class=\"_ _0\"></span>t exchan<span class=\"_ _0\"></span>ge g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns on fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, n<span class=\"_ _0\"></span>et of ta<span class=\"_ _0\"></span>x<span class=\"_ _45\"> </span><span class=\"lsa\">\u2013<span class=\"_ _16f\"> </span><span class=\"ls12b wsdd\">1,064<span class=\"_ _189\"> </span>1<span class=\"_ _0\"></span>,064<span class=\"_ _350\"> </span></span></span>Losse<span class=\"_ _0\"></span>s on n<span class=\"_ _0\"></span>et inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, net of t<span class=\"_ _0\"></span>ax<span class=\"_ _22c\"> </span><span class=\"lsa\">\u2013<span class=\"_ _110\"> </span><span class=\"ls101 ws40\">(115)<span class=\"_ _172\"> </span>(1<span class=\"_ _0\"></span>15)<span class=\"_ _350\"> </span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of for<span class=\"_ _0\"></span>eig<span class=\"_ _0\"></span>n cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y tra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ves o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>dispos<span class=\"_ _1\"></span>al or li<span class=\"_ _1\"></span>quidation<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span>eign opera<span class=\"_ _1\"></span>tions ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f tax<span class=\"_ _30a\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _143\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>56)<span class=\"_ _151\"> </span>(56)<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _14\"></span>otal other<span class=\"_ _1\"></span> comprehe<span class=\"_ _1\"></span>nsiv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ome f<span class=\"_ _1\"></span>or the<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>ear<span class=\"_ _2f9\"> </span><span class=\"lsa ws0\">2<span class=\"_ _110\"> </span><span class=\"ls37 ws7b\">893<span class=\"_ _110\"> </span><span class=\"lse9 ws2d\">895<span class=\"_ _350\"> </span></span></span></span>Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _30b\"> </span><span class=\"lsf1 ws73\">13<span class=\"_ _207\"> </span><span class=\"ls7e ws9c\">(3<span class=\"_ _0\"></span>07)<span class=\"_ _de\"> </span><span class=\"ls5e ws55\">(2<span class=\"_ _0\"></span>94)<span class=\"_ _350\"> </span></span></span></span>The h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ises t<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he cu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive n<span class=\"_ _0\"></span>et cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e in f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span> flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t are ex<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt at ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve con<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>e acc<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>ted for<span class=\"_ _0\"></span>eig<span class=\"_ _0\"></span>n excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces f<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span> the t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s fo<span class=\"_ _0\"></span>reig<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve als<span class=\"_ _0\"></span>o con<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>e tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s that h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s<span class=\"_ _350\"> </span>net ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ure i<span class=\"_ _0\"></span>n a fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy.<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, a n<span class=\"_ _0\"></span>et ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n net g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n) was<span class=\"_ _350\"> </span>recl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed to t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t fro<span class=\"_ _0\"></span>m forei<span class=\"_ _0\"></span>gn c<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal o<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>of fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h a net g<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n of \u00a36<span class=\"_ _0\"></span>9 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion n<span class=\"_ _0\"></span>et ga<span class=\"_ _0\"></span>in) rela<span class=\"_ _0\"></span>ted to th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>liq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>dat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es (see No<span class=\"_ _0\"></span>te 6 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er de<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ls) offs<span class=\"_ _0\"></span>et by a los<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>13 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a32<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n)<span class=\"_ _350\"> </span>com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d of \u00a32<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion) ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal o<span class=\"_ _0\"></span>f cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>sses (see N<span class=\"_ _0\"></span>ote 2<span class=\"_ _0\"></span>9),<span class=\"_ _0\"></span> les<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated ta<span class=\"_ _0\"></span>x cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ts of \u00a3<span class=\"_ _0\"></span>7 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n) (<span class=\"_ _14\"></span>s<span class=\"_ _0\"></span>ee N<span class=\"_ _0\"></span>ote 7<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>27 Re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y T<span class=\"_ _1\"></span>ra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>ps w<span class=\"_ _0\"></span>ith i<span class=\"_ _0\"></span>ts D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d key mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>el (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 5)<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>28 Dividends<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cash<span class=\"_ _1\"></span> dividends on<span class=\"_ _1\"></span> equity or<span class=\"_ _1\"></span>dinary share<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span>20<span class=\"_ _0\"></span>21 F<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al pa<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>: <span><span class=\"gs9f\" id=\"__173\">1 0 1 .6</span></span><span class=\"_ _0\"></span>p (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>: Fin<span class=\"_ _0\"></span>al <span><span class=\"gs9f\" id=\"__174\">1 0 1 . 6</span></span><span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>) pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re<span class=\"_ _2bd\"> </span><span class=\"ff1 ls91 ws89\">726<span class=\"_ _1f3\"> </span></span><span class=\"lsa\">72<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>20<span class=\"_ _0\"></span>22 I<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>im pa<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>: <span>73</span><span class=\"_ _0\"></span>p (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: I<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>m <span>73</span><span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>) pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re<span class=\"_ _239\"> </span><span class=\"ff1 ls49 ws9\">52<span class=\"_ _0\"></span>3<span class=\"_ _143\"> </span></span><span class=\"lsd ws7a\">52<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l d<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s for t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r<span class=\"_ _2ba\"> </span><span class=\"lsd ws7a\">1<span class=\"_ _0\"></span>,2<span class=\"_ _0\"></span>49<span class=\"_ _16f\"> </span><span class=\"ff9 ls2f ws87\">1,<span class=\"_ _0\"></span>246<span class=\"_ _350\"> </span></span></span>The D<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s are p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>ng a fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>2 of<span class=\"_ _350\"> </span><span><span class=\"gs9f\" id=\"__175\">11 0 . 3</span></span> p<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e per s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re wh<span class=\"_ _0\"></span>ich w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l abs<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>b an es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d \u00a3<span><span class=\"gs9f\" id=\"__176\">78 9</span></span> mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>\u2019 fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s. I<span class=\"_ _0\"></span>f ap<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>oved by<span class=\"_ _350\"> </span>sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>t wi<span class=\"_ _0\"></span>ll b<span class=\"_ _0\"></span>e pai<span class=\"_ _0\"></span>d on 2<span class=\"_ _0\"></span>4 May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>o are o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e reg<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ter on 1<span class=\"_ _0\"></span>1 A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>, wi<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span>an ex-d<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d date of 6 A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>29 A<span class=\"_ _1\"></span>cquisitions and Disposals<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lete<span class=\"_ _0\"></span>d sever<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>. In ea<span class=\"_ _0\"></span>ch ca<span class=\"_ _0\"></span>se, 1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>% of<span class=\"_ _350\"> </span>the b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>s were d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d, u<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>ess s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ted oth<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e. In t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span>complet<span class=\"_ _1\"></span>ed se<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>eral bus<span class=\"_ _1\"></span>iness ac<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>ions and<span class=\"_ _1\"></span> dispo<span class=\"_ _1\"></span>sals.<span class=\"_ _350\"> </span>Ac<span class=\"_ _1\"></span>quisition<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>During 2022,<span class=\"_ _1\"></span> the Group<span class=\"_ _1\"></span> did no<span class=\"_ _1\"></span>t comple<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> any<span class=\"_ _1\"></span> acquis<span class=\"_ _1\"></span>itions.<span class=\"_ _350\"> </span>On 1<span class=\"_ _0\"></span>2 Ju<span class=\"_ _0\"></span>ly 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red 1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0% o<span class=\"_ _0\"></span>f the e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s in La<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>i Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, own<span class=\"_ _0\"></span>er of t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d Th<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>Pea<span class=\"_ _0\"></span>rl b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r cas<span class=\"_ _0\"></span>h con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of $<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (\u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). T<span class=\"_ _1\"></span>otal i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e net a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>of \u00a34<span class=\"_ _0\"></span>95 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll of \u00a3<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n were re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ted th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>ol a<span class=\"_ _0\"></span>nd E<span class=\"_ _0\"></span>45 o<span class=\"_ _0\"></span>n 2<span class=\"_ _0\"></span>5 Ma<span class=\"_ _0\"></span>rch 20<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>nd 1 A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vely,<span class=\"_ _350\"> </span>wi<span class=\"_ _0\"></span>th com<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ne<span class=\"_ _0\"></span>t cas<span class=\"_ _0\"></span>h pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds of \u00a3<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>et as<span class=\"_ _0\"></span>sets d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s at a bo<span class=\"_ _0\"></span>ok v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of \u00a3<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, c<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>los<span class=\"_ _0\"></span>ses of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n have b<span class=\"_ _0\"></span>een r<span class=\"_ _0\"></span>ecl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d a net p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-tax ga<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>f \u00a31<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n up<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of th<span class=\"_ _0\"></span>ese b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>net o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. B<span class=\"_ _0\"></span>oth D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mic<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d E45 fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span> op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t. At 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g \u00a32<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of<span class=\"_ _350\"> </span>go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>) asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e of E4<span class=\"_ _0\"></span>5 were p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>ts h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d for sa<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>eted th<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als fo<span class=\"_ _0\"></span>r a tota<span class=\"_ _0\"></span>l cons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, net o<span class=\"_ _0\"></span>f dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s, of<span class=\"_ _0\"></span> \u00a31<span class=\"_ _0\"></span>,70<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, resu<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n a tota<span class=\"_ _0\"></span>l pre<span class=\"_ _0\"></span>-ta<span class=\"_ _0\"></span>x los<span class=\"_ _0\"></span>s on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>8 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in tota<span class=\"_ _0\"></span>l ne<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>operating expens<span class=\"_ _1\"></span>es:<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">On 9 S<span class=\"_ _0\"></span>epte<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p com<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>eted t<span class=\"_ _0\"></span>he sa<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>f IF<span class=\"_ _0\"></span>CN Ch<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>a to Pri<span class=\"_ _0\"></span>maver<span class=\"_ _0\"></span>a Cap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p for tot<span class=\"_ _0\"></span>al<span class=\"_ _350\"> </span></span>cons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, net o<span class=\"_ _0\"></span>f dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s, of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">by cas</span><span class=\"_ _0\"></span>h of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d a 8% s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n the p<span class=\"_ _0\"></span>urc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>\u2019s acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ion e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y. The net a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>dispos<span class=\"_ _1\"></span>ed primarily<span class=\"_ _1\"></span> compri<span class=\"_ _1\"></span>sed goodwill<span class=\"_ _1\"></span> and ot<span class=\"_ _1\"></span>her int<span class=\"_ _1\"></span>angible ass<span class=\"_ _1\"></span>ets a<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span> book value<span class=\"_ _1\"></span> of \u00a34,27<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> million.<span class=\"_ _350\"> </span><span class=\"_ _350\">On co</span><span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d a pre<span class=\"_ _0\"></span>-ta<span class=\"_ _0\"></span>x los<span class=\"_ _0\"></span>s on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>included<span class=\"_ _1\"></span> within<span class=\"_ _1\"></span> tot<span class=\"_ _1\"></span>al net<span class=\"_ _1\"></span> operat<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>s.<span class=\"_ _350\"> </span>\u2013 <span class=\"_ _7a\"> </span><span class=\"ws0\">The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ted th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Sch<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d Enf<span class=\"_ _0\"></span>aB<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>\u00e9 br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>n 1 Ju<span class=\"_ _0\"></span>ne 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd 1 N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vely, wi<span class=\"_ _0\"></span>th com<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ne<span class=\"_ _0\"></span>t cas<span class=\"_ _0\"></span>h pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds of \u00a3<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>8 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Other<span class=\"_ _350\"> </span>On 1<span class=\"_ _0\"></span>3 Ap<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>l 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ced i<span class=\"_ _0\"></span>t had b<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>un a p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>cess a<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ferr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g own<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>p of it<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>Rus<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span>n bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h may in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e a tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>fer to a th<span class=\"_ _0\"></span>ird p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r to loc<span class=\"_ _0\"></span>al e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. The n<span class=\"_ _0\"></span>et as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s of<span class=\"_ _350\"> </span>the R<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022 we<span class=\"_ _0\"></span>re \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>30 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>n dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e los<span class=\"_ _0\"></span>ses<span class=\"_ _350\"> </span><span class=\"_ _350\">of \u00a3</span><span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n wou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>ycl<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Rus<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span>n bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>% to<span class=\"_ _350\"> </span><span class=\"_ _350\">the G</span><span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s reven<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>2 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 2%). At 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es ha<span class=\"_ _0\"></span>d not m<span class=\"_ _0\"></span>et th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>a to be re<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s he<span class=\"_ _0\"></span>ld for s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e.<span class=\"_ _350\"> </span>30 Discontinued Operations<span class=\"_ _350\"> </span>The l<span class=\"_ _0\"></span>oss f<span class=\"_ _0\"></span>rom d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of \u00a3<span class=\"_ _0\"></span>7 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e) relates to th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s<span class=\"_ _0\"></span> dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of t<span class=\"_ _0\"></span>he R<span class=\"_ _0\"></span>B Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ls bu<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s (<span class=\"_ _1\"></span>now I<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r pl<span class=\"_ _0\"></span>c).<span class=\"_ _350\"> </span>31 Po<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et Eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>re have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n no even<span class=\"_ _0\"></span>ts su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent to t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et da<span class=\"_ _0\"></span>te wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>losu<span class=\"_ _0\"></span>re.<span class=\"_ _350\"> </span>NOT<span class=\"_ _0\"></span>ES TO T<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>E FI<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>TS <span class=\"ff8 ls65 ws5c\">CON<span class=\"_ _1\"></span>TINUE<span class=\"_ _1\"></span>D<span class=\"_ _350\"> </span></span>29 A<span class=\"_ _1\"></span>cquisitions and Disposals<span class=\"_ _1\"></span> <span class=\"ff8 ls92 wsdb\">continued</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-435": {
   "value": "Basis of preparation These Financial Statements have been prepared in accordance with the recognition, measurement and presentation requirements of UK-adopted International Accounting Standards and in accordance with  International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards  Board (IASB). These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) at fair value through  profit or loss or other comprehensive income. A summary of the Group\u2019s accounting policies is set out  below. Historical cost is generally based on the fair value of the consideration given in exchange for  goods and services. The preparation of Financial Statements that conform to IFRS requires management to make estimates  and assumptions that affect the reported amounts of assets and liabilities at the Balance Sheet date and revenue and expenses during the reporting period. Although these estimates are based on  management\u2019s best knowledge at the time, actual amounts may ultimately differ from those estimates. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-491": {
   "value": "These Financial Statements have been prepared in accordance with the recognition, measurement and presentation requirements of UK-adopted International Accounting Standards and in accordance with  International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards  Board (IASB). ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-441": {
   "value": "New standards, amendments and interpretations The following amended standards and interpretations were adopted by the Group during the year  ending 31 December 2022. These amended standards and interpretations have not had a significant impact on the consolidated Financial Statements. \u2013  Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) \u2013  Reference to the Conceptual Framework (Amendments to IFRS 3) \u2013  Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2013  Annual Improvements to IFRS Standards 2018\u20132020 ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "New standards, amendments and interpretations The following amended standards and interpretations were adopted by the Group during the year  ending 31 December 2022. These amended standards and interpretations have not had a significant impact on the consolidated Financial Statements. \u2013  Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) \u2013  Reference to the Conceptual Framework (Amendments to IFRS 3) \u2013  Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2013  Annual Improvements to IFRS Standards 2018\u20132020 The following new and amended standards are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted the new or amended standards, where applicable, in  preparing these consolidated Financial Statements. These standards, amendments or interpretations are  not expected to have a material impact on the Group in the current or future reporting periods: \u2013  Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2013  Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2013  Definition of Accounting Estimates (Amendments to IAS 8) \u2013  Classification of Liabilities as Current or Non-current (Amendments to IAS 1) \u2013  IFRS 17 Insurance Contracts \u2013  Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2013  COVID-19 Related Rent Concessions beyond 30 June 2021: Amendment to IFRS 16 Leases ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-440": {
   "value": "The following new and amended standards are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted the new or amended standards, where applicable, in  preparing these consolidated Financial Statements. These standards, amendments or interpretations are  not expected to have a material impact on the Group in the current or future reporting periods: \u2013  Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2013  Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2013  Definition of Accounting Estimates (Amendments to IAS 8) \u2013  Classification of Liabilities as Current or Non-current (Amendments to IAS 1) \u2013  IFRS 17 Insurance Contracts \u2013  Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2013  COVID-19 Related Rent Concessions beyond 30 June 2021: Amendment to IFRS 16 Leases ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-436": {
   "value": "Going concern Having assessed the principal risks and other matters discussed in connection with the Viability  Statement, the Directors considered it appropriate to adopt the going concern basis of accounting in  preparing the consolidated Financial Statements. When reaching this conclusion, the Directors took into  account the Group\u2019s overall financial position, exposure to principal risks and future business forecasts. At 31 December 2022, the Group had cash and cash equivalents of \u00a31.2 billion. The Group also had access  to committed borrowing facilities of \u00a34.5 billion, which were undrawn at year end and of which \u00a34.45  billion are not subject to renewal until 2025 onwards. Further detail is contained within the Viability  Statement on page 87. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-437": {
   "value": "Basis of consolidation The consolidated Financial Statements include the results of Reckitt Benckiser Group plc, a company  registered in the UK, and all its subsidiary undertakings made up to the same accounting date. Subsidiary  undertakings are those entities controlled by Reckitt Benckiser Group plc. Control exists where the  Group is exposed to, or has the rights to variable returns from its involvement with, the investee and has  the ability to use its power over the investee to affect its returns. Intercompany transactions, balances and unrealised gains on transactions between Group companies  have been eliminated on consolidation. Unrealised losses have also been eliminated to the extent that  they do not represent an impairment of a transferred asset. The accounting policies of subsidiaries have  been changed where necessary to ensure consistency with accounting policies adopted by the Group. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "Reckitt Benckiser Group plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "Reckitt Benckiser Group plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "Reckitt Benckiser Group plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-439": {
   "value": "Climate change In preparing the Financial Statements, management have considered the impact of climate change,  specifically with reference to the disclosures included in the Strategic Report and the Group\u2019s 2030 Sustainability Ambitions. These factors have not had a significant effect on the Group\u2019s critical  accounting estimates and judgments made with respect to the current year. ",
   "dimensions": {
    "concept": "reckittbenckiser:DescriptionOfAccountingPolicyForClimateChange",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-438": {
   "value": "Foreign currency translation Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated Financial Statements are presented in Sterling, which is the Group\u2019s presentational currency. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of  foreign currency transactions and from the translation of foreign currency denominated monetary assets  and liabilities are recognised in the Income Statement, except where hedge accounting is applied. The Financial Statements of subsidiary undertakings with a non-Sterling functional currency are  translated into Sterling on the following basis: \u2013  Assets and liabilities: at the rate of exchange ruling at the year end date \u2013  Income Statement items: at the average rate of exchange for the year Exchange differences arising from the translation of the net investment in subsidiary undertakings  with a non-Sterling functional currency, and of borrowings and other currency instruments designated as hedges of such investments, are recorded in equity on consolidation. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-492": {
   "value": "Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated Financial Statements are presented in Sterling, which is the Group\u2019s presentational currency. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-493": {
   "value": "Business combinations The acquisition method is used to account for the acquisition of subsidiaries and businesses. Identifiable  net assets acquired (including intangible assets) in a business combination are measured initially at their fair values at the acquisition date. Where the measurement of the fair value of identifiable net assets acquired is incomplete at the end of the reporting period in which the combination occurs, the Group will report provisional fair values. Final fair values are determined within a year of the acquisition date and retrospectively applied. The excess of the consideration transferred and the amount of any non-controlling interest over the fair  value of the identifiable assets (including intangibles), liabilities and contingent liabilities acquired is  recorded as goodwill. The consideration transferred is measured at the fair value of the assets given, equity instruments issued (if any), and liabilities assumed or incurred at the date of acquisition. Acquisition-related costs are expensed as incurred. The results of the subsidiaries and businesses acquired are included in the consolidated Financial Statements from the acquisition date ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-442": {
   "value": "Business combinations The acquisition method is used to account for the acquisition of subsidiaries and businesses. Identifiable  net assets acquired (including intangible assets) in a business combination are measured initially at their fair values at the acquisition date. Where the measurement of the fair value of identifiable net assets acquired is incomplete at the end of the reporting period in which the combination occurs, the Group will report provisional fair values. Final fair values are determined within a year of the acquisition date and retrospectively applied. The excess of the consideration transferred and the amount of any non-controlling interest over the fair  value of the identifiable assets (including intangibles), liabilities and contingent liabilities acquired is  recorded as goodwill. The consideration transferred is measured at the fair value of the assets given, equity instruments issued (if any), and liabilities assumed or incurred at the date of acquisition. Acquisition-related costs are expensed as incurred. The results of the subsidiaries and businesses acquired are included in the consolidated Financial Statements from the acquisition date . ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-443": {
   "value": "Assets held for sale and disposal groups Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale and  presented separately in the Balance Sheet when the following criteria are met: the Group is committed to selling the asset or disposal group; it is available for immediate sale in its current condition; an active  plan of sale has commenced and been approved in line with Group policy; and in the judgement of Group  management it is highly probable that the sale will be completed within 12 months. Immediately before the initial classification of the assets and disposal groups as held for sale, the  carrying amounts of the assets (or all the assets and liabilities in the disposal groups) are measured  in accordance with the applicable accounting standards. Goodwill (including cost and accumulated  impairment) is allocated to the disposal group using a relative value approach, unless a different method better reflects goodwill associated with the disposal. Assets held for sale and disposal groups are subsequently measured at the lower of their carrying  amount and fair value less costs of disposal. Impairment losses on initial classification as held for sale, and  subsequent gains and losses on remeasurement to fair value less costs of disposal, are recognised in the  Income Statement. Once classified as held for sale, intangible assets and property, plant and equipment  are no longer amortised or depreciated. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-494": {
   "value": "Disposals of intangible assets and subsidiaries The financial performance of subsidiaries and businesses are included in the consolidated Financial Statements up to the point at which the Group ceases to have control over that subsidiary. Intangible  assets not disposed of through the sale of shares in subsidiaries are treated as disposed at the point that  the Group ceases to control the asset. The difference between the fair value of the consideration (net of costs) and the carrying value of the  assets and liabilities disposed is recognised as a gain or loss in the Income Statement. Any amounts  previously recognised in other comprehensive income in respect of that subsidiary or asset, including  exchange gains or losses on foreign currency translation, are accounted for as if the Group had directly  disposed of related assets and liabilities. This results in a reclassification of amounts previously  recognised in other comprehensive income to the Income Statement and included within the loss on  disposal of intangible assets and related businesses . Where the assets and liabilities disposed represent a partial disposal of a cash generating unit to which  goodwill has been allocated, goodwill is allocated using a relative value approach to the disposal group, unless a different method better reflects goodwill associated with the disposal. Where the tax base will not be transferred with the disposed assets, the deferred tax balances relating to the intangible assets are not considered part of the assets disposed and are instead credited or  charged to the Income Statement within income tax expense ",
   "dimensions": {
    "concept": "reckittbenckiser:DescriptionOfAccountingPolicyForDisposalsOfIntangibleAssetsAndSubsidiaries",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "The financial performance of subsidiaries and businesses are included in the consolidated Financial Statements up to the point at which the Group ceases to have control over that subsidiary. Intangible  assets not disposed of through the sale of shares in subsidiaries are treated as disposed at the point that  the Group ceases to control the asset. The difference between the fair value of the consideration (net of costs) and the carrying value of the  assets and liabilities disposed is recognised as a gain or loss in the Income Statement. Any amounts  previously recognised in other comprehensive income in respect of that subsidiary or asset, including  exchange gains or losses on foreign currency translation, are accounted for as if the Group had directly  disposed of related assets and liabilities. This results in a reclassification of amounts previously  recognised in other comprehensive income to the Income Statement and included within the loss on  disposal of intangible assets and related businesses Liquidation of subsidiaries The Group liquidates subsidiaries that are no longer required in order to simplify the Group structure.  As part of this process, the Group ensures any outstanding matters relating to the subsidiary are resolved before liquidation. Any amounts previously recognised in other comprehensive income in respect of  that subsidiary, including exchange gains and losses on foreign currency translation, are reclassified to  the Income Statement on disposal which is typically on entering liquidation. The amounts previously  recognised in other comprehensive income are included within net finance (expense)/income in the  Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-444": {
   "value": "Non-controlling interests On an acquisition-by-acquisition basis, the non-controlling interest is measured at either fair value or  a proportionate share of the acquiree\u2019s net assets. Purchases of non-controlling interests are accounted for as transactions with the owners and therefore  no goodwill is recognised as a result of such transactions. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-445": {
   "value": "Revenue Revenue from the sale of products is recognised in the Group Income Statement as and when performance obligations are satisfied by transferring control of the product or service to the customer. Net Revenue is defined as the amount invoiced to external customers during the year and comprises, as  required by IFRS 15, gross sales net of trade spend, customer allowances for credit notes, returns and  consumer coupons. The methodology and assumptions used to estimate credit notes, returns and consumer coupons are monitored and adjusted regularly in the light of contractual and legal obligations,  historical trends, past experience and projected market conditions. Trade spend, which consists primarily of customer pricing allowances, placement/listing fees and promotional allowances, is governed by sales agreements with the Group\u2019s trade customers (retailers  and distributors). Trade spend also includes reimbursement arrangements under the Special  Supplemental Nutrition Program for Women, Infants and Children (WIC), payable to the respective US  state WIC agencies. Accruals are recognised under the terms of these agreements to reflect the expected activity level and  the Group\u2019s historical experience. These accruals are reported within trade and other payables. Value-added tax and other sales taxes are excluded from Net Revenue. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-446": {
   "value": "Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the Chief  Operating Decision Maker (CODM). The CODM, who is responsible for allocating resources and assessing  performance of the operating segments, has been identified as the Group Executive Committee. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-447": {
   "value": "Research and development Research expenditure is expensed in the year in which it is incurred. Development expenditure is expensed in the year in which it is incurred, unless it meets the requirements  of IAS 38 to be capitalised and then amortised over the useful life of the developed product. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-448": {
   "value": "Income tax Income tax on the income/(loss) for the year comprises current and deferred tax. Income tax is  recognised in the Income Statement except to the extent that it relates to items recognised in other  comprehensive income or directly in equity, in which case the tax is also recognised in other  comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or  substantively enacted in each jurisdiction at the Balance Sheet date, and any adjustment to tax payable  in respect of previous years. Deferred tax is provided in full, using the liability method, on temporary differences arising between the  tax bases of assets and liabilities and their carrying amounts in the consolidated Financial Statements.  Deferred tax is not accounted for if it arises from the initial recognition of an asset or liability in a  transaction (other than a business combination) that affects neither accounting nor taxable profit  or loss at that time. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the Balance Sheet date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognised to the extent that it is probable that future  taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries except where  the investor is able to control the timing of the reversal of the temporary differences and it is probable  that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities within the same tax jurisdiction are offset where there is a legally  enforceable right to offset current tax assets against current tax liabilities and where there is an intention  to settle these balances on a net basis ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-495": {
   "value": "Deferred tax is provided in full, using the liability method, on temporary differences arising between the  tax bases of assets and liabilities and their carrying amounts in the consolidated Financial Statements.  Deferred tax is not accounted for if it arises from the initial recognition of an asset or liability in a  transaction (other than a business combination) that affects neither accounting nor taxable profit  or loss at that time. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the Balance Sheet date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognised to the extent that it is probable that future  taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries except where  the investor is able to control the timing of the reversal of the temporary differences and it is probable  that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities within the same tax jurisdiction are offset where there is a legally  enforceable right to offset current tax assets against current tax liabilities and where there is an intention  to settle these balances on a net basis . ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-449": {
   "value": "Goodwill and other intangible assets (i) Goodwill Goodwill is allocated to the cash generating unit (CGU), or group of CGUs (GCGU), to which it relates and  is tested annually for impairment. Goodwill is carried at cost less accumulated impairment losses. (ii) Brands Separately acquired brands are shown at cost less accumulated amortisation and impairment. Brands  acquired as part of a business combination, and that are separately identifiable, are recognised at fair  value and amortised over their useful economic life as determined at the acquisition date (up to 20 years), except when their life is determined as being indefinite. Applying indefinite lives to certain acquired brands is appropriate due to the stable long-term nature of  the business and the enduring nature of the brands. A core element of the Group\u2019s strategy is to invest  in building its brands through an ongoing programme of product innovation and continuing marketing  investment. Within the Group, a brand typically comprises an assortment of base products and more  innovative products. Both contribute to the enduring nature of the brand. The base products establish  the long-term positioning of the brand while a succession of innovations attracts ongoing consumer  interest and attention. Indefinite life brands are allocated to the CGUs or GCGUs to which they relate and are tested annually for impairment. The Directors also review the useful economic life of brands annually, to ensure that these lives are still  appropriate. If a brand is considered to have a finite life, its carrying value is amortised over its remaining  estimated useful economic life. (iii) Software Expenditure relating to the acquisition of computer software licences and systems are capitalised at  cost. The assets are amortised on a straight-line basis over a period of seven years for systems and five  years or less for all other software licences. (iv) Distribution rights Payments made in respect of product registration, acquired and reacquired distribution rights are  capitalised where the rights comply with the above requirements for recognition of acquired brands.  If the registration or distribution rights are for a defined time period, the intangible asset is amortised over that period. If no time period is defined, the intangible asset is treated in the same way as  acquired brands. (v) Customer contracts Acquired customer contracts are capitalised at cost. These costs are amortised on a straight-line basis  over the period of the contract. (vi) Customer relationships Customer relationships are shown at cost less accumulated amortisation and impairment. Customer relationships acquired as part of a business combination, and that are separately identifiable, are  recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 10 years). (vii) Acquired intellectual property Intellectual property rights acquired as part of the business and that are separately identifiable are  recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 20 years). Amortisation of intangible assets in (ii) to (vii) is charged to cost of goods sold or net operating expenses depending on the use of the asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-496": {
   "value": "(i) Goodwill Goodwill is allocated to the cash generating unit (CGU), or group of CGUs (GCGU), to which it relates and  is tested annually for impairment. Goodwill is carried at cost less accumulated impairment losses. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-497": {
   "value": "(ii) Brands Separately acquired brands are shown at cost less accumulated amortisation and impairment. Brands  acquired as part of a business combination, and that are separately identifiable, are recognised at fair  value and amortised over their useful economic life as determined at the acquisition date (up to 20 years), except when their life is determined as being indefinite. Applying indefinite lives to certain acquired brands is appropriate due to the stable long-term nature of  the business and the enduring nature of the brands. A core element of the Group\u2019s strategy is to invest  in building its brands through an ongoing programme of product innovation and continuing marketing  investment. Within the Group, a brand typically comprises an assortment of base products and more  innovative products. Both contribute to the enduring nature of the brand. The base products establish  the long-term positioning of the brand while a succession of innovations attracts ongoing consumer  interest and attention. Indefinite life brands are allocated to the CGUs or GCGUs to which they relate and are tested annually for impairment. The Directors also review the useful economic life of brands annually, to ensure that these lives are still  appropriate. If a brand is considered to have a finite life, its carrying value is amortised over its remaining  estimated useful economic life. (iii) Software Expenditure relating to the acquisition of computer software licences and systems are capitalised at  cost. The assets are amortised on a straight-line basis over a period of seven years for systems and five  years or less for all other software licences. (iv) Distribution rights Payments made in respect of product registration, acquired and reacquired distribution rights are  capitalised where the rights comply with the above requirements for recognition of acquired brands.  If the registration or distribution rights are for a defined time period, the intangible asset is amortised over that period. If no time period is defined, the intangible asset is treated in the same way as  acquired brands. (v) Customer contracts Acquired customer contracts are capitalised at cost. These costs are amortised on a straight-line basis  over the period of the contract. (vi) Customer relationships Customer relationships are shown at cost less accumulated amortisation and impairment. Customer relationships acquired as part of a business combination, and that are separately identifiable, are  recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 10 years). (vii) Acquired intellectual property Intellectual property rights acquired as part of the business and that are separately identifiable are  recognised at fair value and amortised over their useful economic life as determined at the acquisition date (up to 20 years). Amortisation of intangible assets in (ii) to (vii) is charged to cost of goods sold or net operating expenses depending on the use of the asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-450": {
   "value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment,  with the exception of freehold land, which is shown at cost less impairment. Cost includes expenditure  that is directly attributable to the acquisition of the asset. Except for freehold land and assets under construction, the cost of property, plant and equipment is depreciated on a straight-line basis over the period of the expected useful life of the asset. For this purpose, expected lives are determined within  the following limits: \u2013  freehold buildings: not more than 50 years; \u2013  leasehold land and buildings: the lesser of 50 years or the life of the lease; and \u2013  owned plant and equipment: not more than 15 years (except for environmental assets and spray dryers  which are not more than 30 years). In general, production plant and equipment and office equipment are depreciated over 10 years or less  and motor vehicles and computer equipment over 5 years or less. Assets\u2019 residual values and useful lives are reviewed, and adjusted if necessary, at each Balance Sheet  date. Property, plant and equipment is reviewed for impairment if events or changes in circumstances  indicate that the carrying amount may not be appropriate. Freehold land is reviewed for impairment on an annual basis . Gains and losses on the disposal of property, plant and equipment are determined by comparing the  asset\u2019s carrying value with any sale proceeds and are included in the Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "Except for freehold land and assets under construction, the cost of property, plant and equipment is depreciated on a straight-line basis over the period of the expected useful life of the asset. For this purpose, expected lives are determined within  the following limits: \u2013  freehold buildings: not more than 50 years; \u2013  leasehold land and buildings: the lesser of 50 years or the life of the lease; and \u2013  owned plant and equipment: not more than 15 years (except for environmental assets and spray dryers  which are not more than 30 years). In general, production plant and equipment and office equipment are depreciated over 10 years or less  and motor vehicles and computer equipment over 5 years or less. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "Assets\u2019 residual values and useful lives are reviewed, and adjusted if necessary, at each Balance Sheet  date. Property, plant and equipment is reviewed for impairment if events or changes in circumstances  indicate that the carrying amount may not be appropriate. Freehold land is reviewed for impairment on an annual basis . Impairment of assets Assets that have indefinite lives, including goodwill and brands, are tested annually for impairment at the  level where cash flows are considered to be largely independent. This testing is performed at either the  CGU or GCGU level. All CGUs and GCGUs are tested for impairment if there is an event or circumstance  that indicates that their carrying value may not be recoverable. If the carrying value exceeds its  recoverable amount an impairment loss is recognised in the Income Statement. The recoverable amount  is the higher of the CGU\u2019s or GCGU\u2019s value-in-use and its fair value less costs of disposal. Value-in-use is calculated with reference to the future and terminal cash flows expected to be  generated by each CGU or GCGU (or group of assets where cash flows are not identifiable to specific assets). The discount rates used in the impairment reviews are based on weighted average cost of  capital (WACC) specific to each CGU and GCGU, with the WACC converted to the implied pre-tax rates. Fair value less costs of disposal is calculated using a discounted cash flow approach prepared on a  market participant basis, with a post-tax discount rate applied to projected risk-adjusted post-tax cash  flows and terminal value. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "Assets\u2019 residual values and useful lives are reviewed, and adjusted if necessary, at each Balance Sheet  date. Property, plant and equipment is reviewed for impairment if events or changes in circumstances  indicate that the carrying amount may not be appropriate. Freehold land is reviewed for impairment on an annual basis Impairment of assets Assets that have indefinite lives, including goodwill and brands, are tested annually for impairment at the  level where cash flows are considered to be largely independent. This testing is performed at either the  CGU or GCGU level. All CGUs and GCGUs are tested for impairment if there is an event or circumstance  that indicates that their carrying value may not be recoverable. If the carrying value exceeds its  recoverable amount an impairment loss is recognised in the Income Statement. The recoverable amount  is the higher of the CGU\u2019s or GCGU\u2019s value-in-use and its fair value less costs of disposal. Value-in-use is calculated with reference to the future and terminal cash flows expected to be  generated by each CGU or GCGU (or group of assets where cash flows are not identifiable to specific assets). The discount rates used in the impairment reviews are based on weighted average cost of  capital (WACC) specific to each CGU and GCGU, with the WACC converted to the implied pre-tax rates. Fair value less costs of disposal is calculated using a discounted cash flow approach prepared on a  market participant basis, with a post-tax discount rate applied to projected risk-adjusted post-tax cash  flows and terminal value. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-451": {
   "value": "Leases The Group has various lease arrangements for buildings (such as offices and warehouses), cars, and IT and  other equipment. Lease terms are negotiated on an individual basis locally and subject to domestic rules and regulations. At the inception of a lease contract, the Group assesses whether the contract conveys  the right to control the use of an identified asset for a certain period in exchange for consideration, in which case it is identified as a lease. The Group recognises a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. Low value leases are those with an underlying asset value of USD 5,000 or less. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Right of use assets At commencement date, right of use assets are measured at cost, which comprises the following: \u2013  the initial measurement of the lease liability; \u2013  prepayments before commencement date of the lease; \u2013  initial direct costs; and \u2013  costs to restore. Subsequent to initial recognition right of use assets are depreciated on a straight-line basis over the duration of the contract. Right of use assets are assessed for impairment where indicators of impairment  are present. Lease liabilities At commencement date, lease liabilities are measured at the present value of lease payments not yet  paid including: \u2013  fixed payments excluding lease incentive receivables; \u2013  future contractually agreed fixed increases; and \u2013  payments related to renewals or early termination, when options to renew or for early termination are  reasonably certain to be exercised. Subsequent to initial recognition lease liabilities are increased by the interest costs on the lease liabilities and decreased by lease payments made. Lease liabilities held are remeasured to account for revised  future payments. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-452": {
   "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises materials, direct labour  and an appropriate portion of overhead expenses (based on normal operating capacity) required to get  the inventory to its present location and condition. Inventory valuation is determined on a first in, first out  (FIFO) basis. Net realisable value represents the estimated selling price less applicable selling expenses. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-453": {
   "value": "Trade and other receivables Trade and other receivables are initially recognised at the fair value of consideration less transaction  costs and subsequently held at amortised cost, less provision for discounts and doubtful debts.  Allowance losses are calculated by reviewing lifetime expected credit losses using historic and forward- looking data on credit risk. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "Trade and other receivables Trade and other receivables are initially recognised at the fair value of consideration less transaction  costs and subsequently held at amortised cost, less provision for discounts and doubtful debts.  Allowance losses are calculated by reviewing lifetime expected credit losses using historic and forward- looking data on credit risk. Cash and cash equivalents Cash and cash equivalents comprise cash balances and other deposits with a maturity of less than three  months when deposited. For the purpose of the Cash Flow Statement, bank overdrafts that form an integral part of the Group\u2019s  cash management, and are repayable on demand, are included as a component of cash and cash equivalents. Bank overdrafts are included within short-term borrowings in the Balance Sheet . Derivative financial instruments and hedging activity The Group may use derivatives to manage its exposures to fluctuating interest and foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into  and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the  item being hedged. At the inception of designated hedge relationships, the Group documents its risk management  objectives and strategy for undertaking various hedging transactions. The Group also documents its  assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged  items. The Group designates certain derivatives as either: \u2013  hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast  transaction (cash flow hedges); or \u2013  hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). Derivatives designated as cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash  flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve.  Any gain or loss relating to the ineffective portion is recognised immediately in the Income Statement. When the hedged forecast transaction subsequently results in the recognition of a non-financial item  such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Income Statement  in the period (or periods) when the hedged item affects the Income Statement. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires,  is terminated, or is exercised, then hedge accounting is discontinued prospectively. The amount that  has been accumulated in the hedging reserve remains in equity until it is either included in the cost  of a non-financial item or recycled to the Income Statement. Derivatives designated as fair value hedges Fair value hedges are used to manage the currency and/or interest rate risks to which the fair value  of certain assets and liabilities are exposed. Changes in the fair value are recognised in the Income  Statement, together with any changes in the fair value of the hedged asset or liability that are  attributable to the hedged risk. If such a hedge relationship no longer meets hedge accounting criteria, fair value movements on the derivative continue to be taken to the Income Statement while any fair  value adjustments made to the underlying hedged item to that date are amortised through the Income  Statement over its remaining life using the effective interest rate method. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Income Statement. Net investment hedges Gains and losses on those hedging instruments designated as hedges of the net investments in foreign operations are recognised in other comprehensive income to the extent that the hedging relationship is  effective. Gains and losses accumulated in the foreign currency translation reserve are recycled to the  Income Statement when the foreign operation is disposed of. Equity investments Equity investments are investments that are neither held for trading nor classified as investments in subsidiaries, associates or joint arrangements. Subsequent to their initial recognition, equity investments  are stated at their fair value. Gains and losses arising from subsequent changes in the fair value are  recognised in the Income Statement or in other comprehensive income on a case-by-case basis.  Accumulated gains and losses included in other comprehensive income are not recycled to the Income Statement. Dividends from other investments are recognised in the Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-454": {
   "value": "Trade and other payables Trade and other payables are initially recognised at fair value including transaction costs and  subsequently carried at amortised cost. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-455": {
   "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and other deposits with a maturity of less than three  months when deposited. For the purpose of the Cash Flow Statement, bank overdrafts that form an integral part of the Group\u2019s  cash management, and are repayable on demand, are included as a component of cash and cash equivalents. Bank overdrafts are included within short-term borrowings in the Balance Sheet . ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "For the purpose of the Cash Flow Statement, bank overdrafts that form an integral part of the Group\u2019s  cash management, and are repayable on demand, are included as a component of cash and cash equivalents. Bank overdrafts are included within short-term borrowings in the Balance Sheet ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-456": {
   "value": "Borrowings Interest-bearing borrowings are recognised initially at fair value less, where permitted by IFRS 9, any  directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are  stated at amortised cost with any difference between cost and redemption value being recognised in the Income Statement over the period of the borrowings on an effective interest basis. Cash flows relating to interest are presented within operating cash flows. Proceeds and repayment of  principal amounts are presented as financing cash flows and are presented gross, except for borrowings  with maturities of less than three months (including commercial paper), which are presented net. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-457": {
   "value": "Derivative financial instruments and hedging activity The Group may use derivatives to manage its exposures to fluctuating interest and foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into  and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the  item being hedged. At the inception of designated hedge relationships, the Group documents its risk management  objectives and strategy for undertaking various hedging transactions. The Group also documents its  assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged  items. The Group designates certain derivatives as either: \u2013  hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast  transaction (cash flow hedges); or \u2013  hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). Derivatives designated as cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash  flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve.  Any gain or loss relating to the ineffective portion is recognised immediately in the Income Statement. When the hedged forecast transaction subsequently results in the recognition of a non-financial item  such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Income Statement  in the period (or periods) when the hedged item affects the Income Statement. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires,  is terminated, or is exercised, then hedge accounting is discontinued prospectively. The amount that  has been accumulated in the hedging reserve remains in equity until it is either included in the cost  of a non-financial item or recycled to the Income Statement. Derivatives designated as fair value hedges Fair value hedges are used to manage the currency and/or interest rate risks to which the fair value  of certain assets and liabilities are exposed. Changes in the fair value are recognised in the Income  Statement, together with any changes in the fair value of the hedged asset or liability that are  attributable to the hedged risk. If such a hedge relationship no longer meets hedge accounting criteria, fair value movements on the derivative continue to be taken to the Income Statement while any fair  value adjustments made to the underlying hedged item to that date are amortised through the Income  Statement over its remaining life using the effective interest rate method. Net investment hedges Gains and losses on those hedging instruments designated as hedges of the net investments in foreign operations are recognised in other comprehensive income to the extent that the hedging relationship is  effective. Gains and losses accumulated in the foreign currency translation reserve are recycled to the  Income Statement when the foreign operation is disposed of. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-501": {
   "value": "The Group may use derivatives to manage its exposures to fluctuating interest and foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into  and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the  item being hedged. At the inception of designated hedge relationships, the Group documents its risk management  objectives and strategy for undertaking various hedging transactions. The Group also documents its  assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged  items. The Group designates certain derivatives as either: \u2013  hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast  transaction (cash flow hedges); or \u2013  hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). Derivatives designated as cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash  flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve.  Any gain or loss relating to the ineffective portion is recognised immediately in the Income Statement. When the hedged forecast transaction subsequently results in the recognition of a non-financial item  such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Income Statement  in the period (or periods) when the hedged item affects the Income Statement. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires,  is terminated, or is exercised, then hedge accounting is discontinued prospectively. The amount that  has been accumulated in the hedging reserve remains in equity until it is either included in the cost  of a non-financial item or recycled to the Income Statement. Derivatives designated as fair value hedges Fair value hedges are used to manage the currency and/or interest rate risks to which the fair value  of certain assets and liabilities are exposed. Changes in the fair value are recognised in the Income  Statement, together with any changes in the fair value of the hedged asset or liability that are  attributable to the hedged risk. If such a hedge relationship no longer meets hedge accounting criteria, fair value movements on the derivative continue to be taken to the Income Statement while any fair  value adjustments made to the underlying hedged item to that date are amortised through the Income  Statement over its remaining life using the effective interest rate method. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "Derivatives designated as cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash  flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve.  Any gain or loss relating to the ineffective portion is recognised immediately in the Income Statement. When the hedged forecast transaction subsequently results in the recognition of a non-financial item  such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Income Statement  in the period (or periods) when the hedged item affects the Income Statement. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires,  is terminated, or is exercised, then hedge accounting is discontinued prospectively. The amount that  has been accumulated in the hedging reserve remains in equity until it is either included in the cost  of a non-financial item or recycled to the Income Statement. Derivatives designated as fair value hedges Fair value hedges are used to manage the currency and/or interest rate risks to which the fair value  of certain assets and liabilities are exposed. Changes in the fair value are recognised in the Income  Statement, together with any changes in the fair value of the hedged asset or liability that are  attributable to the hedged risk. If such a hedge relationship no longer meets hedge accounting criteria, fair value movements on the derivative continue to be taken to the Income Statement while any fair  value adjustments made to the underlying hedged item to that date are amortised through the Income  Statement over its remaining life using the effective interest rate method. Net investment hedges Gains and losses on those hedging instruments designated as hedges of the net investments in foreign operations are recognised in other comprehensive income to the extent that the hedging relationship is  effective. Gains and losses accumulated in the foreign currency translation reserve are recycled to the  Income Statement when the foreign operation is disposed of. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "Derivatives designated as fair value hedges Fair value hedges are used to manage the currency and/or interest rate risks to which the fair value  of certain assets and liabilities are exposed. Changes in the fair value are recognised in the Income  Statement, together with any changes in the fair value of the hedged asset or liability that are  attributable to the hedged risk. If such a hedge relationship no longer meets hedge accounting criteria, fair value movements on the derivative continue to be taken to the Income Statement while any fair  value adjustments made to the underlying hedged item to that date are amortised through the Income  Statement over its remaining life using the effective interest rate method. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-460": {
   "value": "Equity investments Equity investments are investments that are neither held for trading nor classified as investments in subsidiaries, associates or joint arrangements. Subsequent to their initial recognition, equity investments  are stated at their fair value. Gains and losses arising from subsequent changes in the fair value are  recognised in the Income Statement or in other comprehensive income on a case-by-case basis.  Accumulated gains and losses included in other comprehensive income are not recycled to the Income Statement. Dividends from other investments are recognised in the Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-458": {
   "value": "Investment in associates Investments in associates are accounted for using the equity method. An associate is an entity over  which the Group has significant influence, being the power to participate in the investee\u2019s financial and operating policy decisions without control or joint control. Interests in associates are stated in the consolidated Balance Sheet at cost, adjusted for the movement  in the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax  of associates is included in the Group\u2019s consolidated profit before taxation. Unrealised intragroup profits  or losses from transactions are offset against the carrying amount of the investment on a pro-rata basis  during consolidation, if material. When the Group\u2019s share of losses exceeds its interest in an associate, the Group does not recognise  further losses, unless it has incurred obligations or made payments on behalf of the associate. The Financial Statements of the companies accounted for using the equity method are prepared  in accordance with uniform accounting and measurement methods throughout the Group. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-459": {
   "value": "Employee share schemes Incentives in the form of shares are provided to employees under share option and conditional award  schemes vested in accordance with non-market conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each Balance Sheet date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any,  is recognised in the Income Statement such that the cumulative expense reflects the revised estimate,  with a corresponding adjustment to equity reserves. Additional employer costs, including social security taxes, in respect of options and awards are charged  to the Income Statement over the same period with a corresponding liability recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-465": {
   "value": "Repurchase and reissuance of ordinary shares When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares are classified as  Treasury shares and are presented in retained earnings. When Treasury shares are sold or reissued  subsequently, the amount received is recognised as an increase in equity and any resulting surplus  is presented within share premium or deficit presented within retained earnings ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-461": {
   "value": "Pension commitments Group companies operate defined contribution and (funded and unfunded) defined benefit pension plans. The cost of providing pensions to employees who are members of defined contribution plans is charged  to the Income Statement as contributions are made. The Group has no further payment obligations once  the contributions have been paid. The deficit or surplus recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the Balance Sheet date, less the fair value of the  plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows by the yield on high-quality corporate bonds denominated  in the currency in which the benefits will be paid, and that have a maturity approximating to the terms of the pension obligations. The costs of providing these defined benefit plans are accrued over the period  of employment. Actuarial gains and losses are recognised immediately in other comprehensive income. Past service costs are recognised immediately in the Income Statement. The net interest amount is calculated by applying the discounted rate used to measure the defined  benefit obligation at the beginning of the period to the net defined benefit liability/asset. The net pension plan interest is presented as other finance income/other finance expense. Post-retirement benefits other than pensions Some Group companies provide post-retirement medical care to their retirees. The costs of providing  these benefits are accrued over the period of employment and the liability recognised in the Balance Sheet is calculated using the projected unit credit method and is discounted to its present value and  the fair value of any related asset is deducted. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-462": {
   "value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past  events; it is more likely than not that there will be an outflow of resources to settle that obligation; and the amount can be reliably estimated. Provisions are valued at the present value of the Directors\u2019 best estimate  of the expenditure required to settle the obligation at the Balance Sheet date. Where it is possible that an outflow of resources may be required to settle the obligation or it is not possible to make a reliable estimate of the estimated financial impact, appropriate disclosure is made but no provision recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-466": {
   "value": "Share capital transactions When the Group purchases equity share capital, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Purchased shares are either held in Treasury,  in order to satisfy employee options, or cancelled and, in order to maintain capital, an equivalent amount to the nominal value of the shares cancelled would be transferred from retained earnings ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-463": {
   "value": "Dividend distribution Dividends to owners of the parent company are recognised as a liability in the period in which the  dividends are approved by the company\u2019s shareholders. Interim dividends are recorded in the period  in which they are approved and paid. Dividend payments are recorded at fair value. Where non-cash dividend payments are made, gains arising  as a result of fair value remeasurements are recognised in the Income Statement in the same period. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-464": {
   "value": "Accounting estimates and judgements In preparing these consolidated Financial Statements, management has made judgements and estimates  that affect the application of the Group\u2019s accounting policies and the reported amounts of assets,  liabilities, income and expenses. Actual amounts and results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting  estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies Over the course of the year, management has made a number of critical judgements in the application of the Group\u2019s accounting policies. These include the following: \u2013  Management has identified matters (including the Korea Humidifier Sanitiser and Necrotizing Enterocolitis issues) that may incur liabilities in the future but does not recognise these liabilities when it is too early to determine the likely outcome or make a reliable estimate (Note 18, Note 20). \u2013  The continuing enduring nature of the Group\u2019s brands supports the indefinite life assumption for  certain of these assets (Note 9). \u2013  Assumptions are made as to the recoverability of tax assets especially as to whether there will be  sufficient future taxable profits in the same jurisdictions to fully utilise losses in future years (Note 12). Key sources of estimation uncertainty Each year, management is required to make a number of assumptions regarding the future. The related  year end accounting estimates will, by definition, seldom equal the final actual results. The estimates  and assumptions that have a significant risk of causing a material adjustment to the carrying amounts  of assets and liabilities within the next financial year are addressed below. Goodwill and indefinite life intangible assets: Under IFRS, goodwill and other indefinite life intangible assets must be tested for impairment on at least an annual basis. As disclosed further in Note 9, this testing generally requires management to make  multiple estimates, for example around individual market pressures and forces, future price and volume  growth, future margins, terminal growth rates and discount rates. In 2022, the Group recognised impairment losses of \u00a3167 million (2021: \u00a3nil), of which \u00a3152 million related  to the Biofreeze CGU. The recoverability of the Group\u2019s goodwill and indefinite-lived intangible assets in  relation to Biofreeze is sensitive to reasonably possible changes in key assumptions. Further information  on key estimates and assumptions, including details on the sensitivities of the value-in-use estimates to  reasonable changes in key assumptions, is included in Note 9. Tax: The actual tax paid on profits is determined based on tax laws and regulations that differ across the  numerous jurisdictions in which the Group operates. Assumptions are made in applying these laws to  the taxable profits in any given period in order to calculate the tax charge for that period. Where the  eventual tax paid or reclaimed is different to the amounts originally estimated, the difference is charged or credited to the Income Statement in the period in which it is determined (Note 7). The Group operates in an international tax environment and is subject to tax examinations and  uncertainties in a number of jurisdictions. The issues involved can be complex and disputes may take a  number of years to resolve. Each uncertainty is separately assessed and management applies judgement in the recognition and measurement of the uncertainty based on the relevant circumstances. The exposure recognised is calculated based on the expected value method or the most likely outcome  method, depending on whether there are a wide range of possible outcomes or if resolution of the  uncertainty is concentrated on one outcome. In particular, the range of possible outcomes relating to  transfer pricing exposures can be wide and, in these scenarios, the expected value method is employed.  The accounting estimates and judgements considered include: \u2013  status of the unresolved matter; \u2013  clarity of relevant legislation and related guidance; \u2013  pre-clearances issued by taxing authorities; \u2013  advice from in-house specialists and opinions of professional firms; \u2013  resolution process and range of possible outcomes; \u2013  past experience and precedents set by the particular taxing authority; \u2013  decisions and agreements reached in other jurisdictions on comparable issues; \u2013  unutilised tax losses, tax credits and availability of mutual agreement procedures between tax  authorities; and \u2013  statute of limitations. Management is of the opinion that the carrying values of the uncertain tax positions made in respect of  these matters represent its best estimate once all facts and circumstances have been taken into account. Nevertheless, the final amounts paid to discharge the liabilities arising (either through negotiated settlement or litigation) may be different from the position recognised. The net liabilities recognised in  respect of uncertain tax positions as at 31 December 2022 are \u00a3722 million (2021: \u00a3770 million) (Note 22). Trade spend: The Group provides for amounts payable to our trade customers for promotional activity and  government reimbursement arrangements. Where an activity spans the year end, an accrual is reflected in the consolidated Financial Statements based on our estimation of customer and consumer uptake  during the relevant period and the extent to which temporary funded activity has occurred. As there is a  timing difference between that initial estimation and final settlement of trade spend with our customers,  differences can result on final settlement. As at 31 December 2022, the Group recognised total accruals  of \u00a31,137 million (2021: \u00a31,137 million) in respect of amounts payable to trade customers and government  bodies for trade spend. The Group\u2019s trade spend arrangements vary considerably by market and  category, and the Group\u2019s trade spend accruals are made up of many individually small accruals. Therefore, an aggregated disclosure of sensitivity analysis on the key inputs to trade spend accrual  estimates would not be practicable nor meaningful. Nevertheless, a 11% (2021: 12%) difference between  those initial estimates and final settlement would cause a material charge or credit to the Income  Statement in the next financial year. During 2022, adjustments to trade spend accruals as at 31 December  2021, due to changes in accounting estimates, were not material. Legal provisions: The Group recognises legal provisions when the Group has a present legal or constructive obligation as  a result of past events; it is more likely than not that there will be an outflow of resources to settle that  obligation; and the amount can be reliably estimated. The level of provisioning in relation to civil and/or criminal investigations is an area where management and legal judgement are important, with individual  provisions being based on best estimates of the possible loss, considering all available information,  external advice and historical experience. As at 31 December 2022, the Group recognised legal provisions of \u00a3221 million (2021: \u00a3180 million) in relation to a number of historical regulatory and other matters in various jurisdictions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-502": {
   "value": "Key sources of estimation uncertainty Each year, management is required to make a number of assumptions regarding the future. The related  year end accounting estimates will, by definition, seldom equal the final actual results. The estimates  and assumptions that have a significant risk of causing a material adjustment to the carrying amounts  of assets and liabilities within the next financial year are addressed below. Goodwill and indefinite life intangible assets: Under IFRS, goodwill and other indefinite life intangible assets must be tested for impairment on at least an annual basis. As disclosed further in Note 9, this testing generally requires management to make  multiple estimates, for example around individual market pressures and forces, future price and volume  growth, future margins, terminal growth rates and discount rates. In 2022, the Group recognised impairment losses of \u00a3167 million (2021: \u00a3nil), of which \u00a3152 million related  to the Biofreeze CGU. The recoverability of the Group\u2019s goodwill and indefinite-lived intangible assets in  relation to Biofreeze is sensitive to reasonably possible changes in key assumptions. Further information  on key estimates and assumptions, including details on the sensitivities of the value-in-use estimates to  reasonable changes in key assumptions, is included in Note 9. Management is of the opinion that the carrying values of the uncertain tax positions made in respect of  these matters represent its best estimate once all facts and circumstances have been taken into account. Nevertheless, the final amounts paid to discharge the liabilities arising (either through negotiated settlement or litigation) may be different from the position recognised. The net liabilities recognised in  respect of uncertain tax positions as at 31 December 2022 are \u00a3722 million (2021: \u00a3770 million) (Note 22). Trade spend: The Group provides for amounts payable to our trade customers for promotional activity and  government reimbursement arrangements. Where an activity spans the year end, an accrual is reflected in the consolidated Financial Statements based on our estimation of customer and consumer uptake  during the relevant period and the extent to which temporary funded activity has occurred. As there is a  timing difference between that initial estimation and final settlement of trade spend with our customers,  differences can result on final settlement. As at 31 December 2022, the Group recognised total accruals  of \u00a31,137 million (2021: \u00a31,137 million) in respect of amounts payable to trade customers and government  bodies for trade spend. The Group\u2019s trade spend arrangements vary considerably by market and  category, and the Group\u2019s trade spend accruals are made up of many individually small accruals. Therefore, an aggregated disclosure of sensitivity analysis on the key inputs to trade spend accrual  estimates would not be practicable nor meaningful. Nevertheless, a 11% (2021: 12%) difference between  those initial estimates and final settlement would cause a material charge or credit to the Income  Statement in the next financial year. During 2022, adjustments to trade spend accruals as at 31 December  2021, due to changes in accounting estimates, were not material. Legal provisions: The Group recognises legal provisions when the Group has a present legal or constructive obligation as  a result of past events; it is more likely than not that there will be an outflow of resources to settle that  obligation; and the amount can be reliably estimated. The level of provisioning in relation to civil and/or criminal investigations is an area where management and legal judgement are important, with individual  provisions being based on best estimates of the possible loss, considering all available information,  external advice and historical experience. As at 31 December 2022, the Group recognised legal provisions of \u00a3221 million (2021: \u00a3180 million) in relation to a number of historical regulatory and other matters in various jurisdictions. ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "Key sources of estimation uncertainty Each year, management is required to make a number of assumptions regarding the future. The related  year end accounting estimates will, by definition, seldom equal the final actual results. The estimates  and assumptions that have a significant risk of causing a material adjustment to the carrying amounts  of assets and liabilities within the next financial year are addressed below. Goodwill and indefinite life intangible assets: Under IFRS, goodwill and other indefinite life intangible assets must be tested for impairment on at least an annual basis. As disclosed further in Note 9, this testing generally requires management to make  multiple estimates, for example around individual market pressures and forces, future price and volume  growth, future margins, terminal growth rates and discount rates. In 2022, the Group recognised impairment losses of \u00a3167 million (2021: \u00a3nil), of which \u00a3152 million related  to the Biofreeze CGU. The recoverability of the Group\u2019s goodwill and indefinite-lived intangible assets in  relation to Biofreeze is sensitive to reasonably possible changes in key assumptions. Further information  on key estimates and assumptions, including details on the sensitivities of the value-in-use estimates to  reasonable changes in key assumptions, is included in Note 9. Management is of the opinion that the carrying values of the uncertain tax positions made in respect of  these matters represent its best estimate once all facts and circumstances have been taken into account. Nevertheless, the final amounts paid to discharge the liabilities arising (either through negotiated settlement or litigation) may be different from the position recognised. The net liabilities recognised in  respect of uncertain tax positions as at 31 December 2022 are \u00a3722 million (2021: \u00a3770 million) (Note 22). Trade spend: The Group provides for amounts payable to our trade customers for promotional activity and  government reimbursement arrangements. Where an activity spans the year end, an accrual is reflected in the consolidated Financial Statements based on our estimation of customer and consumer uptake  during the relevant period and the extent to which temporary funded activity has occurred. As there is a  timing difference between that initial estimation and final settlement of trade spend with our customers,  differences can result on final settlement. As at 31 December 2022, the Group recognised total accruals  of \u00a31,137 million (2021: \u00a31,137 million) in respect of amounts payable to trade customers and government  bodies for trade spend. The Group\u2019s trade spend arrangements vary considerably by market and  category, and the Group\u2019s trade spend accruals are made up of many individually small accruals. Therefore, an aggregated disclosure of sensitivity analysis on the key inputs to trade spend accrual  estimates would not be practicable nor meaningful. Nevertheless, a 11% (2021: 12%) difference between  those initial estimates and final settlement would cause a material charge or credit to the Income  Statement in the next financial year. During 2022, adjustments to trade spend accruals as at 31 December  2021, due to changes in accounting estimates, were not material. Legal provisions: The Group recognises legal provisions when the Group has a present legal or constructive obligation as  a result of past events; it is more likely than not that there will be an outflow of resources to settle that  obligation; and the amount can be reliably estimated. The level of provisioning in relation to civil and/or criminal investigations is an area where management and legal judgement are important, with individual  provisions being based on best estimates of the possible loss, considering all available information,  external advice and historical experience. As at 31 December 2022, the Group recognised legal provisions of \u00a3221 million (2021: \u00a3180 million) in relation to a number of historical regulatory and other matters in various jurisdictions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-467": {
   "value": "2 Operating Segments The Group\u2019s operating segments comprise the Hygiene, Health and Nutrition business units reflecting the  way in which information is presented to and reviewed by the Group\u2019s Chief Operating Decision Maker (CODM) for the purposes of making strategic decisions and assessing Group-wide performance. The CODM is the Group Executive Committee. This Committee is responsible for the implementation of strategy (approved by the Board), the management of risk (delegated by the Board) and the review of  Group operational performance and ongoing business integration. The Group Executive Committee assesses the performance of these operating segments based on Net  Revenue from external customers and segment profit being adjusted operating profit. Intercompany transactions between operating segments are eliminated. Finance income and expense are not allocated to segments, as each is managed on a centralised basis. The segment information for the operating segments for the year ended 31 December 2022 and  31 December 2021 is as follows: Year ended 31 December 2022 Hygiene \u00a3m Health \u00a3m Nutrition \u00a3m Adjusting  items \u00a3m Total \u00a3m Net revenue 5,960 5,992 2,501 \u2013 14,453 Depreciation and amortisation (135) (177) (90) (35) (437) Operating profit 1,214 1,648 577 (190) 3,249 Net finance expense (161) Impairment of equity-accounted  investments (19) Share of loss of equity-accounted investments, net of tax (2) Profit before income tax 3,067 Income tax charge (711) Net income from continuing operations 2,356 Year ended 31 December 2021 (restated) 1 Hygiene \u00a3m Health 1 \u00a3m Nutrition 1,2 \u00a3m Adjusting items \u00a3m Total \u00a3m Net revenue 5,911 5,053 2,270 \u2013 13,234 Depreciation and amortisation (111) (155) (96) (61) (423) Operating profit/(loss) 1,401 1,242 234 (3,681) (804) Net finance income 547 Share of loss of equity-accounted investments, net of tax (3) Loss before income tax (260) Income tax credit 208 Net loss from continuing operations (52) 1.  Segmental information for the year ended 31 December 2021 has been restated to reflect the Group\u2019s current operating  segments, the composition of which changed with effect from 1 January 2022 when the Vitamins, Minerals and Supplements  (VMS) business was moved from Nutrition to Health 2.  Following the start of the strategic review of IFCN China, the CODM also reviewed financial information for net revenue and  adjusted operating profit excluding IFCN China (which was disposed in September 2021, see Note 29). In the year ended  31 December 2021, Nutrition net revenue based on current operating segments and excluding IFCN China was \u00a31,887 million  and Nutrition adjusted operating profit excluding IFCN China was \u00a3301 million Financial information for the Hygiene, Health and Nutrition operating segments is presented on  an adjusted basis which excludes certain cash and non-cash items. These items have a pattern  of recognition that is largely uncorrelated with the trading performance of the business. Financial  information on an adjusted basis is consistent with how management reviews the business for the  purpose of making operating decisions. Further detail on adjusting items is included on pages 75 to 79. The company is domiciled in the UK. The split of Net Revenue from external customers and Non-current assets (other than equity instruments, deferred tax assets and retirement benefit surplus assets)  between the UK, the US (being the biggest country outside the country of domicile) and that from  all other countries is: 2022 UK \u00a3m US \u00a3m All other countries \u00a3m Total \u00a3m Net Revenue 778 4,603 9,072 14,453 Goodwill and other intangible assets 1,875 10,905 7,423 20,203 Property, plant and equipment 314 828 1,331 2,473 Other non-current receivables 22 54 81 157 2021 UK \u00a3m US \u00a3m All other countries \u00a3m Total \u00a3m Net Revenue 739 3,873 8,622 13,234 Goodwill and other intangible assets 1,843 9,905 7,120 18,868 Property, plant and equipment 316 669 1,193 2,178 Other non-current receivables 29 63 57 149 Major customers are typically large grocery chains, multiple retailers and e-commerce platforms. The  Group\u2019s customer base is diverse with no individual customer accounting for more than 10% of net  revenue (2021: one customer accounting for \u00a31,337 million of net revenue across all segments). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "2 Operating Segments The Group\u2019s operating segments comprise the Hygiene, Health and Nutrition business units reflecting the  way in which information is presented to and reviewed by the Group\u2019s Chief Operating Decision Maker (CODM) for the purposes of making strategic decisions and assessing Group-wide performance. The CODM is the Group Executive Committee. This Committee is responsible for the implementation of strategy (approved by the Board), the management of risk (delegated by the Board) and the review of  Group operational performance and ongoing business integration. The Group Executive Committee assesses the performance of these operating segments based on Net  Revenue from external customers and segment profit being adjusted operating profit. Intercompany transactions between operating segments are eliminated. Finance income and expense are not allocated to segments, as each is managed on a centralised basis. The segment information for the operating segments for the year ended 31 December 2022 and  31 December 2021 is as follows: Year ended 31 December 2022 Hygiene \u00a3m Health \u00a3m Nutrition \u00a3m Adjusting  items \u00a3m Total \u00a3m Net revenue 5,960 5,992 2,501 \u2013 14,453 Depreciation and amortisation (135) (177) (90) (35) (437) Operating profit 1,214 1,648 577 (190) 3,249 Net finance expense (161) Impairment of equity-accounted  investments (19) Share of loss of equity-accounted investments, net of tax (2) Profit before income tax 3,067 Income tax charge (711) Net income from continuing operations 2,356 Year ended 31 December 2021 (restated) 1 Hygiene \u00a3m Health 1 \u00a3m Nutrition 1,2 \u00a3m Adjusting items \u00a3m Total \u00a3m Net revenue 5,911 5,053 2,270 \u2013 13,234 Depreciation and amortisation (111) (155) (96) (61) (423) Operating profit/(loss) 1,401 1,242 234 (3,681) (804) Net finance income 547 Share of loss of equity-accounted investments, net of tax (3) Loss before income tax (260) Income tax credit 208 Net loss from continuing operations (52) 1.  Segmental information for the year ended 31 December 2021 has been restated to reflect the Group\u2019s current operating  segments, the composition of which changed with effect from 1 January 2022 when the Vitamins, Minerals and Supplements  (VMS) business was moved from Nutrition to Health 2.  Following the start of the strategic review of IFCN China, the CODM also reviewed financial information for net revenue and  adjusted operating profit excluding IFCN China (which was disposed in September 2021, see Note 29). In the year ended  31 December 2021, Nutrition net revenue based on current operating segments and excluding IFCN China was \u00a31,887 million  and Nutrition adjusted operating profit excluding IFCN China was \u00a3301 million Financial information for the Hygiene, Health and Nutrition operating segments is presented on  an adjusted basis which excludes certain cash and non-cash items. These items have a pattern  of recognition that is largely uncorrelated with the trading performance of the business. Financial  information on an adjusted basis is consistent with how management reviews the business for the  purpose of making operating decisions. Further detail on adjusting items is included on pages 75 to 79. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "The company is domiciled in the UK. The split of Net Revenue from external customers and Non-current assets (other than equity instruments, deferred tax assets and retirement benefit surplus assets)  between the UK, the US (being the biggest country outside the country of domicile) and that from  all other countries is: 2022 UK \u00a3m US \u00a3m All other countries \u00a3m Total \u00a3m Net Revenue 778 4,603 9,072 14,453 Goodwill and other intangible assets 1,875 10,905 7,423 20,203 Property, plant and equipment 314 828 1,331 2,473 Other non-current receivables 22 54 81 157 2021 UK \u00a3m US \u00a3m All other countries \u00a3m Total \u00a3m Net Revenue 739 3,873 8,622 13,234 Goodwill and other intangible assets 1,843 9,905 7,120 18,868 Property, plant and equipment 316 669 1,193 2,178 Other non-current receivables 29 63 57 149 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "Major customers are typically large grocery chains, multiple retailers and e-commerce platforms. The  Group\u2019s customer base is diverse with no individual customer accounting for more than 10% of net  revenue (2021: one customer accounting for \u00a31,337 million of net revenue across all segments). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) A net foreign exchange loss of \u00a313 million (2021: loss of \u00a32 million) has been recognised through the  Income Statement. 6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 As a result of the simplification of the Group\u2019s legal entity structure, a number of entities have been  liquidated. Upon liquidation, the cumulative foreign exchange reserves were recycled to the Income Statement, resulting in a net foreign exchange gain of \u00a369 million (2021: gain of \u00a3766 million), principally from the liquidation of intermediate financing and holding companies. 2022 \u00a3m 2021 \u00a3m Current tax 766 711 Adjustment in respect of prior periods (23) 53 Total current tax 743 764 Origination and reversal of temporary differences (20) (1,089) Impact of changes in tax rates (5) 185 Total deferred tax (25) (904) Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement (7) (68) Income tax charge/(credit) 711 (208) 2022 \u00a3m 2021 \u00a3m Profit/(loss) before income tax 3,067 (260) Tax at the notional UK corporation tax rate of 19% (2021: 19%) 583 (49) Effect of: Overseas tax rates 114 112 Movement in provision related to uncertain tax positions (58) (43) Net impact of divestments and assets reclassified to held for sale (25) (264) Unrecognised tax losses, other unrecognised tax assets and deferred tax liability on unremitted earnings 71 68 Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement (7) (68) Withholding and local taxes 47 43 Reassessment of prior year estimates (42) (33) Impact of changes in tax rates (5) 185 Non-taxable foreign exchange gain arising from legal entity simplification (Note 6) (13) (146) Other permanent differences 46 (13) Income tax charge/(credit) 711 (208) 2022 2021 Before tax \u00a3m Tax (charge)/ credit \u00a3m After tax \u00a3m Before tax \u00a3m Tax (charge)/ credit \u00a3m After tax \u00a3m Net exchange gains/(losses)  on foreign currency  translation 1,065 \u2013 1,065 (374) \u2013 (374) Reclassification of foreign  currency translation  reserves on disposals or liquidation of foreign  operations (56) \u2013 (56) (550) \u2013 (550) (Losses)/gains on cash flow  and net investment hedges (112) (1) (113) 118 (4) 114 Remeasurement of defined  benefit pension plans  (Note 23) 29 (5) 24 179 (46) 133 Revaluation of equity  instruments \u2013 FVOCI (109) 22 (87) (1) \u2013 (1) Other comprehensive  income/(expense) 817 16 833 (628) (50) (678) Current tax 13 \u2013 Deferred tax (Note 12) 3 (50) 16 (50) Brands \u00a3m Goodwill \u00a3m Software \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 17,673 11,408 490 185 29,756 Additions 5 \u2013 72 \u2013 77 Arising on business combinations 596 370 \u2013 76 1,042 Disposals (4,494) (1,543) (2) \u2013 (6,039) Reclassifications to held for sale (112) (28) \u2013 \u2013 (140) Exchange adjustments (220) 5 (13) 5 (223) At 31 December 2021 13,448 10,212 547 266 24,473 Additions \u2013 \u2013 77 4 81 Arising on business combinations \u2013 (2) \u2013 7 5 Disposals (59) (6) (3) \u2013 (68) Reclassifications \u2013 \u2013 16 (16) \u2013 Exchange adjustments 1,136 832 16 17 2,001 At 31 December 2022 14,525 11,036 653 278 26,492 Accumulated amortisation and impairment At 1 January 2021 449 6,039 190 99 6,777 Amortisation and impairment 39 \u2013 66 27 132 Disposals (143) (1,176) (2) \u2013 (1,321) Exchange adjustments (3) 21 (2) 1 17 At 31 December 2021 342 4,884 252 127 5,605 Amortisation and impairment 21 167 68 19 275 Disposals \u2013 \u2013 (1) \u2013 (1) Reclassifications \u2013 \u2013 8 (8) \u2013 Exchange adjustments 16 376 8 10 410 At 31 December 2022 379 5,427 335 148 6,289 Net book value At 31 December 2021 13,106 5,328 295 139 18,868 At 31 December 2022 14,146 5,609 318 130 20,203 Land and buildings \u00a3m Plant and  equipment \u00a3m Right of use  assets \u00a3m Assets under  construction \u00a3m Total \u00a3m Cost At 1 January 2021 1,245 2,101 409 332 4,087 Additions 20 61 110 292 483 Arising on business combinations 5 15 \u2013 \u2013 20 Disposals (81) (210) (50) (8) (349) Reclassifications (including held for sale) 51 151 \u2013 (207) (5) Exchange adjustments (20) (45) (8) (1) (74) At 31 December 2021 1,220 2,073 461 408 4,162 Additions 26 80 137 256 499 Disposals (19) (75) (58) (6) (158) Reclassifications (including held for sale) 91 168 (1) (293) (35) Exchange adjustments 91 122 41 29 283 At 31 December 2022 1,409 2,368 580 394 4,751 Accumulated depreciation and impairment At 1 January 2021 431 1,301 122 \u2013 1,854 Charge for the year 58 168 71 \u2013 297 Disposals (33) (105) (34) \u2013 (172) Impairment 38 8 1 5 52 Reclassifications (including held for sale) (2) 1 (1) \u2013 (2) Exchange adjustments (10) (32) (3) \u2013 (45) At 31 December 2021 482 1,341 156 5 1,984 Charge for the year 62 184 83 \u2013 329 Disposals (12) (66) (45) (4) (127) Impairment \u2013 1 \u2013 2 3 Reclassifications (including held for sale) (6) (18) (3) \u2013 (27) Exchange adjustments 30 69 15 2 116 At 31 December 2022 556 1,511 206 5 2,278 Net book value As at 31 December 2021 738 732 305 403 2,178 As at 31 December 2022 853 857 374 389 2,473 Deferred tax Accelerated capital  allowances  \u00a3m Intangible  assets \u00a3m Short-term  temporary  differences \u00a3m Tax losses \u00a3m Retirement benefit  obligations \u00a3m Total \u00a3m At 1 January 2022 (49) (3,023) 442 27 (6) (2,609) Credited/(charged) to the  Income Statement 2 1 16 15 (9) 25 Credited/(charged) to  other comprehensive income \u2013 \u2013 8 \u2013 (5) 3 Exchange differences (7) (252) 37 4 6 (212) At 31 December 2022 (54) (3,274) 503 46 (14) (2,793) 2022 Accelerated capital  allowances  \u00a3m Intangible  assets \u00a3m Short-term  temporary  differences \u00a3m Tax losses \u00a3m Retirement benefit  obligations \u00a3m Total \u00a3m Deferred tax assets 20 (36) 221 28 11 244 Deferred tax liabilities (74) (3,238) 282 18 (25) (3,037) Deferred tax (54) (3,274) 503 46 (14) (2,793) Legal  provisions \u00a3m Other  provisions \u00a3m Total provisions \u00a3m At 1 January 2021 232 60 292 Charged to the Income Statement 39 10 49 Utilised during the year (69) (4) (73 ) Released to the Income Statement (15) (11) (26 ) Exchange adjustments (7) \u2013 (7 ) At 31 December 2021 180 55 235 Charged to the Income Statement 62 15 77 Utilised during the year (8) (3) (11 ) Released to the Income Statement (17) (12) (29 ) Reclassification (3) 5 2 Exchange adjustments 7 5 12 At 31 December 2022 221 65 286 Present value of obligation Fair value of plan assets UK \u00a3m US (Medical)  \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m US (Medical)  \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 1,547 125 719 2,391 (1,754) \u2013 (510) (2,264) Current service cost \u2013 1 9 10 \u2013 \u2013 \u2013 \u2013 Administrative costs 2 \u2013 \u2013 2 \u2013 \u2013 \u2013 \u2013 Interest expense/(income) 23 3 9 35 (26) \u2013 (5) (31) 25 4 18 47 (26) \u2013 (5) (31 ) Remeasurements: Return on plan assets, excluding amounts included in interest income \u2013 \u2013 \u2013 \u2013 (76) \u2013 (30) (106 ) Losses/(gains) from changes in demographic assumptions 1 (6) 4 (1) \u2013 \u2013 \u2013 \u2013 Gains from change in financial assumptions (27) (5) (33) (65) \u2013 \u2013 (1) (1) Experience losses/(gains) 8 (3) 4 9 \u2013 \u2013 \u2013 \u2013 (18) (14) (25) (57) (76) \u2013 (31) (107) Exchange differences \u2013 \u2013 (5) (5) \u2013 \u2013 4 4 Contributions \u2013 employers \u2013 \u2013 \u2013 \u2013 \u2013 (8) (11) (19) Payments from plans: Benefit payments (68) (8) (57) (133) 68 8 57 133 As at 31 December 2021 1,486 107 650 2,243 (1,788) \u2013 (496) (2,284) Current service cost \u2013 1 8 9 \u2013 \u2013 \u2013 \u2013 Administrative costs 3 \u2013 \u2013 3 \u2013 \u2013 \u2013 \u2013 Interest expense/(income) 27 4 12 43 (34) \u2013 (14) (48) 30 5 20 55 (34) \u2013 (14) (48) Remeasurements: Return on plan assets, excluding amounts included in interest income \u2013 \u2013 \u2013 \u2013 565 \u2013 96 661 (Gains) from changes in demographic assumptions (2) (11) \u2013 (13) \u2013 \u2013 \u2013 \u2013 (Gains) from change in financial assumptions (518) (22) (151) (691) \u2013 \u2013 (2) (2) Experience (gains)/losses 16 (3) 3 16 \u2013 \u2013 \u2013 \u2013 (504) (36) (148) (688) 565 \u2013 94 659 Exchange differences \u2013 12 54 66 \u2013 \u2013 (41) (41) Contributions \u2013 employers \u2013 \u2013 \u2013 \u2013 \u2013 (7) (13) (20) Payments from plans: Benefit payments (71) (7) (44) (122) 71 7 44 122 As at 31 December 2022 941 81 532 1,554 (1,186) \u2013 (426) (1,612 ) Attributable to owners of the parent Hedging  reserve \u00a3m Foreign  currency  translation  reserve \u00a3m Total other  reserves \u00a3m Balance at 1 January 2021 (19) (360) (379) Other comprehensive income/(expense) Gains on cash flow hedges, net of tax 30 \u2013 30 Net exchange losses on foreign currency translation, net of tax \u2013 (374) (374) Gains on net investment hedges, net of tax \u2013 84 84 Reclassification of foreign currency translation reserves on  disposal or liquidation of foreign operations, net of tax \u2013 (550) (550) Total other comprehensive income/(expense) for the year 30 (840) (810) Balance at 31 December 2021 11 (1,200) (1,189) Other comprehensive income/(expense) Gains on cash flow hedges, net of tax 2 \u2013 2 Net exchange gains on foreign currency translation, net of tax \u2013 1,064 1,064 Losses on net investment hedges, net of tax \u2013 (115) (115) Reclassification of foreign currency translation reserves on  disposal or liquidation of foreign operations net of tax \u2013 (56) (56) Total other comprehensive income for the year 2 893 895 Balance at 31 December 2022 13 (307) (294) The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments related to hedge transactions that are extant at year end. The foreign currency translation reserve contains the accumulated foreign exchange differences from the translation of the Financial Statements of the Group\u2019s foreign operations arising when the Group\u2019s entities are consolidated. The reserve also contains the translation of liabilities that hedge the Group\u2019s  net exposure in a foreign currency. During the year ended 31 December 2022, a net gain of \u00a356 million (2021: \u00a3550 million net gain) was  reclassified to the Income Statement from foreign currency reserves following the disposal or liquidation  of foreign operations, of which a net gain of \u00a369 million (2021: \u00a3766 million net gain) related to the  liquidation of subsidiaries (see Note 6 for further details) offset by a loss of \u00a313 million (2021: \u00a3216 million)  comprised of \u00a320 million (2021: \u00a3284 million) arising from the disposal of certain businesses (see Note 29), less related tax credits of \u00a37 million (2021: \u00a368 million) (see Note 7) . The net assets of  the Russian business at 31 December 2022 were \u00a3230 million and on disposal, foreign exchange losses  of \u00a3114 million would be recycled to the Income Statement.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) Other administrative expenses include a gain of \u00a359 million (2021: \u00a3nil) on sale and leaseback of a factory  site in the Philippines. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) A net foreign exchange loss of \u00a313 million (2021: loss of \u00a32 million) has been recognised through the  Income Statement. Other administrative expenses include a gain of \u00a359 million (2021: \u00a3nil) on sale and leaseback of a factory  site in the Philippines. Impairment of goodwill principally comprises a charge of \u00a3152 million from the impairment of goodwill  related to the acquisition of Biofreeze (see Note 9). Biofreeze is reported in the Health operating segment ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-468": {
   "value": "3 Analysis of Other Net Operating Expenses 2022 \u00a3m 2021 \u00a3m Distribution costs (3,438) (3,460) Research and development costs (325) (313) Other administrative expenses (1,205) (1,190) Impairment of goodwill (167) \u2013 Other net operating income 9 1 Other net operating expenses (5,126) (4,962) A net foreign exchange loss of \u00a313 million (2021: loss of \u00a32 million) has been recognised through the  Income Statement. Other administrative expenses include a gain of \u00a359 million (2021: \u00a3nil) on sale and leaseback of a factory  site in the Philippines. Impairment of goodwill principally comprises a charge of \u00a3152 million from the impairment of goodwill  related to the acquisition of Biofreeze (see Note 9). Biofreeze is reported in the Health operating segment . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-469": {
   "value": "4 Auditor Remuneration During the year, the Group (including its overseas subsidiaries) obtained the following services from the company\u2019s Auditor and its associates: 2022 \u00a3m 2021 \u00a3m Audit services pursuant to legislation  Audit of the Group\u2019s Annual Report and Financial Statements 8.4 6.4  Audit of the Financial Statements of the Group\u2019s subsidiaries 11.1 9.5 Audit-related assurance services 0.8 0.5 Total audit and audit-related services 20.3 16.4 Fees payable to the company\u2019s Auditor and its associates for other services Other assurance services 2.7 0.1 Total non-audit services 2.7 0.1 23.0 16.5 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-470": {
   "value": "<div class=\"t m0 hc ff1 fs7 fc2 sc0 ls2e ws0 gs303\">5 Em<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oyee Cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs304\">T<span class=\"_ _1\"></span>otal e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e for Di<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, were<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls134 ws123 gs305\">Note<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs306\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs307\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs308\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs309\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs30a\">Wage<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> salaries<span class=\"_ _115\"> </span><span class=\"ff1 ls85 ws79\">1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>8<span class=\"_ _37\"></span>8<span class=\"_ _178\"> </span></span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>,93<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs30b\">So<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y cos<span class=\"_ _0\"></span>ts<span class=\"_ _27b\"> </span><span class=\"ff1 ls12b wsdd\">281<span class=\"_ _143\"> </span></span><span class=\"ls35 ws33\">251<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs30c\">Other pension c<span class=\"_ _1\"></span>osts<span class=\"_ _15e\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _d9\"> </span><span class=\"ff1 ls8f ws83\">61<span class=\"_ _12a\"> </span></span><span class=\"ls128 wsb2\">60<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws2d gs30d\">Share-base<span class=\"_ _0\"></span>d payments<span class=\"_ _20a\"> </span><span class=\"ls5c ws86\">25<span class=\"_ _12d\"> </span><span class=\"ff1 ls6d ws64\">78<span class=\"_ _12a\"> </span></span><span class=\"ls128 wsb2\">30<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs30e\">T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ff co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s<span class=\"_ _27c\"> </span><span class=\"ls131 ws11c\">2,408<span class=\"_ _21a\"> </span><span class=\"ff9 ls13e ws12b\">2<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs30f\">E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>nd N<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve Dire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s\u2019 a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate em<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re dis<span class=\"_ _0\"></span>clos<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>ges 1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0 a<span class=\"_ _0\"></span>nd 1<span class=\"_ _0\"></span>52 o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls2f ws2e gs310\">the Dir<span class=\"_ _1\"></span>ectors\u2019<span class=\"_ _1\"></span> Remunerat<span class=\"_ _1\"></span>ion Re<span class=\"_ _1\"></span>port, respectiv<span class=\"_ _1\"></span>ely<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Compen<span class=\"_ _1\"></span>sation<span class=\"_ _1\"></span> aw<span class=\"_ _1\"></span>arded t<span class=\"_ _1\"></span>o k<span class=\"_ _14\"></span>ey manag<span class=\"_ _1\"></span>ement (<span class=\"_ _14\"></span>defined<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs311\">as th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he N<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors) was:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs312\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs313\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs314\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs315\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs316\">Shor<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>term<span class=\"_ _1\"></span> employee benefits<span class=\"_ _240\"> </span><span class=\"ff1 lsb9 wsb5\">26<span class=\"_ _128\"> </span></span><span class=\"ls5c ws86\">25<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs317\">Post<span class=\"_ _1\"></span>-employment and<span class=\"_ _1\"></span> other long-<span class=\"_ _1\"></span>term benefits<span class=\"_ _13e\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _e1\"> </span><span class=\"ff9\">\u2013<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws2d gs318\">Share-base<span class=\"_ _0\"></span>d payments<span class=\"_ _1f7\"> </span><span class=\"ff1 ls128 wsb2\">15<span class=\"_ _d9\"> </span></span><span class=\"ls126 wsc9\">10<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 lsa3 ws115 gs319\">41<span class=\"_ _12a\"> </span><span class=\"ff9 ls4c wsc\">35<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls7e ws18 gs31b\">Staff numbers<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs31c\">The m<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nth<span class=\"_ _0\"></span>ly aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of p<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyed by th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p, in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r was:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs31d\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls9e ws76 gs31e\">\u2018000<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs31f\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls18a ws167 gs320\">\u2018000<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs321\">Nor<span class=\"_ _0\"></span>th America<span class=\"_ _26e\"> </span><span class=\"ff1 ls61 ws58\">5.1<span class=\"_ _16a\"> </span></span><span class=\"ls37 ws7b\">5.0<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls6d ws64 gs322\">Europ<span class=\"_ _0\"></span>e/ANZ<span class=\"_ _27d\"> </span><span class=\"ff1 ls12b wsdd\">14.3<span class=\"_ _151\"> </span><span class=\"ff9\">14.8<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs323\">Res<span class=\"_ _0\"></span>t of wor<span class=\"_ _0\"></span>ld<span class=\"_ _27e\"> </span><span class=\"ff1 ls101 ws40\">20.6<span class=\"_ _9b\"> </span></span><span class=\"lse9 ws2d\">22.0<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls37 ws7b gs324\">40.0<span class=\"_ _141\"> </span><span class=\"ff9 ls6d ws64\">41<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc2 sc0 ls37 ws34 gs7c6\">23 Pension<span class=\"_ _1\"></span> and Po<span class=\"_ _1\"></span>st-Re<span class=\"_ _1\"></span>tirement C<span class=\"_ _1\"></span>ommitments<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls7c ws73 gs7c7\">Plan<span class=\"_ _1\"></span> details<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7c8\">The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws36 gs7c9\">wor<span class=\"_ _0\"></span>ld cover<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g many o<span class=\"_ _0\"></span>f it<span class=\"_ _0\"></span>s emp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>ly f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7ca\">pla<span class=\"_ _0\"></span>n (<span class=\"_ _0\"></span>U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>) is set u<span class=\"_ _0\"></span>p un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d is a se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p. I<span class=\"_ _0\"></span>t has t<span class=\"_ _0\"></span>wo se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, a de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7cb\">cont<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n se<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d a de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich cl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>l fro<span class=\"_ _0\"></span>m<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7cc\">31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>. Mem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ers h<span class=\"_ _0\"></span>ave a nor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>l reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>e of 65<span class=\"_ _0\"></span>. T<span class=\"_ _1\"></span>ru<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>re ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d by<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7cd\">the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up, a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p, an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs765\">pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ayin<span class=\"_ _0\"></span>g a<span class=\"_ _0\"></span>ll ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ive cos<span class=\"_ _0\"></span>ts of t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit s<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs766\">reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n is fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns as<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs767\">requir<span class=\"_ _1\"></span>ed, follo<span class=\"_ _1\"></span>wing e<span class=\"_ _1\"></span>ach T<span class=\"_ _14\"></span>riennial<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>aluation.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7ce\">For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, a ful<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n is ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t on a tr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7cf\">mos<span class=\"_ _0\"></span><span class=\"_ _350\">t re</span><span class=\"_ _0\"></span>cent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>ut a<span class=\"_ _0\"></span>s at 5 A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 20<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n was i<span class=\"_ _0\"></span>n sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us o<span class=\"_ _0\"></span>n its te<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d0\">prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, no c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e pai<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 (2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>: \u00a3n<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>).<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs7d1\">Funding le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>els ar<span class=\"_ _1\"></span>e monit<span class=\"_ _1\"></span>ored<span class=\"_ _1\"></span> on an<span class=\"_ _1\"></span> annual ba<span class=\"_ _1\"></span>sis.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs76d\">The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>es to m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>itor t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t of U<span class=\"_ _0\"></span>K H<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h Cou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t ru<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>gs cl<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs76e\">equ<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ise t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ntee<span class=\"_ _0\"></span>d M<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>imu<span class=\"_ _0\"></span>m Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on el<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s for m<span class=\"_ _0\"></span>en an<span class=\"_ _0\"></span>d wom<span class=\"_ _0\"></span>en w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs76f\">Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m G<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>d Mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m Pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ed fro<span class=\"_ _0\"></span>m po<span class=\"_ _0\"></span>st 17 M<span class=\"_ _0\"></span>ay 1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0 pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ser<span class=\"_ _37\"></span>vice<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d2\">Dis<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>n tr<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tees f<span class=\"_ _0\"></span>rom a<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t no<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d3\">fin<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n has yet b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs772\">The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up a<span class=\"_ _0\"></span>lso o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tes a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r pos<span class=\"_ _0\"></span>t-reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns in ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>wo ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs773\">pla<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e US Ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th Ca<span class=\"_ _0\"></span>re Pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e M<span class=\"_ _0\"></span>ead J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>on &amp; Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny, LLC Med<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al Pl<span class=\"_ _0\"></span>an (tog<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er,<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs774\">the U<span class=\"_ _0\"></span>S (<span class=\"_ _0\"></span>Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>). I<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>S Reti<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e He<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>h Ca<span class=\"_ _0\"></span>re Pla<span class=\"_ _0\"></span>n, s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>me e<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs775\">reti<span class=\"_ _0\"></span>ree h<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>re be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>hey rea<span class=\"_ _0\"></span>ch a co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed \u2018a<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd yea<span class=\"_ _0\"></span>rs o<span class=\"_ _0\"></span>f ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019 fig<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e of 70,<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d4\">al<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>e mus<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e a mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m of 55<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is p<span class=\"_ _0\"></span>lan c<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d to new m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>n 20<span class=\"_ _37\"></span>09. In the M<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs777\">Jo<span class=\"_ _0\"></span>hn<span class=\"_ _0\"></span>son &amp; Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, LLC Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal P<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f MJ<span class=\"_ _0\"></span>N on 1<span class=\"_ _0\"></span>5 J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws36 gs778\">par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e eli<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e for ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>hc<span class=\"_ _0\"></span>are b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>f they l<span class=\"_ _0\"></span>eave em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span><span class=\"_ _350\">e of 6</span><span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs779\">leave af<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>f 55 a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ave comp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ted 1<span class=\"_ _0\"></span>0 yea<span class=\"_ _0\"></span>rs of s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice, o<span class=\"_ _0\"></span>r have th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>nvol<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs77a\">term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>e of 5<span class=\"_ _0\"></span>5. A B<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee i<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up fo<span class=\"_ _0\"></span>r bo<span class=\"_ _0\"></span>th of th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs77b\">resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce of t<span class=\"_ _0\"></span>he US p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ayi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ive cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs1c7\">wi<span class=\"_ _0\"></span>th reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. B<span class=\"_ _0\"></span>oth of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>re un<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs197\">For t<span class=\"_ _1\"></span>he US<span class=\"_ _1\"></span> (Medical) plans, a<span class=\"_ _1\"></span> full i<span class=\"_ _1\"></span>ndependent actuari<span class=\"_ _1\"></span>al valu<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> is carr<span class=\"_ _1\"></span>ied out<span class=\"_ _1\"></span> on an<span class=\"_ _1\"></span> annual ba<span class=\"_ _1\"></span>sis. The<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs198\">mos<span class=\"_ _0\"></span>t re<span class=\"_ _0\"></span>cent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>ut o<span class=\"_ _0\"></span>n 1 Ja<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r bot<span class=\"_ _0\"></span>h of th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s, f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>evels a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs199\">mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l ba<span class=\"_ _0\"></span>sis w<span class=\"_ _0\"></span>ith co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>de eq<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l to th<span class=\"_ _0\"></span>e clai<span class=\"_ _0\"></span>ms m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e each ye<span class=\"_ _0\"></span>ar. It is exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs19a\">that t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be \u00a3<span class=\"_ _0\"></span>7 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>: \u00a37 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d6\">For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e of IA<span class=\"_ _0\"></span>S 1<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, the p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted u<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d was u<span class=\"_ _0\"></span>sed fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e UK a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d US pl<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>, as p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d7\">the p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pl<span class=\"_ _0\"></span>an tr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ial va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ts (at 5 Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2) a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e US (<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n val<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d8\">31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns have a wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7d9\">13<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 17<span class=\"_ _1\"></span>.0 yea<span class=\"_ _0\"></span>rs). This d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e is pre<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y dr<span class=\"_ _0\"></span>iven by s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant r<span class=\"_ _0\"></span>ises i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>lds ove<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7da\">the ye<span class=\"_ _0\"></span>ar to 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls7c ws73 gs7db\">Significant<span class=\"_ _1\"></span> actuarial a<span class=\"_ _1\"></span>ssumption<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7dc\">The s<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d in d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K an<span class=\"_ _0\"></span>d US<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7dd\">(M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>) pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>s at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r were:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs7de\">2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa3 ws0 gs7df\">U<span class=\"_ _0\"></span>K %<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws2e gs7e0\">US (Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa ws0 gs7e1\">%<span class=\"_ _151\"> </span><span class=\"ff9 ls48\">U<span class=\"_ _0\"></span>K %<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs7e2\">US (Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs7e3\">%<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs7e4\">Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s<span class=\"_ _2de\"> </span><span class=\"ff1 lsdf ws34\">5.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span></span></span><span class=\"ls36 ws2e\">5.4<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7e5\">Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ons d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> </div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws9c gs7e6\">deferment<span class=\"_ _175\"> </span><span class=\"ff1 ls111 ws32\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span></span></span><span class=\"lsda wsaa\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs7e7\">Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _1cd\"> </span><span class=\"ff1 ls111 ws32\">3.2<span class=\"_ _0\"></span>5<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _177\"> </span></span></span><span class=\"lsda wsaa\">3.<span class=\"_ _0\"></span>25<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs7e8\">Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _233\"> </span><span class=\"ff1 ls37 ws7b\">5.0<span class=\"_ _13f\"> </span><span class=\"lsdf ws34\">5.2<span class=\"_ _128\"> </span></span></span><span class=\"ls11c ws10c\">1.9<span class=\"_ _16a\"> </span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>.7<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs7e9\">In<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n \u2013 R<span class=\"_ _0\"></span>PI<span class=\"_ _eb\"> </span><span class=\"ff1 ls111 ws32\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e2\"> </span></span></span><span class=\"lsda wsaa\">3.4<span class=\"_ _e1\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs7ea\">Annual medical<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span> inflation<span class=\"_ _2a3\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _95\"> </span><span class=\"ls37 ws7b\">5.0<span class=\"_ _0\"></span>-8<span class=\"_ _0\"></span>.0<span class=\"_ _bf\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">5.0-8<span class=\"_ _0\"></span>.0<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7eb\">As<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s reg<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fu<span class=\"_ _0\"></span>ture m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ce a<span class=\"_ _0\"></span>re set i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rda<span class=\"_ _0\"></span>nce w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h pu<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7ec\">exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce in e<span class=\"_ _0\"></span>ach te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y. The ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted l<span class=\"_ _0\"></span>ifeti<span class=\"_ _0\"></span>me of a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>ed 6<span class=\"_ _0\"></span>0 a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>fetim<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7ed\"><span class=\"_ _350\">of a pa</span><span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>nt w<span class=\"_ _0\"></span>ho w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ed 6<span class=\"_ _0\"></span>0 i<span class=\"_ _0\"></span>n 1<span class=\"_ _0\"></span>5 year<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s in t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>) are d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs7ee\">2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa3 ws0 gs7ef\">U<span class=\"_ _0\"></span>K yea<span class=\"_ _0\"></span>rs<span class=\"_ _7b\"> </span>US ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _176\"> </span><span class=\"ff9 ls48\">U<span class=\"_ _0\"></span>K yea<span class=\"_ _0\"></span>rs<span class=\"_ _200\"> </span><span class=\"lsf ws122\">US ye<span class=\"_ _1\"></span>ars<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs7f0\">N<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f yea<span class=\"_ _0\"></span>rs a c<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted t<span class=\"_ _0\"></span>o li<span class=\"_ _0\"></span>ve beyo<span class=\"_ _0\"></span>nd 6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>:</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7b ws17f gs7f1\"> Male<span class=\"_ _2c6\"> </span><span class=\"ff1 ls19c ws180\">2<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>5<span class=\"_ _177\"> </span><span class=\"lsdf ws34\">25.2<span class=\"_ _185\"> </span></span></span><span class=\"ls113 ws101\">2<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>5<span class=\"_ _c7\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>.1</span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs7f2\"> Female<span class=\"_ _188\"> </span><span class=\"ff1 ls19d ws16d\">2<span class=\"_ _37\"></span>9.<span class=\"_ _37\"></span>0<span class=\"_ _16d\"> </span><span class=\"ls19c ws180\">2<span class=\"_ _0\"></span>7.<span class=\"_ _4f\"></span>3<span class=\"_ _185\"> </span></span></span><span class=\"ls11c ws10c\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _151\"> </span><span class=\"ls113 ws101\">2<span class=\"_ _0\"></span>7.<span class=\"_ _4f\"></span>2<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs7f3\">N<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f yea<span class=\"_ _0\"></span>rs a f<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to l<span class=\"_ _0\"></span>ive beyo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d 6<span class=\"_ _0\"></span>0:</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7b ws17f gs7f4\"> Male<span class=\"_ _244\"> </span><span class=\"ff1 ls12b wsdd\">28.8<span class=\"_ _1e2\"> </span><span class=\"ls85 ws79\">2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.9<span class=\"_ _16d\"> </span></span></span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.7<span class=\"_ _9b\"> </span><span class=\"ls35 ws33\">26.<span class=\"_ _0\"></span>8</span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs7f5\"> Female<span class=\"_ _20a\"> </span><span class=\"ff1 ls101 ws40\">30.4<span class=\"_ _1e2\"> </span><span class=\"ls85 ws79\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _16d\"> </span></span><span class=\"ff9\">30.2<span class=\"_ _177\"> </span><span class=\"lsdf ws34\">28.8<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7f6\">For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, the m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons we<span class=\"_ _0\"></span>re ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>d SA<span class=\"_ _0\"></span>PS m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y tab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7f7\">3N<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>A for m<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es (scal<span class=\"_ _0\"></span>ed by 9<span class=\"_ _0\"></span>8%) a<span class=\"_ _0\"></span>nd ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e 3<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>FA f<span class=\"_ _1\"></span>or fe<span class=\"_ _0\"></span>mal<span class=\"_ _0\"></span>es (scal<span class=\"_ _0\"></span>ed by 1<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>%). Al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7f8\">cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es is ma<span class=\"_ _0\"></span>de by a<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e CM<span class=\"_ _0\"></span>I se<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h a lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7f9\">1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5% pe<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>m fro<span class=\"_ _0\"></span>m 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 onw<span class=\"_ _0\"></span>ards<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e US p<span class=\"_ _0\"></span>lan t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons we<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7fa\">the P<span class=\"_ _0\"></span>ri-2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>12 T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l Data<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent S<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>le M<span class=\"_ _0\"></span>P-2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7fb\">Wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e COVI<span class=\"_ _0\"></span>D-19 h<span class=\"_ _0\"></span>as ha<span class=\"_ _0\"></span>d an i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>, the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7fc\">im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n fu<span class=\"_ _0\"></span>ture m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y tre<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s is cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>tly u<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y no a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7fd\">to mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>is re<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>rd.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls2f ws2e gs7fe\">Amounts r<span class=\"_ _1\"></span>ecogni<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> the B<span class=\"_ _1\"></span>alance<span class=\"_ _1\"></span> Sheet<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs7ff\">The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et are a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs800\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs801\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs802\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs803\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs804\">Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>eet l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fo<span class=\"_ _0\"></span>r:</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls91 ws75 gs805\">  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _2d3\"> </span><span class=\"ff1 lsb2 wsda\">(81)<span class=\"_ _186\"> </span></span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs806\"> Other<span class=\"_ _24c\"> </span><span class=\"ff1 ws0\">(15<span class=\"_ _0\"></span>9)<span class=\"_ _9f\"> </span></span><span class=\"lsb9 wsb5\">(211)<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs807\">Lia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y on B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _2df\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ff9 lsa9 wsd9\">(3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span><span class=\"lsa3 ws115\"><span class=\"ff9 lsa9 wsd9\">)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs808\">Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>eet a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r:</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsdf ws181 gs809\"> UK<span class=\"_ _2e0\"> </span><span class=\"ff1 lsa3 ws115\">2<span class=\"_ _0\"></span>41<span class=\"_ _1f3\"> </span></span><span class=\"ls101 ws40\">298</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs80a\"> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 ls67 ws5e\">53<span class=\"_ _12a\"> </span></span><span class=\"lsa9 wsd9\">57<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs80b\">As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t on B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _1cc\"> </span><span class=\"lse9 ws2d\">294<span class=\"_ _1f3\"> </span><span class=\"ff9 lsba ws18\">355<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls49 wsaa gs80c\">Net pension<span class=\"_ _1\"></span> asset<span class=\"_ _2e1\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _128\"> </span><span class=\"ff9 ls6d ws64\">37<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs80d\">The U<span class=\"_ _0\"></span>K s<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us of \u00a3<span class=\"_ _0\"></span>241 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a32<span class=\"_ _0\"></span>98 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) relate<span class=\"_ _0\"></span>s mai<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y to th<span class=\"_ _0\"></span>e Rec<span class=\"_ _0\"></span>kit<span class=\"_ _0\"></span>t Be<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>kise<span class=\"_ _0\"></span>r Pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n Fun<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs80e\">Thi<span class=\"_ _0\"></span>s sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed it h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l rig<span class=\"_ _0\"></span>ht to a ref<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs80f\">any su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>ce al<span class=\"_ _0\"></span>l me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>een p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>l ad<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs810\">that t<span class=\"_ _0\"></span>he Truste<span class=\"_ _0\"></span>es wou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e un<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to u<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>ind u<span class=\"_ _0\"></span>p th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an o<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ce me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs811\">wi<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ut t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc2 sc0 ls2e ws0 gs812\">2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span></div>The fu<span class=\"_ _1\"></span>nded and<span class=\"_ _1\"></span> unfunded a<span class=\"_ _1\"></span>mounts r<span class=\"_ _1\"></span>ecogni<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> the Bal<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> Sheet ar<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>termined<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> follo<span class=\"_ _1\"></span>ws:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medica<span class=\"_ _0\"></span>l)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Prese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> obligation<span class=\"_ _1\"></span>s<span class=\"_ _a0\"> </span><span class=\"ff1 lsa3 ws115\">(941<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _32\"> </span><span class=\"ls92 wsdb\">(373)<span class=\"_ _19e\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4)<span class=\"_ _1df\"> </span></span></span></span></span><span class=\"ls112 ws100\">(1<span class=\"_ _1\"></span>,486<span class=\"_ _1\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _95\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _30\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,967<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _189\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>6<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"lsb9 wsb5\">426<span class=\"_ _1de\"> </span><span class=\"ls8f ws83\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _1ba\"> </span></span></span></span></span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,78<span class=\"_ _37\"></span>8<span class=\"_ _9b\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _176\"> </span><span class=\"ls38 ws36\">496<span class=\"_ _17c\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>284<span class=\"_ _350\"> </span></span></span></span>Surplus/<span class=\"_ _1\"></span>(liability)<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> funded<span class=\"_ _350\"> </span>plans<span class=\"_ _b8\"> </span><span class=\"ff1 ls13d wse2\">245<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls67 ws5e\">53<span class=\"_ _182\"> </span><span class=\"ls4c wsc\">298<span class=\"_ _176\"> </span></span></span></span></span><span class=\"ls7e ws9c\">302<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span><span class=\"ls67 ws5e\">15<span class=\"_ _c3\"> </span><span class=\"ls33 ws31\">3<span class=\"_ _0\"></span>17<span class=\"_ _350\"> </span></span></span></span></span>Prese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of un<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span>obligation<span class=\"_ _1\"></span>s<span class=\"_ _199\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _d1\"> </span><span class=\"lsb2 wsda\">(81)<span class=\"_ _17a\"> </span></span>(1<span class=\"_ _0\"></span>59)<span class=\"_ _17c\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _16f\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _95\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _1de\"> </span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>69)<span class=\"_ _17a\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span>Irrecov<span class=\"_ _1\"></span>erable surplus<span class=\"_ _171\"> </span><span class=\"ff1 ls26 ws23\">(4<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _183\"> </span></span>(4)<span class=\"_ _9c\"> </span></span><span class=\"ls118 ws108\">(4)<span class=\"_ _186\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _16f\"> </span></span>(4)<span class=\"_ _350\"> </span></span>Net pension s<span class=\"_ _1\"></span>urplus/<span class=\"_ _350\"> </span>(liability)<span class=\"_ _2e2\"> </span><span class=\"ff1 lsa3 ws115\">2<span class=\"_ _0\"></span>41<span class=\"_ _d1\"> </span><span class=\"lsb2 wsda\">(8<span class=\"_ _0\"></span>1)<span class=\"_ _20f\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>6)<span class=\"_ _c3\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _7b\"> </span></span></span></span></span><span class=\"ls101 ws40\">298<span class=\"_ _95\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _1de\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _16c\"> </span><span class=\"ls6d ws64\">37<span class=\"_ _350\"> </span></span></span></span></span>Group plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts ar<span class=\"_ _1\"></span>e compri<span class=\"_ _1\"></span>sed a<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ollows<span class=\"_ _1\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medica<span class=\"_ _0\"></span>l)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US<span class=\"_ _350\"> </span>(Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Equiti<span class=\"_ _1\"></span>es<span class=\"_ _d8\"> </span><span class=\"ff1 lsf1 ws73\">134<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls80 ws8b\">92<span class=\"_ _7b\"> </span><span class=\"lse9 ws2d\">226<span class=\"_ _16c\"> </span></span></span></span></span><span class=\"ls11b ws10b\">178<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _176\"> </span><span class=\"ls7e ws9c\">202<span class=\"_ _1db\"> </span><span class=\"lsda wsaa\">380<span class=\"_ _350\"> </span></span></span></span></span>Government<span class=\"_ _1\"></span> bonds<span class=\"_ _113\"> </span><span class=\"ff1 ls66 ws5d\">167<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"ls33 ws31\">1<span class=\"_ _0\"></span>57<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">324<span class=\"_ _19d\"> </span></span></span></span></span><span class=\"ls67 ws5e\">215<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1db\"> </span><span class=\"ls128 wsb2\">230<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">4<span class=\"_ _0\"></span>45<span class=\"_ _350\"> </span></span></span></span></span>Corporat<span class=\"_ _1\"></span>e bond<span class=\"_ _1\"></span>s<span class=\"_ _45\"> </span><span class=\"ff1 lsb9 wsb5\">265<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"lsf1 ws73\">135<span class=\"_ _c0\"> </span><span class=\"ls9e ws76\">40<span class=\"_ _0\"></span>0<span class=\"_ _7b\"> </span></span></span></span></span><span class=\"ls4c wsc\">35<span class=\"_ _0\"></span>6<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls5c ws86\">25<span class=\"_ _c3\"> </span><span class=\"ls36 ws2e\">381<span class=\"_ _350\"> </span></span></span></span></span>Real estate/propert<span class=\"_ _0\"></span>y \u2013<span class=\"_ _350\"> </span>unquot<span class=\"_ _1\"></span>ed<span class=\"_ _29a\"> </span><span class=\"ff1 lsb9 wsb5\">82<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _21a\"> </span><span class=\"lsdf ws34\">19<span class=\"_ _d1\"> </span><span class=\"ls128 wsb2\">101<span class=\"_ _c8\"> </span></span></span></span></span><span class=\"ls34 ws75\">113<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _19d\"> </span><span class=\"ls7b wsa8\">132<span class=\"_ _350\"> </span></span></span></span></span>Ins<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _1b3\"> </span><span class=\"ff1 ls91\">2<span class=\"_ _0\"></span>72<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16d\"> </span>-<span class=\"_ _176\"> </span></span>272<span class=\"_ _7b\"> </span></span><span class=\"lsda wsaa\">388<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _7b\"> </span></span>388<span class=\"_ _350\"> </span></span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets \u2013 u<span class=\"_ _0\"></span>nqu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>d<span class=\"_ _189\"> </span><span class=\"ff1 lsb9 wsb5\">266<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls13d wse2\">23<span class=\"_ _7b\"> </span><span class=\"ls36 ws2e\">289<span class=\"_ _1db\"> </span></span></span></span></span><span class=\"lsba ws18\">538<span class=\"_ _177\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _16e\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _1db\"> </span><span class=\"lsba ws18\">558<span class=\"_ _350\"> </span></span></span></span>Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _189\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>6<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"lsb9 wsb5\">426<span class=\"_ _1de\"> </span><span class=\"ls8f ws83\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _1ba\"> </span></span></span></span></span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,78<span class=\"_ _37\"></span>8<span class=\"_ _9b\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _176\"> </span><span class=\"ls38 ws36\">496<span class=\"_ _17c\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>284<span class=\"_ _350\"> </span></span></span></span>In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0, th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>ree of t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ns e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>to an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich cover, in a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>rega<span class=\"_ _0\"></span>te, \u00a3<span class=\"_ _0\"></span>272 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span>(\u00a33<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>9 at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1)<span class=\"_ _0\"></span>. The a<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>chas<span class=\"_ _0\"></span>e of bu<span class=\"_ _0\"></span>lk a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ies u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h the i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>r wi<span class=\"_ _0\"></span>ll pay t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ent to t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>ses we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e tr<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tees to<span class=\"_ _350\"> </span>ens<span class=\"_ _0\"></span>ure t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>d an as<span class=\"_ _0\"></span>set t<span class=\"_ _0\"></span>hat wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d match i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d in a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>dan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>9 by th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>n the a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>the v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es rem<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d the m<span class=\"_ _0\"></span>atch<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s are h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n fun<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. As t<span class=\"_ _0\"></span>his w<span class=\"_ _0\"></span>as an i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt d<span class=\"_ _0\"></span>ecis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n by the t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span>the i<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f pla<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sets (du<span class=\"_ _0\"></span>e to the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _350\"> </span>pr<span class=\"_ _0\"></span>ice of th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>uy-<span class=\"_ _0\"></span>in as<span class=\"_ _0\"></span>set) ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n was<span class=\"_ _350\"> </span>reco<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>s have not e<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ny suc<span class=\"_ _0\"></span>h bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>agreements<span class=\"_ _1\"></span> in 2022.<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ted to a<span class=\"_ _0\"></span>ny bu<span class=\"_ _0\"></span>y-<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of any of t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> UK pension schemes.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>35 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a34<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) relat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g to lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty d<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ven i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt fu<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Thi<span class=\"_ _0\"></span>s is a be<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>ke poo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent ve<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>cle w<span class=\"_ _0\"></span>ith u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g lis<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>, eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span> The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>le is p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ger b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>sec<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es he<span class=\"_ _0\"></span>ld w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>le. T<span class=\"_ _0\"></span>he Truste<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>urch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 to l<span class=\"_ _0\"></span>ower r<span class=\"_ _0\"></span>isk w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o wit<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ut re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>otent<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts h<span class=\"_ _0\"></span>ave a low lever<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span>suf<span class=\"_ _37\"></span>fici<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l col<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l in p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ce. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, no co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s were m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e aga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>st t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span>du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r to 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 des<span class=\"_ _0\"></span>pite t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ced i<span class=\"_ _0\"></span>n gi<span class=\"_ _0\"></span>lt ma<span class=\"_ _0\"></span>rkets<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span><span class=\"_ _350\">The r</span><span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g oth<span class=\"_ _0\"></span>er as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns for t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e US (<span class=\"_ _0\"></span>Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns at la<span class=\"_ _0\"></span>st va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>date is a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>le to pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Active partici<span class=\"_ _0\"></span>pants<span class=\"_ _2b4\"> </span><span class=\"ff1 ls49 ws9\">(1)<span class=\"_ _177\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _128\"> </span></span></span><span class=\"lsb9 wsb5\">(<span class=\"_ _0\"></span>1)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Par<span class=\"_ _0\"></span>ticipants with deferred benefi<span class=\"_ _0\"></span>ts<span class=\"_ _c5\"> </span><span class=\"ff1 ls7e ws9c\">(3<span class=\"_ _0\"></span>07)<span class=\"_ _128\"> </span><span class=\"ls49 ws9\">(1)<span class=\"_ _21a\"> </span></span></span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>6)<span class=\"_ _210\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></span>Participants<span class=\"_ _1\"></span> receiving<span class=\"_ _1\"></span> benefits<span class=\"_ _e9\"> </span><span class=\"ff1 ls86 wsa6\">(6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _16d\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _37\"></span>6)<span class=\"_ _183\"> </span></span></span><span class=\"ls6d ws64\">(8<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Pre<span class=\"_ _1\"></span>sent v<span class=\"_ _1\"></span>alue o<span class=\"_ _1\"></span>f obliga<span class=\"_ _1\"></span>tion<span class=\"_ _2e3\"> </span><span class=\"ff1 lsa3 ws115\">(941<span class=\"_ _0\"></span>)<span class=\"_ _110\"> </span><span class=\"lsb2 wsda\">(81<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span></span></span><span class=\"ls112 ws100\">(1,486<span class=\"_ _1\"></span>)<span class=\"_ _16f\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>The m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s n<span class=\"_ _0\"></span>et sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us/(defi<span class=\"_ _0\"></span>cit) is as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Pres<span class=\"_ _1\"></span>ent val<span class=\"_ _1\"></span>ue of<span class=\"_ _1\"></span> obligation<span class=\"_ _94\"> </span><span class=\"ls48 ws0\">Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ue of p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>UK<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _2e4\"> </span><span class=\"ls12d ws119\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>47<span class=\"_ _13f\"> </span><span class=\"ls2f ws87\">125<span class=\"_ _143\"> </span><span class=\"ls36 ws2e\">719<span class=\"_ _16f\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>391<span class=\"_ _9c\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,75<span class=\"_ _37\"></span>4)<span class=\"_ _118\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _16d\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _7b\"> </span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>26<span class=\"_ _37\"></span>4)<span class=\"_ _350\"> </span></span></span></span>Current<span class=\"_ _1\"></span> service cost<span class=\"_ _2e5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _1e0\"> </span>9<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _bf\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>Administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> costs<span class=\"_ _2e6\"> </span><span class=\"lsa ws0\">2<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _bf\"> </span>2<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>e/(i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e)<span class=\"_ _2e7\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _1e0\"> </span><span class=\"lsa ws0\">3<span class=\"_ _1e0\"> </span>9<span class=\"_ _12a\"> </span><span class=\"ls4c wsc\">35<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(26)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _c7\"> </span><span class=\"ls2f ws87\">(31)<span class=\"_ _350\"> </span></span></span></span></span>25<span class=\"_ _a6\"> </span><span class=\"lsa ws0\">4<span class=\"_ _dd\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _12a\"> </span><span class=\"ls12d ws119\">47<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(2<span class=\"_ _0\"></span>6)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _1f3\"> </span><span class=\"ls2f ws87\">(3<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span>Remeasurements:<span class=\"_ _350\"> </span>Return<span class=\"_ _1\"></span> on plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts, ex<span class=\"_ _1\"></span>cluding amounts<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rest inc<span class=\"_ _1\"></span>ome<span class=\"_ _148\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e2\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _10c\"> </span></span>\u2013<span class=\"_ _13f\"> </span><span class=\"lsa3 ws115\">(3<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ls128 wsb2\">(106<span class=\"_ _350\"> </span></span></span></span>Los<span class=\"_ _1\"></span>ses/<span class=\"_ _1\"></span>(gains<span class=\"_ _14\"></span>) from<span class=\"_ _1\"></span> changes<span class=\"_ _1\"></span> in demographic<span class=\"_ _1\"></span> assump<span class=\"_ _1\"></span>tions<span class=\"_ _15d\"> </span><span class=\"lsa ws0\">1<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _106\"> </span></span>4<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(<span class=\"_ _0\"></span>1)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>Gains f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>hange in<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _24e\"> </span><span class=\"lsa ws0\">(27)<span class=\"_ _229\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span></span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _12a\"> </span>(1)<span class=\"_ _350\"> </span></span></span>Experience losses<span class=\"_ _1\"></span>/(gains<span class=\"_ _1\"></span>)<span class=\"_ _2e8\"> </span><span class=\"lsa ws0\">8<span class=\"_ _106\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _dd\"> </span></span>4<span class=\"_ _bf\"> </span>9<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>(1<span class=\"_ _0\"></span>8)<span class=\"_ _c7\"> </span>(<span class=\"_ _0\"></span>14)<span class=\"_ _151\"> </span><span class=\"ls91 ws89\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _185\"> </span></span>(<span class=\"_ _0\"></span>57)<span class=\"_ _141\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _37\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16a\"> </span><span class=\"ls2f ws87\">(3<span class=\"_ _0\"></span>1)<span class=\"_ _178\"> </span><span class=\"ls87 wsdc\">(1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span>Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _2e9\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _16a\"> </span>(5)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>4<span class=\"_ _bf\"> </span>4<span class=\"_ _350\"> </span></span>Contributions<span class=\"_ _1\"></span> \u2013 employ<span class=\"_ _1\"></span>ers<span class=\"_ _2ea\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _1f3\"> </span></span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span>Paymen<span class=\"_ _1\"></span>ts fr<span class=\"_ _1\"></span>om plan<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span>Benefi<span class=\"_ _0\"></span>t payments<span class=\"_ _2eb\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _185\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>)<span class=\"_ _207\"> </span>(1<span class=\"_ _0\"></span>33)<span class=\"_ _13f\"> </span><span class=\"ls111 ws32\">68<span class=\"_ _a6\"> </span></span></span></span></span><span class=\"ws0\">8<span class=\"_ _210\"> </span><span class=\"lsa9 wsd9\">57<span class=\"_ _143\"> </span><span class=\"ls34 ws75\">133<span class=\"_ _350\"> </span></span></span></span>As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _2ec\"> </span><span class=\"ls9e ws76\">1,486<span class=\"_ _fd\"> </span><span class=\"ls7e ws9c\">1<span class=\"_ _0\"></span>07<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">650<span class=\"_ _c9\"> </span><span class=\"ls13d wse2\">2,<span class=\"_ _0\"></span>243<span class=\"_ _d1\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,78<span class=\"_ _0\"></span>8)<span class=\"_ _132\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _9f\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>6)<span class=\"_ _12\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span></span></span>Current<span class=\"_ _1\"></span> service cost<span class=\"_ _2e5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _1e0\"> </span>8<span class=\"_ _bf\"> </span>9<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>Administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> costs<span class=\"_ _2e6\"> </span><span class=\"lsa ws0\">3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>e/(i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e)<span class=\"_ _2e7\"> </span><span class=\"lsa ws0\">27<span class=\"_ _bf\"> </span>4<span class=\"_ _dd\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _128\"> </span><span class=\"ls37 ws7b\">43<span class=\"_ _143\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span></span></span>30<span class=\"_ _1e0\"> </span><span class=\"lsa ws0\">5<span class=\"_ _12a\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _128\"> </span><span class=\"lsba ws18\">55<span class=\"_ _143\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span></span></span>Remeasurements:<span class=\"_ _350\"> </span>Return<span class=\"_ _1\"></span> on plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts, ex<span class=\"_ _1\"></span>cluding amounts<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rest inc<span class=\"_ _1\"></span>ome<span class=\"_ _148\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _1f3\"> </span></span><span class=\"ls4c\">565<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">96<span class=\"_ _13f\"> </span><span class=\"ls125 ws114\">6<span class=\"_ _0\"></span>61<span class=\"_ _350\"> </span></span></span></span></span>(<span class=\"_ _1\"></span>Gains<span class=\"_ _14\"></span>) from c<span class=\"_ _1\"></span>hanges<span class=\"_ _1\"></span> in demographic<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _2e1\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _229\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span>(<span class=\"_ _1\"></span>Gains<span class=\"_ _14\"></span>) from c<span class=\"_ _1\"></span>hange in<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _2ed\"> </span><span class=\"lsa9 wsd9\">(5<span class=\"_ _0\"></span>18)<span class=\"_ _141\"> </span><span class=\"lse7 ws112\">(22)<span class=\"_ _172\"> </span><span class=\"ls35 ws33\">(<span class=\"_ _0\"></span>151)<span class=\"_ _207\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span></span></span></span>(2)<span class=\"_ _229\"> </span>(2)<span class=\"_ _350\"> </span></span></span>Experience (gains<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>/losses<span class=\"_ _2ee\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">3<span class=\"_ _dd\"> </span></span></span>16<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span>(5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"lse7 ws112\">(36)<span class=\"_ _178\"> </span></span>(<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>8)<span class=\"_ _189\"> </span><span class=\"ls111 ws32\">(<span class=\"_ _1\"></span>688<span class=\"_ _1\"></span>)<span class=\"_ _172\"> </span><span class=\"ls4c wsc\">565<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls87 wsdc\">94<span class=\"_ _c7\"> </span><span class=\"ls11b ws10b\">6<span class=\"_ _0\"></span>59<span class=\"_ _350\"> </span></span></span></span></span></span>Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _2e9\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _dd\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _128\"> </span><span class=\"ls28 ws25\">54<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">66<span class=\"_ _e1\"> </span></span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _229\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _fd\"> </span>(4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span>Contributions<span class=\"_ _1\"></span> \u2013 employ<span class=\"_ _1\"></span>ers<span class=\"_ _2ea\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">(7)<span class=\"_ _1f3\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _141\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span></span></span>Paymen<span class=\"_ _1\"></span>ts fr<span class=\"_ _1\"></span>om plan<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span>Benefi<span class=\"_ _0\"></span>t payments<span class=\"_ _2ef\"> </span><span class=\"ls12b wsdd\">(71)<span class=\"_ _16a\"> </span>(7)<span class=\"_ _16d\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _a9\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>122)<span class=\"_ _16a\"> </span></span></span>71<span class=\"_ _bf\"> </span></span><span class=\"ws0\">7<span class=\"_ _12d\"> </span><span class=\"ls19b ws17e\">44<span class=\"_ _143\"> </span><span class=\"ls2f ws87\">122<span class=\"_ _350\"> </span></span></span></span>As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2f0\"> </span><span class=\"lsa3 ws115\">941<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">81<span class=\"_ _110\"> </span><span class=\"ls37 ws7b\">532<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">1,554<span class=\"_ _17f\"> </span><span class=\"ls8e ws81\">(<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>8<span class=\"_ _37\"></span>6)<span class=\"_ _106\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _172\"> </span><span class=\"ls26 ws23\">(42<span class=\"_ _37\"></span>6)<span class=\"_ _19d\"> </span><span class=\"ls8f ws83\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span></span></span></span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rge fo<span class=\"_ _0\"></span>r the ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r is sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Defined con<span class=\"_ _1\"></span>tribution<span class=\"_ _1\"></span> plans<span class=\"_ _227\"> </span><span class=\"ff1 lsd ws7a\">49<span class=\"_ _128\"> </span></span><span class=\"ls112 ws100\">48<span class=\"_ _350\"> </span></span>Defined benefit<span class=\"_ _1\"></span> plans (<span class=\"_ _14\"></span>net char<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>luding int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span>) UK<span class=\"_ _2f1\"> </span><span class=\"ff1 lsa ws0\">3<span class=\"_ _1e0\"> </span><span class=\"ff9\">2</span></span>  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _21f\"> </span><span class=\"ff1 lsa ws0\">1<span class=\"_ _11a\"> </span><span class=\"ff9\">1</span></span> Other<span class=\"_ _2b7\"> </span><span class=\"ff1 ws0\">8<span class=\"_ _1e0\"> </span><span class=\"ff9\">9<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>otal p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ofi<span class=\"_ _0\"></span>t (N<span class=\"_ _0\"></span>ote 5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>61<span class=\"_ _12a\"> </span><span class=\"ff9 ls128 wsb2\">60<span class=\"_ _350\"> </span></span>Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n net fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in n<span class=\"_ _0\"></span>et fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>No<span class=\"_ _0\"></span>te 6)<span class=\"_ _202\"> </span><span class=\"ff1 ls7b wsa8\">(5)<span class=\"_ _128\"> </span></span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>fore i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax<span class=\"_ _25b\"> </span><span class=\"ff1 ls128 wsb2\">56<span class=\"_ _12a\"> </span></span><span class=\"ls11b ws10b\">59<span class=\"_ _350\"> </span></span>Remeasurement<span class=\"_ _1\"></span> gains/<span class=\"_ _1\"></span>(losse<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>) f<span class=\"_ _1\"></span>or<span class=\"_ _350\"> </span>2<span class=\"_ _350\"> </span>: UK<span class=\"_ _2f2\"> </span><span class=\"ff1 ls86 wsa6\">(61<span class=\"_ _0\"></span>)<span class=\"_ _13f\"> </span></span><span class=\"ls87 wsdc\">94</span>  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _2f3\"> </span><span class=\"ff1 ls128 wsb2\">36<span class=\"_ _d9\"> </span></span><span class=\"ls12b wsdd\">14</span> Other<span class=\"_ _2ca\"> </span><span class=\"ff1 ls126 wsc9\">54<span class=\"_ _12a\"> </span></span><span class=\"lsda wsaa\">56<span class=\"_ _350\"> </span></span>29<span class=\"_ _116\"> </span><span class=\"ff9\">16<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>des c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, pas<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice co<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> administrativ<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>sts<span class=\"_ _350\"> </span>2. <span class=\"_ _3d\"> </span>Re<span class=\"_ _0\"></span>mea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es \u00a3n<span class=\"_ _0\"></span>il (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n O<span class=\"_ _0\"></span>CI fo<span class=\"_ _0\"></span>r ir<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le s<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us<span class=\"_ _350\"> </span>Se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _350\"> </span>The s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on to ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s is sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span> <span class=\"lsa\"> </span>assumption<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d <span class=\"lsa\"> </span>benefit obligation<span class=\"_ _350\"> </span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _2f4\"> </span><span class=\"ff1 ls49\">Increase 0.<span class=\"_ _1\"></span>1%<span class=\"_ _d9\"> </span>Decrease<span class=\"_ _1\"></span> by<span class=\"_ _1\"></span> 1.<span class=\"_ _0\"></span>3%<span class=\"_ _350\"> </span></span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _267\"> </span><span class=\"ff1 ls49\">I<span class=\"_ _0\"></span>ncrease 1.0%<span class=\"_ _123\"> </span>Decrease b<span class=\"_ _1\"></span>y 11.5%<span class=\"_ _350\"> </span></span>RPI in<span class=\"_ _0\"></span>crease<span class=\"_ _206\"> </span><span class=\"ff1 ls49 ws73\">I<span class=\"_ _0\"></span>ncrease 0.<span class=\"_ _1\"></span>1%<span class=\"_ _190\"> </span><span class=\"ls87 ws0\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>se by 0.7<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>RPI I<span class=\"_ _0\"></span>ncrease<span class=\"_ _233\"> </span><span class=\"ff1 ls49 ws73\">Increase 1.0%<span class=\"_ _12b\"> </span><span class=\"ls87 ws0\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e by 9<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>2%<span class=\"_ _350\"> </span></span></span>Lif<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpectancy<span class=\"_ _f1\"> </span><span class=\"ff1 ls87 ws0\">Mem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s l<span class=\"_ _0\"></span>ive 1 yea<span class=\"_ _0\"></span>r l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>er<span class=\"_ _190\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e by 3.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span>2021<span class=\"_ _350\"> </span>Change<span class=\"_ _1\"></span> in <span class=\"lsa ws0\"> </span>assumpti<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span>Change<span class=\"_ _1\"></span> in defined <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span>benefit obliga<span class=\"_ _1\"></span>tion<span class=\"_ _350\"> </span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _173\"> </span><span class=\"ls136 wsa6\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 0<span class=\"_ _37\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _1e0\"> </span><span class=\"lsa3 ws0\">De<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e by 1<span class=\"_ _0\"></span>.6%<span class=\"_ _350\"> </span></span></span>RPI in<span class=\"_ _0\"></span>crease<span class=\"_ _226\"> </span><span class=\"ls136 wsa6\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 0<span class=\"_ _37\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _1af\"> </span><span class=\"lsa3 ws0\">I<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease by 0<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Lif<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpectancy<span class=\"_ _275\"> </span><span class=\"lsa3 ws0\">Mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs l<span class=\"_ _0\"></span>ive 1 yea<span class=\"_ _0\"></span>r lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>er<span class=\"_ _11a\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e by 4.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span>The a<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ove sens<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ty a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>es are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on a c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n an a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g all o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>n p<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ice, t<span class=\"_ _0\"></span>his i<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>kely to occu<span class=\"_ _0\"></span>r, and ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n so<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns may<span class=\"_ _350\"> </span>be correl<span class=\"_ _1\"></span>ated.<span class=\"_ _350\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal c<span class=\"_ _0\"></span>ost t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d rate<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>A 1% ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ed h<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>car<span class=\"_ _0\"></span>e cost t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d ra<span class=\"_ _0\"></span>tes wou<span class=\"_ _0\"></span>ld have a<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span> cos<span class=\"_ _0\"></span>t, i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st co<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Risk<span class=\"_ _1\"></span> and risk<span class=\"_ _1\"></span> management<span class=\"_ _350\"> </span>Thr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh i<span class=\"_ _0\"></span>ts de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d po<span class=\"_ _0\"></span>st-em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span><span class=\"_ _350\">to a nu</span><span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of r<span class=\"_ _0\"></span>isks<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h are d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ed as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t vol<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty<span class=\"_ _0\"></span>: <span class=\"ff9 ls30\">Th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng a d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate s<span class=\"_ _0\"></span>et wi<span class=\"_ _0\"></span>th refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> </span>bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. If p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>ets u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form t<span class=\"_ _0\"></span>his y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>, thi<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll cre<span class=\"_ _0\"></span>ate a de<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/red<span class=\"_ _0\"></span>uce t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span>plans<span class=\"_ _1\"></span> hold a s<span class=\"_ _1\"></span>ignificant pr<span class=\"_ _1\"></span>oportion of<span class=\"_ _1\"></span> equities,<span class=\"_ _1\"></span> which<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>xpected t<span class=\"_ _1\"></span>o ou<span class=\"_ _1\"></span>tperform c<span class=\"_ _1\"></span>orporat<span class=\"_ _1\"></span>e bonds<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> lo<span class=\"_ _0\"></span>ng ter<span class=\"_ _0\"></span>m wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g vola<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd ri<span class=\"_ _0\"></span>sk i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t-<span class=\"_ _1\"></span>term<span class=\"_ _0\"></span>. H<span class=\"_ _0\"></span>owever, the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p be<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>eves that d<span class=\"_ _0\"></span>ue to<span class=\"_ _0\"></span> the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm na<span class=\"_ _0\"></span>ture o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>gth of t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>, a level of co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is a<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gy to ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>efficiently<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s: <span class=\"ff9 ls30\">A i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>eld<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>ecre<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span></span>lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ugh t<span class=\"_ _0\"></span>his w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et by an d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>\u2019 bo<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in ma<span class=\"_ _0\"></span>rket bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>lds i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e year e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K pl<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>\u2019 li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span>red<span class=\"_ _0\"></span>uce<span class=\"_ _0\"></span>d by \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>45 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, of<span class=\"_ _0\"></span>fse<span class=\"_ _0\"></span>t by a red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>\u2019 bo<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s by \u00a36<span class=\"_ _0\"></span>02 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in a<span class=\"_ _350\"> </span>\u00a3<span class=\"_ _0\"></span>57 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion n<span class=\"_ _0\"></span>et d<span class=\"_ _0\"></span>ecr<span class=\"_ _0\"></span>ease to t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 s<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k: <span class=\"ff9 ls30\">S<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>nked to i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span></span>to hig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (<span class=\"_ _1\"></span>al<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>, in m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t case<span class=\"_ _0\"></span>s, c<span class=\"_ _0\"></span>aps o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e level o<span class=\"_ _0\"></span>f infl<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ce to<span class=\"_ _350\"> </span>prote<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t ext<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). In ord<span class=\"_ _0\"></span>er to m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isks<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tees<span class=\"_ _0\"></span>\u2019 inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gy w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>lan p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des a h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h level o<span class=\"_ _0\"></span>f prote<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t hig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d lon<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm<span class=\"_ _350\"> </span>inflation<span class=\"_ _1\"></span> through in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stments in<span class=\"_ _1\"></span> index<span class=\"_ _1\"></span>-link<span class=\"_ _1\"></span>ed gilts,<span class=\"_ _1\"></span> liability driv<span class=\"_ _1\"></span>en in<span class=\"_ _1\"></span>vestments<span class=\"_ _1\"></span> and ins<span class=\"_ _1\"></span>urance c<span class=\"_ _1\"></span>ontracts.<span class=\"_ _350\"> </span><span class=\"_ _350\">In t</span><span class=\"_ _0\"></span>he US p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t are n<span class=\"_ _0\"></span>ot li<span class=\"_ _0\"></span>nked to i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, so th<span class=\"_ _0\"></span>is is a l<span class=\"_ _0\"></span>ess m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Life<span class=\"_ _1\"></span> expectancy: <span class=\"ff9 ls30 ws0\">The ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns\u2019 o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re to prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e li<span class=\"_ _0\"></span>fe of th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er.<span class=\"_ _350\"> </span></span>Wh<span class=\"_ _0\"></span>ils<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ow for a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in l<span class=\"_ _0\"></span>ife exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cy, inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es ab<span class=\"_ _0\"></span>ove this a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>ll res<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t in a<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is is pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>rease<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>to ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt in h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sen<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>fe exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y. In 202<span class=\"_ _0\"></span>0 th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al U<span class=\"_ _0\"></span>K<span class=\"_ _350\"> </span>sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e red<span class=\"_ _0\"></span>uce<span class=\"_ _0\"></span>d it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re by pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g an i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t that w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l pay th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of so<span class=\"_ _0\"></span>me<span class=\"_ _350\"> </span><span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n\u2019s p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1 t<span class=\"_ _0\"></span>wo ot<span class=\"_ _0\"></span>her U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d a sim<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar i<span class=\"_ _0\"></span>nsu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>co<span class=\"_ _1\"></span>vering 10<span class=\"_ _0\"></span>0% of their<span class=\"_ _1\"></span> members\u2019 benefits.<span class=\"_ _350\"> </span>Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in r<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>: <span class=\"ff9 ls30\">Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p is awa<span class=\"_ _0\"></span>re tha<span class=\"_ _0\"></span>t fut<span class=\"_ _0\"></span>ure ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges to t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lato<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ewor<span class=\"_ _0\"></span>k may im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span> </span>the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis o<span class=\"_ _0\"></span>f the v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s pla<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ons d<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>rs t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>isl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>yse<span class=\"_ _0\"></span>s the r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>ey occ<span class=\"_ _0\"></span>ur.<span class=\"_ _350\"> </span>Inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ar<span class=\"_ _0\"></span>e well d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, su<span class=\"_ _0\"></span>ch tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>re of any s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d not h<span class=\"_ _0\"></span>ave a mater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e overa<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>evel of ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>. A p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of un<span class=\"_ _0\"></span>it l<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ked insu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> underlying in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>estments<span class=\"_ _1\"></span> in quot<span class=\"_ _1\"></span>ed equit<span class=\"_ _1\"></span>ies and<span class=\"_ _1\"></span> quot<span class=\"_ _1\"></span>ed bonds,<span class=\"_ _1\"></span> although t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> also in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ests in<span class=\"_ _1\"></span> property<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ieves tha<span class=\"_ _0\"></span>t qu<span class=\"_ _0\"></span>oted e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of<span class=\"_ _0\"></span>fer t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t retu<span class=\"_ _0\"></span>rns over t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g term w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span> acce<span class=\"_ _0\"></span>pta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e level of r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tees o<span class=\"_ _0\"></span>f al<span class=\"_ _0\"></span>l the U<span class=\"_ _0\"></span>K f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds have m<span class=\"_ _0\"></span>oved th<span class=\"_ _0\"></span>e maj<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets to<span class=\"_ _0\"></span> low<span class=\"_ _1\"></span>-cost in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stment funds<span class=\"_ _1\"></span> in c<span class=\"_ _1\"></span>onsultati<span class=\"_ _1\"></span>on with<span class=\"_ _1\"></span> the Group<span class=\"_ _1\"></span> whilst maint<span class=\"_ _1\"></span>aining prudent<span class=\"_ _1\"></span> diversificat<span class=\"_ _1\"></span>ion<span class=\"_ _350\"> </span><span class=\"_ _350\">and </span><span class=\"_ _1\"></span>appropriat<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est and<span class=\"_ _1\"></span> inflation<span class=\"_ _1\"></span> hedging. The T<span class=\"_ _14\"></span>rustee<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>ngaged in<span class=\"_ _1\"></span> ongoing<span class=\"_ _350\"> </span>dis<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns to al<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir g<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ls in r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k. At pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t, t<span class=\"_ _0\"></span>he T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>es have no<span class=\"_ _0\"></span>ted th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>sset p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e UK p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns sh<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ld re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re to cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>ks.<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>3 Pen<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t-Re<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "Executive and Non-Executive Directors\u2019 aggregate emoluments are disclosed on pages 140 and 152 of  the Directors\u2019 Remuneration Report, respectively. Compensation awarded to key management (defined  as the members of the Group Executive Committee and the Non-Executive Directors) was: 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 26 25 Post-employment and other long-term benefits \u2013 \u2013 Share-based payments 15 10 41 35 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "Staff numbers The monthly average number of people employed by the Group, including Directors, during the year was: 2022 \u2018000 2021 \u2018000 North America 5.1 5.0 Europe/ANZ 14.3 14.8 Rest of world 20.6 22.0 40.0 41.8 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-471": {
   "value": "6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 As a result of the simplification of the Group\u2019s legal entity structure, a number of entities have been  liquidated. Upon liquidation, the cumulative foreign exchange reserves were recycled to the Income Statement, resulting in a net foreign exchange gain of \u00a369 million (2021: gain of \u00a3766 million), principally from the liquidation of intermediate financing and holding companies. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 As a result of the simplification of the Group\u2019s legal entity structure, a number of entities have been  liquidated. Upon liquidation, the cumulative foreign exchange reserves were recycled to the Income Statement, resulting in a net foreign exchange gain of \u00a369 million (2021: gain of \u00a3766 million), principally from the liquidation of intermediate financing and holding companies. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "6 Net Finance (Expense)/Income 2022 \u00a3m 2021 \u00a3m Foreign exchange net gain on liquidation of subsidiaries Gains on liquidation 69 1,048 Losses on liquidation \u2013 (282) Total foreign exchange net gain on liquidation of subsidiaries 69 766 Other finance income Interest income on cash and cash equivalents 29 29 Pension net finance income 5 1 Movement on put option liability \u2013 14 Finance income on tax balances 26 1 Other finance income 1 \u2013 Total other finance income 61 45 Other finance expense Interest payable on borrowings (233) (244) Foreign exchange losses on intercompany financing, net of hedging (24) \u2013 Other finance expense (34) (20) Total other finance expense (291) (264) Other net finance expense (230) (219) Net finance (expense)/income (161) 547 As a result of the simplification of the Group\u2019s legal entity structure, a number of entities have been  liquidated. Upon liquidation, the cumulative foreign exchange reserves were recycled to the Income Statement, resulting in a net foreign exchange gain of \u00a369 million (2021: gain of \u00a3766 million), principally from the liquidation of intermediate financing and holding companies. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-472": {
   "value": "7 Income Tax Expense 2022 \u00a3m 2021 \u00a3m Current tax 766 711 Adjustment in respect of prior periods (23) 53 Total current tax 743 764 Origination and reversal of temporary differences (20) (1,089) Impact of changes in tax rates (5) 185 Total deferred tax (25) (904) Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement (7) (68) Income tax charge/(credit) 711 (208) Origination and reversal of temporary differences includes adjustments in respect of prior periods  of \u00a319 million benefit (2021: \u00a386 million benefit). Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement relates  to deferred tax on assets disposed in the year (see Note 29) . The total tax charge on the Group\u2019s profit/(loss) for the year can be reconciled to the notional tax charge  calculated at the UK tax rate as follows: Continuing operations 2022 \u00a3m 2021 \u00a3m Profit/(loss) before income tax 3,067 (260) Tax at the notional UK corporation tax rate of 19% (2021: 19%) 583 (49) Effect of: Overseas tax rates 114 112 Movement in provision related to uncertain tax positions (58) (43) Net impact of divestments and assets reclassified to held for sale (25) (264) Unrecognised tax losses, other unrecognised tax assets and deferred tax liability on unremitted earnings 71 68 Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement (7) (68) Withholding and local taxes 47 43 Reassessment of prior year estimates (42) (33) Impact of changes in tax rates (5) 185 Non-taxable foreign exchange gain arising from legal entity simplification (Note 6) (13) (146) Other permanent differences 46 (13) Income tax charge/(credit) 711 (208) Withholding and local taxes suffered in the year are adjusted for previously accrued deferred tax  liabilities on unremitted earnings.  The reassessment of prior year estimates includes settlements reached following conclusion of tax  authority review and differences between final tax return submissions and liabilities accrued in these  Financial Statements. The impact of changes in tax rates in 2021 primarily resulted from the revaluation of deferred tax assets  following substantive enactment of the increase in the UK corporation rate from 19% to 25% (effective  1 April 2023) on 24 May 2021. The tax credited/(charged) relating to components of other comprehensive income is as follows: 2022 2021 Before tax \u00a3m Tax (charge)/ credit \u00a3m After tax \u00a3m Before tax \u00a3m Tax (charge)/ credit \u00a3m After tax \u00a3m Net exchange gains/(losses)  on foreign currency  translation 1,065 \u2013 1,065 (374) \u2013 (374) Reclassification of foreign  currency translation  reserves on disposals or liquidation of foreign  operations (56) \u2013 (56) (550) \u2013 (550) (Losses)/gains on cash flow  and net investment hedges (112) (1) (113) 118 (4) 114 Remeasurement of defined  benefit pension plans  (Note 23) 29 (5) 24 179 (46) 133 Revaluation of equity  instruments \u2013 FVOCI (109) 22 (87) (1) \u2013 (1) Other comprehensive  income/(expense) 817 16 833 (628) (50) (678) Current tax 13 \u2013 Deferred tax (Note 12) 3 (50) 16 (50) The tax (charged)/credited directly to the Statement of Changes in Equity during the year is as follows: 2022 \u00a3m 2021 \u00a3m Current tax (1) 4 Deferred tax (Note 12) \u2013 (4) (1) \u2013 12 Deferred Tax Deferred tax Accelerated capital  allowances  \u00a3m Intangible  assets \u00a3m Short-term  temporary  differences \u00a3m Tax losses \u00a3m Retirement benefit  obligations \u00a3m Total \u00a3m At 1 January 2022 (49) (3,023) 442 27 (6) (2,609) Credited/(charged) to the  Income Statement 2 1 16 15 (9) 25 Credited/(charged) to  other comprehensive income \u2013 \u2013 8 \u2013 (5) 3 Exchange differences (7) (252) 37 4 6 (212) At 31 December 2022 (54) (3,274) 503 46 (14) (2,793) 2022 Accelerated capital  allowances  \u00a3m Intangible  assets \u00a3m Short-term  temporary  differences \u00a3m Tax losses \u00a3m Retirement benefit  obligations \u00a3m Total \u00a3m Deferred tax assets 20 (36) 221 28 11 244 Deferred tax liabilities (74) (3,238) 282 18 (25) (3,037) Deferred tax (54) (3,274) 503 46 (14) (2,793) Deferred tax Accelerated  capital  allowances \u00a3m Intangible  assets \u00a3m Short-term  temporary  differences \u00a3m Tax losses \u00a3m Retirement  benefit  obligations \u00a3m Total \u00a3m At 1 January 2021 (55) (3,766) 427 52 38 (3,304) Credited/(charged) to the  Income Statement 3 864 59 (24) 2 904 (Charged) to other  comprehensive income \u2013 \u2013 (4) \u2013 (46) (50) (Charged) directly to equity \u2013 \u2013 (4) \u2013 \u2013 (4) Arising on business  acquisitions/disposals 4 (151) (31) \u2013 \u2013 (178) Exchange differences (1) 30 (5) (1) \u2013 23 At 31 December 2021 (49) (3,023) 442 27 (6) (2,609) 2021 Accelerated  capital  allowances  \u00a3m Intangible  assets \u00a3m Short-term  temporary  differences \u00a3m Tax losses \u00a3m Retirement  benefit  obligations \u00a3m Total \u00a3m Deferred tax assets (2) (37) 189 24 23 197 Deferred tax liabilities (47) (2,986) 253 3 (29) (2,806) Deferred tax (49) (3,023) 442 27 (6) (2,609) Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority. Unrecognised deferred tax assets Deferred tax assets on certain corporation tax losses and other short-term temporary differences totalling \u00a33,029 million gross (2021: \u00a32,091 million gross) have not been recognised at 31 December 2022  as the likelihood of future economic benefit is not sufficiently assured. These assets will be recognised  if utilisation of the losses and other temporary differences become probable. Unrecognised deferred tax liabilities The aggregate amount of gross temporary differences associated with investments in subsidiaries, branches and associates and interest in joint ventures, for which deferred tax liabilities have not been recognised at 31 December 2022 is \u00a37,630 million (2021: \u00a37,900 million). Deferred tax on short-term temporary differences of \u00a3503 million (2021: \u00a3442 million) are comprised of  accrued expenses deductible for tax on a cash basis of \u00a3418 million (2021: \u00a3337 million), other short-term  temporary differences of \u00a3143 million (2021: \u00a3135 million) and net of deferred tax liabilities on unremitted  earnings of \u00a358 million (2021: \u00a330 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-508": {
   "value": "7 Income Tax Expense 2022 \u00a3m 2021 \u00a3m Current tax 766 711 Adjustment in respect of prior periods (23) 53 Total current tax 743 764 Origination and reversal of temporary differences (20) (1,089) Impact of changes in tax rates (5) 185 Total deferred tax (25) (904) Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement (7) (68) Income tax charge/(credit) 711 (208) Current tax includes tax incurred by UK entities of \u00a3177 million (2021: \u00a3133 million). This is comprised  of UK corporation tax of \u00a3126 million (2021: \u00a355 million) and overseas tax suffered of \u00a351 million  (2021: \u00a378 million). UK current tax is calculated at 19% (2021: 19%) of the estimated assessable profit  for the year, net of relief for overseas taxes where available. Taxation in other jurisdictions is calculated  at the rates prevailing in the relevant jurisdictions. Cash tax paid in the year was \u00a3831 million (2021: \u00a3915 million). The variance from the current year tax charge of \u00a3766 million is attributable to movements on uncertain tax positions (shown in Note 22) and timing differences arising between the accrual and payment of current income tax liabilities. Origination and reversal of temporary differences includes adjustments in respect of prior periods  of \u00a319 million benefit (2021: \u00a386 million benefit). Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement relates  to deferred tax on assets disposed in the year (see Note 29) The total tax charge on the Group\u2019s profit/(loss) for the year can be reconciled to the notional tax charge  calculated at the UK tax rate as follows: Continuing operations 2022 \u00a3m 2021 \u00a3m Profit/(loss) before income tax 3,067 (260) Tax at the notional UK corporation tax rate of 19% (2021: 19%) 583 (49) Effect of: Overseas tax rates 114 112 Movement in provision related to uncertain tax positions (58) (43) Net impact of divestments and assets reclassified to held for sale (25) (264) Unrecognised tax losses, other unrecognised tax assets and deferred tax liability on unremitted earnings 71 68 Cumulative foreign exchange on deferred tax balances reclassified to the Income Statement (7) (68) Withholding and local taxes 47 43 Reassessment of prior year estimates (42) (33) Impact of changes in tax rates (5) 185 Non-taxable foreign exchange gain arising from legal entity simplification (Note 6) (13) (146) Other permanent differences 46 (13) Income tax charge/(credit) 711 (208) Our effective tax rate in any given financial year reflects a variety of factors that may not be present  in succeeding financial years, and may be affected by variations in profit mix and changes in tax laws,  regulations and related interpretations. In December 2021 the OECD published the Pillar Two GloBE rules, which seek to ensure multinationals pay  a minimum tax of 15% in each jurisdiction. The Group is within the scope of these rules and has operations  in countries where the tax rate is currently below 15%. The impact of Pillar Two, now expected to be effective from 1 January 2024, is not expected to be material to the Group\u2019s Financial Statements. OECD member governments are in the process of introducing the Pillar 2 rules; however, the Group does  not consider that this legislation has been substantively enacted by any participating country as at the  end of the reporting period. Accordingly, the tax accounting impact will be considered when the Pillar  Two GloBE rules are translated into domestic legislation, expected during 2023. The effect of overseas tax rates represents the impact of profits arising outside the UK that are taxed at  different rates to the UK rate. The net impact of divestments and assets reclassified to held for sale in 2022 represents the net tax  effect of the sale of Dermicool and E45 (2021: sale of IFCN China, Scholl, EnfaBeb\u00e9 and reclassification  of E45 to held for sale). The bases on which tax charges are calculated differ from the accounting bases. Withholding and local taxes suffered in the year are adjusted for previously accrued deferred tax  liabilities on unremitted earnings.  The reassessment of prior year estimates includes settlements reached following conclusion of tax  authority review and differences between final tax return submissions and liabilities accrued in these  Financial Statements. The impact of changes in tax rates in 2021 primarily resulted from the revaluation of deferred tax assets  following substantive enactment of the increase in the UK corporation rate from 19% to 25% (effective  1 April 2023) on 24 May 2021. UK deferred tax assets and liabilities have been calculated based on the substantively enacted rate of  25% after factoring in the expected timing of reversal of the related temporary differences (2021: 25%).  This tax rate change will increase the company\u2019s future tax charge on profits arising in the UK. We conduct business operations in a number of countries, and are therefore subject to tax and  intercompany pricing laws in multiple jurisdictions. We have in the past faced, and may in the future face,  audits and challenges brought by tax authorities, and we are involved in ongoing tax investigations in a  number of countries. If material challenges were to be successful, our effective tax rate may increase, we may be required to modify structures at significant costs to us, we may also be subject to interest  and penalty charges and we may incur costs in defending litigation or reaching a settlement. Any of the  foregoing could materially and adversely affect our business, financial condition and results of  operations. EC State Aid With regard to the European Commission\u2019s (EC\u2019s) challenge to certain aspects of the Gibraltar tax syste m a judgement was received in April 2022. This judgment was partially favourable to the Group and was no t appealed and the judgment therefore stands. The amounts involved were not material. On 31 October  2022, in a new development, the EU Commission issued a press release announcing its intention to  extend the scope of its ongoing in-depth inquiry into Gibraltar\u2019s corporate tax regime which focuses  on MJN Gibraltar. This matter will remain under review as the investigation progresses. On 8 June 2022, the General Court delivered its judgment in the state aid case concerning the UK  CFC Group Financing Exemption. This judgement ruled in favour of the EC on all arguments but has  subsequently been appealed. Although not a direct applicant in the case, the Group remains an  interested party. We believe that the matter is finely balanced and have therefore now appropriately provided for the matter. The amounts are not material to the Group The tax credited/(charged) relating to components of other comprehensive income is as follows: 2022 2021 Before tax \u00a3m Tax (charge)/ credit \u00a3m After tax \u00a3m Before tax \u00a3m Tax (charge)/ credit \u00a3m After tax \u00a3m Net exchange gains/(losses)  on foreign currency  translation 1,065 \u2013 1,065 (374) \u2013 (374) Reclassification of foreign  currency translation  reserves on disposals or liquidation of foreign  operations (56) \u2013 (56) (550) \u2013 (550) (Losses)/gains on cash flow  and net investment hedges (112) (1) (113) 118 (4) 114 Remeasurement of defined  benefit pension plans  (Note 23) 29 (5) 24 179 (46) 133 Revaluation of equity  instruments \u2013 FVOCI (109) 22 (87) (1) \u2013 (1) Other comprehensive  income/(expense) 817 16 833 (628) (50) (678) Current tax 13 \u2013 Deferred tax (Note 12) 3 (50) 16 (50) The tax (charged)/credited directly to the Statement of Changes in Equity during the year is as follows: 2022 \u00a3m 2021 \u00a3m Current tax (1) 4 Deferred tax (Note 12) \u2013 (4) (1) \u2013 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "Origination and reversal of temporary differences includes adjustments in respect of prior periods  of \u00a319 million benefit (2021: \u00a386 million benefit). Unrecognised deferred tax assets Deferred tax assets on certain corporation tax losses and other short-term temporary differences totalling \u00a33,029 million gross (2021: \u00a32,091 million gross) have not been recognised at 31 December 2022  as the likelihood of future economic benefit is not sufficiently assured. These assets will be recognised  if utilisation of the losses and other temporary differences become probable. Unrecognised deferred tax liabilities The aggregate amount of gross temporary differences associated with investments in subsidiaries, branches and associates and interest in joint ventures, for which deferred tax liabilities have not been recognised at 31 December 2022 is \u00a37,630 million (2021: \u00a37,900 million). Deferred tax on short-term temporary differences of \u00a3503 million (2021: \u00a3442 million) are comprised of  accrued expenses deductible for tax on a cash basis of \u00a3418 million (2021: \u00a3337 million), other short-term  temporary differences of \u00a3143 million (2021: \u00a3135 million) and net of deferred tax liabilities on unremitted  earnings of \u00a358 million (2021: \u00a330 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-473": {
   "value": "8 Earnings Per Share 2022 pence 2021 pence Basic earnings/(loss) per share  From continuing operations 326.7 (8.8)  From discontinued operations (1.0) 4.3 Total basic earnings/(loss) per share 325.7 (4.5) Diluted earnings/(loss) per share  From continuing operations 325.7 (8.8)  From discontinued operations (1.0) 4.3 Total diluted earnings/(loss) per share 324.7 (4.5) Basic Basic earnings per share is calculated by dividing the net income/(loss) attributable to owners of the parent company from continuing operations (2022: \u00a32,337 million income, 2021: \u00a363 million loss) and  discontinued operations (2022: \u00a37 million loss; 2021: \u00a331 million income) by the weighted average number of ordinary shares in issue during the year (2022: 715,284,629; 2021: 713,758,909). Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. The company has the following categories of potentially dilutive ordinary shares: Executive Share Awards (including Executive Share  Options and Executive Conditional Awards) and Employee Sharesave Scheme Options. The options  only dilute earnings when they result in the issue of shares at a value below the market price of the share and when all performance criteria (if applicable) have been met. As at 31 December 2022, there were  14,219,133 (2021: 10,683,109) Executive Share Awards excluded from the dilution because the exercise  price for the options was greater than the average share price for the year or the performance criteria  have not been met. 2022 average  number of shares 2021 average  number of shares On a basic basis 715,284,629 713,758,909 Dilution for Executive Share Awards 1 1,858,996 \u2013 Dilution for Employee Sharesave Scheme Options outstanding 1 350,982 \u2013 On a diluted basis 717,494,607 713,758,909 1.  As there was a loss in 2021, the effect of potentially dilutive shares was anti-dilutive ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-509": {
   "value": "Basic Basic earnings per share is calculated by dividing the net income/(loss) attributable to owners of the parent company from continuing operations (2022: \u00a32,337 million income, 2021: \u00a363 million loss) and  discontinued operations (2022: \u00a37 million loss; 2021: \u00a331 million income) by the weighted average number of ordinary shares in issue during the year (2022: 715,284,629; 2021: 713,758,909). Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. The company has the following categories of potentially dilutive ordinary shares: Executive Share Awards (including Executive Share  Options and Executive Conditional Awards) and Employee Sharesave Scheme Options. The options  only dilute earnings when they result in the issue of shares at a value below the market price of the share and when all performance criteria (if applicable) have been met. As at 31 December 2022, there were  14,219,133 (2021: 10,683,109) Executive Share Awards excluded from the dilution because the exercise  price for the options was greater than the average share price for the year or the performance criteria  have not been met",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "9 Goodwill and Other Intangible Assets Brands \u00a3m Goodwill \u00a3m Software \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 17,673 11,408 490 185 29,756 Additions 5 \u2013 72 \u2013 77 Arising on business combinations 596 370 \u2013 76 1,042 Disposals (4,494) (1,543) (2) \u2013 (6,039) Reclassifications to held for sale (112) (28) \u2013 \u2013 (140) Exchange adjustments (220) 5 (13) 5 (223) At 31 December 2021 13,448 10,212 547 266 24,473 Additions \u2013 \u2013 77 4 81 Arising on business combinations \u2013 (2) \u2013 7 5 Disposals (59) (6) (3) \u2013 (68) Reclassifications \u2013 \u2013 16 (16) \u2013 Exchange adjustments 1,136 832 16 17 2,001 At 31 December 2022 14,525 11,036 653 278 26,492 Accumulated amortisation and impairment At 1 January 2021 449 6,039 190 99 6,777 Amortisation and impairment 39 \u2013 66 27 132 Disposals (143) (1,176) (2) \u2013 (1,321) Exchange adjustments (3) 21 (2) 1 17 At 31 December 2021 342 4,884 252 127 5,605 Amortisation and impairment 21 167 68 19 275 Disposals \u2013 \u2013 (1) \u2013 (1) Reclassifications \u2013 \u2013 8 (8) \u2013 Exchange adjustments 16 376 8 10 410 At 31 December 2022 379 5,427 335 148 6,289 Net book value At 31 December 2021 13,106 5,328 295 139 18,868 At 31 December 2022 14,146 5,609 318 130 20,203 Net book value 2022 \u00a3m 2021 \u00a3m Indefinite life assets Brands 14,034 12,983 Goodwill 5,609 5,328 Other 65 39 Total indefinite life assets 19,708 18,350 Finite life assets Brands 112 123 Software 318 295 Other 65 100 Total finite life assets 495 518 Total net book value of intangible assets 20,203 18,868 2022 2021 GCGU/CGU Indefinite  life assets \u00a3m Goodwill \u00a3m Total \u00a3m Indefinite life assets \u00a3m Goodwill \u00a3m Total \u00a3m Health 5,779 3,556 9,335 5,455 3,350 8,805 Hygiene 1,924 45 1,969 1,760 45 1,805 IFCN 4,661 1,570 6,231 4,260 1,408 5,668 VMS 1,089 277 1,366 971 248 1,219 Biofreeze 646 161 807 576 277 853 14,099 5,609 19,708 13,022 5,328 18,350 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>Brands<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Sof<span class=\"_ _0\"></span>tware<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cos<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _295\"> </span><span class=\"ls181 ws15e\">1<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>3<span class=\"_ _9c\"> </span><span class=\"ls112 ws100\">11<span class=\"_ _1\"></span>,408<span class=\"_ _110\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _0\"></span>0<span class=\"_ _143\"> </span><span class=\"ls12b wsdd\">185<span class=\"_ _19d\"> </span><span class=\"ls130 ws11b\">2<span class=\"_ _37\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>6<span class=\"_ _350\"> </span></span></span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _296\"> </span><span class=\"lsa ws0\">5<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span>72<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">77<span class=\"_ _350\"> </span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _1bf\"> </span><span class=\"ls11b ws10b\">596<span class=\"_ _fd\"> </span><span class=\"ls2e wsa7\">370<span class=\"_ _e1\"> </span></span></span><span class=\"lsa\">\u2013<span class=\"_ _210\"> </span><span class=\"ls13e ws12b\">76<span class=\"_ _186\"> </span><span class=\"ls4c wsc\">1,0<span class=\"_ _0\"></span>42<span class=\"_ _350\"> </span></span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _297\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1d2\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>43)<span class=\"_ _12d\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c8\"> </span><span class=\"ls12b wsdd\">(<span class=\"_ _14\"></span>6,039)<span class=\"_ _350\"> </span></span></span></span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to h<span class=\"_ _0\"></span>eld fo<span class=\"_ _0\"></span>r sa<span class=\"_ _0\"></span>le<span class=\"_ _298\"> </span><span class=\"lse7 ws112\">(1<span class=\"_ _0\"></span>12)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(28)<span class=\"_ _132\"> </span></span></span><span class=\"lsa\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _16d\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _299\"> </span><span class=\"lsa3 ws115\">(22<span class=\"_ _0\"></span>0)<span class=\"_ _106\"> </span></span><span class=\"ws0\">5<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _106\"> </span></span>5<span class=\"_ _172\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29a\"> </span><span class=\"ls9e ws76\">13,448<span class=\"_ _16c\"> </span><span class=\"ls49 ws9\">1<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>212<span class=\"_ _110\"> </span><span class=\"ls12d ws119\">5<span class=\"_ _0\"></span>47<span class=\"_ _1f3\"> </span><span class=\"lsb9 wsb5\">266<span class=\"_ _7b\"> </span></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>47<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _127\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">77<span class=\"_ _1e0\"> </span></span>4<span class=\"_ _dd\"> </span><span class=\"ls36 ws2e\">81<span class=\"_ _350\"> </span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _1b0\"> </span><span class=\"lsa\">\u2013<span class=\"_ _106\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _bf\"> </span>7<span class=\"_ _1e0\"> </span>5<span class=\"_ _350\"> </span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _14c\"> </span><span class=\"ls11b ws10b\">(<span class=\"_ _0\"></span>59)<span class=\"_ _12d\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _13f\"> </span></span></span>(6<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Reclassifi<span class=\"_ _0\"></span>cations<span class=\"_ _29b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _16a\"> </span><span class=\"lse7 ws112\">(1<span class=\"_ _0\"></span>6)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _159\"> </span><span class=\"ls12c ws118\">1<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _c7\"> </span><span class=\"ls7b wsa8\">832<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _186\"> </span><span class=\"lsb9 wsb5\">2,00<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _c1\"> </span><span class=\"ls49 ws9\">14,52<span class=\"_ _0\"></span>5<span class=\"_ _c8\"> </span><span class=\"ls37 ws7b\">11,036<span class=\"_ _141\"> </span><span class=\"lsdf ws34\">653<span class=\"_ _1f3\"> </span><span class=\"ls6d ws64\">278<span class=\"_ _1db\"> </span><span class=\"ls80 ws8b\">26,<span class=\"_ _0\"></span>492<span class=\"_ _350\"> </span></span></span></span></span></span>Ac<span class=\"_ _1\"></span>cumu<span class=\"_ _0\"></span>lated amortisat<span class=\"_ _0\"></span>ion and impairm<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _f5\"> </span><span class=\"ls38 ws36\">4<span class=\"_ _0\"></span>49<span class=\"_ _de\"> </span><span class=\"ls12b wsdd\">6,039<span class=\"_ _143\"> </span><span class=\"ls36 ws2e\">190<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">99<span class=\"_ _21a\"> </span><span class=\"lse9 ws2d\">6,777<span class=\"_ _350\"> </span></span></span></span></span></span>Amor<span class=\"_ _0\"></span>tisation an<span class=\"_ _0\"></span>d impairme<span class=\"_ _0\"></span>nt<span class=\"_ _29c\"> </span><span class=\"ls49 ws9\">39<span class=\"_ _bf\"> </span></span><span class=\"ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls5c ws86\">66<span class=\"_ _12a\"> </span></span>27<span class=\"_ _143\"> </span><span class=\"ls7b wsa8\">132<span class=\"_ _350\"> </span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _29d\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3)<span class=\"_ _c9\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"ls7b wsa8\">(1,<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>1)<span class=\"_ _350\"> </span></span></span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1ad\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _229\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _106\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _10c\"> </span></span></span></span><span class=\"ws0\">1<span class=\"_ _106\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29e\"> </span><span class=\"ls36 ws2e\">342<span class=\"_ _c9\"> </span><span class=\"ls111 ws32\">4,8<span class=\"_ _0\"></span>84<span class=\"_ _141\"> </span><span class=\"ls49 ws9\">2<span class=\"_ _0\"></span>52<span class=\"_ _143\"> </span><span class=\"lsd ws7a\">127<span class=\"_ _9c\"> </span></span></span></span>5,6<span class=\"_ _0\"></span>05<span class=\"_ _350\"> </span></span>Amor<span class=\"_ _0\"></span>tisation an<span class=\"_ _0\"></span>d impairme<span class=\"_ _0\"></span>nt<span class=\"_ _a0\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _143\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>67<span class=\"_ _12a\"> </span><span class=\"ls111 ws32\">68<span class=\"_ _dd\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _1f3\"> </span></span></span></span></span><span class=\"ws0\">275<span class=\"_ _350\"> </span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _13e\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _29f\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _29f\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></span>Reclassifi<span class=\"_ _0\"></span>cations<span class=\"_ _29b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>8<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1b2\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _fd\"> </span><span class=\"ls13e ws12b\">3<span class=\"_ _0\"></span>76<span class=\"_ _bf\"> </span></span></span><span class=\"ws0\">8<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _116\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _93\"> </span><span class=\"lsb2 wsda\">379<span class=\"_ _17f\"> </span><span class=\"ls36 ws2e\">5,427<span class=\"_ _141\"> </span><span class=\"ls111 ws32\">335<span class=\"_ _fd\"> </span><span class=\"ls12b wsdd\">14<span class=\"_ _0\"></span>8<span class=\"_ _9c\"> </span></span></span>6,<span class=\"_ _0\"></span>289<span class=\"_ _350\"> </span></span></span>Ne<span class=\"_ _0\"></span>t bo<span class=\"_ _0\"></span>ok v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _181\"> </span><span class=\"ls8e ws81\">13<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _16e\"> </span><span class=\"ls37 ws7b\">5,32<span class=\"_ _0\"></span>8<span class=\"_ _110\"> </span><span class=\"lse9 ws2d\">295<span class=\"_ _116\"> </span><span class=\"lsba ws18\">139<span class=\"_ _1d2\"> </span><span class=\"ls12e ws35\">18,868<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _199\"> </span><span class=\"ls12b wsdd\">14,146<span class=\"_ _9c\"> </span><span class=\"ls12e ws35\">5,609<span class=\"_ _fd\"> </span><span class=\"lsb9 wsb5\">318<span class=\"_ _116\"> </span><span class=\"lsf1 ws73\">130<span class=\"_ _1db\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _350\"> </span></span></span></span></span></span>The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt st<span class=\"_ _0\"></span>ated fo<span class=\"_ _0\"></span>r br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ce 1<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>5 at th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>te of<span class=\"_ _350\"> </span> acquis<span class=\"_ _1\"></span>ition. Other<span class=\"_ _1\"></span> includes<span class=\"_ _1\"></span> product r<span class=\"_ _1\"></span>egistration,<span class=\"_ _1\"></span> distribution<span class=\"_ _1\"></span> rights, c<span class=\"_ _1\"></span>apitalised<span class=\"_ _1\"></span> product de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>opment<span class=\"_ _350\"> </span> cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Software includes<span class=\"_ _1\"></span> intangible<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> under con<span class=\"_ _1\"></span>struction of<span class=\"_ _1\"></span> \u00a340 million (2021: \u00a328 million<span class=\"_ _14\"></span>).<span class=\"_ _350\"> </span>The ne<span class=\"_ _1\"></span>t book v<span class=\"_ _1\"></span>alues o<span class=\"_ _1\"></span>f si<span class=\"_ _1\"></span>gnificant brand<span class=\"_ _1\"></span> intangible<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> acquir<span class=\"_ _1\"></span>ed thr<span class=\"_ _1\"></span>ough bus<span class=\"_ _1\"></span>iness c<span class=\"_ _1\"></span>ombinati<span class=\"_ _1\"></span>ons ar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span> <span class=\"_ _350\">as fol</span><span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Acqui<span class=\"_ _1\"></span>sition<span class=\"_ _350\"> </span>Acqui<span class=\"_ _1\"></span>sition<span class=\"_ _350\"> </span> year<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Mead Johnson<span class=\"_ _1\"></span> Nutrition<span class=\"_ _1\"></span> Compan<span class=\"_ _1\"></span>y<span class=\"_ _2a0\"> </span><span class=\"ls33 ws31\">20<span class=\"_ _0\"></span>17<span class=\"_ _16e\"> </span><span class=\"ff1 ls12f ws11a\">4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _37\"></span>0<span class=\"_ _21a\"> </span></span><span class=\"lsd ws7a\">4,<span class=\"_ _0\"></span>352<span class=\"_ _350\"> </span></span></span>SSL International<span class=\"_ _294\"> </span><span class=\"ls37 ws7b\">201<span class=\"_ _0\"></span>0<span class=\"_ _207\"> </span><span class=\"ff1 ls85 ws79\">1,9<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _9f\"> </span></span><span class=\"ls4c wsc\">1,831<span class=\"_ _350\"> </span></span></span>Boots Healthcare Int<span class=\"_ _1\"></span>ernational<span class=\"_ _1ac\"> </span><span class=\"ls37 ws7b\">2006<span class=\"_ _de\"> </span><span class=\"ff1 ls9e ws76\">1,440<span class=\"_ _189\"> </span></span><span class=\"ls123 ws85\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>387<span class=\"_ _350\"> </span></span></span>Adams<span class=\"_ _1\"></span> Respirat<span class=\"_ _1\"></span>ory Therapeutics<span class=\"_ _18f\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _0\"></span>08<span class=\"_ _183\"> </span></span><span class=\"ff1 ws7a\">1<span class=\"_ _0\"></span>,275<span class=\"_ _172\"> </span></span><span class=\"ls12c ws118\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>Schiff Nutrition Internat<span class=\"_ _1\"></span>ional<span class=\"_ _2a1\"> </span><span class=\"ls2f ws87\">2012<span class=\"_ _21a\"> </span><span class=\"ff1 ls37 ws7b\">1,0<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _143\"> </span></span><span class=\"ls38 ws36\">971<span class=\"_ _350\"> </span></span></span>L&amp;F Household<span class=\"_ _209\"> </span><span class=\"ls87 wsdc\">1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>94<span class=\"_ _1f3\"> </span><span class=\"ff1 ls7b wsa8\">877<span class=\"_ _1f3\"> </span></span><span class=\"ls11b ws10b\">786<span class=\"_ _350\"> </span></span></span>Lanai Holdings<span class=\"_ _2a2\"> </span><span class=\"ls7e ws9c\">2021<span class=\"_ _110\"> </span><span class=\"ff1 ls12e ws35\">680<span class=\"_ _110\"> </span></span><span class=\"ls128 wsb2\">609<span class=\"_ _350\"> </span></span></span>American Home<span class=\"_ _1\"></span> Products C<span class=\"_ _1\"></span>orporation<span class=\"_ _2a3\"> </span><span class=\"ls36 ws2e\">1990<span class=\"_ _141\"> </span><span class=\"ff1 ls91 ws89\">4<span class=\"_ _0\"></span>59<span class=\"_ _143\"> </span></span><span class=\"ls6d ws64\">418<span class=\"_ _350\"> </span></span></span>Bristol-Myers Squibb O<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>C<span class=\"_ _1c9\"> </span><span class=\"ls37 ws7b\">2013<span class=\"_ _141\"> </span><span class=\"ff1 ls111 ws32\">338<span class=\"_ _1f3\"> </span></span><span class=\"ls123 ws85\">2<span class=\"_ _0\"></span>87<span class=\"_ _350\"> </span></span></span>K-Y<span class=\"_ _2a4\"> </span><span class=\"ls37 ws7b\">2014<span class=\"_ _110\"> </span><span class=\"ff1 ls12b wsdd\">280<span class=\"_ _110\"> </span></span><span class=\"ls49 ws9\">280<span class=\"_ _350\"> </span></span></span><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs3c4\">The n<span class=\"_ _0\"></span>et b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s of in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite a<span class=\"_ _0\"></span>nd fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te life i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>s fol<span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs3c5\">Net book<span class=\"_ _1\"></span> value<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs3c6\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs3c7\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs3c8\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs3c9\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls35 ws2e gs3ca\">Indefi<span class=\"_ _0\"></span>nite life<span class=\"_ _1\"></span> assets</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls92 ws176 gs3cb\"> Bran<span class=\"_ _0\"></span>ds<span class=\"_ _2a5\"> </span><span class=\"ff1 ls37 ws7b\">14,03<span class=\"_ _0\"></span>4<span class=\"_ _d1\"> </span></span><span class=\"ls30 ws88\">12<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>83</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws177 gs3cc\"> Goodwill<span class=\"_ _10b\"> </span><span class=\"ff1 ls12e ws35\">5<span class=\"_ _1\"></span>,609<span class=\"_ _16e\"> </span><span class=\"ff9 ls7b wsa8\">5<span class=\"_ _0\"></span>,32<span class=\"_ _0\"></span>8</span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs3cd\"> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 lsdf ws34\">65<span class=\"_ _128\"> </span></span><span class=\"ls49 ws9\">39<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs3ce\">T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te l<span class=\"_ _0\"></span>ife a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _cb\"> </span><span class=\"ls12f ws11a\">1<span class=\"_ _37\"></span>9,7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>8<span class=\"_ _d1\"> </span><span class=\"ff9 ls4c wsc\">18,<span class=\"_ _0\"></span>350<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls35 ws2e gs3cf\">Finite life<span class=\"_ _1\"></span> assets</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls92 ws176 gs3d0\"> Bran<span class=\"_ _0\"></span>ds<span class=\"_ _2a7\"> </span><span class=\"ff1 ls101 ws40\">112<span class=\"_ _143\"> </span></span><span class=\"ls2f ws87\">123</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls6d ws179 gs3d1\"> Sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ware<span class=\"_ _2a8\"> </span><span class=\"ff1 lsb9 wsb5\">318<span class=\"_ _1f3\"> </span></span><span class=\"ls49 ws9\">295</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs3d2\"> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 lsdf ws34\">65<span class=\"_ _116\"> </span></span><span class=\"ls126 wsc9\">100<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs3d3\">T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts<span class=\"_ _25f\"> </span><span class=\"lsd ws7a\">495<span class=\"_ _116\"> </span><span class=\"ff9 ls35 ws33\">51<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs3d4\">T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l n<span class=\"_ _0\"></span>et b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _2a9\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _c3\"> </span><span class=\"ff9 ls111 ws32\">18,868<span class=\"_ _350\"> </span></span></span></div>An a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lysi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e net b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>fe ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l by GCG<span class=\"_ _0\"></span>U/CGU i<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>GCG<span class=\"_ _0\"></span>U<span class=\"_ _0\"></span>/CG<span class=\"_ _0\"></span>U<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite<span class=\"_ _350\"> </span> life asse<span class=\"_ _1\"></span>ts<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Indefinite life<span class=\"_ _1\"></span> assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Heal<span class=\"_ _0\"></span>th<span class=\"_ _d2\"> </span><span class=\"ff1 ls7f wsf2\">5<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>79<span class=\"_ _16e\"> </span><span class=\"lsdf ws34\">3,556<span class=\"_ _17f\"> </span><span class=\"ls111 ws32\">9<span class=\"_ _1\"></span>,335<span class=\"_ _de\"> </span><span class=\"ff9 ls37 ws7b\">5,455<span class=\"_ _de\"> </span><span class=\"ls4c wsc\">3,350<span class=\"_ _16e\"> </span><span class=\"ls128 wsb2\">8,805<span class=\"_ _350\"> </span></span></span></span></span></span></span>Hygiene<span class=\"_ _ba\"> </span><span class=\"ff1 ls85 ws79\">1<span class=\"_ _0\"></span>,92<span class=\"_ _37\"></span>4<span class=\"_ _128\"> </span><span class=\"ls13d wse2\">45<span class=\"_ _183\"> </span></span>1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9<span class=\"_ _207\"> </span></span><span class=\"ls13e ws12b\">1<span class=\"_ _37\"></span>,76<span class=\"_ _37\"></span>0<span class=\"_ _210\"> </span><span class=\"ls37 ws7b\">45<span class=\"_ _189\"> </span><span class=\"ls127 wsb1\">1,805<span class=\"_ _350\"> </span></span></span></span>IFCN<span class=\"_ _f2\"> </span><span class=\"ff1 ls8f ws83\">4<span class=\"_ _0\"></span>,6<span class=\"_ _37\"></span>61<span class=\"_ _189\"> </span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>570<span class=\"_ _183\"> </span><span class=\"lsb9 wsb5\">6,<span class=\"_ _0\"></span>231<span class=\"_ _de\"> </span></span></span></span><span class=\"ls35 ws33\">4,260<span class=\"_ _189\"> </span><span class=\"ls112 ws100\">1,408<span class=\"_ _16e\"> </span><span class=\"ls36 ws2e\">5,66<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span></span>VMS<span class=\"_ _f7\"> </span><span class=\"ff1 ls37 ws7b\">1,089<span class=\"_ _1f3\"> </span><span class=\"lsd ws7a\">277<span class=\"_ _21a\"> </span><span class=\"ls128 wsb2\">1,366<span class=\"_ _143\"> </span></span></span></span><span class=\"ls38 ws36\">971<span class=\"_ _1f3\"> </span></span>248<span class=\"_ _a9\"> </span><span class=\"ls36 ws2e\">1,<span class=\"_ _0\"></span>219<span class=\"_ _350\"> </span></span>Bi<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>eze<span class=\"_ _ba\"> </span><span class=\"ff1 ls133 ws11e\">646<span class=\"_ _123\"> </span><span class=\"ls8f ws83\">161<span class=\"_ _110\"> </span><span class=\"ls7e ws9c\">8<span class=\"_ _0\"></span>07<span class=\"_ _fd\"> </span></span></span></span><span class=\"ls13e ws12b\">5<span class=\"_ _0\"></span>76<span class=\"_ _fd\"> </span><span class=\"lsa ws0\">277<span class=\"_ _1f3\"> </span><span class=\"lsba ws18\">853<span class=\"_ _350\"> </span></span></span></span>14,099<span class=\"_ _9c\"> </span>5,<span class=\"_ _1\"></span>609<span class=\"_ _16c\"> </span><span class=\"ls12f ws11a\">1<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>8<span class=\"_ _c8\"> </span><span class=\"ff9 ls7e ws9c\">13,022<span class=\"_ _de\"> </span><span class=\"ls7b wsa8\">5<span class=\"_ _0\"></span>,328<span class=\"_ _16c\"> </span><span class=\"ls4c wsc\">18,<span class=\"_ _0\"></span>350<span class=\"_ _350\"> </span></span></span></span></span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>, the c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows of c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>. As a r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span> ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ues of t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>ife as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en tes<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t as CGU<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>his is i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span> ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent tes<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng ove<span class=\"_ _0\"></span>r the H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>h GCG<span class=\"_ _0\"></span>U. Th<span class=\"_ _0\"></span>e CGU<span class=\"_ _0\"></span>s tes<span class=\"_ _0\"></span>ted se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly ar<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow.<span class=\"_ _350\"> </span>Indefinite<span class=\"_ _1\"></span> life<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cluding goodwill<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intimate W<span class=\"_ _1\"></span>ellness<span class=\"_ _111\"> </span><span class=\"ff1 lsf1 ws73\">2,<span class=\"_ _0\"></span>213<span class=\"_ _186\"> </span></span><span class=\"ls2f ws87\">2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>124<span class=\"_ _350\"> </span></span>Oriental Pharma<span class=\"_ _2aa\"> </span><span class=\"ff1 ls49 ws9\">52<span class=\"_ _dd\"> </span></span><span class=\"ls35 ws33\">51<span class=\"_ _350\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "9 Goodwill and Other Intangible Assets Brands \u00a3m Goodwill \u00a3m Software \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 17,673 11,408 490 185 29,756 Additions 5 \u2013 72 \u2013 77 Arising on business combinations 596 370 \u2013 76 1,042 Disposals (4,494) (1,543) (2) \u2013 (6,039) Reclassifications to held for sale (112) (28) \u2013 \u2013 (140) Exchange adjustments (220) 5 (13) 5 (223) At 31 December 2021 13,448 10,212 547 266 24,473 Additions \u2013 \u2013 77 4 81 Arising on business combinations \u2013 (2) \u2013 7 5 Disposals (59) (6) (3) \u2013 (68) Reclassifications \u2013 \u2013 16 (16) \u2013 Exchange adjustments 1,136 832 16 17 2,001 At 31 December 2022 14,525 11,036 653 278 26,492 Accumulated amortisation and impairment At 1 January 2021 449 6,039 190 99 6,777 Amortisation and impairment 39 \u2013 66 27 132 Disposals (143) (1,176) (2) \u2013 (1,321) Exchange adjustments (3) 21 (2) 1 17 At 31 December 2021 342 4,884 252 127 5,605 Amortisation and impairment 21 167 68 19 275 Disposals \u2013 \u2013 (1) \u2013 (1) Reclassifications \u2013 \u2013 8 (8) \u2013 Exchange adjustments 16 376 8 10 410 At 31 December 2022 379 5,427 335 148 6,289 Net book value At 31 December 2021 13,106 5,328 295 139 18,868 At 31 December 2022 14,146 5,609 318 130 20,203 The majority of brands, all of goodwill and certain other intangible assets are considered to have  indefinite lives (see Note 1) and therefore are subject to an annual impairment review. The MJN global  brand and acquired customer relationships are deemed to have a finite life and are amortised  accordingly. Amortisation is recognised in net operating expenses or cost of goods sold depending  on the use of the asset. Annual Impairment Review Goodwill and other indefinite life intangible assets must be tested for impairment on at least an annual  basis. An impairment loss is recognised when the recoverable amount of a GCGU or CGU falls materially  below its net book value at the date of testing. The determination of recoverable amount, being the higher of value-in-use and fair value less costs to  dispose, is inherently judgemental and requires management to make multiple estimates, for example  around individual market pressures and forces, future price and volume growth, future margins, terminal growth rates and discount rates. When forecasting the annual cash flows that support the recoverable amount, the Group generally  uses its short-term budgets and medium-term strategic plans, with additional senior management and  Board-level review. Cash flows beyond the five-year period are projected using terminal growth rates.  These rates do not exceed the long-term average growth rate for the products and markets in which  the GCGU or CGU operates. The cash flows are discounted back to their present value using a pre-tax discount rate considered appropriate for each GCGU and CGU. These rates have been derived from management\u2019s views on  the relevant weighted average cost of capital, subsequently converted to the pre-tax equivalent  discount rate. For the Health, Hygiene and IFCN GCGUs, and the Intimate Wellness and VMS CGUs, any reasonably  possible change in the key valuation assumptions would not imply possible impairment. The recoverable amount for each of these GCGUs and CGUs was determined utilising the value-in-use basis (2021: value-in-use basis) with key assumptions including a pre-tax discount rate of 9% for Health, Hygiene, IFCN  and Intimate Wellness (2021: 9% for Health, Hygiene and Intimate Wellness, 10% for IFCN) or 10% for VMS  (2021: 10%), and a terminal growth rate of either 2.5% for Health, Intimate Wellness and VMS (2021: 2.5%),  or 2.0% for Hygiene and IFCN (2021: 2%). Biofreeze On 12 July 2021, the Group acquired 100% of the equity interests in Lanai Holdings, owner of the Biofreeze  and TheraPearl brands, for cash consideration of $1,060 million (\u00a3766 million). Biofreeze is a leader in over-the-counter topical pain relief, with a strong footprint in the North America retail and clinical  channels and a growing international presence.  2022 During 2022, Biofreeze performed below expectations following a short-term category slowdown, in part  due to the current macroeconomic conditions. The outlook for the category remains positive and the  Group remains confident in the long-term potential for Biofreeze.  Land and buildings \u00a3m Plant and  equipment \u00a3m Right of use  assets \u00a3m Assets under  construction \u00a3m Total \u00a3m Cost At 1 January 2021 1,245 2,101 409 332 4,087 Additions 20 61 110 292 483 Arising on business combinations 5 15 \u2013 \u2013 20 Disposals (81) (210) (50) (8) (349) Reclassifications (including held for sale) 51 151 \u2013 (207) (5) Exchange adjustments (20) (45) (8) (1) (74) At 31 December 2021 1,220 2,073 461 408 4,162 Additions 26 80 137 256 499 Disposals (19) (75) (58) (6) (158) Reclassifications (including held for sale) 91 168 (1) (293) (35) Exchange adjustments 91 122 41 29 283 At 31 December 2022 1,409 2,368 580 394 4,751 Accumulated depreciation and impairment At 1 January 2021 431 1,301 122 \u2013 1,854 Charge for the year 58 168 71 \u2013 297 Disposals (33) (105) (34) \u2013 (172) Impairment 38 8 1 5 52 Reclassifications (including held for sale) (2) 1 (1) \u2013 (2) Exchange adjustments (10) (32) (3) \u2013 (45) At 31 December 2021 482 1,341 156 5 1,984 Charge for the year 62 184 83 \u2013 329 Disposals (12) (66) (45) (4) (127) Impairment \u2013 1 \u2013 2 3 Reclassifications (including held for sale) (6) (18) (3) \u2013 (27) Exchange adjustments 30 69 15 2 116 At 31 December 2022 556 1,511 206 5 2,278 Net book value As at 31 December 2021 738 732 305 403 2,178 As at 31 December 2022 853 857 374 389 2,473 This underperformance, together with the current macroeconomic environment, has introduced  additional uncertainty into future Biofreeze cash flows. To reflect this uncertainty, management has  increased the pre-tax discount rate used to determine value-in-use to 12.0%. This resulted in the  book value of the Biofreeze CGU exceeding its recoverable amount at 31 December 2022, therefore  management has recorded a goodwill impairment of \u00a3152 million to record Biofreeze at its recoverable  amount of \u00a3698 million ($843 million). The recoverable amount for the Biofreeze CGU at 31 December 2022 has been determined on a value-in-use basis using a discounted cash flow approach, with future cash flows derived from a detailed five-year plan.  Cash flows beyond the five-year plan have been projected using a terminal growth rate of 2.5%. The determination of the recoverable amount for Biofreeze at 31 December 2022 incorporates certain  key assumptions, some of which are subject to considerable uncertainty. These assumptions include  but are not limited to anticipated market share improvement, the commercial success of new product launches and international market expansion. As no headroom exists between the Biofreeze  recoverable amount and net book value, any changes to these assumptions, or any deterioration in  other macroeconomic or business-level assumptions supporting the Biofreeze recoverable amount  could necessitate the recognition of impairment losses in future periods. The key assumptions used in the estimation of value-in-use of Biofreeze are outlined below. 2022 Pre-tax discount rate 12.0% Terminal growth rate 2.5% Net revenue compound annual growth rate (CAGR) for the period 2022-2027 11% Gross margin CAGR for the period 2022-2027 14% The key estimates incorporated within the determination of the Biofreeze recoverable amount are  summarised below: Key estimates Commentary Net Revenue In the short to medium term, the valuation model assumes a five-year CAGR of  11%, to be delivered through category growth and market share growth driven  by a mix of innovation arising from format expansion of existing products and international expansion. Margins In the short to medium term, the valuation model assumes Biofreeze margins  (both gross and operating) to increase from current levels as the temporary factors which impacted margins in 2022 unwind and Biofreeze benefits from productivity initiatives on integrating into Reckitt. Discount rate Management determined the Biofreeze-specific weighted average cost of  capital (WACC) and the implied pre-tax discount rate with the support of a third-party expert. For valuation purposes management used the upper end of the calculated range to reflect uncertainty in certain key assumptions. Terminal growth rate Management is satisfied with the reasonableness of the terminal growth  rate when compared against independent market growth projections and long-term country inflation rates. The table below shows the sensitivity of the 2022 recoverable amount to reasonably possible changes in  key assumptions. The table assumes no related response by management (for example, to drive further  cost savings) and is hence theoretical in nature. 2022 \u00a3m Expected Net Revenue growth rates (2023 to 2027) adjusted by 100bps +40/-35 Expected EBIT growth rates (2023 to 2027) adjusted by 100bps +25/-25 Terminal growth rate (applied from 2028) adjusted by 50bps +25/-25 Pre-tax discount rate adjusted by 50bps +40/-35 2021 At 31 December 2021, management determined that the Biofreeze recoverable amount was  consistent with the acquisition price, such that at the end of 2021 there was no headroom between the  recoverable amount and the carrying value of the Biofreeze CGU. Given the proximity to acquisition, the  recoverable amount for Biofreeze was calculated using the income approach on a fair value less costs of disposal basis utilising a post-tax discount rate of 11% and a 2.5% terminal growth rate. The fair value measurement of Biofreeze was categorised within level 3 of the fair value hierarchy, based on inputs into  the valuation technique used ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "9 Goodwill and Other Intangible Assets Brands \u00a3m Goodwill \u00a3m Software \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 2021 17,673 11,408 490 185 29,756 Additions 5 \u2013 72 \u2013 77 Arising on business combinations 596 370 \u2013 76 1,042 Disposals (4,494) (1,543) (2) \u2013 (6,039) Reclassifications to held for sale (112) (28) \u2013 \u2013 (140) Exchange adjustments (220) 5 (13) 5 (223) At 31 December 2021 13,448 10,212 547 266 24,473 Additions \u2013 \u2013 77 4 81 Arising on business combinations \u2013 (2) \u2013 7 5 Disposals (59) (6) (3) \u2013 (68) Reclassifications \u2013 \u2013 16 (16) \u2013 Exchange adjustments 1,136 832 16 17 2,001 At 31 December 2022 14,525 11,036 653 278 26,492 Accumulated amortisation and impairment At 1 January 2021 449 6,039 190 99 6,777 Amortisation and impairment 39 \u2013 66 27 132 Disposals (143) (1,176) (2) \u2013 (1,321) Exchange adjustments (3) 21 (2) 1 17 At 31 December 2021 342 4,884 252 127 5,605 Amortisation and impairment 21 167 68 19 275 Disposals \u2013 \u2013 (1) \u2013 (1) Reclassifications \u2013 \u2013 8 (8) \u2013 Exchange adjustments 16 376 8 10 410 At 31 December 2022 379 5,427 335 148 6,289 Net book value At 31 December 2021 13,106 5,328 295 139 18,868 At 31 December 2022 14,146 5,609 318 130 20,203  The MJN global  brand and acquired customer relationships are deemed to have a finite life and are amortised  accordingly. Amortisation is recognised in net operating expenses or cost of goods sold depending  on the use of the asset. Land and buildings \u00a3m Plant and  equipment \u00a3m Right of use  assets \u00a3m Assets under  construction \u00a3m Total \u00a3m Cost At 1 January 2021 1,245 2,101 409 332 4,087 Additions 20 61 110 292 483 Arising on business combinations 5 15 \u2013 \u2013 20 Disposals (81) (210) (50) (8) (349) Reclassifications (including held for sale) 51 151 \u2013 (207) (5) Exchange adjustments (20) (45) (8) (1) (74) At 31 December 2021 1,220 2,073 461 408 4,162 Additions 26 80 137 256 499 Disposals (19) (75) (58) (6) (158) Reclassifications (including held for sale) 91 168 (1) (293) (35) Exchange adjustments 91 122 41 29 283 At 31 December 2022 1,409 2,368 580 394 4,751 Accumulated depreciation and impairment At 1 January 2021 431 1,301 122 \u2013 1,854 Charge for the year 58 168 71 \u2013 297 Disposals (33) (105) (34) \u2013 (172) Impairment 38 8 1 5 52 Reclassifications (including held for sale) (2) 1 (1) \u2013 (2) Exchange adjustments (10) (32) (3) \u2013 (45) At 31 December 2021 482 1,341 156 5 1,984 Charge for the year 62 184 83 \u2013 329 Disposals (12) (66) (45) (4) (127) Impairment \u2013 1 \u2013 2 3 Reclassifications (including held for sale) (6) (18) (3) \u2013 (27) Exchange adjustments 30 69 15 2 116 At 31 December 2022 556 1,511 206 5 2,278 Net book value As at 31 December 2021 738 732 305 403 2,178 As at 31 December 2022 853 857 374 389 2,473 The Group recognised depreciation of \u00a370 million (2021: \u00a358 million) on the land and buildings and depreciation of \u00a313 million (2021: \u00a313 million) on the other assets. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-474": {
   "value": "9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>Brands<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Sof<span class=\"_ _0\"></span>tware<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Other<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Cos<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _295\"> </span><span class=\"ls181 ws15e\">1<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>3<span class=\"_ _9c\"> </span><span class=\"ls112 ws100\">11<span class=\"_ _1\"></span>,408<span class=\"_ _110\"> </span><span class=\"ls38 ws36\">49<span class=\"_ _0\"></span>0<span class=\"_ _143\"> </span><span class=\"ls12b wsdd\">185<span class=\"_ _19d\"> </span><span class=\"ls130 ws11b\">2<span class=\"_ _37\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>6<span class=\"_ _350\"> </span></span></span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _296\"> </span><span class=\"lsa ws0\">5<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span>72<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">77<span class=\"_ _350\"> </span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _1bf\"> </span><span class=\"ls11b ws10b\">596<span class=\"_ _fd\"> </span><span class=\"ls2e wsa7\">370<span class=\"_ _e1\"> </span></span></span><span class=\"lsa\">\u2013<span class=\"_ _210\"> </span><span class=\"ls13e ws12b\">76<span class=\"_ _186\"> </span><span class=\"ls4c wsc\">1,0<span class=\"_ _0\"></span>42<span class=\"_ _350\"> </span></span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _297\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1d2\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>43)<span class=\"_ _12d\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c8\"> </span><span class=\"ls12b wsdd\">(<span class=\"_ _14\"></span>6,039)<span class=\"_ _350\"> </span></span></span></span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to h<span class=\"_ _0\"></span>eld fo<span class=\"_ _0\"></span>r sa<span class=\"_ _0\"></span>le<span class=\"_ _298\"> </span><span class=\"lse7 ws112\">(1<span class=\"_ _0\"></span>12)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(28)<span class=\"_ _132\"> </span></span></span><span class=\"lsa\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _16d\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _299\"> </span><span class=\"lsa3 ws115\">(22<span class=\"_ _0\"></span>0)<span class=\"_ _106\"> </span></span><span class=\"ws0\">5<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _106\"> </span></span>5<span class=\"_ _172\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29a\"> </span><span class=\"ls9e ws76\">13,448<span class=\"_ _16c\"> </span><span class=\"ls49 ws9\">1<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>212<span class=\"_ _110\"> </span><span class=\"ls12d ws119\">5<span class=\"_ _0\"></span>47<span class=\"_ _1f3\"> </span><span class=\"lsb9 wsb5\">266<span class=\"_ _7b\"> </span></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>47<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span>Addition<span class=\"_ _1\"></span>s<span class=\"_ _127\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _12a\"> </span><span class=\"lse9 ws2d\">77<span class=\"_ _1e0\"> </span></span>4<span class=\"_ _dd\"> </span><span class=\"ls36 ws2e\">81<span class=\"_ _350\"> </span></span></span>Ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _1b0\"> </span><span class=\"lsa\">\u2013<span class=\"_ _106\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _bf\"> </span>7<span class=\"_ _1e0\"> </span>5<span class=\"_ _350\"> </span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _14c\"> </span><span class=\"ls11b ws10b\">(<span class=\"_ _0\"></span>59)<span class=\"_ _12d\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _13f\"> </span></span></span>(6<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span>Reclassifi<span class=\"_ _0\"></span>cations<span class=\"_ _29b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _16a\"> </span><span class=\"lse7 ws112\">(1<span class=\"_ _0\"></span>6)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _159\"> </span><span class=\"ls12c ws118\">1<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _c7\"> </span><span class=\"ls7b wsa8\">832<span class=\"_ _dd\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _186\"> </span><span class=\"lsb9 wsb5\">2,00<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _c1\"> </span><span class=\"ls49 ws9\">14,52<span class=\"_ _0\"></span>5<span class=\"_ _c8\"> </span><span class=\"ls37 ws7b\">11,036<span class=\"_ _141\"> </span><span class=\"lsdf ws34\">653<span class=\"_ _1f3\"> </span><span class=\"ls6d ws64\">278<span class=\"_ _1db\"> </span><span class=\"ls80 ws8b\">26,<span class=\"_ _0\"></span>492<span class=\"_ _350\"> </span></span></span></span></span></span>Ac<span class=\"_ _1\"></span>cumu<span class=\"_ _0\"></span>lated amortisat<span class=\"_ _0\"></span>ion and impairm<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span>At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _f5\"> </span><span class=\"ls38 ws36\">4<span class=\"_ _0\"></span>49<span class=\"_ _de\"> </span><span class=\"ls12b wsdd\">6,039<span class=\"_ _143\"> </span><span class=\"ls36 ws2e\">190<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">99<span class=\"_ _21a\"> </span><span class=\"lse9 ws2d\">6,777<span class=\"_ _350\"> </span></span></span></span></span></span>Amor<span class=\"_ _0\"></span>tisation an<span class=\"_ _0\"></span>d impairme<span class=\"_ _0\"></span>nt<span class=\"_ _29c\"> </span><span class=\"ls49 ws9\">39<span class=\"_ _bf\"> </span></span><span class=\"ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls5c ws86\">66<span class=\"_ _12a\"> </span></span>27<span class=\"_ _143\"> </span><span class=\"ls7b wsa8\">132<span class=\"_ _350\"> </span></span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _29d\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3)<span class=\"_ _c9\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _132\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"ls7b wsa8\">(1,<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>1)<span class=\"_ _350\"> </span></span></span></span></span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1ad\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _229\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _106\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _10c\"> </span></span></span></span><span class=\"ws0\">1<span class=\"_ _106\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _350\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _29e\"> </span><span class=\"ls36 ws2e\">342<span class=\"_ _c9\"> </span><span class=\"ls111 ws32\">4,8<span class=\"_ _0\"></span>84<span class=\"_ _141\"> </span><span class=\"ls49 ws9\">2<span class=\"_ _0\"></span>52<span class=\"_ _143\"> </span><span class=\"lsd ws7a\">127<span class=\"_ _9c\"> </span></span></span></span>5,6<span class=\"_ _0\"></span>05<span class=\"_ _350\"> </span></span>Amor<span class=\"_ _0\"></span>tisation an<span class=\"_ _0\"></span>d impairme<span class=\"_ _0\"></span>nt<span class=\"_ _a0\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _143\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>67<span class=\"_ _12a\"> </span><span class=\"ls111 ws32\">68<span class=\"_ _dd\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _1f3\"> </span></span></span></span></span><span class=\"ws0\">275<span class=\"_ _350\"> </span></span>Disposa<span class=\"_ _0\"></span>ls<span class=\"_ _13e\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _29f\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _29f\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></span>Reclassifi<span class=\"_ _0\"></span>cations<span class=\"_ _29b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>8<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _350\"> </span></span>Exchange ad<span class=\"_ _0\"></span>justme<span class=\"_ _0\"></span>nts<span class=\"_ _1b2\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _fd\"> </span><span class=\"ls13e ws12b\">3<span class=\"_ _0\"></span>76<span class=\"_ _bf\"> </span></span></span><span class=\"ws0\">8<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _116\"> </span><span class=\"ls6d ws64\">41<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _93\"> </span><span class=\"lsb2 wsda\">379<span class=\"_ _17f\"> </span><span class=\"ls36 ws2e\">5,427<span class=\"_ _141\"> </span><span class=\"ls111 ws32\">335<span class=\"_ _fd\"> </span><span class=\"ls12b wsdd\">14<span class=\"_ _0\"></span>8<span class=\"_ _9c\"> </span></span></span>6,<span class=\"_ _0\"></span>289<span class=\"_ _350\"> </span></span></span>Ne<span class=\"_ _0\"></span>t bo<span class=\"_ _0\"></span>ok v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _181\"> </span><span class=\"ls8e ws81\">13<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _16e\"> </span><span class=\"ls37 ws7b\">5,32<span class=\"_ _0\"></span>8<span class=\"_ _110\"> </span><span class=\"lse9 ws2d\">295<span class=\"_ _116\"> </span><span class=\"lsba ws18\">139<span class=\"_ _1d2\"> </span><span class=\"ls12e ws35\">18,868<span class=\"_ _350\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _199\"> </span><span class=\"ls12b wsdd\">14,146<span class=\"_ _9c\"> </span><span class=\"ls12e ws35\">5,609<span class=\"_ _fd\"> </span><span class=\"lsb9 wsb5\">318<span class=\"_ _116\"> </span><span class=\"lsf1 ws73\">130<span class=\"_ _1db\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _350\"> </span></span></span></span></span></span>The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt st<span class=\"_ _0\"></span>ated fo<span class=\"_ _0\"></span>r br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ds acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ce 1<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>5 at th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>te of<span class=\"_ _350\"> </span> acquis<span class=\"_ _1\"></span>ition. Other<span class=\"_ _1\"></span> includes<span class=\"_ _1\"></span> product r<span class=\"_ _1\"></span>egistration,<span class=\"_ _1\"></span> distribution<span class=\"_ _1\"></span> rights, c<span class=\"_ _1\"></span>apitalised<span class=\"_ _1\"></span> product de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>opment<span class=\"_ _350\"> </span> cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Software includes<span class=\"_ _1\"></span> intangible<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> under con<span class=\"_ _1\"></span>struction of<span class=\"_ _1\"></span> \u00a340 million (2021: \u00a328 million<span class=\"_ _14\"></span>).<span class=\"_ _350\"> </span>The ne<span class=\"_ _1\"></span>t book v<span class=\"_ _1\"></span>alues o<span class=\"_ _1\"></span>f si<span class=\"_ _1\"></span>gnificant brand<span class=\"_ _1\"></span> intangible<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> acquir<span class=\"_ _1\"></span>ed thr<span class=\"_ _1\"></span>ough bus<span class=\"_ _1\"></span>iness c<span class=\"_ _1\"></span>ombinati<span class=\"_ _1\"></span>ons ar<span class=\"_ _1\"></span>e<span class=\"_ _350\"> </span> <span class=\"_ _350\">as fol</span><span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Acqui<span class=\"_ _1\"></span>sition<span class=\"_ _350\"> </span>Acqui<span class=\"_ _1\"></span>sition<span class=\"_ _350\"> </span> year<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Mead Johnson<span class=\"_ _1\"></span> Nutrition<span class=\"_ _1\"></span> Compan<span class=\"_ _1\"></span>y<span class=\"_ _2a0\"> </span><span class=\"ls33 ws31\">20<span class=\"_ _0\"></span>17<span class=\"_ _16e\"> </span><span class=\"ff1 ls12f ws11a\">4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _37\"></span>0<span class=\"_ _21a\"> </span></span><span class=\"lsd ws7a\">4,<span class=\"_ _0\"></span>352<span class=\"_ _350\"> </span></span></span>SSL International<span class=\"_ _294\"> </span><span class=\"ls37 ws7b\">201<span class=\"_ _0\"></span>0<span class=\"_ _207\"> </span><span class=\"ff1 ls85 ws79\">1,9<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _9f\"> </span></span><span class=\"ls4c wsc\">1,831<span class=\"_ _350\"> </span></span></span>Boots Healthcare Int<span class=\"_ _1\"></span>ernational<span class=\"_ _1ac\"> </span><span class=\"ls37 ws7b\">2006<span class=\"_ _de\"> </span><span class=\"ff1 ls9e ws76\">1,440<span class=\"_ _189\"> </span></span><span class=\"ls123 ws85\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>387<span class=\"_ _350\"> </span></span></span>Adams<span class=\"_ _1\"></span> Respirat<span class=\"_ _1\"></span>ory Therapeutics<span class=\"_ _18f\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _0\"></span>08<span class=\"_ _183\"> </span></span><span class=\"ff1 ws7a\">1<span class=\"_ _0\"></span>,275<span class=\"_ _172\"> </span></span><span class=\"ls12c ws118\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>Schiff Nutrition Internat<span class=\"_ _1\"></span>ional<span class=\"_ _2a1\"> </span><span class=\"ls2f ws87\">2012<span class=\"_ _21a\"> </span><span class=\"ff1 ls37 ws7b\">1,0<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _143\"> </span></span><span class=\"ls38 ws36\">971<span class=\"_ _350\"> </span></span></span>L&amp;F Household<span class=\"_ _209\"> </span><span class=\"ls87 wsdc\">1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>94<span class=\"_ _1f3\"> </span><span class=\"ff1 ls7b wsa8\">877<span class=\"_ _1f3\"> </span></span><span class=\"ls11b ws10b\">786<span class=\"_ _350\"> </span></span></span>Lanai Holdings<span class=\"_ _2a2\"> </span><span class=\"ls7e ws9c\">2021<span class=\"_ _110\"> </span><span class=\"ff1 ls12e ws35\">680<span class=\"_ _110\"> </span></span><span class=\"ls128 wsb2\">609<span class=\"_ _350\"> </span></span></span>American Home<span class=\"_ _1\"></span> Products C<span class=\"_ _1\"></span>orporation<span class=\"_ _2a3\"> </span><span class=\"ls36 ws2e\">1990<span class=\"_ _141\"> </span><span class=\"ff1 ls91 ws89\">4<span class=\"_ _0\"></span>59<span class=\"_ _143\"> </span></span><span class=\"ls6d ws64\">418<span class=\"_ _350\"> </span></span></span>Bristol-Myers Squibb O<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>C<span class=\"_ _1c9\"> </span><span class=\"ls37 ws7b\">2013<span class=\"_ _141\"> </span><span class=\"ff1 ls111 ws32\">338<span class=\"_ _1f3\"> </span></span><span class=\"ls123 ws85\">2<span class=\"_ _0\"></span>87<span class=\"_ _350\"> </span></span></span>K-Y<span class=\"_ _2a4\"> </span><span class=\"ls37 ws7b\">2014<span class=\"_ _110\"> </span><span class=\"ff1 ls12b wsdd\">280<span class=\"_ _110\"> </span></span><span class=\"ls49 ws9\">280<span class=\"_ _350\"> </span></span></span>The m<span class=\"_ _0\"></span>aj<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of b<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d to have<span class=\"_ _350\"> </span> in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>ves (see N<span class=\"_ _0\"></span>ote 1) a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore a<span class=\"_ _0\"></span>re su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to an a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t review. The M<span class=\"_ _0\"></span>J<span class=\"_ _0\"></span>N gl<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>al<span class=\"_ _350\"> </span> br<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red cu<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ps are d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>d to have a fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te life a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re am<span class=\"_ _0\"></span>or<span class=\"_ _37\"></span>tise<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> acco<span class=\"_ _1\"></span>rdingly<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Amortisatio<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>ognised<span class=\"_ _1\"></span> in ne<span class=\"_ _1\"></span>t operat<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xpense<span class=\"_ _1\"></span>s or<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span> of g<span class=\"_ _1\"></span>oods sold<span class=\"_ _1\"></span> depending<span class=\"_ _350\"> </span> <span class=\"_ _350\">on th</span><span class=\"_ _0\"></span>e us<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>The n<span class=\"_ _0\"></span>et b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s of in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite a<span class=\"_ _0\"></span>nd fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te life i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>s fol<span class=\"_ _0\"></span>lows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Net book<span class=\"_ _1\"></span> value<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Indefi<span class=\"_ _0\"></span>nite life<span class=\"_ _1\"></span> assets Bran<span class=\"_ _0\"></span>ds<span class=\"_ _2a5\"> </span><span class=\"ff1 ls37 ws7b\">14,03<span class=\"_ _0\"></span>4<span class=\"_ _d1\"> </span></span><span class=\"ls30 ws88\">12<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>83</span> Goodwill<span class=\"_ _10b\"> </span><span class=\"ff1 ls12e ws35\">5<span class=\"_ _1\"></span>,609<span class=\"_ _16e\"> </span><span class=\"ff9 ls7b wsa8\">5<span class=\"_ _0\"></span>,32<span class=\"_ _0\"></span>8</span></span> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 lsdf ws34\">65<span class=\"_ _128\"> </span></span><span class=\"ls49 ws9\">39<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te l<span class=\"_ _0\"></span>ife a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _cb\"> </span><span class=\"ls12f ws11a\">1<span class=\"_ _37\"></span>9,7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>8<span class=\"_ _d1\"> </span><span class=\"ff9 ls4c wsc\">18,<span class=\"_ _0\"></span>350<span class=\"_ _350\"> </span></span></span>Finite life<span class=\"_ _1\"></span> assets Bran<span class=\"_ _0\"></span>ds<span class=\"_ _2a7\"> </span><span class=\"ff1 ls101 ws40\">112<span class=\"_ _143\"> </span></span><span class=\"ls2f ws87\">123</span> Sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ware<span class=\"_ _2a8\"> </span><span class=\"ff1 lsb9 wsb5\">318<span class=\"_ _1f3\"> </span></span><span class=\"ls49 ws9\">295</span> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 lsdf ws34\">65<span class=\"_ _116\"> </span></span><span class=\"ls126 wsc9\">100<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ts<span class=\"_ _25f\"> </span><span class=\"lsd ws7a\">495<span class=\"_ _116\"> </span><span class=\"ff9 ls35 ws33\">51<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span>T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l n<span class=\"_ _0\"></span>et b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _2a9\"> </span><span class=\"ls67 ws5e\">20,203<span class=\"_ _c3\"> </span><span class=\"ff9 ls111 ws32\">18,868<span class=\"_ _350\"> </span></span></span>Cash Generating<span class=\"_ _1\"></span> Units<span class=\"_ _350\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te li<span class=\"_ _0\"></span>ves are a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l cas<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng u<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ts (CGUs), or g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>ps of c<span class=\"_ _0\"></span>ash g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s (toge<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r GCG<span class=\"_ _0\"></span>Us). The g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te li<span class=\"_ _0\"></span>ves are tes<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt at th<span class=\"_ _0\"></span>e level a<span class=\"_ _0\"></span>t wh<span class=\"_ _0\"></span>ich i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cas<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>flows a<span class=\"_ _0\"></span>re la<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nt. G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>lly, thi<span class=\"_ _0\"></span>s is at a G<span class=\"_ _0\"></span>CGU l<span class=\"_ _0\"></span>evel, b<span class=\"_ _0\"></span>ut fo<span class=\"_ _0\"></span>r cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>is<span class=\"_ _350\"> </span><span class=\"_ _350\">is at a CGU l</span><span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>After<span class=\"_ _1\"></span> cons<span class=\"_ _1\"></span>idering all<span class=\"_ _1\"></span> the e<span class=\"_ _1\"></span>vidence<span class=\"_ _1\"></span> av<span class=\"_ _1\"></span>ailable,<span class=\"_ _1\"></span> including ho<span class=\"_ _1\"></span>w brand<span class=\"_ _1\"></span> and pr<span class=\"_ _1\"></span>oduction ass<span class=\"_ _1\"></span>ets genera<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> cash<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>flows a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ow ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tors t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, the D<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s have con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>at for t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pose<span class=\"_ _0\"></span> of im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t test<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s G<span class=\"_ _0\"></span>CGUs a<span class=\"_ _0\"></span>re H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>ygie<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d I<span class=\"_ _0\"></span>FCN<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s CGUs b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng V<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>S an<span class=\"_ _0\"></span>d Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze.<span class=\"_ _350\"> </span>An a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lysi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e net b<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>fe ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l by GCG<span class=\"_ _0\"></span>U/CGU i<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>GCG<span class=\"_ _0\"></span>U<span class=\"_ _0\"></span>/CG<span class=\"_ _0\"></span>U<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite<span class=\"_ _350\"> </span>life asse<span class=\"_ _1\"></span>ts<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Indefinite life<span class=\"_ _1\"></span> assets<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Goodwill<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Heal<span class=\"_ _0\"></span>th<span class=\"_ _d2\"> </span><span class=\"ff1 ls7f wsf2\">5<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>79<span class=\"_ _16e\"> </span><span class=\"lsdf ws34\">3,556<span class=\"_ _17f\"> </span><span class=\"ls111 ws32\">9<span class=\"_ _1\"></span>,335<span class=\"_ _de\"> </span><span class=\"ff9 ls37 ws7b\">5,455<span class=\"_ _de\"> </span><span class=\"ls4c wsc\">3,350<span class=\"_ _16e\"> </span><span class=\"ls128 wsb2\">8,805<span class=\"_ _350\"> </span></span></span></span></span></span></span>Hygiene<span class=\"_ _ba\"> </span><span class=\"ff1 ls85 ws79\">1<span class=\"_ _0\"></span>,92<span class=\"_ _37\"></span>4<span class=\"_ _128\"> </span><span class=\"ls13d wse2\">45<span class=\"_ _183\"> </span></span>1<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9<span class=\"_ _207\"> </span></span><span class=\"ls13e ws12b\">1<span class=\"_ _37\"></span>,76<span class=\"_ _37\"></span>0<span class=\"_ _210\"> </span><span class=\"ls37 ws7b\">45<span class=\"_ _189\"> </span><span class=\"ls127 wsb1\">1,805<span class=\"_ _350\"> </span></span></span></span>IFCN<span class=\"_ _f2\"> </span><span class=\"ff1 ls8f ws83\">4<span class=\"_ _0\"></span>,6<span class=\"_ _37\"></span>61<span class=\"_ _189\"> </span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>570<span class=\"_ _183\"> </span><span class=\"lsb9 wsb5\">6,<span class=\"_ _0\"></span>231<span class=\"_ _de\"> </span></span></span></span><span class=\"ls35 ws33\">4,260<span class=\"_ _189\"> </span><span class=\"ls112 ws100\">1,408<span class=\"_ _16e\"> </span><span class=\"ls36 ws2e\">5,66<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span></span>VMS<span class=\"_ _f7\"> </span><span class=\"ff1 ls37 ws7b\">1,089<span class=\"_ _1f3\"> </span><span class=\"lsd ws7a\">277<span class=\"_ _21a\"> </span><span class=\"ls128 wsb2\">1,366<span class=\"_ _143\"> </span></span></span></span><span class=\"ls38 ws36\">971<span class=\"_ _1f3\"> </span></span>248<span class=\"_ _a9\"> </span><span class=\"ls36 ws2e\">1,<span class=\"_ _0\"></span>219<span class=\"_ _350\"> </span></span>Bi<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>eze<span class=\"_ _ba\"> </span><span class=\"ff1 ls133 ws11e\">646<span class=\"_ _123\"> </span><span class=\"ls8f ws83\">161<span class=\"_ _110\"> </span><span class=\"ls7e ws9c\">8<span class=\"_ _0\"></span>07<span class=\"_ _fd\"> </span></span></span></span><span class=\"ls13e ws12b\">5<span class=\"_ _0\"></span>76<span class=\"_ _fd\"> </span><span class=\"lsa ws0\">277<span class=\"_ _1f3\"> </span><span class=\"lsba ws18\">853<span class=\"_ _350\"> </span></span></span></span>14,099<span class=\"_ _9c\"> </span>5,<span class=\"_ _1\"></span>609<span class=\"_ _16c\"> </span><span class=\"ls12f ws11a\">1<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>8<span class=\"_ _c8\"> </span><span class=\"ff9 ls7e ws9c\">13,022<span class=\"_ _de\"> </span><span class=\"ls7b wsa8\">5<span class=\"_ _0\"></span>,328<span class=\"_ _16c\"> </span><span class=\"ls4c wsc\">18,<span class=\"_ _0\"></span>350<span class=\"_ _350\"> </span></span></span></span></span>Wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>, the c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows of c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fia<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>. As a r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span> ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ues of t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite l<span class=\"_ _0\"></span>ife as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en tes<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t as CGU<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>his is i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ent tes<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng ove<span class=\"_ _0\"></span>r the H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>h GCG<span class=\"_ _0\"></span>U. Th<span class=\"_ _0\"></span>e CGU<span class=\"_ _0\"></span>s tes<span class=\"_ _0\"></span>ted se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>ly ar<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow.<span class=\"_ _350\"> </span>Indefinite<span class=\"_ _1\"></span> life<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cluding goodwill<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Intimate W<span class=\"_ _1\"></span>ellness<span class=\"_ _111\"> </span><span class=\"ff1 lsf1 ws73\">2,<span class=\"_ _0\"></span>213<span class=\"_ _186\"> </span></span><span class=\"ls2f ws87\">2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>124<span class=\"_ _350\"> </span></span>Oriental Pharma<span class=\"_ _2aa\"> </span><span class=\"ff1 ls49 ws9\">52<span class=\"_ _dd\"> </span></span><span class=\"ls35 ws33\">51<span class=\"_ _350\"> </span></span>Annua<span class=\"_ _0\"></span>l Impairm<span class=\"_ _0\"></span>ent Review<span class=\"_ _350\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ite li<span class=\"_ _0\"></span>fe in<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets m<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t be tes<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t on at l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>basi<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>s is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t of a GCG<span class=\"_ _0\"></span>U or CG<span class=\"_ _0\"></span>U fal<span class=\"_ _0\"></span>ls ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly<span class=\"_ _350\"> </span>be<span class=\"_ _0\"></span>low it<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>t bo<span class=\"_ _0\"></span>ok va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e at th<span class=\"_ _0\"></span>e date of te<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g.<span class=\"_ _350\"> </span>The d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, bei<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>her o<span class=\"_ _0\"></span>f val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue l<span class=\"_ _0\"></span>ess co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s to<span class=\"_ _350\"> </span>dispos<span class=\"_ _1\"></span>e, is<span class=\"_ _1\"></span> inheren<span class=\"_ _1\"></span>tly judgemen<span class=\"_ _1\"></span>tal and<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es man<span class=\"_ _1\"></span>agement t<span class=\"_ _1\"></span>o mak<span class=\"_ _14\"></span>e multiple e<span class=\"_ _1\"></span>stimat<span class=\"_ _1\"></span>es, f<span class=\"_ _1\"></span>or e<span class=\"_ _1\"></span>xample<span class=\"_ _350\"> </span>around indi<span class=\"_ _1\"></span>vidual mark<span class=\"_ _14\"></span>et pres<span class=\"_ _1\"></span>sures<span class=\"_ _1\"></span> and f<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>es, futur<span class=\"_ _1\"></span>e pric<span class=\"_ _1\"></span>e and<span class=\"_ _1\"></span> volume<span class=\"_ _1\"></span> gro<span class=\"_ _1\"></span>wth, future<span class=\"_ _1\"></span> margins,<span class=\"_ _1\"></span> terminal<span class=\"_ _1\"></span> grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h rates a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt rate<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>en fo<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows tha<span class=\"_ _0\"></span>t sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>uses<span class=\"_ _1\"></span><span class=\"_ _350\"> its</span><span class=\"_ _1\"></span> short<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span> budgets and<span class=\"_ _1\"></span> medium-t<span class=\"_ _1\"></span>erm str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span> plans, wi<span class=\"_ _1\"></span>th addition<span class=\"_ _1\"></span>al senior<span class=\"_ _1\"></span> managemen<span class=\"_ _1\"></span>t and<span class=\"_ _350\"> </span>Bo<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>-l<span class=\"_ _0\"></span>evel revi<span class=\"_ _0\"></span>ew. Cash flow<span class=\"_ _0\"></span>s beyo<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>ve-yea<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od a<span class=\"_ _0\"></span>re pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted us<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The<span class=\"_ _0\"></span>se ra<span class=\"_ _0\"></span>tes do n<span class=\"_ _0\"></span>ot excee<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>te for th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>kets in wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span><span class=\"_ _350\">the G</span><span class=\"_ _0\"></span>CGU o<span class=\"_ _0\"></span>r CGU o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tes.<span class=\"_ _350\"> </span>The c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h flows a<span class=\"_ _0\"></span>re di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>d ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>eir p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e usi<span class=\"_ _0\"></span>ng a p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span> ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate fo<span class=\"_ _0\"></span>r each G<span class=\"_ _0\"></span>CGU a<span class=\"_ _0\"></span>nd CG<span class=\"_ _0\"></span>U. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e rate<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ved f<span class=\"_ _0\"></span>rom m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>\u2019s v<span class=\"_ _0\"></span>iews o<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span><span class=\"_ _350\">the r</span><span class=\"_ _0\"></span>elev<span class=\"_ _0\"></span>ant we<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hted aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t of ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l, su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ly co<span class=\"_ _0\"></span>nver<span class=\"_ _0\"></span>ted to t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>re-t<span class=\"_ _0\"></span>ax eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>discount rate.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>ygi<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d IF<span class=\"_ _0\"></span>CN G<span class=\"_ _0\"></span>CGU<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>mate Wel<span class=\"_ _0\"></span>ln<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>nd V<span class=\"_ _0\"></span>MS CG<span class=\"_ _0\"></span>Us<span class=\"_ _0\"></span>, any r<span class=\"_ _0\"></span>easo<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span>pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e key valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s woul<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>t im<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>y pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt for ea<span class=\"_ _0\"></span>ch of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e GCG<span class=\"_ _0\"></span>Us a<span class=\"_ _0\"></span>nd CG<span class=\"_ _0\"></span>Us was d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-us<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1:<span class=\"_ _0\"></span> val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>) wi<span class=\"_ _0\"></span>th key assu<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate of 9<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne, I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d In<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate Well<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 9<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>mate Wel<span class=\"_ _0\"></span>ln<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>, 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% for I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN<span class=\"_ _0\"></span>) or 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r VM<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%), a<span class=\"_ _0\"></span>nd a te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _37\"></span>th rate o<span class=\"_ _0\"></span>f eit<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r 2.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>% for H<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>, I<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>mate Wel<span class=\"_ _0\"></span>lne<span class=\"_ _0\"></span>ss a<span class=\"_ _0\"></span>nd V<span class=\"_ _0\"></span>MS (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>: 2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5%),<span class=\"_ _350\"> </span>or 2<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>% fo<span class=\"_ _0\"></span>r Hyg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>CN (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 2%).<span class=\"_ _350\"> </span>Bi<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>eze<span class=\"_ _350\"> </span>On 1<span class=\"_ _0\"></span>2 Ju<span class=\"_ _0\"></span>ly 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>red 1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0% o<span class=\"_ _0\"></span>f the e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s in La<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>i Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, own<span class=\"_ _0\"></span>er of t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d Th<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>Pea<span class=\"_ _0\"></span>rl b<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r cas<span class=\"_ _0\"></span>h con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of $<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion (\u00a3<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze is a le<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>er in<span class=\"_ _0\"></span> over-<span class=\"_ _1\"></span>th<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unte<span class=\"_ _0\"></span>r topi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l pa<span class=\"_ _0\"></span>in re<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>f, with a s<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>otp<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Am<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ica re<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d cli<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span>channels<span class=\"_ _1\"></span> and a<span class=\"_ _1\"></span> gro<span class=\"_ _1\"></span>wing int<span class=\"_ _1\"></span>ernat<span class=\"_ _1\"></span>ional pr<span class=\"_ _1\"></span>esence<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Du<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng 2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>, B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng a s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-term c<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>lowd<span class=\"_ _0\"></span>own<span class=\"_ _0\"></span>, in p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>du<span class=\"_ _0\"></span>e to the c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent m<span class=\"_ _0\"></span>acr<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>utl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>k for t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ns p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>Gr<span class=\"_ _0\"></span>oup r<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>fid<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term p<span class=\"_ _0\"></span>oten<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l for B<span class=\"_ _0\"></span>iofr<span class=\"_ _0\"></span>eeze.<span class=\"_ _350\"> </span>9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>This<span class=\"_ _1\"></span> underperformanc<span class=\"_ _1\"></span>e,<span class=\"_ _1\"></span> toget<span class=\"_ _1\"></span>her wit<span class=\"_ _1\"></span>h the<span class=\"_ _1\"></span> curr<span class=\"_ _1\"></span>ent m<span class=\"_ _1\"></span>acroec<span class=\"_ _1\"></span>onomic en<span class=\"_ _1\"></span>vironmen<span class=\"_ _1\"></span>t, has<span class=\"_ _1\"></span> intr<span class=\"_ _1\"></span>oduced<span class=\"_ _350\"> </span>ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ty i<span class=\"_ _0\"></span>nto fu<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze cas<span class=\"_ _0\"></span>h flows<span class=\"_ _0\"></span>. T<span class=\"_ _1\"></span>o refl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>is u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y, mana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>re-ta<span class=\"_ _0\"></span>x di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unt r<span class=\"_ _0\"></span>ate us<span class=\"_ _0\"></span>ed to de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-us<span class=\"_ _0\"></span>e to 12<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>%<span class=\"_ _37\"></span>. Thi<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lted i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>bo<span class=\"_ _0\"></span><span class=\"_ _350\">ok va</span><span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze CGU exce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g its r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refor<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed a g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of \u00a3<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to reco<span class=\"_ _0\"></span>rd B<span class=\"_ _0\"></span>iofr<span class=\"_ _0\"></span>eeze at i<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of \u00a3<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on ($<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on).<span class=\"_ _350\"> </span>The r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t for th<span class=\"_ _0\"></span>e Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze CGU at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022 h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d on a v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-in<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>use<span class=\"_ _0\"></span> basi<span class=\"_ _0\"></span>s usi<span class=\"_ _0\"></span>ng a d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ted ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>ith f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ved fro<span class=\"_ _0\"></span>m a de<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"_ _350\">d five</span><span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Cas<span class=\"_ _0\"></span>h flows b<span class=\"_ _0\"></span>eyon<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e five<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pl<span class=\"_ _0\"></span>an have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng a te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _37\"></span>th rate o<span class=\"_ _0\"></span>f 2.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>%<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> The d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t for B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ates ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>key assum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e of wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y. Thes<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>bu<span class=\"_ _0\"></span><span class=\"_ _350\">t are n</span><span class=\"_ _0\"></span>ot li<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ted to a<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ated m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket share i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al su<span class=\"_ _0\"></span>cces<span class=\"_ _0\"></span>s of new<span class=\"_ _0\"></span> pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span><span class=\"_ _350\">t lau</span><span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>hes a<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nal m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket expan<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. As n<span class=\"_ _0\"></span>o hea<span class=\"_ _0\"></span>dr<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>m exis<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze<span class=\"_ _350\"> </span>reco<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span><span class=\"_ _350\">erable </span><span class=\"_ _1\"></span>amount and<span class=\"_ _1\"></span> net book<span class=\"_ _1\"></span> value,<span class=\"_ _1\"></span> any<span class=\"_ _1\"></span> changes<span class=\"_ _1\"></span> to<span class=\"_ _1\"></span> thes<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>umptions,<span class=\"_ _1\"></span> or any<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>eriorati<span class=\"_ _1\"></span>on in<span class=\"_ _350\"> </span>other<span class=\"_ _1\"></span><span class=\"_ _350\"> mac</span><span class=\"_ _1\"></span>roec<span class=\"_ _1\"></span>onomic or<span class=\"_ _1\"></span> busines<span class=\"_ _1\"></span>s-le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l ass<span class=\"_ _1\"></span>umption<span class=\"_ _1\"></span>s supporting<span class=\"_ _1\"></span> the Bio<span class=\"_ _1\"></span>free<span class=\"_ _1\"></span>ze<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>erable<span class=\"_ _1\"></span> amount<span class=\"_ _350\"> </span>cou<span class=\"_ _0\"></span><span class=\"_ _350\">ld n</span><span class=\"_ _0\"></span>eces<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tate th<span class=\"_ _0\"></span>e rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>ses i<span class=\"_ _0\"></span>n fut<span class=\"_ _0\"></span>ure p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s.<span class=\"_ _350\"> </span>The key ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-i<span class=\"_ _0\"></span>n-<span class=\"_ _0\"></span>use of B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>freeze a<span class=\"_ _0\"></span>re ou<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>elow.<span class=\"_ _350\"> </span>2022<span class=\"_ _350\"> </span>Pre<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate<span class=\"_ _21f\"> </span><span class=\"ff1 ls37 ws7b\">12<span class=\"_ _0\"></span>.0%<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span> rate<span class=\"_ _293\"> </span><span class=\"ff1 ls7e ws9c\">2.<span class=\"_ _0\"></span>5%<span class=\"_ _350\"> </span></span>Ne<span class=\"_ _0\"></span>t revenu<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th r<span class=\"_ _0\"></span>ate (CAGR<span class=\"_ _0\"></span>) for th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>022-2<span class=\"_ _0\"></span>027<span class=\"_ _c1\"> </span><span class=\"ff1 ls101 ws40\">11%<span class=\"_ _350\"> </span></span>Gr<span class=\"_ _0\"></span>oss ma<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>in C<span class=\"_ _0\"></span>AGR fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>22-20<span class=\"_ _0\"></span>27<span class=\"_ _279\"> </span><span class=\"ff1 ls2e wsa7\">1<span class=\"_ _0\"></span>4%<span class=\"_ _350\"> </span></span>The key es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>fre<span class=\"_ _0\"></span>eze recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>summarised bel<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>Key<span class=\"_ _1\"></span> estim<span class=\"_ _0\"></span>ates<span class=\"_ _2ab\"> </span><span class=\"lsa4 ws120\">Commentar<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span></span>Ne<span class=\"_ _0\"></span>t Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _171\"> </span><span class=\"ls30 ws0\">In th<span class=\"_ _0\"></span>e sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t to me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>um te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l assu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>es a five<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r CAG<span class=\"_ _0\"></span>R of<span class=\"_ _350\"> </span></span>11<span class=\"_ _0\"></span>%<span class=\"_ _0\"></span>, to b<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>hro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rket sha<span class=\"_ _0\"></span>re gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>by a mi<span class=\"_ _0\"></span>x of in<span class=\"_ _0\"></span>nova<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng fr<span class=\"_ _0\"></span>om for<span class=\"_ _0\"></span>mat ex<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on of ex<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> internat<span class=\"_ _1\"></span>ional expans<span class=\"_ _1\"></span>ion.<span class=\"_ _350\"> </span>Margins<span class=\"_ _1b0\"> </span><span class=\"ls30 ws0\">In th<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t to m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>m term<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>es Bi<span class=\"_ _0\"></span>ofr<span class=\"_ _0\"></span>eeze ma<span class=\"_ _0\"></span>rgi<span class=\"_ _0\"></span>ns<span class=\"_ _350\"> </span></span>(b<span class=\"_ _0\"></span>oth g<span class=\"_ _0\"></span>ross a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g) to in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t levels a<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e temp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> fac<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d mar<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ns in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 unw<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d Bi<span class=\"_ _0\"></span>ofre<span class=\"_ _0\"></span>eze be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts f<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span> produc<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>y initiatives on integrating into Reckitt.<span class=\"_ _350\"> </span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _10e\"> </span><span class=\"ls2f ws2e\">Management<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>ermined<span class=\"_ _1\"></span> the Bio<span class=\"_ _1\"></span>free<span class=\"_ _1\"></span>ze-<span class=\"_ _1\"></span>specific w<span class=\"_ _1\"></span>eight<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>erage c<span class=\"_ _1\"></span>ost o<span class=\"_ _1\"></span>f<span class=\"_ _350\"> </span></span>ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (<span class=\"_ _0\"></span>WAC<span class=\"_ _1\"></span>C) a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e im<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d pre<span class=\"_ _0\"></span>-ta<span class=\"_ _0\"></span>x dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt r<span class=\"_ _0\"></span>ate wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t of a<span class=\"_ _0\"></span> thi<span class=\"_ _0\"></span>rd-<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. For v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>es ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t use<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e up<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r end<span class=\"_ _0\"></span> <span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d ra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e to refl<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y in ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in key assu<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>T<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span> rate<span class=\"_ _20e\"> </span><span class=\"ls30 ws0\">M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ess o<span class=\"_ _0\"></span>f the te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span></span><span class=\"_ _350\">rate w</span><span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mar<span class=\"_ _0\"></span>ket grow<span class=\"_ _0\"></span>th p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> long-t<span class=\"_ _1\"></span>erm c<span class=\"_ _1\"></span>ountry inflat<span class=\"_ _1\"></span>ion ra<span class=\"_ _1\"></span>tes.<span class=\"_ _350\"> </span>The t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow show<span class=\"_ _0\"></span>s the s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>22 re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt to rea<span class=\"_ _0\"></span>son<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span>key assum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>o rela<span class=\"_ _0\"></span>ted res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nse by m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt (for exa<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, to dri<span class=\"_ _0\"></span>ve fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>cos<span class=\"_ _0\"></span>t savi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>) an<span class=\"_ _0\"></span>d is he<span class=\"_ _0\"></span>nce t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>oret<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>n natu<span class=\"_ _0\"></span>re.<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted N<span class=\"_ _0\"></span>et Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h rates (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 to 202<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>) ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted by 1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>bps<span class=\"_ _2ac\"> </span><span class=\"ff1 ls12d ws119\">+<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>0/<span class=\"_ _0\"></span>-3<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>IT gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>tes (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 to 20<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>) ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d by 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ps<span class=\"_ _2ad\"> </span><span class=\"ff1 ls123 ws85\">+2<span class=\"_ _0\"></span>5/-25<span class=\"_ _350\"> </span></span>T<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _37\"></span>th rate (app<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>rom 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>8) ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d by 50<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ps<span class=\"_ _2ae\"> </span><span class=\"ff1 ls123 ws85\">+2<span class=\"_ _0\"></span>5/-25<span class=\"_ _350\"> </span></span>Pre<span class=\"_ _0\"></span>-tax d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted by 5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>bps<span class=\"_ _15b\"> </span><span class=\"ff1 ls12d ws119\">+<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>0/<span class=\"_ _0\"></span>-3<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span>2021<span class=\"_ _350\"> </span>At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d tha<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>fre<span class=\"_ _0\"></span>eze recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt w<span class=\"_ _0\"></span>as<span class=\"_ _350\"> </span>cons<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span><span class=\"_ _350\">tent w</span><span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h the a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>, suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t at th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of 20<span class=\"_ _0\"></span>21 t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re was n<span class=\"_ _0\"></span>o he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>roo<span class=\"_ _0\"></span>m bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>iofr<span class=\"_ _0\"></span>eeze CGU<span class=\"_ _0\"></span>. Gi<span class=\"_ _0\"></span>ven th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>oxim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isit<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span>recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t for B<span class=\"_ _0\"></span>iof<span class=\"_ _0\"></span>reeze was c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roac<span class=\"_ _0\"></span>h on a fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e le<span class=\"_ _0\"></span>ss cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> <span class=\"_ _350\">of dis</span><span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal b<span class=\"_ _0\"></span>asis u<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a pos<span class=\"_ _0\"></span>t-<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>x dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt ra<span class=\"_ _0\"></span>te of 11<span class=\"_ _0\"></span>% a<span class=\"_ _0\"></span>nd a 2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5% te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>l grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h rate<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span> mea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent of B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>freeze w<span class=\"_ _0\"></span>as cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin l<span class=\"_ _0\"></span>evel 3 of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e hi<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>archy, bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>to<span class=\"_ _350\"> </span>the v<span class=\"_ _1\"></span>aluation<span class=\"_ _1\"></span> tec<span class=\"_ _1\"></span>hnique us<span class=\"_ _1\"></span>ed<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>9 Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>le A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "The net book values of indefinite and finite life intangible assets are as follows: Net book value 2022 \u00a3m 2021 \u00a3m Indefinite life assets Brands 14,034 12,983 Goodwill 5,609 5,328 Other 65 39 Total indefinite life assets 19,708 18,350 Finite life assets Brands 112 123 Software 318 295 Other 65 100 Total finite life assets 495 518 Total net book value of intangible assets 20,203 18,868 Cash Generating Units Goodwill and other intangible assets with indefinite lives are allocated to either individual cash  generating units (CGUs), or groups of cash generating units (together GCGUs). The goodwill and  intangible assets with indefinite lives are tested for impairment at the level at which identifiable cash  inflows are largely independent. Generally, this is at a GCGU level, but for certain intangible assets this  is at a CGU level. After considering all the evidence available, including how brand and production assets generate cash  inflows and how management monitors the business, the Directors have concluded that for the purpose of impairment testing of goodwill and other intangible assets, the Group\u2019s GCGUs are Health, Hygiene and IFCN, with the Group\u2019s CGUs being VMS and Biofreeze. An analysis of the net book value of indefinite life assets and goodwill by GCGU/CGU is shown below: 2022 2021 GCGU/CGU Indefinite  life assets \u00a3m Goodwill \u00a3m Total \u00a3m Indefinite life assets \u00a3m Goodwill \u00a3m Total \u00a3m Health 5,779 3,556 9,335 5,455 3,350 8,805 Hygiene 1,924 45 1,969 1,760 45 1,805 IFCN 4,661 1,570 6,231 4,260 1,408 5,668 VMS 1,089 277 1,366 971 248 1,219 Biofreeze 646 161 807 576 277 853 14,099 5,609 19,708 13,022 5,328 18,350 Within the Health GCGU, the cash flows of certain brands are separately identifiable. As a result, the carrying values of the associated indefinite life assets have been tested for impairment as CGUs. This is in  addition to the impairment testing over the Health GCGU. The CGUs tested separately are shown below. Indefinite life assets excluding goodwill 2022 \u00a3m 2021 \u00a3m Intimate Wellness 2,213 2,124 Oriental Pharma 52 51 Annual Impairment Review Goodwill and other indefinite life intangible assets must be tested for impairment on at least an annual  basis. An impairment loss is recognised when the recoverable amount of a GCGU or CGU falls materially  below its net book value at the date of testing. The determination of recoverable amount, being the higher of value-in-use and fair value less costs to  dispose, is inherently judgemental and requires management to make multiple estimates, for example  around individual market pressures and forces, future price and volume growth, future margins, terminal growth rates and discount rates. When forecasting the annual cash flows that support the recoverable amount, the Group generally  uses its short-term budgets and medium-term strategic plans, with additional senior management and  Board-level review. Cash flows beyond the five-year period are projected using terminal growth rates.  These rates do not exceed the long-term average growth rate for the products and markets in which  the GCGU or CGU operates. The cash flows are discounted back to their present value using a pre-tax discount rate considered appropriate for each GCGU and CGU. These rates have been derived from management\u2019s views on  the relevant weighted average cost of capital, subsequently converted to the pre-tax equivalent  discount rate. For the Health, Hygiene and IFCN GCGUs, and the Intimate Wellness and VMS CGUs, any reasonably  possible change in the key valuation assumptions would not imply possible impairment. The recoverable amount for each of these GCGUs and CGUs was determined utilising the value-in-use basis (2021: value-in-use basis) with key assumptions including a pre-tax discount rate of 9% for Health, Hygiene, IFCN  and Intimate Wellness (2021: 9% for Health, Hygiene and Intimate Wellness, 10% for IFCN) or 10% for VMS  (2021: 10%), and a terminal growth rate of either 2.5% for Health, Intimate Wellness and VMS (2021: 2.5%),  or 2.0% for Hygiene and IFCN (2021: 2%). Biofreeze On 12 July 2021, the Group acquired 100% of the equity interests in Lanai Holdings, owner of the Biofreeze  and TheraPearl brands, for cash consideration of $1,060 million (\u00a3766 million). Biofreeze is a leader in over-the-counter topical pain relief, with a strong footprint in the North America retail and clinical  channels and a growing international presence.  2022 During 2022, Biofreeze performed below expectations following a short-term category slowdown, in part  due to the current macroeconomic conditions. The outlook for the category remains positive and the  Group remains confident in the long-term potential for Biofreeze.  This underperformance, together with the current macroeconomic environment, has introduced  additional uncertainty into future Biofreeze cash flows. To reflect this uncertainty, management has  increased the pre-tax discount rate used to determine value-in-use to 12.0%. This resulted in the  book value of the Biofreeze CGU exceeding its recoverable amount at 31 December 2022, therefore  management has recorded a goodwill impairment of \u00a3152 million to record Biofreeze at its recoverable  amount of \u00a3698 million ($843 million). The recoverable amount for the Biofreeze CGU at 31 December 2022 has been determined on a value-in-use basis using a discounted cash flow approach, with future cash flows derived from a detailed five-year plan.  Cash flows beyond the five-year plan have been projected using a terminal growth rate of 2.5%. The determination of the recoverable amount for Biofreeze at 31 December 2022 incorporates certain  key assumptions, some of which are subject to considerable uncertainty. These assumptions include  but are not limited to anticipated market share improvement, the commercial success of new product launches and international market expansion. As no headroom exists between the Biofreeze  recoverable amount and net book value, any changes to these assumptions, or any deterioration in  other macroeconomic or business-level assumptions supporting the Biofreeze recoverable amount  could necessitate the recognition of impairment losses in future periods. The key assumptions used in the estimation of value-in-use of Biofreeze are outlined below. 2022 Pre-tax discount rate 12.0% Terminal growth rate 2.5% Net revenue compound annual growth rate (CAGR) for the period 2022-2027 11% Gross margin CAGR for the period 2022-2027 14% The key estimates incorporated within the determination of the Biofreeze recoverable amount are  summarised below: Key estimates Commentary Net Revenue In the short to medium term, the valuation model assumes a five-year CAGR of  11%, to be delivered through category growth and market share growth driven  by a mix of innovation arising from format expansion of existing products and international expansion. Margins In the short to medium term, the valuation model assumes Biofreeze margins  (both gross and operating) to increase from current levels as the temporary factors which impacted margins in 2022 unwind and Biofreeze benefits from productivity initiatives on integrating into Reckitt. Discount rate Management determined the Biofreeze-specific weighted average cost of  capital (WACC) and the implied pre-tax discount rate with the support of a third-party expert. For valuation purposes management used the upper end of the calculated range to reflect uncertainty in certain key assumptions. Terminal growth rate Management is satisfied with the reasonableness of the terminal growth  rate when compared against independent market growth projections and long-term country inflation rates. The table below shows the sensitivity of the 2022 recoverable amount to reasonably possible changes in  key assumptions. The table assumes no related response by management (for example, to drive further  cost savings) and is hence theoretical in nature. 2022 \u00a3m Expected Net Revenue growth rates (2023 to 2027) adjusted by 100bps +40/-35 Expected EBIT growth rates (2023 to 2027) adjusted by 100bps +25/-25 Terminal growth rate (applied from 2028) adjusted by 50bps +25/-25 Pre-tax discount rate adjusted by 50bps +40/-35 2021 At 31 December 2021, management determined that the Biofreeze recoverable amount was  consistent with the acquisition price, such that at the end of 2021 there was no headroom between the  recoverable amount and the carrying value of the Biofreeze CGU. Given the proximity to acquisition, the  recoverable amount for Biofreeze was calculated using the income approach on a fair value less costs of disposal basis utilising a post-tax discount rate of 11% and a 2.5% terminal growth rate. The fair value measurement of Biofreeze was categorised within level 3 of the fair value hierarchy, based on inputs into  the valuation technique used . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsWithIndefiniteUsefulLifeExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "Cash Generating Units Goodwill and other intangible assets with indefinite lives are allocated to either individual cash  generating units (CGUs), or groups of cash generating units (together GCGUs). The goodwill and  intangible assets with indefinite lives are tested for impairment at the level at which identifiable cash  inflows are largely independent. Generally, this is at a GCGU level, but for certain intangible assets this  is at a CGU level. After considering all the evidence available, including how brand and production assets generate cash  inflows and how management monitors the business, the Directors have concluded that for the purpose of impairment testing of goodwill and other intangible assets, the Group\u2019s GCGUs are Health, Hygiene and IFCN, with the Group\u2019s CGUs being VMS and Biofreeze. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-475": {
   "value": "10 Property, Plant and Equipment Land and buildings \u00a3m Plant and  equipment \u00a3m Right of use  assets \u00a3m Assets under  construction \u00a3m Total \u00a3m Cost At 1 January 2021 1,245 2,101 409 332 4,087 Additions 20 61 110 292 483 Arising on business combinations 5 15 \u2013 \u2013 20 Disposals (81) (210) (50) (8) (349) Reclassifications (including held for sale) 51 151 \u2013 (207) (5) Exchange adjustments (20) (45) (8) (1) (74) At 31 December 2021 1,220 2,073 461 408 4,162 Additions 26 80 137 256 499 Disposals (19) (75) (58) (6) (158) Reclassifications (including held for sale) 91 168 (1) (293) (35) Exchange adjustments 91 122 41 29 283 At 31 December 2022 1,409 2,368 580 394 4,751 Accumulated depreciation and impairment At 1 January 2021 431 1,301 122 \u2013 1,854 Charge for the year 58 168 71 \u2013 297 Disposals (33) (105) (34) \u2013 (172) Impairment 38 8 1 5 52 Reclassifications (including held for sale) (2) 1 (1) \u2013 (2) Exchange adjustments (10) (32) (3) \u2013 (45) At 31 December 2021 482 1,341 156 5 1,984 Charge for the year 62 184 83 \u2013 329 Disposals (12) (66) (45) (4) (127) Impairment \u2013 1 \u2013 2 3 Reclassifications (including held for sale) (6) (18) (3) \u2013 (27) Exchange adjustments 30 69 15 2 116 At 31 December 2022 556 1,511 206 5 2,278 Net book value As at 31 December 2021 738 732 305 403 2,178 As at 31 December 2022 853 857 374 389 2,473 At 31 December 2022, the Group\u2019s right of use assets included land and buildings of \u00a3350 million (2021: \u00a3284 million) and other assets of \u00a324 million (2021: \u00a321 million). The Group recognised depreciation of \u00a370 million (2021: \u00a358 million) on the land and buildings and depreciation of \u00a313 million (2021: \u00a313 million) on the other assets. The Group has commitments to purchase property, plant and equipment of \u00a376 million (2021: \u00a380 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "The Group has commitments to purchase property, plant and equipment of \u00a376 million (2021: \u00a380 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "11 Equity Instruments 2022 \u00a3m 2021 \u00a3m Equity investments 82 171 Investments in associates accounted for using the equity method 4 23 Total equity instruments 86 194 Investments accounted for using the equity method relate predominantly to the Group\u2019s investment in Your.MD AS (trading as Healthily). The Group\u2019s share of the result of Healthily amounts to a loss of  \u00a32 million (2021: loss of \u00a33 million). The Group has also recognised an impairment charge of \u00a319 million  (2021: \u00a3nil) within the Group Income Statement with respect to this investment. There are no gains or  losses recognised within other comprehensive income with respect to this investment ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-476": {
   "value": "11 Equity Instruments 2022 \u00a3m 2021 \u00a3m Equity investments 82 171 Investments in associates accounted for using the equity method 4 23 Total equity instruments 86 194 Equity investments at 31 December 2022 and 2021 is composed of a number of listed and unlisted equity  investments in which the Group has a minority stake. This includes 13% of the outstanding units in  Packable Holdings LLC, which were revalued to \u00a3nil during 2022 (31 December 2021: \u00a3114 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "11 Equity Instruments 2022 \u00a3m 2021 \u00a3m Equity investments 82 171 Investments in associates accounted for using the equity method 4 23 Total equity instruments 86 194 Equity investments at 31 December 2022 and 2021 is composed of a number of listed and unlisted equity  investments in which the Group has a minority stake. This includes 13% of the outstanding units in  Packable Holdings LLC, which were revalued to \u00a3nil during 2022 (31 December 2021: \u00a3114 million). Investments accounted for using the equity method relate predominantly to the Group\u2019s investment in Your.MD AS (trading as Healthily). The Group\u2019s share of the result of Healthily amounts to a loss of  \u00a32 million (2021: loss of \u00a33 million). The Group has also recognised an impairment charge of \u00a319 million  (2021: \u00a3nil) within the Group Income Statement with respect to this investment. There are no gains or  losses recognised within other comprehensive income with respect to this investment . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "Investments accounted for using the equity method relate predominantly to the Group\u2019s investment in Your.MD AS (trading as Healthily). The Group\u2019s share of the result of Healthily amounts to a loss of  \u00a32 million (2021: loss of \u00a33 million). The Group has also recognised an impairment charge of \u00a319 million  (2021: \u00a3nil) within the Group Income Statement with respect to this investment. There are no gains or  losses recognised within other comprehensive income with respect to this investment . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-477": {
   "value": "13 Inventories 2022 \u00a3m 2021 \u00a3m Raw materials and consumables 471 383 Work in progress 88 70 Finished goods and goods held for resale 1,266 1,006 Total inventories 1,825 1,459 The total cost of inventories recognised as an expense and included in cost of sales amounted to  \u00a35,810 million (2021: \u00a35,292 million). This includes inventory write-offs and losses of \u00a3184 million  (2021: \u00a3191 million). The Group inventory provision at 31 December 2022 was \u00a3164 million (2021: \u00a3151 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "14 Trade and Other Receivables Amounts falling due within one year 2022 \u00a3m 2021 \u00a3m Trade receivables 1,766 1,587 Less: Provision for impairment of receivables (42) (36) Trade receivables \u2013 net 1,724 1,551 Other receivables 264 291 Prepayments and accrued income 94 84 Trade and other receivables 2,082 1,926 At 31 December 2022, a provision of \u00a342 million (2021: \u00a336 million) was recorded against certain trade  receivables based on a forward-looking assessment of the lifetime expected credit loss as required by  IFRS 9. This assessment considered the ageing profiles of specific trade receivable balances along with  the risk of future customer defaults ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "14 Trade and Other Receivables Amounts falling due within one year 2022 \u00a3m 2021 \u00a3m Trade receivables 1,766 1,587 Less: Provision for impairment of receivables (42) (36) Trade receivables \u2013 net 1,724 1,551 Other receivables 264 291 Prepayments and accrued income 94 84 Trade and other receivables 2,082 1,926 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "14 Trade and Other Receivables Amounts falling due within one year 2022 \u00a3m 2021 \u00a3m Trade receivables 1,766 1,587 Less: Provision for impairment of receivables (42) (36) Trade receivables \u2013 net 1,724 1,551 Other receivables 264 291 Prepayments and accrued income 94 84 Trade and other receivables 2,082 1,926 The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies: Currency analysis 2022 \u00a3m 2021 \u00a3m US dollar 678 574 Euro 289 302 Sterling 165 167 Brazilian real 132 128 Other currencies 818 755 Trade and other receivables 2,082 1,926 The maximum exposure to credit risk at the year end is the carrying value of each class of receivable mentioned above. a. Trade receivables Trade receivables consist of amounts due from customers. The Group\u2019s customer base is large and diverse and consequently there is limited concentration of credit risk. Credit risk is assessed at a subsidiary and Group level and takes into account the financial positions of customers, past experience, future expectations and other relevant factors. Individual credit limits are established based on those factors. The following table provides an ageing analysis of trade receivables at year end: Ageing analysis 2022 \u00a3m 2021 \u00a3m Not overdue 1,543 1,318 Up to 3 months overdue 157 219 Over 3 months overdue 66 50 Trade receivables 1,766 1,587 At 31 December 2022, a provision of \u00a342 million (2021: \u00a336 million) was recorded against certain trade receivables based on a forward-looking assessment of the lifetime expected credit loss as required by IFRS 9. This assessment considered the ageing profiles of specific trade receivable balances along with the risk of future customer defaults . As at 31 December 2022, trade receivables of \u00a3181 million (2021: \u00a3233 million) were past due but not impaired. These receivables were not impaired because having considered their nature and historical collection, recovery of the unprovided amounts is expected in due course. b. Other receivables Other receivables includes recoverable indirect tax of \u00a3191 million (2021: \u00a3212 million). This contains \u00a31 million (2021: \u00a32 million) of impaired assets all aged over three months from a broad range of countries within the Group. c. Other non-current receivables Other non-current receivables at 31 December 2022 of \u00a3157 million (2021: \u00a3149 million) includes non-current recoverable sales tax and long-term prepayments . d. Financial instruments (Note 15) At 31 December 2022, \u00a32,071 (2021: \u00a31,926 million) of the current and non-current receivables totalling \u00a32,239 million (2021: \u00a32,075 million) are financial assets. These mainly related to amounts owed from customers or government bodies and are typically non-interest bearing. Amounts that are not financial assets are mostly prepayments and employee benefit assets. At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-478": {
   "value": "14 Trade and Other Receivables Amounts falling due within one year 2022 \u00a3m 2021 \u00a3m Trade receivables 1,766 1,587 Less: Provision for impairment of receivables (42) (36) Trade receivables \u2013 net 1,724 1,551 Other receivables 264 291 Prepayments and accrued income 94 84 Trade and other receivables 2,082 1,926 The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies: Currency analysis 2022 \u00a3m 2021 \u00a3m US dollar 678 574 Euro 289 302 Sterling 165 167 Brazilian real 132 128 Other currencies 818 755 Trade and other receivables 2,082 1,926 The maximum exposure to credit risk at the year end is the carrying value of each class of receivable mentioned above. a. Trade receivables Trade receivables consist of amounts due from customers. The Group\u2019s customer base is large and diverse and consequently there is limited concentration of credit risk. Credit risk is assessed at a subsidiary and Group level and takes into account the financial positions of customers, past experience, future expectations and other relevant factors. Individual credit limits are established based on those factors. The following table provides an ageing analysis of trade receivables at year end: Ageing analysis 2022 \u00a3m 2021 \u00a3m Not overdue 1,543 1,318 Up to 3 months overdue 157 219 Over 3 months overdue 66 50 Trade receivables 1,766 1,587 At 31 December 2022, a provision of \u00a342 million (2021: \u00a336 million) was recorded against certain trade receivables based on a forward-looking assessment of the lifetime expected credit loss as required by IFRS 9. This assessment considered the ageing profiles of specific trade receivable balances along with the risk of future customer defaults . As at 31 December 2022, trade receivables of \u00a3181 million (2021: \u00a3233 million) were past due but not impaired. These receivables were not impaired because having considered their nature and historical collection, recovery of the unprovided amounts is expected in due course. b. Other receivables Other receivables includes recoverable indirect tax of \u00a3191 million (2021: \u00a3212 million). This contains \u00a31 million (2021: \u00a32 million) of impaired assets all aged over three months from a broad range of countries within the Group. c. Other non-current receivables Other non-current receivables at 31 December 2022 of \u00a3157 million (2021: \u00a3149 million) includes non-current recoverable sales tax and long-term prepayments . d. Financial instruments (Note 15) At 31 December 2022, \u00a32,071 (2021: \u00a31,926 million) of the current and non-current receivables totalling \u00a32,239 million (2021: \u00a32,075 million) are financial assets. These mainly related to amounts owed from customers or government bodies and are typically non-interest bearing. Amounts that are not financial assets are mostly prepayments and employee benefit assets. 15 Financial Instruments and Financial Risk Management Financial instruments by category At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 1.  The categories in this disclosure are determined by IFRS 9. Lease obligations are outside the scope of IFRS 9, but they remain within the scope of IFRS 7, and therefore have been shown separately. Borrowings largely relate to commercial paper. As at 31 December  2022, the Group had commercial paper in issue amounting to \u20ac841 million (nominal value) at rates between 0.92% and 2.74% with maturities ranging from 6 January 2023 to 30 June 2023, and $550 million (nominal value) at rates between 4.55% and 4.95% with  maturities ranging from 3 January 2023 to 23 March 2023 The fair value measurement hierarchy levels have been defined as follows: \u2013  Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2013  Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2). If all significant inputs required to fair  value an instrument are observable, the instrument is included in level 2 \u2013  Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) (level 3) The following table categorises the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in determining their fair value. At 31 December 2022 At 31 December 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets as per the Balance Sheet Derivative financial instruments \u2013 FX forward exchange contracts \u2013 59 \u2013 59 \u2013 62 \u2013 62 Equity instruments  29 \u2013 53 82 14 114 43 171 Liabilities as per the Balance Sheet Derivative financial instruments \u2013 FX forward exchange contracts \u2013 56 \u2013 56 \u2013 52 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps \u2013 164 \u2013 164 \u2013 22 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps \u2013 84 \u2013 84 \u2013 49 \u2013 49 The fair value of forward foreign exchange contracts was determined using forward exchange rates derived from market sourced data at the Balance Sheet date, with the resulting value discounted back to present value (level 2 classification). The fair value of the interest rate swap contracts and the cross currency interest rate swaps was calculated using discounted future cash flows at floating market rates (level 2 classification). The fair value of equity instruments at 31 December 2022 was determined using both quoted share price information (level 1 classification) and other non-market information (level 3 classification). At 31 December 2021, the fair value of the investment in Packable Holdings LLC (previously Pharmapacks) was calculated using a publicly available valuation from the latest funding round (level 2 classification). Except for the bonds and senior notes, the fair values of other financial assets and liabilities at amortised cost approximate their carrying values. The fair value of the bonds as at 31 December 2022 is a liability of \u00a35,612 million (2021: \u00a38,238 million) and the fair value of the senior notes as at 31 December 2022 is a liability of \u00a31,250 million (2021: \u00a31,400 million). The fair value of the bonds and senior notes was derived using quoted market rates in an active market (level 1 classification). Offsetting financial assets and financial liabilities The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 for example, when a credit event such as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a default event. The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. At 31 December 2022 Gross amounts of recognised financial assets/ liabilities in the Balance Sheet \u00a3m Related financial instruments that are not offset \u00a3m Net amount \u00a3m Financial assets FX forward exchange contracts 59 (36) 23 Other financial assets 1,157 \u2013 1,157 1,216 (36) 1,180 Financial liabilities FX forward exchange contracts (56) 36 (20) Other financial liabilities (249) \u2013 (249) (305) 36 (269) At 31 December 2021 Gross amounts of recognised financial assets/ liabilities in the Balance Sheet \u00a3m Related financial instruments that are not offset \u00a3m Net amount \u00a3m Financial assets FX forward exchange contracts 62 (32) 30 Other financial assets 1,261 \u2013 1,261 1,323 (32) 1,291 Financial liabilities FX forward exchange contracts (52) 32 (20) Other financial liabilities (73) \u2013 (73) (125) 32 (93 ) 15 Financial Instruments and Financial Risk Management continued 21 Trade and Other Payables 2022 \u00a3m 2021 \u00a3m Trade payables 2,366 2,064 Other payables 123 100 Other tax and social security payable 172 155 Interest accrued on tax balances 105 \u2013 Accruals 2,781 2,948 Trade and other payables 5,547 5,267 Included within accruals is \u00a31,137 million (2021: \u00a31,137 million) in respect of amounts payable to trade  customers and government bodies for trade spend. Interest accrued on tax balances has been presented as a current liability (2021: non-current) following  the reassessment of uncertain tax positions to reflect that there is not an unconditional right to defer  settlement of these liabilities (see Note 22). Other non-current liabilities 2022 \u00a3m 2021 \u00a3m Interest accrued on tax balances \u2013 135 Indemnity provisions for disposed businesses 51 45 US employee-related payables 42 46 Other 23 36 Other non-current liabilities 116 262 Financial instruments (Note 15) At 31 December 2022, \u00a35,344 million (2021: \u00a35,193 million) of the current and non-current payables  totalling \u00a35,663 million (2021: \u00a35,529 million) are financial liabilities. These mainly relate to amounts owed  to suppliers in respect of goods or services and are typically non-interest bearing. Amounts that are not financial instruments comprise employee-related liabilities, social security liabilities and accrued interest . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "a. Trade receivables Trade receivables consist of amounts due from customers. The Group\u2019s customer base is large and diverse and consequently there is limited concentration of credit risk. Credit risk is assessed at a subsidiary and Group level and takes into account the financial positions of customers, past experience, future expectations and other relevant factors. Individual credit limits are established based on those factors. The following table provides an ageing analysis of trade receivables at year end: Ageing analysis 2022 \u00a3m 2021 \u00a3m Not overdue 1,543 1,318 Up to 3 months overdue 157 219 Over 3 months overdue 66 50 Trade receivables 1,766 1,587 ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "b. Other receivables Other receivables includes recoverable indirect tax of \u00a3191 million (2021: \u00a3212 million). This contains \u00a31 million (2021: \u00a32 million) of impaired assets all aged over three months from a broad range of countries  within the Group. c. Other non-current receivables Other non-current receivables at 31 December 2022 of \u00a3157 million (2021: \u00a3149 million) includes  non-current recoverable sales tax and long-term prepayments 22 Current and Non-current Tax Assets and Liabilities 2022 \u00a3m 2021 \u00a3m Current tax liabilities 791 93 Non-current tax liabilities 54 826 Total current and non-current tax liabilities 845 919 Certain tax positions taken by us are based on industry practice, tax advice and drawing similarities  from our facts and circumstances to those in case law. In particular, international transfer pricing is  an area of taxation that depends heavily on the underlying facts and circumstances and generally involves a significant degree of judgement. Tax assets and liabilities are offset where there is a legally  enforceable right to do so.  Included within current tax liabilities is an amount of \u00a3722 million (2021: \u00a3770 million) relating to uncertain  tax positions primarily in respect of transfer pricing. Within this, \u00a3194 million (2021: \u00a3155 million) relates to amounts recognised using the most likely outcome method, where the resolution of the uncertainty is  concentrated on one binary outcome. There is no individual tax uncertainty calculated with this method  that is material to the Financial Statements. Also within uncertain tax positions is an amount of \u00a3528 million (2021: \u00a3615 million) recognised using the expected value method. The liabilities calculated using this method are not material in isolation, are  individually assessed and cover multiple jurisdictions and issues. Therefore, it is not meaningful to provide aggregated sensitivity estimates. The sources of estimation uncertainty underlying this amount are  shown in Note 1. The recognition of uncertain tax positions is reviewed regularly for changes in circumstances and  estimates are updated as potential resolutions for the tax uncertainties are encountered through specific  audits or wider case law. As a result, given the size, possible range of outcomes and timing of resolution,  there is a significant risk of material adjustment to the aggregate carrying amount of these liabilities within the next financial year. The disputes underlying the liability recognised in respect of uncertain tax positions may take several  years to resolve (see Note 1). Notwithstanding this, the presentation of corporation tax liabilities has  been reassessed to reflect that there is not an unconditional right to defer settlement of these liabilities and the carrying amount of \u00a3722 million (2021: \u00a3770 million) has been presented as a current liability  (2021: non-current). The associated interest accrued on uncertain tax positions of \u00a3105 million (2021: \u00a3135  million) has also been presented as a current liability (2021: non-current; see Note 21). The remaining non-current tax liability in 2022 relates to the US transition tax (introduced as part of the 2017 Tax Cuts and Jobs Act) on non-US earnings and profits not previously taxed in the US  as of 31 December 2017. The Group has a right to defer this liability until after 31 December 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 At 31 December 2022 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Commercial paper (1,200) (1,200) \u2013 \u2013 \u2013 Bonds (6,650) (554) (1,757) (3,026) (1,313) Senior notes (2,017) (59) (59) (747) (1,152) Trade payables (2,366) (2,366) \u2013 \u2013 \u2013 Other payables (2,978) (2,904) (74) \u2013 \u2013 At 31 December 2021 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Bonds (8,642) (2,552) (496) (2,430) (3,164) Senior notes (1,855) (53) (53) (690) (1,059) Trade payables (2,064) (2,064) \u2013 \u2013 \u2013 Other payables (3,129) (3,048) (81) \u2013 \u2013 21 Trade and Other Payables 2022 \u00a3m 2021 \u00a3m Trade payables 2,366 2,064 Other payables 123 100 Other tax and social security payable 172 155 Interest accrued on tax balances 105 \u2013 Accruals 2,781 2,948 Trade and other payables 5,547 5,267 Included within accruals is \u00a31,137 million (2021: \u00a31,137 million) in respect of amounts payable to trade  customers and government bodies for trade spend. Interest accrued on tax balances has been presented as a current liability (2021: non-current) following  the reassessment of uncertain tax positions to reflect that there is not an unconditional right to defer  settlement of these liabilities (see Note 22). Other non-current liabilities 2022 \u00a3m 2021 \u00a3m Interest accrued on tax balances \u2013 135 Indemnity provisions for disposed businesses 51 45 US employee-related payables 42 46 Other 23 36 Other non-current liabilities 116 262 Financial instruments (Note 15) At 31 December 2022, \u00a35,344 million (2021: \u00a35,193 million) of the current and non-current payables  totalling \u00a35,663 million (2021: \u00a35,529 million) are financial liabilities. These mainly relate to amounts owed  to suppliers in respect of goods or services and are typically non-interest bearing. Amounts that are not financial instruments comprise employee-related liabilities, social security liabilities and accrued interest ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 17 Financial Liabilities \u2013 Borrowings Current Note 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts 1 40 22 Commercial paper 1,190 \u2013 Bonds 413 2,401 Lease liabilities 19 78 62 Total short-term borrowings 1,721 2,485 Bonds 5,461 5,568 Senior notes 1,369 1,229 Other non-current borrowings 22 15 Lease liabilities 19 311 266 Total long-term borrowings 7,163 7,078 Total borrowings 8,884 9,563 Derivative financial instruments 257 76 Less overdrafts presented in cash and cash equivalents in the Cash Flow Statement (1) (2) Total financing liabilities 9,140 9,637 19 Lease Liabilities Maturity analysis \u2013 contractual undiscounted cash flows 2022 \u00a3m 2021 \u00a3m Within one year 80 64 Later than one and less than five years 253 222 After five years 135 140 Total undiscounted lease liabilities at 31 December 468 426 Lease liabilities included in the statement of financial position at 31 December 389 328 Current 78 62 Non-current 311 266 Interest charged on lease liabilities amounted to \u00a316 million (2021: \u00a313 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 16 Cash and Cash Equivalents 2022 \u00a3m 2021 \u00a3m Cash at bank and in hand 662 587 Short-term bank deposits 495 674 Cash and cash equivalents 1,157 1,261 The Group operates in a number of territories where there are either foreign currency exchange  restrictions, or where it is difficult for the Group to extract cash readily and easily in the short-term. As a result, \u00a3276 million (2021: \u00a366 million) of cash included in cash and cash equivalents is restricted  for use by the Group, yet available for use in the relevant subsidiary\u2019s day-to-day operations. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 At 31 December 2022 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Commercial paper (1,200) (1,200) \u2013 \u2013 \u2013 Bonds (6,650) (554) (1,757) (3,026) (1,313) Senior notes (2,017) (59) (59) (747) (1,152) Trade payables (2,366) (2,366) \u2013 \u2013 \u2013 Other payables (2,978) (2,904) (74) \u2013 \u2013 At 31 December 2021 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Bonds (8,642) (2,552) (496) (2,430) (3,164) Senior notes (1,855) (53) (53) (690) (1,059) Trade payables (2,064) (2,064) \u2013 \u2013 \u2013 Other payables (3,129) (3,048) (81) \u2013 \u2013 17 Financial Liabilities \u2013 Borrowings Current Note 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts 1 40 22 Commercial paper 1,190 \u2013 Bonds 413 2,401 Lease liabilities 19 78 62 Total short-term borrowings 1,721 2,485 Bonds 5,461 5,568 Senior notes 1,369 1,229 Other non-current borrowings 22 15 Lease liabilities 19 311 266 Total long-term borrowings 7,163 7,078 Total borrowings 8,884 9,563 Derivative financial instruments 257 76 Less overdrafts presented in cash and cash equivalents in the Cash Flow Statement (1) (2) Total financing liabilities 9,140 9,637 1.  Bank loans are denominated in a number of currencies: all are unsecured and bear interest based on market short-term interest rates Maturity of borrowings (excluding lease liabilities) 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts repayable: Within one year or on demand 40 22 Other borrowings repayable: Within one year: Commercial paper 1,190 \u2013 Bonds 413 2,401 After one year and in less than five years: Bonds 4,381 2,546 Senior notes 636 572 After five years or longer: Bonds 1,080 3,022 Senior notes 733 657 Other non-current borrowings 22 15 8,455 9,213 Gross borrowings (unsecured) 8,495 9,235 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 At 31 December 2022 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Commercial paper (1,200) (1,200) \u2013 \u2013 \u2013 Bonds (6,650) (554) (1,757) (3,026) (1,313) Senior notes (2,017) (59) (59) (747) (1,152) Trade payables (2,366) (2,366) \u2013 \u2013 \u2013 Other payables (2,978) (2,904) (74) \u2013 \u2013 At 31 December 2021 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Bonds (8,642) (2,552) (496) (2,430) (3,164) Senior notes (1,855) (53) (53) (690) (1,059) Trade payables (2,064) (2,064) \u2013 \u2013 \u2013 Other payables (3,129) (3,048) (81) \u2013 \u2013 17 Financial Liabilities \u2013 Borrowings Current Note 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts 1 40 22 Commercial paper 1,190 \u2013 Bonds 413 2,401 Lease liabilities 19 78 62 Total short-term borrowings 1,721 2,485 Bonds 5,461 5,568 Senior notes 1,369 1,229 Other non-current borrowings 22 15 Lease liabilities 19 311 266 Total long-term borrowings 7,163 7,078 Total borrowings 8,884 9,563 Derivative financial instruments 257 76 Less overdrafts presented in cash and cash equivalents in the Cash Flow Statement (1) (2) Total financing liabilities 9,140 9,637 1.  Bank loans are denominated in a number of currencies: all are unsecured and bear interest based on market short-term interest rates Maturity of borrowings (excluding lease liabilities) 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts repayable: Within one year or on demand 40 22 Other borrowings repayable: Within one year: Commercial paper 1,190 \u2013 Bonds 413 2,401 After one year and in less than five years: Bonds 4,381 2,546 Senior notes 636 572 After five years or longer: Bonds 1,080 3,022 Senior notes 733 657 Other non-current borrowings 22 15 8,455 9,213 Gross borrowings (unsecured) 8,495 9,235 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "At 31 December 2022 At 31 December 2021 Note Amortised  cost \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Amortised  cost  \u00a3m Derivatives  used for  hedging \u00a3m Fair value  through the  Income  Statement \u00a3m Equity  instruments \u00a3m Carrying  value total \u00a3m Assets as per the Balance Sheet Current and non-current trade and other receivables 14d 2,071 \u2013 \u2013 \u2013 2,071 1,926 \u2013 \u2013 \u2013 1,926 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 34 25 \u2013 59 \u2013 41 21 \u2013 62 Equity instruments 11 \u2013 \u2013 \u2013 82 82 \u2013 \u2013 \u2013 171 171 Cash and cash equivalents 16 1,157 \u2013 \u2013 \u2013 1,157 1,261 \u2013 \u2013 \u2013 1,261 Liabilities as per the Balance Sheet Borrowings (commercial paper, loans and overdrafts) 1 17 1,252 \u2013 \u2013 \u2013 1,252 37 \u2013 \u2013 \u2013 37 Lease obligations 19 389 \u2013 \u2013 \u2013 389 328 \u2013 \u2013 \u2013 328 Bonds 17 5,874 \u2013 \u2013 \u2013 5,874 7,969 \u2013 \u2013 \u2013 7,969 Senior notes 17 1,369 \u2013 \u2013 \u2013 1,369 1,229 \u2013 \u2013 \u2013 1,229 Derivative financial instruments \u2013 FX forward exchange contracts 17 \u2013 22 34 \u2013 56 \u2013 16 36 \u2013 52 Derivative financial instruments \u2013 Interest rate swaps 17 \u2013 164 \u2013 \u2013 164 \u2013 22 \u2013 \u2013 22 Derivative financial instruments \u2013 Cross currency interest rate swaps 17 \u2013 84 \u2013 \u2013 84 \u2013 49 \u2013 \u2013 49 Current and non-current trade and other payables 21 5,344 \u2013 \u2013 \u2013 5,344 5,193 \u2013 \u2013 \u2013 5,193 The following table categorises the Group\u2019s financial assets and liabilities held at fair value by the  valuation methodology applied in determining their fair value. At 31 December 2022 At 31 December 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets as per the Balance Sheet Derivative financial  instruments \u2013 FX forward  exchange contracts \u2013 59 \u2013 59 \u2013 62 \u2013 62 Equity instruments  29 \u2013 53 82 14 114 43 171 Liabilities as per the Balance Sheet Derivative financial  instruments \u2013 FX forward  exchange contracts \u2013 56 \u2013 56 \u2013 52 \u2013 52 Derivative financial  instruments \u2013 Interest rate  swaps \u2013 164 \u2013 164 \u2013 22 \u2013 22 Derivative financial  instruments \u2013 Cross  currency interest rate  swaps \u2013 84 \u2013 84 \u2013 49 \u2013 49 Offsetting financial assets and financial liabilities The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 for example, when a credit event such  as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination  value is assessed and only a single net amount is payable in settlement of all transactions. At 31 December 2022 Gross amounts  of recognised  financial assets/ liabilities in the Balance Sheet \u00a3m Related financial  instruments that  are not offset \u00a3m Net amount  \u00a3m Financial assets FX forward exchange contracts 59 (36) 23 Other financial assets 1,157 \u2013 1,157 1,216 (36) 1,180 Financial liabilities FX forward exchange contracts (56) 36 (20) Other financial liabilities (249) \u2013 (249) (305) 36 (269) At 31 December 2021 Gross amounts of  recognised  financial assets/ liabilities in the Balance Sheet \u00a3m Related financial instruments that  are not offset \u00a3m Net amount \u00a3m Financial assets FX forward exchange contracts 62 (32) 30 Other financial assets 1,261 \u2013 1,261 1,323 (32) 1,291 Financial liabilities FX forward exchange contracts (52) 32 (20) Other financial liabilities (73) \u2013 (73) (125) 32 (93 The table below analyses the Group\u2019s derivative financial instruments which will be settled on a gross  basis into relevant maturity groupings based on the remaining period between the Balance Sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted  cash flows which have been calculated using spot rates at the relevant Balance Sheet date. At 31 December 2022 Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m FX forward exchange contracts Outflow (5,356) (7) (13) \u2013 Inflow 5,376 7 12 \u2013 Cross currency interest rate swap Outflow (25) (25) (785) \u2013 Inflow 3 3 758 \u2013 Interest rate swap Outflow (21) (21) (63) (53) Inflow 6 6 17 17 At 31 December 2021 Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m FX forward exchange contracts Outflow (7,016) (10) (1) \u2013 Inflow 7,024 11 1 \u2013 Cross currency interest rate swap Outflow (9) (9) (770) \u2013 Inflow 3 3 723 \u2013 Interest rate swap Outflow (3) (3) (9) (10) Inflow 5 5 16 21 Assets Liabilities 2022 (\u00a3m) Current Non-current Current Non-current Derivative financial instruments (financing liabilities) 25 \u2013 (34) (248) Derivative financial instruments (non-financing  liabilities) 34 \u2013 (21) (1) At 31 December 2022 59 \u2013 (55) (249) Assets Liabilities 2021 (\u00a3m) Current Non-current 1 Current Non-current Derivative financial instruments (financing liabilities) 31 \u2013 (36) (71) Derivative financial instruments  (non-financing liabilities) 30 1 (16) \u2013 At 31 December 2021 61 1 (52) (71) 1.  Included within Other non-current receivables on the Balance Sheet ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "The following table categorises the Group\u2019s financial assets and liabilities held at fair value by the  valuation methodology applied in determining their fair value. At 31 December 2022 At 31 December 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets as per the Balance Sheet Derivative financial  instruments \u2013 FX forward  exchange contracts \u2013 59 \u2013 59 \u2013 62 \u2013 62 Equity instruments  29 \u2013 53 82 14 114 43 171 Liabilities as per the Balance Sheet Derivative financial  instruments \u2013 FX forward  exchange contracts \u2013 56 \u2013 56 \u2013 52 \u2013 52 Derivative financial  instruments \u2013 Interest rate  swaps \u2013 164 \u2013 164 \u2013 22 \u2013 22 Derivative financial  instruments \u2013 Cross  currency interest rate  swaps \u2013 84 \u2013 84 \u2013 49 \u2013 49 The fair value of forward foreign exchange contracts was determined using forward exchange rates derived from market sourced data at the Balance Sheet date, with the resulting value discounted back  to present value (level 2 classification). The fair value of the interest rate swap contracts and the cross  currency interest rate swaps was calculated using discounted future cash flows at floating market rates (level 2 classification). The fair value of equity instruments at 31 December 2022 was determined using both quoted share  price information (level 1 classification) and other non-market information (level 3 classification). At  31 December 2021, the fair value of the investment in Packable Holdings LLC (previously Pharmapacks)  was calculated using a publicly available valuation from the latest funding round (level 2 classification). Except for the bonds and senior notes, the fair values of other financial assets and liabilities at amortised  cost approximate their carrying values. The fair value of the bonds as at 31 December 2022 is a liability  of \u00a35,612 million (2021: \u00a38,238 million) and the fair value of the senior notes as at 31 December 2022 is a  liability of \u00a31,250 million (2021: \u00a31,400 million). The fair value of the bonds and senior notes was derived  using quoted market rates in an active market (level 1 classification). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "Offsetting financial assets and financial liabilities The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 for example, when a credit event such  as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination  value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a default event. The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. At 31 December 2022 Gross amounts  of recognised  financial assets/ liabilities in the Balance Sheet \u00a3m Related financial  instruments that  are not offset \u00a3m Net amount  \u00a3m Financial assets FX forward exchange contracts 59 (36) 23 Other financial assets 1,157 \u2013 1,157 1,216 (36) 1,180 Financial liabilities FX forward exchange contracts (56) 36 (20) Other financial liabilities (249) \u2013 (249) (305) 36 (269) At 31 December 2021 Gross amounts of  recognised  financial assets/ liabilities in the Balance Sheet \u00a3m Related financial instruments that  are not offset \u00a3m Net amount \u00a3m Financial assets FX forward exchange contracts 62 (32) 30 Other financial assets 1,261 \u2013 1,261 1,323 (32) 1,291 Financial liabilities FX forward exchange contracts (52) 32 (20) Other financial liabilities (73) \u2013 (73) (125) 32 (93 ) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "Financial risk management The Group\u2019s multinational operations expose it to a variety of financial risks that include the effects of  changes in foreign currency exchange rates (foreign exchange risk), market prices, interest rates, credit risks and liquidity. The Group has in place a risk management programme that uses foreign currency financial instruments, including debt, and other instruments, to limit the impact of these risks on the  financial performance of the Group. The Group\u2019s financing and financial risk management activities are centralised into Group Treasury (GT) to achieve benefits of scale and control. GT manages financial exposures of the Group centrally in a manner consistent with underlying business risks. GT manages only those risks and flows generated  by the underlying commercial operations; speculative transactions are not undertaken. The Board of Directors reviews and agrees policies, guidelines and authority levels for all areas of  Treasury activity and individually approves significant activities. The GT function is subject to periodic  independent reviews and audits, both internal and external. 1. Market risk (a) Currency risk The Group operates internationally and enters into transactions in many currencies and as such is  exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments  in foreign operations. The Group\u2019s policy is to align interest costs and operating profit of its major currencies in order to provide some protection against the translation exposure on foreign currency profits after tax. The Group may  undertake borrowings and other hedging methods in the currencies of the countries where most of its  assets are located. It is the Group\u2019s policy to monitor and, where appropriate, hedge its foreign currency transaction exposure. These transaction exposures arise mainly from foreign currency receipts and payments for  goods and services and from the remittances of foreign currency dividends and loans. Where the Group  enters into hedges and applies hedge accounting, hedges are documented and tested for effectiveness  on an ongoing basis with any ineffectiveness recorded in the Income Statement. The local business units enter into forward foreign exchange contracts with GT to manage these  exposures where practical and allowed by local regulations. GT matches the Group exposures, and  hedges the position where possible, using spot and forward foreign currency exchange contracts. The Group\u2019s strategy is to minimise Income Statement volatility by monitoring foreign currency balances,  external financing, and external hedging arrangements. The Group\u2019s hedging profile is regularly reviewed  to ensure it is appropriate and to mitigate these risks as far as possible. The notional principal amount of the outstanding forward foreign exchange contracts at 31 December  2022 was \u00a35,395 million receivable (2021: \u00a37,036 million) and \u00a35,376 million payable (2021: \u00a37,027 million). The Group held forward foreign exchange contracts designated as cash flow hedges primarily in Euro, Sterling, US dollar, Canadian dollar, Australian dollar, Mexican peso and Turkish lira. The notional value of the payable leg resulting from these financial instruments was as follows: Cash flow hedge profile 2022 \u00a3m 2021 \u00a3m Euro 343 327 Sterling 247 310 US dollar 218 273 Canadian dollar 96 113 Australian dollar 92 107 Mexican peso 74 51 Turkish lira 73 42 Other 394 434 1,537 1,657 These forward foreign exchange contracts are mainly expected to mature over the period January 2023 to  December 2023 (2021: January 2022 to December 2022). Of the total amount, \u00a320 million (2021: \u00a311 million)  is due between January 2024 and January 2026 (2021: January 2023 and January 2024). Cash flow hedging is applied with the economic relationship and expected effectiveness being assessed at inception, with any ineffectiveness recognised in the Income Statement. The ineffective portion  recognised in the Income Statement arising from cash flow hedges is immaterial (2021: immaterial). Gains recognised in other comprehensive income and the hedging reserve on forward exchange contracts in 2022 of \u00a32 million gain, net of tax (2021: \u00a330 million gain, net of tax) are recognised in the  Income Statement in the periods in which the hedged forecast transaction affects the Income Statement. At 31 December 2022, the Group had forward contracts used for cash flow hedging with total fair value  of \u00a312 million asset (2021: \u00a315 million asset). These contracts are denominated in a diverse range of  currency pairings, where a fluctuation of 5% in any one of the contract pairings, with all others remaining  constant, would have a maximum effect of \u00a37 million (2021: \u00a36 million) on shareholder equity, until the  point at which the contracts mature and the forecast transaction occurs. The four largest contract  pairings in order of nominal value were Euro/Polish zloty, Euro/Sterling, Euro/Turkish lira and US Dollar/ Mexican peso. Where the Group is exposed to currency risk on its borrowings, the Group seeks to minimise the impact of foreign exchange on the Income Statement through placing debt within a net investment hedge or  using financial instruments. As at 31 December 2022, the Group had designated a 2023 US dollar bond totalling $500 million  (2021: $500 million), 2030 Euro bond totalling \u20ac850 million (2021: \u20ac850 million) and commercial paper  totalling \u20ac750 million (2021: \u20acnil) as the hedging instruments in a net investment hedge relationship. During the year forward currency swap contracts of \u20ac750 million (2021: \u20ac750 million) were also in a  hedge relationship. As the forward currency swap contracts matured during the year, this relationship  was ended and it was replaced with the commercial paper. Possible sources of ineffectiveness include  any impairments to the Group\u2019s net investments in Euros. The hedges are documented and are assessed for effectiveness on an ongoing basis. The net gain or loss under these arrangements is recognised in other comprehensive income. The net effect on other comprehensive income for the year ended 31 December 2022 was a \u00a3115 million loss (2021: \u00a384 million gain). If Sterling weakens by 5% against the US dollar and Euro, the maximum impact  on shareholders\u2019 equity due to the net investment hedging on US dollar bond and Euro bond/commercial  paper would be \u00a322 million loss and \u00a375 million loss respectively. In 2020, the Group issued a \u20ac850 million bond due in 2026. Concurrent with the issue of the bond, the  Group entered into a \u20ac850 million cross currency interest rate swap on similar terms to the 2026 bond  to mitigate foreign exchange currency risk, for which hedge accounting has been applied. Sources of  ineffectiveness on this hedge relationship will come from a difference in credit ratings between the  counterparties and modifications to the terms of either hedged item or instrument. At 31 December 2022 no material ineffectiveness (2021: no material ineffectiveness) has been recognised in the Income  Statement as the effect is not material. The interest rate element of the swap is discussed in interest rate  risk below. The remaining major monetary financial instruments (liquid assets, receivables, interest and non-interest  bearing liabilities) are directly denominated in the functional currency of the Group or are transferred to  the functional currency of the local entity through the use of derivatives. The gains and losses from fair value movements on derivatives held at fair value through the Income  Statement, recognised in the Income Statement in 2022, was a \u00a3443 million gain (2021: \u00a36 million gain).  These derivatives are used to hedge foreign exchange gains and losses on non-Sterling financing assets  and financing liabilities between the Group\u2019s treasury company and fellow Group subsidiaries. (b) Cost inflation risk Due to the nature of its business the Group is exposed to commodity, freight and other inflation risks. Short-term volatility in pricing of these products is mitigated through medium-term contracts,  inventories of key materials and financial hedging. Over the medium and long term, the Group mitigates  the impact of inflation through: implementing pricing and revenue growth management; identifying  productivity and efficiencies; and improving sales mix. (c) Interest rate risk The Group has both interest-bearing and non-interest bearing assets and liabilities. The Group monitors  its interest income and expense rate exposure on a regular basis. The Group sets its desired level of fixed  and floating rate exposure as part of its interest risk management strategy. The mix of fixed and floating exposure on interest-bearing assets is managed by using a mixture of fixed and floating rate deposits.  The fixed/floating mix on liabilities is managed by using a mixture of fixed and floating rate borrowings as  well as by using derivatives to swap fixed to floating rate. In 2020 the Group issued two \u20ac850 million bonds due in 2026 and 2030. In order to maintain a level of floating rate debt in line with the Group\u2019s interest management strategy the Group entered into a \u20ac850 million cross currency interest rate swap on similar terms to the 2026 bond and an interest rate swap on  the coupon payments due on the 2030 bond. The accounting for the foreign exchange element of the  cross currency swap is described above. The interest rate element swaps the fixed coupon payments  on the bond for floating rate (the cross currency interest rate swap with reference to adjusted reference  rates following GBP LIBOR cessation, and the interest rate swap with reference to EURIBOR). The interest rate swaps have been placed into a fair value hedge relationship with the related bonds. Sources of  ineffectiveness on this hedge relationship will come from a difference in credit ratings between the  counterparties and modifications to the terms of either the hedged item or the hedging instrument. At 31 December 2022 no material ineffectiveness (2021: no material ineffectiveness) has been  recognised in the Income Statement. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions,  alternative financing and hedging. Based on these scenarios, the Group calculates the impact on the Income Statement of a defined interest rate shift. For each simulation, the same interest rate shift is  used for all currencies, calculated on a full-year and pre-tax basis. The scenarios are only run for liabilities that represent the major interest-bearing positions. Based on  the simulations performed, the impact on the Income Statement of a 50 basis-point shift in interest  rates would be a maximum increase of \u00a313 million (2021: \u00a310 million) or decrease of \u00a313 million  (2021: \u00a310 million), respectively for the liabilities covered. The simulation is done on a periodic basis  to verify that the maximum loss simulated is within the limit given by management . (d) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks was undertaken globally, including  the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates  (referred to as \u2018IBOR reform\u2019). In 2021, the Group amended its financial instruments and credit facilities that referenced impacted IBORs such that they incorporated new benchmark rates or included clauses that automatically switched impacted IBORs to the equivalent fall-back rates. No further amendments were required in 2022 to  conform to the new benchmark rates. As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023. The alternative reference rate for US dollar LIBOR is the Secured  Overnight Financing Rate (SOFR). At 31 December 2022, the Group has no external US dollar referencing  financial instrument. At 31 December 2022, the Group had contracts of cross currency interest swap liabilities with a carrying  value of \u00a384 million referenced to the official ISDA fallback rate Secured Overnight Financing Rate (SOFR)  (2021: unreformed contracts of cross currency interest swap liability of \u00a349 million). The Group\u2019s EURIBOR interest rate swap is unaffected as EURIBOR is not impacted by IBOR reform. 2. Credit risk The Group has no significant concentrations of credit risk. Credit risk arises from cash and cash  equivalents, derivative financial instruments, deposits with banks and financial institutions, as well as  credit exposures to customers. The assessment of lifetime expected credit losses relating to trade and  other receivables is detailed in Note 14. Financial institution counterparties are subject to approval under the Group\u2019s counterparty risk policy and such approval is limited to financial institutions with a BBB rating  or above. The Group uses BBB and higher rated counterparties to manage risk and only uses sub-BBB  rated counterparties by exception. The amount of exposure to any individual counterparty is subject to  a limit defined within the counterparty risk policy, which is reassessed annually by the Board of Directors. Derivative financial instruments are only traded with counterparties approved in accordance with the  approved policy. Derivative risk is measured using a risk weighting method. The Group has counterparty risk from asset positions held with financial institutions. This is comprised of short-term investments, cash and cash equivalents and derivatives positions. For risk management  purposes the Group assesses the exposure to major financial institutions by looking at the deposits,  cash and cash equivalents and a percentage of the nominal amount of derivative contracts taking into  account the time to maturity and the nature of the product. The following table summarises the Group\u2019s  assessment of its exposure. The financial institutions listed in the tables are not comparable year on year. 2022 Counterparty Credit rating Limit \u00a3m Exposure \u00a3m Financial institution A A+ 250 187 Financial institution B A+ 250 179 Financial institution C A+ 250 162 Financial institution D A+ 250 145 Financial institution E A 200 108 Financial institution F A 200 100 Financial institution G A+ 250 87 Financial institution H BBB+ 125 83 Financial institution I AA- 275 63 Financial institution J A 200 59 2021 Counterparty Credit rating Limit \u00a3m Exposure \u00a3m Financial institution A A+ 250 210 Financial institution B A+ 250 160 Financial institution C A+ 250 147 Financial institution D A+ 250 127 Financial institution E A+ 250 115 Financial institution F A 200 115 Financial institution G A 200 102 Financial institution H AAA 300 83 Financial institution I A 200 70 Financial institution J A+ 250 54 3. Liquidity risk Liquidity risk is the risk that the Group cannot repay financial liabilities as and when they fall due. The  Group\u2019s liquidity risk is concentrated towards bond and senior note principal repayments due between  2023 and 2044. At the end of 2022, the Group had long-term debt excluding lease liabilities of \u00a36,852 million (2021: \u00a36,812 million), of which \u00a35,196 million (2021: \u00a36,445 million) is repayable in more than two years.  In addition, the Group has committed borrowing facilities totalling \u00a34,500 million (2021: \u00a34,500 million),  of which \u00a34,450 million (2021: \u00a34,500 million) expires after more than two years. These facilities are provided by high-quality international banks, are undrawn at year end and contain a financial covenant  which is not expected to restrict the Group\u2019s future operations. The committed borrowing facilities,  together with central cash and investments, are considered sufficient to meet the Group\u2019s projected  cash requirements. All borrowing facilities are at floating rates of interest. The facilities have been arranged to cover general corporate purposes, including support for commercial  paper issuance. All facilities incur commitment fees at market rates. The Group\u2019s borrowing limit at 31 December 2022 calculated in accordance with the Articles of  Association was \u00a328,329 million (2021: \u00a322,197 million). The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity  groupings based on the remaining period at the Balance Sheet date to the contractual maturity date.  The amounts disclosed in the table are the contractual undiscounted cash flows which have been  calculated using spot rates at the relevant Balance Sheet date, including interest to be paid. At 31 December 2022 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Commercial paper (1,200) (1,200) \u2013 \u2013 \u2013 Bonds (6,650) (554) (1,757) (3,026) (1,313) Senior notes (2,017) (59) (59) (747) (1,152) Trade payables (2,366) (2,366) \u2013 \u2013 \u2013 Other payables (2,978) (2,904) (74) \u2013 \u2013 At 31 December 2021 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Bonds (8,642) (2,552) (496) (2,430) (3,164) Senior notes (1,855) (53) (53) (690) (1,059) Trade payables (2,064) (2,064) \u2013 \u2013 \u2013 Other payables (3,129) (3,048) (81) \u2013 \u2013 The table below analyses the Group\u2019s derivative financial instruments which will be settled on a gross  basis into relevant maturity groupings based on the remaining period between the Balance Sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted  cash flows which have been calculated using spot rates at the relevant Balance Sheet date. At 31 December 2022 Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m FX forward exchange contracts Outflow (5,356) (7) (13) \u2013 Inflow 5,376 7 12 \u2013 Cross currency interest rate swap Outflow (25) (25) (785) \u2013 Inflow 3 3 758 \u2013 Interest rate swap Outflow (21) (21) (63) (53) Inflow 6 6 17 17 At 31 December 2021 Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m FX forward exchange contracts Outflow (7,016) (10) (1) \u2013 Inflow 7,024 11 1 \u2013 Cross currency interest rate swap Outflow (9) (9) (770) \u2013 Inflow 3 3 723 \u2013 Interest rate swap Outflow (3) (3) (9) (10) Inflow 5 5 16 21 Cash flow forecasting is performed by the local business units and on an aggregated basis by GT. GT  monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet  operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities.  Funds over and above those required for short-term working capital purposes by the local businesses are  generally remitted to GT. The Group uses the remittances to settle obligations, repay borrowings, or, in  the event of a surplus, invest in short-term instruments issued by institutions with a BBB rating or above. 4. Capital management The Group considers capital to be net debt plus total equity. Net debt is calculated as total financing  liabilities less cash and cash equivalents and short-term deposits. Total equity includes share capital,  reserves and retained earnings as shown in the Group Balance Sheet. Note 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents including overdrafts 1,156 1,259 Financing liabilities 17 (9,140) (9,637) Net debt 7,984 8,378 Total equity 9,483 7,453 17,467 15,831 The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern,  in order to provide returns for shareholders and benefits for other stakeholders and to maintain an  efficient capital structure to optimise the cost of capital. In 2022, the Group provided returns to shareholders in the form of dividends. Refer to Note 28 for  further details. The Group monitors net debt and at year end the Group had net debt of \u00a37,984 million (2021: \u00a38,378 million).  The Group seeks to pay down net debt using cash generated by the business to maintain an appropriate level of financial flexibility. Supply chain finance The Group participates in a supply chain finance programme (SCF) under which certain suppliers to the  Group are able to access an SCF arrangement that enables them to fund their working capital. The  principal purpose of this programme is to facilitate efficient payment processing and enable the willing  suppliers to sell their receivables due from the Group to a bank before their due date. The Group does  not incur any additional interest towards the bank on the amounts due to the suppliers. As part of this facility the Group has confirmed to certain financial institutions that it will make payments of \u00a3330 million  (2021: \u00a3372 million) to these suppliers as they fall due. These amounts are recorded within trade payables  on the Balance Sheet and all cash flows associated with the programme are included within operating cash flows as they continue to be part of the normal operating cycle of the Group and their principal  nature remains operating, being payments for the purchase of goods and services . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "1. Market risk (a) Currency risk The Group operates internationally and enters into transactions in many currencies and as such is  exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments  in foreign operations. The Group\u2019s policy is to align interest costs and operating profit of its major currencies in order to provide some protection against the translation exposure on foreign currency profits after tax. The Group may  undertake borrowings and other hedging methods in the currencies of the countries where most of its  assets are located. It is the Group\u2019s policy to monitor and, where appropriate, hedge its foreign currency transaction exposure. These transaction exposures arise mainly from foreign currency receipts and payments for  goods and services and from the remittances of foreign currency dividends and loans. Where the Group  enters into hedges and applies hedge accounting, hedges are documented and tested for effectiveness  on an ongoing basis with any ineffectiveness recorded in the Income Statement. The local business units enter into forward foreign exchange contracts with GT to manage these  exposures where practical and allowed by local regulations. GT matches the Group exposures, and  hedges the position where possible, using spot and forward foreign currency exchange contracts. The Group\u2019s strategy is to minimise Income Statement volatility by monitoring foreign currency balances,  external financing, and external hedging arrangements. The Group\u2019s hedging profile is regularly reviewed  to ensure it is appropriate and to mitigate these risks as far as possible. The notional principal amount of the outstanding forward foreign exchange contracts at 31 December  2022 was \u00a35,395 million receivable (2021: \u00a37,036 million) and \u00a35,376 million payable (2021: \u00a37,027 million). The Group held forward foreign exchange contracts designated as cash flow hedges primarily in Euro, Sterling, US dollar, Canadian dollar, Australian dollar, Mexican peso and Turkish lira. The notional value of the payable leg resulting from these financial instruments was as follows: Cash flow hedge profile 2022 \u00a3m 2021 \u00a3m Euro 343 327 Sterling 247 310 US dollar 218 273 Canadian dollar 96 113 Australian dollar 92 107 Mexican peso 74 51 Turkish lira 73 42 Other 394 434 1,537 1,657 These forward foreign exchange contracts are mainly expected to mature over the period January 2023 to  December 2023 (2021: January 2022 to December 2022). Of the total amount, \u00a320 million (2021: \u00a311 million)  is due between January 2024 and January 2026 (2021: January 2023 and January 2024). Cash flow hedging is applied with the economic relationship and expected effectiveness being assessed at inception, with any ineffectiveness recognised in the Income Statement. The ineffective portion  recognised in the Income Statement arising from cash flow hedges is immaterial (2021: immaterial). Gains recognised in other comprehensive income and the hedging reserve on forward exchange contracts in 2022 of \u00a32 million gain, net of tax (2021: \u00a330 million gain, net of tax) are recognised in the  Income Statement in the periods in which the hedged forecast transaction affects the Income Statement. At 31 December 2022, the Group had forward contracts used for cash flow hedging with total fair value  of \u00a312 million asset (2021: \u00a315 million asset). These contracts are denominated in a diverse range of  currency pairings, where a fluctuation of 5% in any one of the contract pairings, with all others remaining  constant, would have a maximum effect of \u00a37 million (2021: \u00a36 million) on shareholder equity, until the  point at which the contracts mature and the forecast transaction occurs. The four largest contract  pairings in order of nominal value were Euro/Polish zloty, Euro/Sterling, Euro/Turkish lira and US Dollar/ Mexican peso. Where the Group is exposed to currency risk on its borrowings, the Group seeks to minimise the impact of foreign exchange on the Income Statement through placing debt within a net investment hedge or  using financial instruments. As at 31 December 2022, the Group had designated a 2023 US dollar bond totalling $500 million  (2021: $500 million), 2030 Euro bond totalling \u20ac850 million (2021: \u20ac850 million) and commercial paper  totalling \u20ac750 million (2021: \u20acnil) as the hedging instruments in a net investment hedge relationship. During the year forward currency swap contracts of \u20ac750 million (2021: \u20ac750 million) were also in a  hedge relationship. As the forward currency swap contracts matured during the year, this relationship  was ended and it was replaced with the commercial paper. Possible sources of ineffectiveness include  any impairments to the Group\u2019s net investments in Euros. The hedges are documented and are assessed for effectiveness on an ongoing basis. The net gain or loss under these arrangements is recognised in other comprehensive income. The net effect on other comprehensive income for the year ended 31 December 2022 was a \u00a3115 million loss (2021: \u00a384 million gain). If Sterling weakens by 5% against the US dollar and Euro, the maximum impact  on shareholders\u2019 equity due to the net investment hedging on US dollar bond and Euro bond/commercial  paper would be \u00a322 million loss and \u00a375 million loss respectively. In 2020, the Group issued a \u20ac850 million bond due in 2026. Concurrent with the issue of the bond, the  Group entered into a \u20ac850 million cross currency interest rate swap on similar terms to the 2026 bond  to mitigate foreign exchange currency risk, for which hedge accounting has been applied. Sources of  ineffectiveness on this hedge relationship will come from a difference in credit ratings between the  counterparties and modifications to the terms of either hedged item or instrument. At 31 December 2022 no material ineffectiveness (2021: no material ineffectiveness) has been recognised in the Income  Statement as the effect is not material. The interest rate element of the swap is discussed in interest rate  risk below. The remaining major monetary financial instruments (liquid assets, receivables, interest and non-interest  bearing liabilities) are directly denominated in the functional currency of the Group or are transferred to  the functional currency of the local entity through the use of derivatives. The gains and losses from fair value movements on derivatives held at fair value through the Income  Statement, recognised in the Income Statement in 2022, was a \u00a3443 million gain (2021: \u00a36 million gain).  These derivatives are used to hedge foreign exchange gains and losses on non-Sterling financing assets  and financing liabilities between the Group\u2019s treasury company and fellow Group subsidiaries. (b) Cost inflation risk Due to the nature of its business the Group is exposed to commodity, freight and other inflation risks. Short-term volatility in pricing of these products is mitigated through medium-term contracts,  inventories of key materials and financial hedging. Over the medium and long term, the Group mitigates  the impact of inflation through: implementing pricing and revenue growth management; identifying  productivity and efficiencies; and improving sales mix. (c) Interest rate risk The Group has both interest-bearing and non-interest bearing assets and liabilities. The Group monitors  its interest income and expense rate exposure on a regular basis. The Group sets its desired level of fixed  and floating rate exposure as part of its interest risk management strategy. The mix of fixed and floating exposure on interest-bearing assets is managed by using a mixture of fixed and floating rate deposits.  The fixed/floating mix on liabilities is managed by using a mixture of fixed and floating rate borrowings as  well as by using derivatives to swap fixed to floating rate. In 2020 the Group issued two \u20ac850 million bonds due in 2026 and 2030. In order to maintain a level of floating rate debt in line with the Group\u2019s interest management strategy the Group entered into a \u20ac850 million cross currency interest rate swap on similar terms to the 2026 bond and an interest rate swap on  the coupon payments due on the 2030 bond. The accounting for the foreign exchange element of the  cross currency swap is described above. The interest rate element swaps the fixed coupon payments  on the bond for floating rate (the cross currency interest rate swap with reference to adjusted reference  rates following GBP LIBOR cessation, and the interest rate swap with reference to EURIBOR). The interest rate swaps have been placed into a fair value hedge relationship with the related bonds. Sources of  ineffectiveness on this hedge relationship will come from a difference in credit ratings between the  counterparties and modifications to the terms of either the hedged item or the hedging instrument. At 31 December 2022 no material ineffectiveness (2021: no material ineffectiveness) has been  recognised in the Income Statement. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions,  alternative financing and hedging. Based on these scenarios, the Group calculates the impact on the Income Statement of a defined interest rate shift. For each simulation, the same interest rate shift is  used for all currencies, calculated on a full-year and pre-tax basis. The scenarios are only run for liabilities that represent the major interest-bearing positions. Based on  the simulations performed, the impact on the Income Statement of a 50 basis-point shift in interest  rates would be a maximum increase of \u00a313 million (2021: \u00a310 million) or decrease of \u00a313 million  (2021: \u00a310 million), respectively for the liabilities covered. The simulation is done on a periodic basis  to verify that the maximum loss simulated is within the limit given by management . (d) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks was undertaken globally, including  the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates  (referred to as \u2018IBOR reform\u2019). In 2021, the Group amended its financial instruments and credit facilities that referenced impacted IBORs such that they incorporated new benchmark rates or included clauses that automatically switched impacted IBORs to the equivalent fall-back rates. No further amendments were required in 2022 to  conform to the new benchmark rates. As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023. The alternative reference rate for US dollar LIBOR is the Secured  Overnight Financing Rate (SOFR). At 31 December 2022, the Group has no external US dollar referencing  financial instrument. At 31 December 2022, the Group had contracts of cross currency interest swap liabilities with a carrying  value of \u00a384 million referenced to the official ISDA fallback rate Secured Overnight Financing Rate (SOFR)  (2021: unreformed contracts of cross currency interest swap liability of \u00a349 million). The Group\u2019s EURIBOR interest rate swap is unaffected as EURIBOR is not impacted by IBOR reform. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "The scenarios are only run for liabilities that represent the major interest-bearing positions. Based on  the simulations performed, the impact on the Income Statement of a 50 basis-point shift in interest  rates would be a maximum increase of \u00a313 million (2021: \u00a310 million) or decrease of \u00a313 million  (2021: \u00a310 million), respectively for the liabilities covered. The simulation is done on a periodic basis  to verify that the maximum loss simulated is within the limit given by management ",
   "dimensions": {
    "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "2. Credit risk The Group has no significant concentrations of credit risk. Credit risk arises from cash and cash  equivalents, derivative financial instruments, deposits with banks and financial institutions, as well as  credit exposures to customers. The assessment of lifetime expected credit losses relating to trade and  other receivables is detailed in Note 14. Financial institution counterparties are subject to approval under the Group\u2019s counterparty risk policy and such approval is limited to financial institutions with a BBB rating  or above. The Group uses BBB and higher rated counterparties to manage risk and only uses sub-BBB  rated counterparties by exception. The amount of exposure to any individual counterparty is subject to  a limit defined within the counterparty risk policy, which is reassessed annually by the Board of Directors. Derivative financial instruments are only traded with counterparties approved in accordance with the  approved policy. Derivative risk is measured using a risk weighting method. The Group has counterparty risk from asset positions held with financial institutions. This is comprised of short-term investments, cash and cash equivalents and derivatives positions. For risk management  purposes the Group assesses the exposure to major financial institutions by looking at the deposits,  cash and cash equivalents and a percentage of the nominal amount of derivative contracts taking into  account the time to maturity and the nature of the product. The following table summarises the Group\u2019s  assessment of its exposure. The financial institutions listed in the tables are not comparable year on year. 2022 Counterparty Credit rating Limit \u00a3m Exposure \u00a3m Financial institution A A+ 250 187 Financial institution B A+ 250 179 Financial institution C A+ 250 162 Financial institution D A+ 250 145 Financial institution E A 200 108 Financial institution F A 200 100 Financial institution G A+ 250 87 Financial institution H BBB+ 125 83 Financial institution I AA- 275 63 Financial institution J A 200 59 2021 Counterparty Credit rating Limit \u00a3m Exposure \u00a3m Financial institution A A+ 250 210 Financial institution B A+ 250 160 Financial institution C A+ 250 147 Financial institution D A+ 250 127 Financial institution E A+ 250 115 Financial institution F A 200 115 Financial institution G A 200 102 Financial institution H AAA 300 83 Financial institution I A 200 70 Financial institution J A+ 250 54 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "The Group has counterparty risk from asset positions held with financial institutions. This is comprised of short-term investments, cash and cash equivalents and derivatives positions. For risk management  purposes the Group assesses the exposure to major financial institutions by looking at the deposits,  cash and cash equivalents and a percentage of the nominal amount of derivative contracts taking into  account the time to maturity and the nature of the product. The following table summarises the Group\u2019s  assessment of its exposure. The financial institutions listed in the tables are not comparable year on year. 2022 Counterparty Credit rating Limit \u00a3m Exposure \u00a3m Financial institution A A+ 250 187 Financial institution B A+ 250 179 Financial institution C A+ 250 162 Financial institution D A+ 250 145 Financial institution E A 200 108 Financial institution F A 200 100 Financial institution G A+ 250 87 Financial institution H BBB+ 125 83 Financial institution I AA- 275 63 Financial institution J A 200 59 2021 Counterparty Credit rating Limit \u00a3m Exposure \u00a3m Financial institution A A+ 250 210 Financial institution B A+ 250 160 Financial institution C A+ 250 147 Financial institution D A+ 250 127 Financial institution E A+ 250 115 Financial institution F A 200 115 Financial institution G A 200 102 Financial institution H AAA 300 83 Financial institution I A 200 70 Financial institution J A+ 250 54 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "3. Liquidity risk Liquidity risk is the risk that the Group cannot repay financial liabilities as and when they fall due. The  Group\u2019s liquidity risk is concentrated towards bond and senior note principal repayments due between  2023 and 2044. At the end of 2022, the Group had long-term debt excluding lease liabilities of \u00a36,852 million (2021: \u00a36,812 million), of which \u00a35,196 million (2021: \u00a36,445 million) is repayable in more than two years.  In addition, the Group has committed borrowing facilities totalling \u00a34,500 million (2021: \u00a34,500 million),  of which \u00a34,450 million (2021: \u00a34,500 million) expires after more than two years. These facilities are provided by high-quality international banks, are undrawn at year end and contain a financial covenant  which is not expected to restrict the Group\u2019s future operations. The committed borrowing facilities,  together with central cash and investments, are considered sufficient to meet the Group\u2019s projected  cash requirements. All borrowing facilities are at floating rates of interest. The facilities have been arranged to cover general corporate purposes, including support for commercial  paper issuance. All facilities incur commitment fees at market rates. The Group\u2019s borrowing limit at 31 December 2022 calculated in accordance with the Articles of  Association was \u00a328,329 million (2021: \u00a322,197 million). The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity  groupings based on the remaining period at the Balance Sheet date to the contractual maturity date.  The amounts disclosed in the table are the contractual undiscounted cash flows which have been  calculated using spot rates at the relevant Balance Sheet date, including interest to be paid. At 31 December 2022 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Commercial paper (1,200) (1,200) \u2013 \u2013 \u2013 Bonds (6,650) (554) (1,757) (3,026) (1,313) Senior notes (2,017) (59) (59) (747) (1,152) Trade payables (2,366) (2,366) \u2013 \u2013 \u2013 Other payables (2,978) (2,904) (74) \u2013 \u2013 At 31 December 2021 Total \u00a3m Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m Bonds (8,642) (2,552) (496) (2,430) (3,164) Senior notes (1,855) (53) (53) (690) (1,059) Trade payables (2,064) (2,064) \u2013 \u2013 \u2013 Other payables (3,129) (3,048) (81) \u2013 \u2013 The table below analyses the Group\u2019s derivative financial instruments which will be settled on a gross  basis into relevant maturity groupings based on the remaining period between the Balance Sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted  cash flows which have been calculated using spot rates at the relevant Balance Sheet date. At 31 December 2022 Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m FX forward exchange contracts Outflow (5,356) (7) (13) \u2013 Inflow 5,376 7 12 \u2013 Cross currency interest rate swap Outflow (25) (25) (785) \u2013 Inflow 3 3 758 \u2013 Interest rate swap Outflow (21) (21) (63) (53) Inflow 6 6 17 17 At 31 December 2021 Less than  1 year \u00a3m Between  1 and 2 years \u00a3m Between  2 and 5 years \u00a3m Over  5 years \u00a3m FX forward exchange contracts Outflow (7,016) (10) (1) \u2013 Inflow 7,024 11 1 \u2013 Cross currency interest rate swap Outflow (9) (9) (770) \u2013 Inflow 3 3 723 \u2013 Interest rate swap Outflow (3) (3) (9) (10) Inflow 5 5 16 21 Cash flow forecasting is performed by the local business units and on an aggregated basis by GT. GT  monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet  operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities.  Funds over and above those required for short-term working capital purposes by the local businesses are  generally remitted to GT. The Group uses the remittances to settle obligations, repay borrowings, or, in  the event of a surplus, invest in short-term instruments issued by institutions with a BBB rating or above. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "Cash flow forecasting is performed by the local business units and on an aggregated basis by GT. GT  monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet  operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities.  Funds over and above those required for short-term working capital purposes by the local businesses are  generally remitted to GT. The Group uses the remittances to settle obligations, repay borrowings, or, in  the event of a surplus, invest in short-term instruments issued by institutions with a BBB rating or above. Supply chain finance The Group participates in a supply chain finance programme (SCF) under which certain suppliers to the  Group are able to access an SCF arrangement that enables them to fund their working capital. The  principal purpose of this programme is to facilitate efficient payment processing and enable the willing  suppliers to sell their receivables due from the Group to a bank before their due date. The Group does  not incur any additional interest towards the bank on the amounts due to the suppliers. As part of this facility the Group has confirmed to certain financial institutions that it will make payments of \u00a3330 million  (2021: \u00a3372 million) to these suppliers as they fall due. These amounts are recorded within trade payables  on the Balance Sheet and all cash flows associated with the programme are included within operating cash flows as they continue to be part of the normal operating cycle of the Group and their principal  nature remains operating, being payments for the purchase of goods and services ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "4. Capital management The Group considers capital to be net debt plus total equity. Net debt is calculated as total financing  liabilities less cash and cash equivalents and short-term deposits. Total equity includes share capital,  reserves and retained earnings as shown in the Group Balance Sheet. Note 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents including overdrafts 1,156 1,259 Financing liabilities 17 (9,140) (9,637) Net debt 7,984 8,378 Total equity 9,483 7,453 17,467 15,831 The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern,  in order to provide returns for shareholders and benefits for other stakeholders and to maintain an  efficient capital structure to optimise the cost of capital. In 2022, the Group provided returns to shareholders in the form of dividends. Refer to Note 28 for  further details. The Group monitors net debt and at year end the Group had net debt of \u00a37,984 million (2021: \u00a38,378 million).  The Group seeks to pay down net debt using cash generated by the business to maintain an appropriate level of financial flexibility. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "The Group operates in a number of territories where there are either foreign currency exchange  restrictions, or where it is difficult for the Group to extract cash readily and easily in the short-term. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-480": {
   "value": "The Group operates in a number of territories where there are either foreign currency exchange  restrictions, or where it is difficult for the Group to extract cash readily and easily in the short-term. As a result, \u00a3276 million (2021: \u00a366 million) of cash included in cash and cash equivalents is restricted  for use by the Group, yet available for use in the relevant subsidiary\u2019s day-to-day operations. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-479": {
   "value": "17 Financial Liabilities \u2013 Borrowings Current Note 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts 1 40 22 Commercial paper 1,190 \u2013 Bonds 413 2,401 Lease liabilities 19 78 62 Total short-term borrowings 1,721 2,485 Bonds 5,461 5,568 Senior notes 1,369 1,229 Other non-current borrowings 22 15 Lease liabilities 19 311 266 Total long-term borrowings 7,163 7,078 Total borrowings 8,884 9,563 Derivative financial instruments 257 76 Less overdrafts presented in cash and cash equivalents in the Cash Flow Statement (1) (2) Total financing liabilities 9,140 9,637 1.  Bank loans are denominated in a number of currencies: all are unsecured and bear interest based on market short-term interest rates The Group uses derivative financial instruments to hedge certain elements of interest rate and exchange  risk on its financing liabilities. The split between these items and other derivatives on the Balance Sheet  is shown below: Assets Liabilities 2022 (\u00a3m) Current Non-current Current Non-current Derivative financial instruments (financing liabilities) 25 \u2013 (34) (248) Derivative financial instruments (non-financing  liabilities) 34 \u2013 (21) (1) At 31 December 2022 59 \u2013 (55) (249) Assets Liabilities 2021 (\u00a3m) Current Non-current 1 Current Non-current Derivative financial instruments (financing liabilities) 31 \u2013 (36) (71) Derivative financial instruments  (non-financing liabilities) 30 1 (16) \u2013 At 31 December 2021 61 1 (52) (71) 1.  Included within Other non-current receivables on the Balance Sheet Reconciliation of movement in financing liabilities to Cash Flow Statement 2022 \u00a3m 2021 \u00a3m At 1 January 9,637 10,598 Proceeds from borrowings 2,274 38 Repayment of borrowings 1 (3,807) (1,044) Other financing cash flows 383 (92) Total financing cash flows (1,150) (1,098) New lease liabilities 134 109 Exchange, fair value and other movements 519 28 Total non-cash financing items 653 137 At 31 December 9,140 9,637 1.  In 2021, \u00a31,190 million proceeds from borrowings with maturities greater than three months are presented net within repayment of  borrowings above. In 2022, the equivalent amounts are presented gross between proceeds from and repayment of borrowings Maturity of borrowings (excluding lease liabilities) 2022 \u00a3m 2021 \u00a3m Bank loans and overdrafts repayable: Within one year or on demand 40 22 Other borrowings repayable: Within one year: Commercial paper 1,190 \u2013 Bonds 413 2,401 After one year and in less than five years: Bonds 4,381 2,546 Senior notes 636 572 After five years or longer: Bonds 1,080 3,022 Senior notes 733 657 Other non-current borrowings 22 15 8,455 9,213 Gross borrowings (unsecured) 8,495 9,235 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "Reconciliation of movement in financing liabilities to Cash Flow Statement 2022 \u00a3m 2021 \u00a3m At 1 January 9,637 10,598 Proceeds from borrowings 2,274 38 Repayment of borrowings 1 (3,807) (1,044) Other financing cash flows 383 (92) Total financing cash flows (1,150) (1,098) New lease liabilities 134 109 Exchange, fair value and other movements 519 28 Total non-cash financing items 653 137 At 31 December 9,140 9,637 1.  In 2021, \u00a31,190 million proceeds from borrowings with maturities greater than three months are presented net within repayment of  borrowings above. In 2022, the equivalent amounts are presented gross between proceeds from and repayment of borrowings ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "18 Provisions for Liabilities and Charges Legal  provisions \u00a3m Other  provisions \u00a3m Total provisions \u00a3m At 1 January 2021 232 60 292 Charged to the Income Statement 39 10 49 Utilised during the year (69) (4) (73 ) Released to the Income Statement (15) (11) (26 ) Exchange adjustments (7) \u2013 (7 ) At 31 December 2021 180 55 235 Charged to the Income Statement 62 15 77 Utilised during the year (8) (3) (11 ) Released to the Income Statement (17) (12) (29 ) Reclassification (3) 5 2 Exchange adjustments 7 5 12 At 31 December 2022 221 65 286 Provisions have been analysed between current and non-current as follows: 2022 \u00a3m 2021 \u00a3m Current 227 191 Non-current 59 44 286 235 Provisions are recognised when the Group has a present or constructive obligation as a result of past  events, it is more likely than not that there will be an outflow of resources to settle that obligation, and  the amount can be reliably estimated. As at 31 December 2022, the Group recognised legal provisions of \u00a3221 million (2021: \u00a3180 million) in relation to a number of historical regulatory and other matters in various jurisdictions. These provisions relate to matters where the Group is currently involved with, or potentially will be  involved in, litigation. The provision represents the Group\u2019s best estimate of the likely settlement. Due  to the uncertain nature of the resolution of the majority of these matters, \u00a3184 million (2021: \u00a3144 million)  is recorded as a current provision as it is possible the matters could be settled in the next 12 months; however, it is possible that they may not be. Legal provisions includes \u00a377 million (2021: \u00a375 million)  relating to the Humidifier Sanitiser (HS) issue in Korea (see Note 20). Other provisions include environmental and other obligations throughout the Group, the majority of  which are expected to be utilised within five years ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-481": {
   "value": "18 Provisions for Liabilities and Charges Legal provisions \u00a3m Other provisions \u00a3m Total provisions \u00a3m At 1 January 2021 232 60 292 Charged to the Income Statement 39 10 49 Utilised during the year (69) (4) (73 ) Released to the Income Statement (15) (11) (26 ) Exchange adjustments (7) \u2013 (7 ) At 31 December 2021 180 55 235 Charged to the Income Statement 62 15 77 Utilised during the year (8) (3) (11 ) Released to the Income Statement (17) (12) (29 ) Reclassification (3) 5 2 Exchange adjustments 7 5 12 At 31 December 2022 221 65 286 Provisions have been analysed between current and non-current as follows: 2022 \u00a3m 2021 \u00a3m Current 227 191 Non-current 59 44 286 235 Provisions are recognised when the Group has a present or constructive obligation as a result of past events, it is more likely than not that there will be an outflow of resources to settle that obligation, and the amount can be reliably estimated. As at 31 December 2022, the Group recognised legal provisions of \u00a3221 million (2021: \u00a3180 million) in relation to a number of historical regulatory and other matters in various jurisdictions. These provisions relate to matters where the Group is currently involved with, or potentially will be involved in, litigation. The provision represents the Group\u2019s best estimate of the likely settlement. Due to the uncertain nature of the resolution of the majority of these matters, \u00a3184 million (2021: \u00a3144 million) is recorded as a current provision as it is possible the matters could be settled in the next 12 months; however, it is possible that they may not be. Legal provisions includes \u00a377 million (2021: \u00a375 million) relating to the Humidifier Sanitiser (HS) issue in Korea (see Note 20). Other provisions include environmental and other obligations throughout the Group, the majority of which are expected to be utilised within five years . 18 Provisions for Liabilities and Charges continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-482": {
   "value": "20 Contingent Liabilities and Assets Humidifier Sanitiser issue The Humidifier Sanitiser (HS) issue in South Korea was a tragic event. The Group continues to make both  public and personal apologies to the victims who have suffered lung injury as a result of the Oxy HS  product and the role that the Oxy HS product played in the issue. As previously reported, over the last several years the South Korean government has designated a  number of diseases as HS injuries, in addition to the HS lung injury for which Reckitt Korea\u2019s compensation plan was established. These include asthma, toxic hepatitis, child interstitial lung disease (ILD), bronchitis,  upper airway disease, pneumonia, skin disease (accompanied by respiratory injuries) and depression (accompanied by respiratory injuries). On 29 October 2021, the Ministry of Environment (MOE) published  a report that concluded epidemiological correlation exists between HS use and asthma, ILD and pneumonia. On 24 October 2022, the MOE published a second edition of the EC report which updated  the epidemiological studies supporting asthma, ILD and pneumonia, while designating two new HS  injuries, bronchiectasis and acute upper respiratory inflammation. Our expert advisors are currently  reviewing the second edition EC report, but their initial assessment remains that it does not clearly  support causation between HS use and the above injuries. The Korean National Assembly passed a bill on 6 March 2020 to amend the HS law. The amendment  became effective on 25 September 2020. The main changes in the amendment relate to: (i) the  definition of HS injury (removing the requirement for \u2018substantial causation\u2019 with HS exposure); (ii) the  legal presumption of causation (shifting the burden of proof for causation to the defendant if the plaintiff demonstrates \u2018epidemiological correlation\u2019 between HS exposure and their injury), and (iii) amendments  to the fund set up by the government and funded by the government and HS companies (the Special  Relief Fund (SRF), now called the Injury Relief Fund (IRF)) to provide expanded support payments to HS  victims (which would cover all elements of court awarded damages except mental distress, aside from  KRW 100 million consolation payments for death cases, and partial lost income). The government can also impose on HS manufacturers an additional levy for the IRF up to the amount previously collected for the  SRF. In December 2022, the MOE began the process to review the second IRF levy and the levy notice was issued to Reckitt Korea on 27 February 2023. The pending civil actions filed by HS claimants against Reckitt Korea has also been impacted by the  amended HS law, for example due to the lowered causation standard of \u2018epidemiological correlation\u2019.  Thus, we have seen the number of civil claimants increase, primarily seeking awards for mental distress  and lost income (for portions not already covered by the IRF). Recently, however, the trend has steadily  declined to about two to four new civil actions per month, which we expect to continue. The HS mediation committee (HSMC) was established in October 2021 and has been meeting with claimant groups and HS companies to discuss various issues related to designing a comprehensive mediation plan to cover all HS victims. In March 2022, the HSMC communicated a mediation proposal to the HS industry, including Reckitt Korea. Reckitt Korea has rejected the mediation proposal as it did not provide a comprehensive resolution to the HS issue. In addition, Reckitt Korea could not accept this or any future mediation proposals from HSMC without financial support from the Group. The Group currently has a provision of \u00a377 million (2021: \u00a375 million) in relation to the HS issue in South Korea. In addition, there are further potential costs that are not considered probable and cannot be reliably estimated at the current time. The impact of the HS law amendments will require further monitoring and analysis, in particular those which will be subject to court interpretation, such as the new epidemiological correlation standard, any limitation applied by courts to damage awards, the interest rate applied by individual courts to damage awards and external factors such as the rate of future IRF applications/recognitions. Accordingly, it is not possible to make any reliable estimate of liability for individuals recognised by the government as having HS injuries. Necrotizing Enterocolitis (NEC) Product liability actions relating to NEC have been filed against the Group, or against the Group and Abbott Laboratories, in state and federal courts in the United States. The actions allege injuries relating to NEC in pre-term infants. Plaintiffs contend that human milk fortifiers (HMF) and preterm formulas containing bovine-derived ingredients cause NEC, and that preterm infants should receive a diet of exclusively breast milk. The Company has denied the material allegations of the claims. It contends that its products provide critical tools to expert neonatologists for the nutritional management of preterm infants for whom human milk, by itself, is not nutritionally sufficient. The products are used under the supervision of medical doctors. Any potential costs relating to these actions are not considered probable and cannot be reliably estimated at the current time. Other From time to time, the Group is involved in discussions in relation to ongoing tax matters in a number of jurisdictions around the world. Where appropriate, the Directors make provisions based on their assessment of each case (see Note 7) . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "20 Contingent Liabilities and Assets Humidifier Sanitiser issue The Humidifier Sanitiser (HS) issue in South Korea was a tragic event. The Group continues to make both  public and personal apologies to the victims who have suffered lung injury as a result of the Oxy HS  product and the role that the Oxy HS product played in the issue. As previously reported, over the last several years the South Korean government has designated a  number of diseases as HS injuries, in addition to the HS lung injury for which Reckitt Korea\u2019s compensation plan was established. These include asthma, toxic hepatitis, child interstitial lung disease (ILD), bronchitis,  upper airway disease, pneumonia, skin disease (accompanied by respiratory injuries) and depression (accompanied by respiratory injuries). On 29 October 2021, the Ministry of Environment (MOE) published  a report that concluded epidemiological correlation exists between HS use and asthma, ILD and pneumonia. On 24 October 2022, the MOE published a second edition of the EC report which updated  the epidemiological studies supporting asthma, ILD and pneumonia, while designating two new HS  injuries, bronchiectasis and acute upper respiratory inflammation. Our expert advisors are currently  reviewing the second edition EC report, but their initial assessment remains that it does not clearly  support causation between HS use and the above injuries. The Korean National Assembly passed a bill on 6 March 2020 to amend the HS law. The amendment  became effective on 25 September 2020. The main changes in the amendment relate to: (i) the  definition of HS injury (removing the requirement for \u2018substantial causation\u2019 with HS exposure); (ii) the  legal presumption of causation (shifting the burden of proof for causation to the defendant if the plaintiff demonstrates \u2018epidemiological correlation\u2019 between HS exposure and their injury), and (iii) amendments  to the fund set up by the government and funded by the government and HS companies (the Special  Relief Fund (SRF), now called the Injury Relief Fund (IRF)) to provide expanded support payments to HS  victims (which would cover all elements of court awarded damages except mental distress, aside from  KRW 100 million consolation payments for death cases, and partial lost income). The government can also impose on HS manufacturers an additional levy for the IRF up to the amount previously collected for the  SRF. In December 2022, the MOE began the process to review the second IRF levy and the levy notice was issued to Reckitt Korea on 27 February 2023. The pending civil actions filed by HS claimants against Reckitt Korea has also been impacted by the  amended HS law, for example due to the lowered causation standard of \u2018epidemiological correlation\u2019.  Thus, we have seen the number of civil claimants increase, primarily seeking awards for mental distress  and lost income (for portions not already covered by the IRF). Recently, however, the trend has steadily  declined to about two to four new civil actions per month, which we expect to continue. The HS mediation committee (HSMC) was established in October 2021 and has been meeting with  claimant groups and HS companies to discuss various issues related to designing a comprehensive  mediation plan to cover all HS victims. In March 2022, the HSMC communicated a mediation proposal to  the HS industry, including Reckitt Korea. Reckitt Korea has rejected the mediation proposal as it did not  provide a comprehensive resolution to the HS issue. In addition, Reckitt Korea could not accept this or  any future mediation proposals from HSMC without financial support from the Group. The Group currently has a provision of \u00a377 million (2021: \u00a375 million) in relation to the HS issue in South  Korea. In addition, there are further potential costs that are not considered probable and cannot be  reliably estimated at the current time. The impact of the HS law amendments will require further  monitoring and analysis, in particular those which will be subject to court interpretation, such as the new  epidemiological correlation standard, any limitation applied by courts to damage awards, the interest  rate applied by individual courts to damage awards and external factors such as the rate of future IRF applications/recognitions. Accordingly, it is not possible to make any reliable estimate of liability for  individuals recognised by the government as having HS injuries. Necrotizing Enterocolitis (NEC) Product liability actions relating to NEC have been filed against the Group, or against the Group and  Abbott Laboratories, in state and federal courts in the United States. The actions allege injuries relating to NEC in pre-term infants. Plaintiffs contend that human milk fortifiers (HMF) and preterm formulas containing bovine-derived ingredients cause NEC, and that preterm infants should receive a diet of  exclusively breast milk. The Company has denied the material allegations of the claims. It contends that  its products provide critical tools to expert neonatologists for the nutritional management of preterm  infants for whom human milk, by itself, is not nutritionally sufficient. The products are used under the  supervision of medical doctors. Any potential costs relating to these actions are not considered probable  and cannot be reliably estimated at the current time. Other From time to time, the Group is involved in discussions in relation to ongoing tax matters in a number of  jurisdictions around the world. Where appropriate, the Directors make provisions based on their assessment of each case (see Note 7) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "20 Contingent Liabilities and Assets Humidifier Sanitiser issue The Humidifier Sanitiser (HS) issue in South Korea was a tragic event. The Group continues to make both  public and personal apologies to the victims who have suffered lung injury as a result of the Oxy HS  product and the role that the Oxy HS product played in the issue. As previously reported, over the last several years the South Korean government has designated a  number of diseases as HS injuries, in addition to the HS lung injury for which Reckitt Korea\u2019s compensation plan was established. These include asthma, toxic hepatitis, child interstitial lung disease (ILD), bronchitis,  upper airway disease, pneumonia, skin disease (accompanied by respiratory injuries) and depression (accompanied by respiratory injuries). On 29 October 2021, the Ministry of Environment (MOE) published  a report that concluded epidemiological correlation exists between HS use and asthma, ILD and pneumonia. On 24 October 2022, the MOE published a second edition of the EC report which updated  the epidemiological studies supporting asthma, ILD and pneumonia, while designating two new HS  injuries, bronchiectasis and acute upper respiratory inflammation. Our expert advisors are currently  reviewing the second edition EC report, but their initial assessment remains that it does not clearly  support causation between HS use and the above injuries. The Korean National Assembly passed a bill on 6 March 2020 to amend the HS law. The amendment  became effective on 25 September 2020. The main changes in the amendment relate to: (i) the  definition of HS injury (removing the requirement for \u2018substantial causation\u2019 with HS exposure); (ii) the  legal presumption of causation (shifting the burden of proof for causation to the defendant if the plaintiff demonstrates \u2018epidemiological correlation\u2019 between HS exposure and their injury), and (iii) amendments  to the fund set up by the government and funded by the government and HS companies (the Special  Relief Fund (SRF), now called the Injury Relief Fund (IRF)) to provide expanded support payments to HS  victims (which would cover all elements of court awarded damages except mental distress, aside from  KRW 100 million consolation payments for death cases, and partial lost income). The government can also impose on HS manufacturers an additional levy for the IRF up to the amount previously collected for the  SRF. In December 2022, the MOE began the process to review the second IRF levy and the levy notice was issued to Reckitt Korea on 27 February 2023. The pending civil actions filed by HS claimants against Reckitt Korea has also been impacted by the  amended HS law, for example due to the lowered causation standard of \u2018epidemiological correlation\u2019.  Thus, we have seen the number of civil claimants increase, primarily seeking awards for mental distress  and lost income (for portions not already covered by the IRF). Recently, however, the trend has steadily  declined to about two to four new civil actions per month, which we expect to continue. The HS mediation committee (HSMC) was established in October 2021 and has been meeting with  claimant groups and HS companies to discuss various issues related to designing a comprehensive  mediation plan to cover all HS victims. In March 2022, the HSMC communicated a mediation proposal to  the HS industry, including Reckitt Korea. Reckitt Korea has rejected the mediation proposal as it did not  provide a comprehensive resolution to the HS issue. In addition, Reckitt Korea could not accept this or  any future mediation proposals from HSMC without financial support from the Group. The Group currently has a provision of \u00a377 million (2021: \u00a375 million) in relation to the HS issue in South  Korea. In addition, there are further potential costs that are not considered probable and cannot be  reliably estimated at the current time. The impact of the HS law amendments will require further  monitoring and analysis, in particular those which will be subject to court interpretation, such as the new  epidemiological correlation standard, any limitation applied by courts to damage awards, the interest  rate applied by individual courts to damage awards and external factors such as the rate of future IRF applications/recognitions. Accordingly, it is not possible to make any reliable estimate of liability for  individuals recognised by the government as having HS injuries. Necrotizing Enterocolitis (NEC) Product liability actions relating to NEC have been filed against the Group, or against the Group and  Abbott Laboratories, in state and federal courts in the United States. The actions allege injuries relating to NEC in pre-term infants. Plaintiffs contend that human milk fortifiers (HMF) and preterm formulas containing bovine-derived ingredients cause NEC, and that preterm infants should receive a diet of  exclusively breast milk. The Company has denied the material allegations of the claims. It contends that  its products provide critical tools to expert neonatologists for the nutritional management of preterm  infants for whom human milk, by itself, is not nutritionally sufficient. The products are used under the  supervision of medical doctors. Any potential costs relating to these actions are not considered probable  and cannot be reliably estimated at the current time. Other From time to time, the Group is involved in discussions in relation to ongoing tax matters in a number of  jurisdictions around the world. Where appropriate, the Directors make provisions based on their assessment of each case (see Note 7) . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "21 Trade and Other Payables 2022 \u00a3m 2021 \u00a3m Trade payables 2,366 2,064 Other payables 123 100 Other tax and social security payable 172 155 Interest accrued on tax balances 105 \u2013 Accruals 2,781 2,948 Trade and other payables 5,547 5,267 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "Other non-current liabilities 2022 \u00a3m 2021 \u00a3m Interest accrued on tax balances \u2013 135 Indemnity provisions for disposed businesses 51 45 US employee-related payables 42 46 Other 23 36 Other non-current liabilities 116 262 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "23 Pension<span class=\"_ _1\"></span> and Po<span class=\"_ _1\"></span>st-Re<span class=\"_ _1\"></span>tirement C<span class=\"_ _1\"></span>ommitments<span class=\"_ _350\"> </span>Plan<span class=\"_ _1\"></span> details<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> wor<span class=\"_ _0\"></span>ld cover<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g many o<span class=\"_ _0\"></span>f it<span class=\"_ _0\"></span>s emp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>ly f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> pla<span class=\"_ _0\"></span>n (<span class=\"_ _0\"></span>U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>) is set u<span class=\"_ _0\"></span>p un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d is a se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p. I<span class=\"_ _0\"></span>t has t<span class=\"_ _0\"></span>wo se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, a de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n se<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ins o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d a de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich cl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>l fro<span class=\"_ _0\"></span>m<span class=\"_ _350\"> </span> 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>. Mem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ers h<span class=\"_ _0\"></span>ave a nor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>l reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>e of 65<span class=\"_ _0\"></span>. T<span class=\"_ _1\"></span>ru<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>re ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d by<span class=\"_ _350\"> </span> the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up, a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p, an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ayin<span class=\"_ _0\"></span>g a<span class=\"_ _0\"></span>ll ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ive cos<span class=\"_ _0\"></span>ts of t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit s<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h<span class=\"_ _350\"> </span> reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n is fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns as<span class=\"_ _350\"> </span> requir<span class=\"_ _1\"></span>ed, follo<span class=\"_ _1\"></span>wing e<span class=\"_ _1\"></span>ach T<span class=\"_ _14\"></span>riennial<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>aluation.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, a ful<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n is ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t on a tr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> mos<span class=\"_ _0\"></span><span class=\"_ _350\">t re</span><span class=\"_ _0\"></span>cent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>ut a<span class=\"_ _0\"></span>s at 5 A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 20<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n was i<span class=\"_ _0\"></span>n sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us o<span class=\"_ _0\"></span>n its te<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span> prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, no c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e pai<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 (2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>: \u00a3n<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>).<span class=\"_ _350\"> </span> Funding le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>els ar<span class=\"_ _1\"></span>e monit<span class=\"_ _1\"></span>ored<span class=\"_ _1\"></span> on an<span class=\"_ _1\"></span> annual ba<span class=\"_ _1\"></span>sis.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>es to m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>itor t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t of U<span class=\"_ _0\"></span>K H<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h Cou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t ru<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>gs cl<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to<span class=\"_ _350\"> </span> equ<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ise t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ntee<span class=\"_ _0\"></span>d M<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>imu<span class=\"_ _0\"></span>m Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on el<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s for m<span class=\"_ _0\"></span>en an<span class=\"_ _0\"></span>d wom<span class=\"_ _0\"></span>en w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span> Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m G<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>d Mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m Pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ed fro<span class=\"_ _0\"></span>m po<span class=\"_ _0\"></span>st 17 M<span class=\"_ _0\"></span>ay 1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0 pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e ser<span class=\"_ _37\"></span>vice<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> Dis<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns ar<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g wit<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>n tr<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tees f<span class=\"_ _0\"></span>rom a<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t no<span class=\"_ _350\"> </span> fin<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n has yet b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up a<span class=\"_ _0\"></span>lso o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tes a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r pos<span class=\"_ _0\"></span>t-reti<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns in ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>wo ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> pla<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e US Ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th Ca<span class=\"_ _0\"></span>re Pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e M<span class=\"_ _0\"></span>ead J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>on &amp; Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny, LLC Med<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al Pl<span class=\"_ _0\"></span>an (tog<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>er,<span class=\"_ _350\"> </span> the U<span class=\"_ _0\"></span>S (<span class=\"_ _0\"></span>Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>). I<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>S Reti<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e He<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>h Ca<span class=\"_ _0\"></span>re Pla<span class=\"_ _0\"></span>n, s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>me e<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> reti<span class=\"_ _0\"></span>ree h<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>re be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>hey rea<span class=\"_ _0\"></span>ch a co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed \u2018a<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd yea<span class=\"_ _0\"></span>rs o<span class=\"_ _0\"></span>f ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019 fig<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e of 70,<span class=\"_ _0\"></span> al<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>e mus<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e a mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>m of 55<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is p<span class=\"_ _0\"></span>lan c<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d to new m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>n 20<span class=\"_ _37\"></span>09. In the M<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> Jo<span class=\"_ _0\"></span>hn<span class=\"_ _0\"></span>son &amp; Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, LLC Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal P<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f MJ<span class=\"_ _0\"></span>N on 1<span class=\"_ _0\"></span>5 J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>,<span class=\"_ _350\"> </span> par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>e eli<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e for ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>e he<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>hc<span class=\"_ _0\"></span>are b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>f they l<span class=\"_ _0\"></span>eave em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span><span class=\"_ _350\">e of 6</span><span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span> leave af<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>ge o<span class=\"_ _0\"></span>f 55 a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ave comp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ted 1<span class=\"_ _0\"></span>0 yea<span class=\"_ _0\"></span>rs of s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice, o<span class=\"_ _0\"></span>r have th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>nvol<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span> term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>e of 5<span class=\"_ _0\"></span>5. A B<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee i<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up fo<span class=\"_ _0\"></span>r bo<span class=\"_ _0\"></span>th of th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span> resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce of t<span class=\"_ _0\"></span>he US p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ayi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ive cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span> wi<span class=\"_ _0\"></span>th reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. B<span class=\"_ _0\"></span>oth of t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>re un<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>For t<span class=\"_ _1\"></span>he US<span class=\"_ _1\"></span> (Medical) plans, a<span class=\"_ _1\"></span> full i<span class=\"_ _1\"></span>ndependent actuari<span class=\"_ _1\"></span>al valu<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> is carr<span class=\"_ _1\"></span>ied out<span class=\"_ _1\"></span> on an<span class=\"_ _1\"></span> annual ba<span class=\"_ _1\"></span>sis. The<span class=\"_ _1\"></span> mos<span class=\"_ _0\"></span>t re<span class=\"_ _0\"></span>cent v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>ut o<span class=\"_ _0\"></span>n 1 Ja<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r bot<span class=\"_ _0\"></span>h of th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s, f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>evels a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span> mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l ba<span class=\"_ _0\"></span>sis w<span class=\"_ _0\"></span>ith co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>de eq<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l to th<span class=\"_ _0\"></span>e clai<span class=\"_ _0\"></span>ms m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e each ye<span class=\"_ _0\"></span>ar. It is exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> that t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be \u00a3<span class=\"_ _0\"></span>7 mil<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>: \u00a37 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e of IA<span class=\"_ _0\"></span>S 1<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, the p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted u<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d was u<span class=\"_ _0\"></span>sed fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e UK a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d US pl<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>, as p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pl<span class=\"_ _0\"></span>an tr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ial va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ts (at 5 Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2) a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e US (<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n val<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to<span class=\"_ _350\"> </span> 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns have a wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span> 13<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 17<span class=\"_ _1\"></span>.0 yea<span class=\"_ _0\"></span>rs). This d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e is pre<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y dr<span class=\"_ _0\"></span>iven by s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant r<span class=\"_ _0\"></span>ises i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>lds ove<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> the ye<span class=\"_ _0\"></span>ar to 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Significant<span class=\"_ _1\"></span> actuarial a<span class=\"_ _1\"></span>ssumption<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span>The s<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d in d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K an<span class=\"_ _0\"></span>d US<span class=\"_ _0\"></span> (M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>) pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>s at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r were:<span class=\"_ _350\"> </span>2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>U<span class=\"_ _0\"></span>K %<span class=\"_ _350\"> </span>US (Medical)<span class=\"_ _350\"> </span> %<span class=\"_ _151\"> </span><span class=\"ff9 ls48\">U<span class=\"_ _0\"></span>K %<span class=\"_ _350\"> </span></span>US (Medical)<span class=\"_ _350\"> </span> %<span class=\"_ _350\"> </span>Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s<span class=\"_ _2de\"> </span><span class=\"ff1 lsdf ws34\">5.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span></span></span><span class=\"ls36 ws2e\">5.4<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ons d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> deferment<span class=\"_ _175\"> </span><span class=\"ff1 ls111 ws32\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span></span></span><span class=\"lsda wsaa\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span></span>Rate of i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _1cd\"> </span><span class=\"ff1 ls111 ws32\">3.2<span class=\"_ _0\"></span>5<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _177\"> </span></span></span><span class=\"lsda wsaa\">3.<span class=\"_ _0\"></span>25<span class=\"_ _bf\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _233\"> </span><span class=\"ff1 ls37 ws7b\">5.0<span class=\"_ _13f\"> </span><span class=\"lsdf ws34\">5.2<span class=\"_ _128\"> </span></span></span><span class=\"ls11c ws10c\">1.9<span class=\"_ _16a\"> </span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>.7<span class=\"_ _350\"> </span></span></span>In<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n \u2013 R<span class=\"_ _0\"></span>PI<span class=\"_ _eb\"> </span><span class=\"ff1 ls111 ws32\">3.4<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e2\"> </span></span></span><span class=\"lsda wsaa\">3.4<span class=\"_ _e1\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _350\"> </span></span>Annual medical<span class=\"_ _1\"></span> cost<span class=\"_ _1\"></span> inflation<span class=\"_ _2a3\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _95\"> </span><span class=\"ls37 ws7b\">5.0<span class=\"_ _0\"></span>-8<span class=\"_ _0\"></span>.0<span class=\"_ _bf\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">5.0-8<span class=\"_ _0\"></span>.0<span class=\"_ _350\"> </span></span></span></span>As<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s reg<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fu<span class=\"_ _0\"></span>ture m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ce a<span class=\"_ _0\"></span>re set i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rda<span class=\"_ _0\"></span>nce w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h pu<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce in e<span class=\"_ _0\"></span>ach te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y. The ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted l<span class=\"_ _0\"></span>ifeti<span class=\"_ _0\"></span>me of a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>ed 6<span class=\"_ _0\"></span>0 a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>fetim<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> <span class=\"_ _350\">of a pa</span><span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>nt w<span class=\"_ _0\"></span>ho w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ed 6<span class=\"_ _0\"></span>0 i<span class=\"_ _0\"></span>n 1<span class=\"_ _0\"></span>5 year<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s in t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>) are d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span>2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span>U<span class=\"_ _0\"></span>K yea<span class=\"_ _0\"></span>rs<span class=\"_ _7b\"> </span>US ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _176\"> </span><span class=\"ff9 ls48\">U<span class=\"_ _0\"></span>K yea<span class=\"_ _0\"></span>rs<span class=\"_ _200\"> </span><span class=\"lsf ws122\">US ye<span class=\"_ _1\"></span>ars<span class=\"_ _350\"> </span></span></span>N<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f yea<span class=\"_ _0\"></span>rs a c<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted t<span class=\"_ _0\"></span>o li<span class=\"_ _0\"></span>ve beyo<span class=\"_ _0\"></span>nd 6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>: Male<span class=\"_ _2c6\"> </span><span class=\"ff1 ls19c ws180\">2<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>5<span class=\"_ _177\"> </span><span class=\"lsdf ws34\">25.2<span class=\"_ _185\"> </span></span></span><span class=\"ls113 ws101\">2<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>5<span class=\"_ _c7\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>.1</span></span> Female<span class=\"_ _188\"> </span><span class=\"ff1 ls19d ws16d\">2<span class=\"_ _37\"></span>9.<span class=\"_ _37\"></span>0<span class=\"_ _16d\"> </span><span class=\"ls19c ws180\">2<span class=\"_ _0\"></span>7.<span class=\"_ _4f\"></span>3<span class=\"_ _185\"> </span></span></span><span class=\"ls11c ws10c\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _151\"> </span><span class=\"ls113 ws101\">2<span class=\"_ _0\"></span>7.<span class=\"_ _4f\"></span>2<span class=\"_ _350\"> </span></span></span>N<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f yea<span class=\"_ _0\"></span>rs a f<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r is ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to l<span class=\"_ _0\"></span>ive beyo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d 6<span class=\"_ _0\"></span>0: Male<span class=\"_ _244\"> </span><span class=\"ff1 ls12b wsdd\">28.8<span class=\"_ _1e2\"> </span><span class=\"ls85 ws79\">2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.9<span class=\"_ _16d\"> </span></span></span><span class=\"ls12c ws118\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.7<span class=\"_ _9b\"> </span><span class=\"ls35 ws33\">26.<span class=\"_ _0\"></span>8</span></span> Female<span class=\"_ _20a\"> </span><span class=\"ff1 ls101 ws40\">30.4<span class=\"_ _1e2\"> </span><span class=\"ls85 ws79\">2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _16d\"> </span></span><span class=\"ff9\">30.2<span class=\"_ _177\"> </span><span class=\"lsdf ws34\">28.8<span class=\"_ _350\"> </span></span></span></span>For t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l U<span class=\"_ _0\"></span>K pla<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>, the m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons we<span class=\"_ _0\"></span>re ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>d SA<span class=\"_ _0\"></span>PS m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y tab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> 3N<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>A for m<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es (scal<span class=\"_ _0\"></span>ed by 9<span class=\"_ _0\"></span>8%) a<span class=\"_ _0\"></span>nd ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e 3<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>FA f<span class=\"_ _1\"></span>or fe<span class=\"_ _0\"></span>mal<span class=\"_ _0\"></span>es (scal<span class=\"_ _0\"></span>ed by 1<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>%). Al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span> cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es is ma<span class=\"_ _0\"></span>de by a<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e CM<span class=\"_ _0\"></span>I se<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h a lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span> 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5% pe<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>m fro<span class=\"_ _0\"></span>m 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3 onw<span class=\"_ _0\"></span>ards<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e US p<span class=\"_ _0\"></span>lan t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons we<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> the P<span class=\"_ _0\"></span>ri-2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>12 T<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span>l Data<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rovem<span class=\"_ _0\"></span>ent S<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>le M<span class=\"_ _0\"></span>P-2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e COVI<span class=\"_ _0\"></span>D-19 h<span class=\"_ _0\"></span>as ha<span class=\"_ _0\"></span>d an i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 202<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>, the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm<span class=\"_ _350\"> </span> im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n fu<span class=\"_ _0\"></span>ture m<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y tre<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s is cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>tly u<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y no a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span> to mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>is re<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>rd.<span class=\"_ _350\"> </span>Amounts r<span class=\"_ _1\"></span>ecogni<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> the B<span class=\"_ _1\"></span>alance<span class=\"_ _1\"></span> Sheet<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et are a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>2022<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>2021<span class=\"lsa ws0\"> </span>\u00a3m<span class=\"_ _350\"> </span>Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>eet l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fo<span class=\"_ _0\"></span>r:  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _2d3\"> </span><span class=\"ff1 lsb2 wsda\">(81)<span class=\"_ _186\"> </span></span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)</span> Other<span class=\"_ _24c\"> </span><span class=\"ff1 ws0\">(15<span class=\"_ _0\"></span>9)<span class=\"_ _9f\"> </span></span><span class=\"lsb9 wsb5\">(211)<span class=\"_ _350\"> </span></span>Lia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y on B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _2df\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ff9 lsa9 wsd9\">(3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span><span class=\"lsa3 ws115\"><span class=\"ff9 lsa9 wsd9\">)<span class=\"_ _350\"> </span></span></span>Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>eet a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r: UK<span class=\"_ _2e0\"> </span><span class=\"ff1 lsa3 ws115\">2<span class=\"_ _0\"></span>41<span class=\"_ _1f3\"> </span></span><span class=\"ls101 ws40\">298</span> Other<span class=\"_ _2a6\"> </span><span class=\"ff1 ls67 ws5e\">53<span class=\"_ _12a\"> </span></span><span class=\"lsa9 wsd9\">57<span class=\"_ _350\"> </span></span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t on B<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>et<span class=\"_ _1cc\"> </span><span class=\"lse9 ws2d\">294<span class=\"_ _1f3\"> </span><span class=\"ff9 lsba ws18\">355<span class=\"_ _350\"> </span></span></span>Net pension<span class=\"_ _1\"></span> asset<span class=\"_ _2e1\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _128\"> </span><span class=\"ff9 ls6d ws64\">37<span class=\"_ _350\"> </span></span></span>The U<span class=\"_ _0\"></span>K s<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us of \u00a3<span class=\"_ _0\"></span>241 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a32<span class=\"_ _0\"></span>98 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) relate<span class=\"_ _0\"></span>s mai<span class=\"_ _0\"></span>nl<span class=\"_ _0\"></span>y to th<span class=\"_ _0\"></span>e Rec<span class=\"_ _0\"></span>kit<span class=\"_ _0\"></span>t Be<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>kise<span class=\"_ _0\"></span>r Pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n Fun<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> Thi<span class=\"_ _0\"></span>s sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed it h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l rig<span class=\"_ _0\"></span>ht to a ref<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d of<span class=\"_ _350\"> </span> any su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>ce al<span class=\"_ _0\"></span>l me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>een p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>l ad<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce<span class=\"_ _350\"> </span> that t<span class=\"_ _0\"></span>he Truste<span class=\"_ _0\"></span>es wou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e un<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to u<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>ind u<span class=\"_ _0\"></span>p th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an o<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ce me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> wi<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ut t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls2f ws2e gs814\">The fu<span class=\"_ _1\"></span>nded and<span class=\"_ _1\"></span> unfunded a<span class=\"_ _1\"></span>mounts r<span class=\"_ _1\"></span>ecogni<span class=\"_ _1\"></span>sed on<span class=\"_ _1\"></span> the Bal<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> Sheet ar<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>termined<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> follo<span class=\"_ _1\"></span>ws:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs815\">2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls20 ws1d gs816\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs817\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa ws0 gs818\">US<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs819\">(Medica<span class=\"_ _0\"></span>l)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs81a\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsba ws18 gs81b\">Other<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs81c\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls12f ws11a gs81d\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs81e\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls195 wsee gs81f\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs820\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs821\">US<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs822\">(Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs823\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls5f ws56 gs824\">Other<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs825\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls17e ws15a gs826\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs827\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs828\">Prese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> </div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws8a gs829\">obligation<span class=\"_ _1\"></span>s<span class=\"_ _a0\"> </span><span class=\"ff1 lsa3 ws115\">(941<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _32\"> </span><span class=\"ls92 wsdb\">(373)<span class=\"_ _19e\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4)<span class=\"_ _1df\"> </span></span></span></span></span><span class=\"ls112 ws100\">(1<span class=\"_ _1\"></span>,486<span class=\"_ _1\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _95\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _30\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,967<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs82a\">Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _189\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>6<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"lsb9 wsb5\">426<span class=\"_ _1de\"> </span><span class=\"ls8f ws83\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _1ba\"> </span></span></span></span></span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,78<span class=\"_ _37\"></span>8<span class=\"_ _9b\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _176\"> </span><span class=\"ls38 ws36\">496<span class=\"_ _17c\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>284<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs82b\">Surplus/<span class=\"_ _1\"></span>(liability)<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> funded<span class=\"_ _350\"> </span> </div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws8a gs82c\">plans<span class=\"_ _b8\"> </span><span class=\"ff1 ls13d wse2\">245<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls67 ws5e\">53<span class=\"_ _182\"> </span><span class=\"ls4c wsc\">298<span class=\"_ _176\"> </span></span></span></span></span><span class=\"ls7e ws9c\">302<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span><span class=\"ls67 ws5e\">15<span class=\"_ _c3\"> </span><span class=\"ls33 ws31\">3<span class=\"_ _0\"></span>17<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs82d\">Prese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of un<span class=\"_ _0\"></span>fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed<span class=\"_ _350\"> </span> </div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws8a gs82e\">obligation<span class=\"_ _1\"></span>s<span class=\"_ _199\"> </span><span class=\"ff1 lsa ws0\">\u2013<span class=\"_ _d1\"> </span><span class=\"lsb2 wsda\">(81)<span class=\"_ _17a\"> </span></span>(1<span class=\"_ _0\"></span>59)<span class=\"_ _17c\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0)<span class=\"_ _16f\"> </span></span><span class=\"ff9\">\u2013<span class=\"_ _95\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _1de\"> </span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>69)<span class=\"_ _17a\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs82f\">Irrecov<span class=\"_ _1\"></span>erable surplus<span class=\"_ _171\"> </span><span class=\"ff1 ls26 ws23\">(4<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _183\"> </span></span>(4)<span class=\"_ _9c\"> </span></span><span class=\"ls118 ws108\">(4)<span class=\"_ _186\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _16f\"> </span></span>(4)<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs830\">Net pension s<span class=\"_ _1\"></span>urplus/<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7b wsa8 gs831\">(liability)<span class=\"_ _2e2\"> </span><span class=\"ff1 lsa3 ws115\">2<span class=\"_ _0\"></span>41<span class=\"_ _d1\"> </span><span class=\"lsb2 wsda\">(8<span class=\"_ _0\"></span>1)<span class=\"_ _20f\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>6)<span class=\"_ _c3\"> </span><span class=\"ls126 wsc9\">54<span class=\"_ _7b\"> </span></span></span></span></span><span class=\"ls101 ws40\">298<span class=\"_ _95\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _1de\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _16c\"> </span><span class=\"ls6d ws64\">37<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs832\">Group plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts ar<span class=\"_ _1\"></span>e compri<span class=\"_ _1\"></span>sed a<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ollows<span class=\"_ _1\"></span>:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs833\">2022<span class=\"_ _ea\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls20 ws1d gs834\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs835\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa ws0 gs836\">US<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs837\">(Medica<span class=\"_ _0\"></span>l)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs838\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsba ws18 gs839\">Other<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs83a\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls12f ws11a gs83b\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs83c\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls195 wsee gs83d\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs83e\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs83f\">US<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs840\">(Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs841\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls5f ws56 gs842\">Other<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs843\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls17e ws15a gs844\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs845\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws8a gs846\">Equiti<span class=\"_ _1\"></span>es<span class=\"_ _d8\"> </span><span class=\"ff1 lsf1 ws73\">134<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls80 ws8b\">92<span class=\"_ _7b\"> </span><span class=\"lse9 ws2d\">226<span class=\"_ _16c\"> </span></span></span></span></span><span class=\"ls11b ws10b\">178<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _176\"> </span><span class=\"ls7e ws9c\">202<span class=\"_ _1db\"> </span><span class=\"lsda wsaa\">380<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs847\">Government<span class=\"_ _1\"></span> bonds<span class=\"_ _113\"> </span><span class=\"ff1 ls66 ws5d\">167<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"ls33 ws31\">1<span class=\"_ _0\"></span>57<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">324<span class=\"_ _19d\"> </span></span></span></span></span><span class=\"ls67 ws5e\">215<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1db\"> </span><span class=\"ls128 wsb2\">230<span class=\"_ _7b\"> </span><span class=\"ls37 ws7b\">4<span class=\"_ _0\"></span>45<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs848\">Corporat<span class=\"_ _1\"></span>e bond<span class=\"_ _1\"></span>s<span class=\"_ _45\"> </span><span class=\"ff1 lsb9 wsb5\">265<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"lsf1 ws73\">135<span class=\"_ _c0\"> </span><span class=\"ls9e ws76\">40<span class=\"_ _0\"></span>0<span class=\"_ _7b\"> </span></span></span></span></span><span class=\"ls4c wsc\">35<span class=\"_ _0\"></span>6<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _17f\"> </span><span class=\"ls5c ws86\">25<span class=\"_ _c3\"> </span><span class=\"ls36 ws2e\">381<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa ws2d gs849\">Real estate/propert<span class=\"_ _0\"></span>y \u2013<span class=\"_ _350\"> </span> </div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws8a gs84a\">unquot<span class=\"_ _1\"></span>ed<span class=\"_ _29a\"> </span><span class=\"ff1 lsb9 wsb5\">82<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _21a\"> </span><span class=\"lsdf ws34\">19<span class=\"_ _d1\"> </span><span class=\"ls128 wsb2\">101<span class=\"_ _c8\"> </span></span></span></span></span><span class=\"ls34 ws75\">113<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _183\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _19d\"> </span><span class=\"ls7b wsa8\">132<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls87 ws89 gs84b\">Ins<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _1b3\"> </span><span class=\"ff1 ls91\">2<span class=\"_ _0\"></span>72<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16d\"> </span>-<span class=\"_ _176\"> </span></span>272<span class=\"_ _7b\"> </span></span><span class=\"lsda wsaa\">388<span class=\"_ _177\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span>\u2013<span class=\"_ _7b\"> </span></span>388<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs84c\">Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets \u2013 u<span class=\"_ _0\"></span>nqu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>d<span class=\"_ _189\"> </span><span class=\"ff1 lsb9 wsb5\">266<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls13d wse2\">23<span class=\"_ _7b\"> </span><span class=\"ls36 ws2e\">289<span class=\"_ _1db\"> </span></span></span></span></span><span class=\"lsba ws18\">538<span class=\"_ _177\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _16e\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _1db\"> </span><span class=\"lsba ws18\">558<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs84d\">Fair va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of pl<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _189\"> </span><span class=\"ff1 ls8e ws81\">1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>6<span class=\"_ _9b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"lsb9 wsb5\">426<span class=\"_ _1de\"> </span><span class=\"ls8f ws83\">1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _1ba\"> </span></span></span></span></span><span class=\"ls85 ws79\">1<span class=\"_ _0\"></span>,78<span class=\"_ _37\"></span>8<span class=\"_ _9b\"> </span></span><span class=\"lsa\">\u2013<span class=\"_ _176\"> </span><span class=\"ls38 ws36\">496<span class=\"_ _17c\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>284<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs84e\">In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0, th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>ree of t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ns e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>to an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs84f\">wh<span class=\"_ _0\"></span>ich cover, in a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>rega<span class=\"_ _0\"></span>te, \u00a3<span class=\"_ _0\"></span>272 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs850\">(\u00a33<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>9 at 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1)<span class=\"_ _0\"></span>. The a<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs851\">the p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>chas<span class=\"_ _0\"></span>e of bu<span class=\"_ _0\"></span>lk a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ies u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h the i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>r wi<span class=\"_ _0\"></span>ll pay t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs852\">equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ent to t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e to me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>ses we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e tr<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tees to<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs853\">ens<span class=\"_ _0\"></span>ure t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>d an as<span class=\"_ _0\"></span>set t<span class=\"_ _0\"></span>hat wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d match i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs854\">val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d in a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>dan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith I<span class=\"_ _0\"></span>AS 1<span class=\"_ _0\"></span>9 by th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>n the a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs855\">de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs856\">the v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es rem<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d the m<span class=\"_ _0\"></span>atch<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs857\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s are h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n fun<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. As t<span class=\"_ _0\"></span>his w<span class=\"_ _0\"></span>as an i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt d<span class=\"_ _0\"></span>ecis<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n by the t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>,<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs858\">the i<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f pla<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>sets (du<span class=\"_ _0\"></span>e to the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs859\">pr<span class=\"_ _0\"></span>ice of th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>uy-<span class=\"_ _0\"></span>in as<span class=\"_ _0\"></span>set) ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n was<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs85a\">reco<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tee<span class=\"_ _0\"></span>s have not e<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ny suc<span class=\"_ _0\"></span>h bu<span class=\"_ _0\"></span>y-i<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs85b\">agreements<span class=\"_ _1\"></span> in 2022.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs85c\">At 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ted to a<span class=\"_ _0\"></span>ny bu<span class=\"_ _0\"></span>y-<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of any of t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs85d\">UK pension schemes.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs85e\">In<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>35 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a34<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) relat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g to lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty d<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ven i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt fu<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs85f\">Thi<span class=\"_ _0\"></span>s is a be<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>ke poo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent ve<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>cle w<span class=\"_ _0\"></span>ith u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g lis<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds<span class=\"_ _0\"></span>, eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs860\">The f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of t<span class=\"_ _0\"></span>he ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>le is p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ger b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue of th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs861\">sec<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es he<span class=\"_ _0\"></span>ld w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>le. T<span class=\"_ _0\"></span>he Truste<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>urch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 to l<span class=\"_ _0\"></span>ower r<span class=\"_ _0\"></span>isk w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs862\">the p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o wit<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ut re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>otent<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts h<span class=\"_ _0\"></span>ave a low lever<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>nd<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs863\">suf<span class=\"_ _37\"></span>fici<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l col<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l in p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ce. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>, no co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s were m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e aga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>st t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs864\">du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r to 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 des<span class=\"_ _0\"></span>pite t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ced i<span class=\"_ _0\"></span>n gi<span class=\"_ _0\"></span>lt ma<span class=\"_ _0\"></span>rkets<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs865\"><span class=\"_ _350\">The r</span><span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g oth<span class=\"_ _0\"></span>er as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs866\">The p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns for t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e US (<span class=\"_ _0\"></span>Me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l) p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns at la<span class=\"_ _0\"></span>st va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs867\">date is a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>le to pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs868\">2022<span class=\"_ _238\"> </span><span class=\"ff9 ls7c ws8a\">2021<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls20 ws1d gs869\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs86a\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws2e gs86b\">US (Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs86c\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls195 wsee gs86d\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs86e\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs86f\">US (Medical)<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs870\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws2d gs871\">Active partici<span class=\"_ _0\"></span>pants<span class=\"_ _2b4\"> </span><span class=\"ff1 ls49 ws9\">(1)<span class=\"_ _177\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _128\"> </span></span></span><span class=\"lsb9 wsb5\">(<span class=\"_ _0\"></span>1)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws2d gs872\">Par<span class=\"_ _0\"></span>ticipants with deferred benefi<span class=\"_ _0\"></span>ts<span class=\"_ _c5\"> </span><span class=\"ff1 ls7e ws9c\">(3<span class=\"_ _0\"></span>07)<span class=\"_ _128\"> </span><span class=\"ls49 ws9\">(1)<span class=\"_ _21a\"> </span></span></span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>6)<span class=\"_ _210\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7b wsc gs873\">Participants<span class=\"_ _1\"></span> receiving<span class=\"_ _1\"></span> benefits<span class=\"_ _e9\"> </span><span class=\"ff1 ls86 wsa6\">(6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _16d\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _37\"></span>6)<span class=\"_ _183\"> </span></span></span><span class=\"ls6d ws64\">(8<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs874\">Pre<span class=\"_ _1\"></span>sent v<span class=\"_ _1\"></span>alue o<span class=\"_ _1\"></span>f obliga<span class=\"_ _1\"></span>tion<span class=\"_ _2e3\"> </span><span class=\"ff1 lsa3 ws115\">(941<span class=\"_ _0\"></span>)<span class=\"_ _110\"> </span><span class=\"lsb2 wsda\">(81<span class=\"_ _0\"></span>)<span class=\"_ _176\"> </span></span></span><span class=\"ls112 ws100\">(1,486<span class=\"_ _1\"></span>)<span class=\"_ _16f\"> </span><span class=\"ls87 wsdc\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs876\">The m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s n<span class=\"_ _0\"></span>et sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us/(defi<span class=\"_ _0\"></span>cit) is as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs877\">Pres<span class=\"_ _1\"></span>ent val<span class=\"_ _1\"></span>ue of<span class=\"_ _1\"></span> obligation<span class=\"_ _94\"> </span><span class=\"ls48 ws0\">Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ue of p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls195 wsee gs878\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs879\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs87a\">US (Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs87b\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls5f ws56 gs87c\">Other<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs87d\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls17e ws15a gs87e\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs87f\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls195 wsee gs880\">UK<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs881\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs882\">US (Medical)<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs883\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls5f ws56 gs884\">Other<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs885\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls17e ws15a gs886\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _0\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs887\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs888\">At 1 Jan<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _2e4\"> </span><span class=\"ls12d ws119\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>47<span class=\"_ _13f\"> </span><span class=\"ls2f ws87\">125<span class=\"_ _143\"> </span><span class=\"ls36 ws2e\">719<span class=\"_ _16f\"> </span><span class=\"ls49 ws9\">2,<span class=\"_ _0\"></span>391<span class=\"_ _9c\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,75<span class=\"_ _37\"></span>4)<span class=\"_ _118\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _16d\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0)<span class=\"_ _7b\"> </span><span class=\"lsa9 wsd9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>26<span class=\"_ _37\"></span>4)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs889\">Current<span class=\"_ _1\"></span> service cost<span class=\"_ _2e5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _1e0\"> </span>9<span class=\"_ _dd\"> </span><span class=\"ls126 wsc9\">10<span class=\"_ _bf\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs88a\">Administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> costs<span class=\"_ _2e6\"> </span><span class=\"lsa ws0\">2<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _bf\"> </span>2<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7d ws31 gs88b\">In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>e/(i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e)<span class=\"_ _2e7\"> </span><span class=\"ls5c ws86\">23<span class=\"_ _1e0\"> </span><span class=\"lsa ws0\">3<span class=\"_ _1e0\"> </span>9<span class=\"_ _12a\"> </span><span class=\"ls4c wsc\">35<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(26)<span class=\"_ _132\"> </span></span></span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _c7\"> </span><span class=\"ls2f ws87\">(31)<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls5c ws86 gs88c\">25<span class=\"_ _a6\"> </span><span class=\"lsa ws0\">4<span class=\"_ _dd\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _12a\"> </span><span class=\"ls12d ws119\">47<span class=\"_ _13f\"> </span><span class=\"lse7 ws112\">(2<span class=\"_ _0\"></span>6)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _1f3\"> </span><span class=\"ls2f ws87\">(3<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span></span><span class=\"lsa ws0\"><span class=\"ls101 ws40\"><span class=\"ls2f ws87\">)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws9c gs88d\">Remeasurements:<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs88e\">Return<span class=\"_ _1\"></span> on plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts, ex<span class=\"_ _1\"></span>cluding amounts<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rest inc<span class=\"_ _1\"></span>ome<span class=\"_ _148\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e2\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _10c\"> </span></span>\u2013<span class=\"_ _13f\"> </span><span class=\"lsa3 ws115\">(3<span class=\"_ _0\"></span>0)<span class=\"_ _178\"> </span><span class=\"ls128 wsb2\">(106<span class=\"_ _350\"> </span></span></span></span><span class=\"lsa ws0\"><span class=\"lsa3 ws115\"><span class=\"ls128 wsb2\">)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs88f\">Los<span class=\"_ _1\"></span>ses/<span class=\"_ _1\"></span>(gains<span class=\"_ _14\"></span>) from<span class=\"_ _1\"></span> changes<span class=\"_ _1\"></span> in demographic<span class=\"_ _1\"></span> assump<span class=\"_ _1\"></span>tions<span class=\"_ _15d\"> </span><span class=\"lsa ws0\">1<span class=\"_ _106\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>)<span class=\"_ _106\"> </span></span>4<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(<span class=\"_ _0\"></span>1)<span class=\"_ _106\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs890\">Gains f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>hange in<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _24e\"> </span><span class=\"lsa ws0\">(27)<span class=\"_ _229\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span></span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _10c\"> </span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _12a\"> </span>(1)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs891\">Experience losses<span class=\"_ _1\"></span>/(gains<span class=\"_ _1\"></span>)<span class=\"_ _2e8\"> </span><span class=\"lsa ws0\">8<span class=\"_ _106\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _dd\"> </span></span>4<span class=\"_ _bf\"> </span>9<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa9 wsd9 gs892\">(1<span class=\"_ _0\"></span>8)<span class=\"_ _c7\"> </span>(<span class=\"_ _0\"></span>14)<span class=\"_ _151\"> </span><span class=\"ls91 ws89\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _185\"> </span></span>(<span class=\"_ _0\"></span>57)<span class=\"_ _141\"> </span><span class=\"ls13e ws12b\">(<span class=\"_ _37\"></span>76<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16a\"> </span><span class=\"ls2f ws87\">(3<span class=\"_ _0\"></span>1)<span class=\"_ _178\"> </span><span class=\"ls87 wsdc\">(1<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs893\">Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _2e9\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls101 ws40\">(5)<span class=\"_ _16a\"> </span>(5)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>4<span class=\"_ _bf\"> </span>4<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs894\">Contributions<span class=\"_ _1\"></span> \u2013 employ<span class=\"_ _1\"></span>ers<span class=\"_ _2ea\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _1f3\"> </span></span></span>(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9)<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs895\">Paymen<span class=\"_ _1\"></span>ts fr<span class=\"_ _1\"></span>om plan<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa ws2d gs896\">Benefi<span class=\"_ _0\"></span>t payments<span class=\"_ _2eb\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _12d\"> </span><span class=\"ls6d ws64\">(8)<span class=\"_ _185\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>)<span class=\"_ _207\"> </span>(1<span class=\"_ _0\"></span>33)<span class=\"_ _13f\"> </span><span class=\"ls111 ws32\">68<span class=\"_ _a6\"> </span></span></span></span></span><span class=\"ws0\">8<span class=\"_ _210\"> </span><span class=\"lsa9 wsd9\">57<span class=\"_ _143\"> </span><span class=\"ls34 ws75\">133<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs897\">As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _2ec\"> </span><span class=\"ls9e ws76\">1,486<span class=\"_ _fd\"> </span><span class=\"ls7e ws9c\">1<span class=\"_ _0\"></span>07<span class=\"_ _110\"> </span><span class=\"lsdf ws34\">650<span class=\"_ _c9\"> </span><span class=\"ls13d wse2\">2,<span class=\"_ _0\"></span>243<span class=\"_ _d1\"> </span><span class=\"ls7f wsf2\">(<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,78<span class=\"_ _0\"></span>8)<span class=\"_ _132\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _9f\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>6)<span class=\"_ _12\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs898\">Current<span class=\"_ _1\"></span> service cost<span class=\"_ _2e5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span>1<span class=\"_ _1e0\"> </span>8<span class=\"_ _bf\"> </span>9<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs899\">Administrat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> costs<span class=\"_ _2e6\"> </span><span class=\"lsa ws0\">3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e0\"> </span>3<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7d ws31 gs89a\">In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>e/(i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e)<span class=\"_ _2e7\"> </span><span class=\"lsa ws0\">27<span class=\"_ _bf\"> </span>4<span class=\"_ _dd\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _128\"> </span><span class=\"ls37 ws7b\">43<span class=\"_ _143\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls128 wsb2 gs89b\">30<span class=\"_ _1e0\"> </span><span class=\"lsa ws0\">5<span class=\"_ _12a\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _128\"> </span><span class=\"lsba ws18\">55<span class=\"_ _143\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _132\"> </span></span></span></span>\u2013<span class=\"_ _16a\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>8)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws9c gs89c\">Remeasurements:<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs89d\">Return<span class=\"_ _1\"></span> on plan<span class=\"_ _1\"></span> asse<span class=\"_ _1\"></span>ts, ex<span class=\"_ _1\"></span>cluding amounts<span class=\"_ _1\"></span> included in<span class=\"_ _1\"></span> inte<span class=\"_ _1\"></span>rest inc<span class=\"_ _1\"></span>ome<span class=\"_ _148\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _158\"> </span>\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _1f3\"> </span></span><span class=\"ls4c\">565<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">96<span class=\"_ _13f\"> </span><span class=\"ls125 ws114\">6<span class=\"_ _0\"></span>61<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs89e\">(<span class=\"_ _1\"></span>Gains<span class=\"_ _14\"></span>) from c<span class=\"_ _1\"></span>hanges<span class=\"_ _1\"></span> in demographic<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _2e1\"> </span><span class=\"lse7 ws112\">(2)<span class=\"_ _143\"> </span><span class=\"lsb9 wsb5\">(11)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _229\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _132\"> </span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs89f\">(<span class=\"_ _1\"></span>Gains<span class=\"_ _14\"></span>) from c<span class=\"_ _1\"></span>hange in<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assumpt<span class=\"_ _1\"></span>ions<span class=\"_ _2ed\"> </span><span class=\"lsa9 wsd9\">(5<span class=\"_ _0\"></span>18)<span class=\"_ _141\"> </span><span class=\"lse7 ws112\">(22)<span class=\"_ _172\"> </span><span class=\"ls35 ws33\">(<span class=\"_ _0\"></span>151)<span class=\"_ _207\"> </span><span class=\"ls118 ws108\">(6<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _106\"> </span></span></span></span>(2)<span class=\"_ _229\"> </span>(2)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs8a0\">Experience (gains<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>/losses<span class=\"_ _2ee\"> </span><span class=\"ls4c wsc\">16<span class=\"_ _dd\"> </span><span class=\"lsa9 wsd9\">(3)<span class=\"_ _106\"> </span><span class=\"lsa ws0\">3<span class=\"_ _dd\"> </span></span></span>16<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa9 wsd9 gs8a1\">(5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _151\"> </span><span class=\"lse7 ws112\">(36)<span class=\"_ _178\"> </span></span>(<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>8)<span class=\"_ _189\"> </span><span class=\"ls111 ws32\">(<span class=\"_ _1\"></span>688<span class=\"_ _1\"></span>)<span class=\"_ _172\"> </span><span class=\"ls4c wsc\">565<span class=\"_ _bf\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _12a\"> </span><span class=\"ls87 wsdc\">94<span class=\"_ _c7\"> </span><span class=\"ls11b ws10b\">6<span class=\"_ _0\"></span>59<span class=\"_ _350\"> </span></span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs8a2\">Exchange<span class=\"_ _1\"></span> differenc<span class=\"_ _1\"></span>es<span class=\"_ _2e9\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _dd\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _128\"> </span><span class=\"ls28 ws25\">54<span class=\"_ _128\"> </span><span class=\"ls5c ws86\">66<span class=\"_ _e1\"> </span></span></span></span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _229\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _fd\"> </span>(4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>)<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs8a3\">Contributions<span class=\"_ _1\"></span> \u2013 employ<span class=\"_ _1\"></span>ers<span class=\"_ _2ea\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">(7)<span class=\"_ _1f3\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>13)<span class=\"_ _141\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs8a4\">Paymen<span class=\"_ _1\"></span>ts fr<span class=\"_ _1\"></span>om plan<span class=\"_ _1\"></span>s:<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa ws2d gs8a5\">Benefi<span class=\"_ _0\"></span>t payments<span class=\"_ _2ef\"> </span><span class=\"ls12b wsdd\">(71)<span class=\"_ _16a\"> </span>(7)<span class=\"_ _16d\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _a9\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>122)<span class=\"_ _16a\"> </span></span></span>71<span class=\"_ _bf\"> </span></span><span class=\"ws0\">7<span class=\"_ _12d\"> </span><span class=\"ls19b ws17e\">44<span class=\"_ _143\"> </span><span class=\"ls2f ws87\">122<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs8a6\">As a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2f0\"> </span><span class=\"lsa3 ws115\">941<span class=\"_ _dd\"> </span><span class=\"ls12b wsdd\">81<span class=\"_ _110\"> </span><span class=\"ls37 ws7b\">532<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">1,554<span class=\"_ _17f\"> </span><span class=\"ls8e ws81\">(<span class=\"_ _37\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>8<span class=\"_ _37\"></span>6)<span class=\"_ _106\"> </span></span></span></span></span></span><span class=\"lsa\">\u2013<span class=\"_ _172\"> </span><span class=\"ls26 ws23\">(42<span class=\"_ _37\"></span>6)<span class=\"_ _19d\"> </span><span class=\"ls8f ws83\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span></span></span></span><span class=\"lsa\"><span class=\"ls26 ws23\"><span class=\"ls8f ws83\">)<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls30 ws0 gs8a8\">Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts r<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me Sta<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>ent<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8a9\">The c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rge fo<span class=\"_ _0\"></span>r the ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r is sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs8aa\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs8ab\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs8ac\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs8ad\">\u00a3m<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs8ae\">Defined con<span class=\"_ _1\"></span>tribution<span class=\"_ _1\"></span> plans<span class=\"_ _227\"> </span><span class=\"ff1 lsd ws7a\">49<span class=\"_ _128\"> </span></span><span class=\"ls112 ws100\">48<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs8af\">Defined benefit<span class=\"_ _1\"></span> plans (<span class=\"_ _14\"></span>net char<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>luding int<span class=\"_ _1\"></span>erest<span class=\"_ _1\"></span>)</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsdf ws181 gs8b0\"> UK<span class=\"_ _2f1\"> </span><span class=\"ff1 lsa ws0\">3<span class=\"_ _1e0\"> </span><span class=\"ff9\">2</span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls91 ws75 gs8b1\">  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _21f\"> </span><span class=\"ff1 lsa ws0\">1<span class=\"_ _11a\"> </span><span class=\"ff9\">1</span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs8b2\"> Other<span class=\"_ _2b7\"> </span><span class=\"ff1 ws0\">8<span class=\"_ _1e0\"> </span><span class=\"ff9\">9<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8b3\">T<span class=\"_ _1\"></span>otal p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ofi<span class=\"_ _0\"></span>t (N<span class=\"_ _0\"></span>ote 5<span class=\"_ _0\"></span>)<span class=\"_ _350\"> </span></div><div class=\"t m0 h1d ff1 fs13 fc0 sc0 lsa ws0 gs8b4\">1<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls8f ws83 gs8b5\">61<span class=\"_ _12a\"> </span><span class=\"ff9 ls128 wsb2\">60<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs8b6\">Pens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n net fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nce i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in n<span class=\"_ _0\"></span>et fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>No<span class=\"_ _0\"></span>te 6)<span class=\"_ _202\"> </span><span class=\"ff1 ls7b wsa8\">(5)<span class=\"_ _128\"> </span></span><span class=\"lsb9 wsb5\">(1)<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls30 ws0 gs8b7\">In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>fore i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>ax<span class=\"_ _25b\"> </span><span class=\"ff1 ls128 wsb2\">56<span class=\"_ _12a\"> </span></span><span class=\"ls11b ws10b\">59<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls37 ws34 gs8b8\">Remeasurement<span class=\"_ _1\"></span> gains/<span class=\"_ _1\"></span>(losse<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>) f<span class=\"_ _1\"></span>or<span class=\"_ _350\"> </span></div><div class=\"t m0 h1d ff1 fs13 fc0 sc0 lsa ws0 gs8b9\">2<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 lsa ws0 gs8ba\">:</div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsdf ws181 gs8bb\"> UK<span class=\"_ _2f2\"> </span><span class=\"ff1 ls86 wsa6\">(61<span class=\"_ _0\"></span>)<span class=\"_ _13f\"> </span></span><span class=\"ls87 wsdc\">94</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls91 ws75 gs8bc\">  US<span class=\"_ _1\"></span> (Medical<span class=\"_ _0\"></span>)<span class=\"_ _2f3\"> </span><span class=\"ff1 ls128 wsb2\">36<span class=\"_ _d9\"> </span></span><span class=\"ls12b wsdd\">14</span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa ws178 gs8bd\"> Other<span class=\"_ _2ca\"> </span><span class=\"ff1 ls126 wsc9\">54<span class=\"_ _12a\"> </span></span><span class=\"lsda wsaa\">56<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls4c wsc gs8be\">29<span class=\"_ _116\"> </span><span class=\"ff9\">16<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h12 ff9 fsd fc0 sc0 ls48 ws0 gs8bf\">1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Th<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me St<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d in o<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>des c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, pas<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice co<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> </div><div class=\"t m0 h12 ff9 fsd fc0 sc0 ls4 ws2e gs8c0\">administrativ<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>sts<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc0 sc0 ls48 ws0 gs8c1\">2. <span class=\"_ _3d\"> </span>Re<span class=\"_ _0\"></span>mea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ga<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>s excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es \u00a3n<span class=\"_ _0\"></span>il (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on) rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed i<span class=\"_ _0\"></span>n O<span class=\"_ _0\"></span>CI fo<span class=\"_ _0\"></span>r ir<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le s<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls30 ws0 gs8c2\">Se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls85 ws0 gs8c3\">The s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K defi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on to ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s is sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs8c4\">2022<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa3 ws0 gs8c5\">Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span> <span class=\"lsa\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsbb wsb gs8c6\">assumption<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa3 ws0 gs8c7\">Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d <span class=\"lsa\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsbb ws1f gs8c8\">benefit obligation<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs8c9\">Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _2f4\"> </span><span class=\"ff1 ls49\">Increase 0.<span class=\"_ _1\"></span>1%<span class=\"_ _d9\"> </span>Decrease<span class=\"_ _1\"></span> by<span class=\"_ _1\"></span> 1.<span class=\"_ _0\"></span>3%<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7c ws73 gs8ca\">Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _267\"> </span><span class=\"ff1 ls49\">I<span class=\"_ _0\"></span>ncrease 1.0%<span class=\"_ _123\"> </span>Decrease b<span class=\"_ _1\"></span>y 11.5%<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsb2 ws8a gs8cb\">RPI in<span class=\"_ _0\"></span>crease<span class=\"_ _206\"> </span><span class=\"ff1 ls49 ws73\">I<span class=\"_ _0\"></span>ncrease 0.<span class=\"_ _1\"></span>1%<span class=\"_ _190\"> </span><span class=\"ls87 ws0\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>se by 0.7<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsb2 ws8a gs8cc\">RPI I<span class=\"_ _0\"></span>ncrease<span class=\"_ _233\"> </span><span class=\"ff1 ls49 ws73\">Increase 1.0%<span class=\"_ _12b\"> </span><span class=\"ls87 ws0\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e by 9<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>2%<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls2f ws2e gs8cd\">Lif<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpectancy<span class=\"_ _f1\"> </span><span class=\"ff1 ls87 ws0\">Mem<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s l<span class=\"_ _0\"></span>ive 1 yea<span class=\"_ _0\"></span>r l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>er<span class=\"_ _190\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e by 3.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls7c ws8a gs8ce\">2021<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs8cf\">Change<span class=\"_ _1\"></span> in <span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls14 ws15b gs8d0\">assumpti<span class=\"_ _0\"></span>on<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs8d1\">Change<span class=\"_ _1\"></span> in defined <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs8d2\">benefit obliga<span class=\"_ _1\"></span>tion<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs8d3\">Disc<span class=\"_ _1\"></span>ount rat<span class=\"_ _1\"></span>e<span class=\"_ _173\"> </span><span class=\"ls136 wsa6\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 0<span class=\"_ _37\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _1e0\"> </span><span class=\"lsa3 ws0\">De<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e by 1<span class=\"_ _0\"></span>.6%<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsb2 ws8a gs8d4\">RPI in<span class=\"_ _0\"></span>crease<span class=\"_ _226\"> </span><span class=\"ls136 wsa6\">I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 0<span class=\"_ _37\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _1af\"> </span><span class=\"lsa3 ws0\">I<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease by 0<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls2f ws2e gs8d5\">Lif<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpectancy<span class=\"_ _275\"> </span><span class=\"lsa3 ws0\">Mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs l<span class=\"_ _0\"></span>ive 1 yea<span class=\"_ _0\"></span>r lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>er<span class=\"_ _11a\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e by 4.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8d6\">The a<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ove sens<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ty a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>es are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on a c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n an a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g all o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8d7\">ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>n p<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ice, t<span class=\"_ _0\"></span>his i<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>kely to occu<span class=\"_ _0\"></span>r, and ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n so<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>mpt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns may<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs8d8\">be correl<span class=\"_ _1\"></span>ated.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls30 ws0 gs8d9\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal c<span class=\"_ _0\"></span>ost t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d rate<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8da\">A 1% ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ed h<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>car<span class=\"_ _0\"></span>e cost t<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>d ra<span class=\"_ _0\"></span>tes wou<span class=\"_ _0\"></span>ld have a<span class=\"_ _0\"></span>n im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8db\">cos<span class=\"_ _0\"></span>t, i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st co<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>-ret<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls7c ws73 gs8dc\">Risk<span class=\"_ _1\"></span> and risk<span class=\"_ _1\"></span> management<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8dd\">Thr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh i<span class=\"_ _0\"></span>ts de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d po<span class=\"_ _0\"></span>st-em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8de\"><span class=\"_ _350\">to a nu</span><span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of r<span class=\"_ _0\"></span>isks<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h are d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ed as fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs8df\">As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t vol<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty<span class=\"_ _0\"></span>: <span class=\"ff9 ls30\">Th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng a d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t rate s<span class=\"_ _0\"></span>et wi<span class=\"_ _0\"></span>th refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e0\">bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. If p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>ets u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form t<span class=\"_ _0\"></span>his y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>, thi<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll cre<span class=\"_ _0\"></span>ate a de<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/red<span class=\"_ _0\"></span>uce t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs8e1\">plans<span class=\"_ _1\"></span> hold a s<span class=\"_ _1\"></span>ignificant pr<span class=\"_ _1\"></span>oportion of<span class=\"_ _1\"></span> equities,<span class=\"_ _1\"></span> which<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>xpected t<span class=\"_ _1\"></span>o ou<span class=\"_ _1\"></span>tperform c<span class=\"_ _1\"></span>orporat<span class=\"_ _1\"></span>e bonds<span class=\"_ _1\"></span> in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e2\">lo<span class=\"_ _0\"></span>ng ter<span class=\"_ _0\"></span>m wh<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g vola<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd ri<span class=\"_ _0\"></span>sk i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t-<span class=\"_ _1\"></span>term<span class=\"_ _0\"></span>. H<span class=\"_ _0\"></span>owever, the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p be<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>eves that d<span class=\"_ _0\"></span>ue to<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e3\">the l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm na<span class=\"_ _0\"></span>ture o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>gth of t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>, a level of co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e4\">equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is a<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>iate e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-term s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gy to ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws9c gs8e5\">efficiently<span class=\"_ _1\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs8e6\">Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s: <span class=\"ff9 ls30\">A i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n gover<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>eld<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll d<span class=\"_ _0\"></span>ecre<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span></span><span class=\"ff9 ls30\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e7\">lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>lth<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ugh t<span class=\"_ _0\"></span>his w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l be p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ly of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et by an d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>\u2019 bo<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e8\">Fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in ma<span class=\"_ _0\"></span>rket bo<span class=\"_ _0\"></span>nd y<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>lds i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e year e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed 3<span class=\"_ _0\"></span>1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e U<span class=\"_ _0\"></span>K pl<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>\u2019 li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8e9\">red<span class=\"_ _0\"></span>uce<span class=\"_ _0\"></span>d by \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>45 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, of<span class=\"_ _0\"></span>fse<span class=\"_ _0\"></span>t by a red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>\u2019 bo<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s by \u00a36<span class=\"_ _0\"></span>02 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g in a<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8ea\">\u00a3<span class=\"_ _0\"></span>57 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion n<span class=\"_ _0\"></span>et d<span class=\"_ _0\"></span>ecr<span class=\"_ _0\"></span>ease to t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 s<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs8ec\">In<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k: <span class=\"ff9 ls30\">S<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s p<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re li<span class=\"_ _0\"></span>nked to i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span></span><span class=\"ff9 ls30\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8ed\">to hig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (<span class=\"_ _1\"></span>al<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>, in m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t case<span class=\"_ _0\"></span>s, c<span class=\"_ _0\"></span>aps o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e level o<span class=\"_ _0\"></span>f infl<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>n pla<span class=\"_ _0\"></span>ce to<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8ee\">prote<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t ext<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). In ord<span class=\"_ _0\"></span>er to m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isks<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tees<span class=\"_ _0\"></span>\u2019 inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs8ef\">st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gy w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>lan p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des a h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h level o<span class=\"_ _0\"></span>f prote<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t hig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d lon<span class=\"_ _0\"></span>g-te<span class=\"_ _0\"></span>rm<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs8f0\">inflation<span class=\"_ _1\"></span> through in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stments in<span class=\"_ _1\"></span> index<span class=\"_ _1\"></span>-link<span class=\"_ _1\"></span>ed gilts,<span class=\"_ _1\"></span> liability driv<span class=\"_ _1\"></span>en in<span class=\"_ _1\"></span>vestments<span class=\"_ _1\"></span> and ins<span class=\"_ _1\"></span>urance c<span class=\"_ _1\"></span>ontracts.<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs19e\"><span class=\"_ _350\">In t</span><span class=\"_ _0\"></span>he US p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t are n<span class=\"_ _0\"></span>ot li<span class=\"_ _0\"></span>nked to i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, so th<span class=\"_ _0\"></span>is is a l<span class=\"_ _0\"></span>ess m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls35 ws2e gs8f1\">Life<span class=\"_ _1\"></span> expectancy: <span class=\"ff9 ls30 ws0\">The ma<span class=\"_ _0\"></span>jo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns\u2019 o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re to prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e li<span class=\"_ _0\"></span>fe of th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er.<span class=\"_ _350\"> </span></span><span class=\"ff9 ls30 ws0\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs210\">Wh<span class=\"_ _0\"></span>ils<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e pl<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ow for a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in l<span class=\"_ _0\"></span>ife exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cy, inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es ab<span class=\"_ _0\"></span>ove this a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>ll res<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t in a<span class=\"_ _0\"></span>n<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs211\">in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s\u2019 l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is is pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re in<span class=\"_ _0\"></span>flat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>rease<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs13c\">to ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts r<span class=\"_ _0\"></span>esu<span class=\"_ _0\"></span>lt in h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sen<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>fe exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y. In 202<span class=\"_ _0\"></span>0 th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al U<span class=\"_ _0\"></span>K<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs13d\">sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e red<span class=\"_ _0\"></span>uce<span class=\"_ _0\"></span>d it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re by pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g an i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t that w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l pay th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of so<span class=\"_ _0\"></span>me<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs212\"><span class=\"_ _350\">of th</span><span class=\"_ _0\"></span>e pla<span class=\"_ _0\"></span>n\u2019s p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1 t<span class=\"_ _0\"></span>wo ot<span class=\"_ _0\"></span>her U<span class=\"_ _0\"></span>K p<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es pu<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d a sim<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar i<span class=\"_ _0\"></span>nsu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7e ws18 gs213\">co<span class=\"_ _1\"></span>vering 10<span class=\"_ _0\"></span>0% of their<span class=\"_ _1\"></span> members\u2019 benefits.<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs140\">Ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e in r<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>: <span class=\"ff9 ls30\">Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p is awa<span class=\"_ _0\"></span>re tha<span class=\"_ _0\"></span>t fut<span class=\"_ _0\"></span>ure ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges to t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lato<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ewor<span class=\"_ _0\"></span>k may im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs141\">the f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis o<span class=\"_ _0\"></span>f the v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s pla<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ons d<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>rs t<span class=\"_ _0\"></span>he<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs142\">cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>isl<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>yse<span class=\"_ _0\"></span>s the r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>ey occ<span class=\"_ _0\"></span>ur.<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs143\">Inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts ar<span class=\"_ _0\"></span>e well d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, su<span class=\"_ _0\"></span>ch tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>re of any s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>e inves<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent wo<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>d not h<span class=\"_ _0\"></span>ave a mater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs144\">im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e overa<span class=\"_ _0\"></span>ll l<span class=\"_ _0\"></span>evel of ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>. A p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of un<span class=\"_ _0\"></span>it l<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ked insu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nce p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws2e gs145\">underlying in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>estments<span class=\"_ _1\"></span> in quot<span class=\"_ _1\"></span>ed equit<span class=\"_ _1\"></span>ies and<span class=\"_ _1\"></span> quot<span class=\"_ _1\"></span>ed bonds,<span class=\"_ _1\"></span> although t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> also in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ests in<span class=\"_ _1\"></span> property<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs146\">an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ieves tha<span class=\"_ _0\"></span>t qu<span class=\"_ _0\"></span>oted e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es of<span class=\"_ _0\"></span>fer t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t retu<span class=\"_ _0\"></span>rns over t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g term w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs147\">acce<span class=\"_ _0\"></span>pta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e level of r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>tees o<span class=\"_ _0\"></span>f al<span class=\"_ _0\"></span>l the U<span class=\"_ _0\"></span>K f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds have m<span class=\"_ _0\"></span>oved th<span class=\"_ _0\"></span>e maj<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>ets to<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7b wsc gs217\">low<span class=\"_ _1\"></span>-cost in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stment funds<span class=\"_ _1\"></span> in c<span class=\"_ _1\"></span>onsultati<span class=\"_ _1\"></span>on with<span class=\"_ _1\"></span> the Group<span class=\"_ _1\"></span> whilst maint<span class=\"_ _1\"></span>aining prudent<span class=\"_ _1\"></span> diversificat<span class=\"_ _1\"></span>ion<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs1a8\"><span class=\"_ _350\">and </span><span class=\"_ _1\"></span>appropriat<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est and<span class=\"_ _1\"></span> inflation<span class=\"_ _1\"></span> hedging. The T<span class=\"_ _14\"></span>rustee<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> are e<span class=\"_ _1\"></span>ngaged in<span class=\"_ _1\"></span> ongoing<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs1a9\">dis<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns to al<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir g<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ls in r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k. At pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t, t<span class=\"_ _0\"></span>he T<span class=\"_ _1\"></span>rus<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>es have no<span class=\"_ _0\"></span>ted th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs219\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>sset p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e UK p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns sh<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ld re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ce exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re to cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>ks.<span class=\"_ _350\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "Amounts recognised on the Balance Sheet The amounts recognised on the Balance Sheet are as follows: 2022 \u00a3m 2021 \u00a3m Balance Sheet liability for:  US (Medical) (81) (107) Other (159) (211) Liability on Balance Sheet (240) (318 ) Balance Sheet assets for: UK 241 298 Other 53 57 Asset on Balance Sheet 294 355 Net pension asset 54 37 The UK surplus of \u00a3241 million (2021: \u00a3298 million) relates mainly to the Reckitt Benckiser Pension Fund.  This surplus has been recognised as the Group has concluded it has an unconditional right to a refund of  any surplus once all member benefits have been paid. The Group\u2019s judgement is based on legal advice  that the Trustees would be unable to unconditionally wind up the plan or enhance members\u2019 benefits without the Group\u2019s consent . The funded and unfunded amounts recognised on the Balance Sheet are determined as follows: 2022 2021 UK \u00a3m US  (Medical)  \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m US  (Medical)  \u00a3m Other \u00a3m Total \u00a3m Present value of funded obligations (941) \u2013 (373) (1,314) (1,486) \u2013 (481) (1,967) Fair value of plan assets 1,186 \u2013 426 1,612 1,788 \u2013 496 2,284 Surplus/(liability) of funded  plans 245 \u2013 53 298 302 \u2013 15 317 Present value of unfunded  obligations \u2013 (81) (159) (240) \u2013 (107) (169) (276) Irrecoverable surplus (4) \u2013 \u2013 (4) (4) \u2013 \u2013 (4) Net pension surplus/ (liability) 241 (81) (106) 54 298 (107) (154) 37 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "Group plan assets are comprised as follows: 2022 2021 UK \u00a3m US  (Medical)  \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m US  (Medical)  \u00a3m Other \u00a3m Total \u00a3m Equities 134 \u2013 92 226 178 \u2013 202 380 Government bonds 167 \u2013 157 324 215 \u2013 230 445 Corporate bonds 265 \u2013 135 400 356 \u2013 25 381 Real estate/property \u2013  unquoted 82 \u2013 19 101 113 \u2013 19 132 Insurance contracts 272 \u2013 - 272 388 \u2013 \u2013 388 Other assets \u2013 unquoted 266 \u2013 23 289 538 \u2013 20 558 Fair value of plan assets 1,186 \u2013 426 1,612 1,788 \u2013 496 2,284 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "Sensitivity of significant actuarial assumptions The sensitivity of the UK defined benefit obligation to changes in the principal assumptions is shown below: 2022 Change in  assumption Change in defined  benefit obligation Discount rate Increase 0.1% Decrease by 1.3% Discount rate Increase 1.0% Decrease by 11.5% RPI increase Increase 0.1% Increase by 0.7% RPI Increase Increase 1.0% Increase by 9.2% Life expectancy Members live 1 year longer Increase by 3.2% 2021 Change in  assumption Change in defined  benefit obligation Discount rate Increase 0.1% Decrease by 1.6% RPI increase Increase 0.1% Increase by 0.9% Life expectancy Members live 1 year longer Increase by 4.0% The above sensitivity analyses are based on a change in an assumption while holding all other  assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may  be correlated. Impact of medical cost trend rates A 1% change in the assumed healthcare cost trend rates would have an immaterial impact on the service cost, interest cost and post-retirement benefit obligation. Risk and risk management Through its defined benefit pension plans and post-employment medical plans, the Group is exposed  to a number of risks, the most significant of which are detailed as follows: Asset volatility: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. If plan assets underperform this yield, this will create a deficit/reduce the surplus. The US  plans hold a significant proportion of equities, which are expected to outperform corporate bonds in the long term while providing volatility and risk in the short-term. However, the Group believes that due to the long-term nature of the plan liabilities and the strength of the supporting group, a level of continuing  equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the plans  efficiently. Changes in bond yields: A increase in government and corporate bond yields will decrease plan  liabilities, although this will be partially offset by an decrease in the value of the plans\u2019 bond holdings.  Following the increase in market bond yields in the year ended 31 December 2022, the UK plans\u2019 liabilities  reduced by \u00a3545 million, offset by a reduction in the plans\u2019 bond holdings by \u00a3602 million, resulting in a  \u00a357 million net decrease to the plans\u2019 surplus Inflation risk: Some of the Group\u2019s pension obligations are linked to inflation, and higher inflation will lead  to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to  protect the plan against extreme inflation). In order to manage inflationary risks, the Trustees\u2019 investment  strategy within the UK plan provides a high level of protection against higher expected long-term  inflation through investments in index-linked gilts, liability driven investments and insurance contracts.  In the US plans, the pensions in payment are not linked to inflation, so this is a less material risk. Life expectancy: The majority of the plans\u2019 obligations are to provide benefits for the life of the member.  Whilst the plans allow for an increase in life expectancy, increases above this assumption will result in an  increase in the plans\u2019 liabilities. This is particularly significant in the UK plan, where inflationary increases  to benefits result in higher sensitivity to improvements in life expectancy. In 2020 the principal UK  scheme reduced its exposure by purchasing an insurance product that will pay the pensions of some  of the plan\u2019s pensioners. In 2021 two other UK pension schemes purchased a similar insurance policy  covering 100% of their members\u2019 benefits. Change in regulations: The Group is aware that future changes to the regulatory framework may impact the funding basis of the various plans in the future. The Group\u2019s pensions department monitors the  changes in legislation and analyses the risks as and when they occur. Investments are well diversified, such that the failure of any single investment would not have a material  impact on the overall level of assets. A portion of assets consists of unit linked insurance policies with underlying investments in quoted equities and quoted bonds, although the Group also invests in property  and cash. The Group believes that quoted equities offer the best returns over the long term with an acceptable level of risk. The Trustees of all the UK funds have moved the majority of their assets to low-cost investment funds in consultation with the Group whilst maintaining prudent diversification  and appropriate interest and inflation hedging. The Trustees and the Group are engaged in ongoing  discussions to align their goals in respect of climate risk. At present, the Trustees have noted that the  diversified asset profile of the UK plans should reduce exposure to climate risks. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-483": {
   "value": "24 Share Capital Issued and fully paid Equity ordinary  shares number Nominal value \u00a3m At 31 December 2021 736,535,179 74 At 31 December 2022 736,535,179 74 The holders of ordinary shares (par value 10 pence) are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the parent company. Allotment of ordinary shares and release of treasury shares During the year nil ordinary shares (2021: nil ordinary shares) were allotted and 1,351,767 ordinary shares were released from Treasury (2021: 1,677,112) to satisfy vesting/exercises under the Group\u2019s various share  schemes as follows: Ordinary shares of 10p 2022 2021 Number of  shares Consideration  \u00a3m Number of  shares Consideration  \u00a3m Executive Share Options \u2013 exercises 372,711 18 860,697 41 Conditional Awards \u2013 vesting 313,293 \u2013 164,867 \u2013 Total under Executive Share Option  and Conditional Award Schemes 686,004 18 1,025,564 41 Savings-related Share Option Schemes \u2013  exercises 665,763 36 651,548 39 Total 1,351,767 54 1,677,112 80 In 2022, 1,351,767 Treasury shares were released (2021: 1,677,112), leaving a balance held at 31 December 2022 of 20,771,213 (2021: 22,122,980). Proceeds received from the reissuance of Treasury shares to  exercise share options were \u00a354 million (2021: \u00a380 million). 26 Other Reserves Attributable to owners of the parent Hedging  reserve \u00a3m Foreign  currency  translation  reserve \u00a3m Total other  reserves \u00a3m Balance at 1 January 2021 (19) (360) (379) Other comprehensive income/(expense) Gains on cash flow hedges, net of tax 30 \u2013 30 Net exchange losses on foreign currency translation, net of tax \u2013 (374) (374) Gains on net investment hedges, net of tax \u2013 84 84 Reclassification of foreign currency translation reserves on  disposal or liquidation of foreign operations, net of tax \u2013 (550) (550) Total other comprehensive income/(expense) for the year 30 (840) (810) Balance at 31 December 2021 11 (1,200) (1,189) Other comprehensive income/(expense) Gains on cash flow hedges, net of tax 2 \u2013 2 Net exchange gains on foreign currency translation, net of tax \u2013 1,064 1,064 Losses on net investment hedges, net of tax \u2013 (115) (115) Reclassification of foreign currency translation reserves on  disposal or liquidation of foreign operations net of tax \u2013 (56) (56) Total other comprehensive income for the year 2 893 895 Balance at 31 December 2022 13 (307) (294) The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments related to hedge transactions that are extant at year end. The foreign currency translation reserve contains the accumulated foreign exchange differences from the translation of the Financial Statements of the Group\u2019s foreign operations arising when the Group\u2019s entities are consolidated. The reserve also contains the translation of liabilities that hedge the Group\u2019s  net exposure in a foreign currency. During the year ended 31 December 2022, a net gain of \u00a356 million (2021: \u00a3550 million net gain) was  reclassified to the Income Statement from foreign currency reserves following the disposal or liquidation  of foreign operations, of which a net gain of \u00a369 million (2021: \u00a3766 million net gain) related to the  liquidation of subsidiaries (see Note 6 for further details) offset by a loss of \u00a313 million (2021: \u00a3216 million)  comprised of \u00a320 million (2021: \u00a3284 million) arising from the disposal of certain businesses (see Note 29), less related tax credits of \u00a37 million (2021: \u00a368 million) (see Note 7) . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "24 Share Capital Issued and fully paid Equity ordinary  shares number Nominal value \u00a3m At 31 December 2021 736,535,179 74 At 31 December 2022 736,535,179 74 The holders of ordinary shares (par value 10 pence) are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the parent company. Allotment of ordinary shares and release of treasury shares During the year nil ordinary shares (2021: nil ordinary shares) were allotted and 1,351,767 ordinary shares were released from Treasury (2021: 1,677,112) to satisfy vesting/exercises under the Group\u2019s various share  schemes as follows: Ordinary shares of 10p 2022 2021 Number of  shares Consideration  \u00a3m Number of  shares Consideration  \u00a3m Executive Share Options \u2013 exercises 372,711 18 860,697 41 Conditional Awards \u2013 vesting 313,293 \u2013 164,867 \u2013 Total under Executive Share Option  and Conditional Award Schemes 686,004 18 1,025,564 41 Savings-related Share Option Schemes \u2013  exercises 665,763 36 651,548 39 Total 1,351,767 54 1,677,112 80 In 2022, 1,351,767 Treasury shares were released (2021: 1,677,112), leaving a balance held at 31 December 2022 of 20,771,213 (2021: 22,122,980). Proceeds received from the reissuance of Treasury shares to  exercise share options were \u00a354 million (2021: \u00a380 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "Allotment of ordinary shares and release of treasury shares During the year nil ordinary shares (2021: nil ordinary shares) were allotted and 1,351,767 ordinary shares were released from Treasury (2021: 1,677,112) to satisfy vesting/exercises under the Group\u2019s various share  schemes as follows: Ordinary shares of 10p 2022 2021 Number of  shares Consideration  \u00a3m Number of  shares Consideration  \u00a3m Executive Share Options \u2013 exercises 372,711 18 860,697 41 Conditional Awards \u2013 vesting 313,293 \u2013 164,867 \u2013 Total under Executive Share Option  and Conditional Award Schemes 686,004 18 1,025,564 41 Savings-related Share Option Schemes \u2013  exercises 665,763 36 651,548 39 Total 1,351,767 54 1,677,112 80 In 2022, 1,351,767 Treasury shares were released (2021: 1,677,112), leaving a balance held at 31 December 2022 of 20,771,213 (2021: 22,122,980). Proceeds received from the reissuance of Treasury shares to  exercise share options were \u00a354 million (2021: \u00a380 million). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-484": {
   "value": "<div class=\"t m0 hc ff1 fs7 fc2 sc0 ls2e ws0 gs915\">2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed P<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs916\">The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>s a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of i<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ve sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a Lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>erm I<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ve Plan<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs917\">oth<span class=\"_ _0\"></span>er sh<span class=\"_ _0\"></span>are s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>ll s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y-set<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tota<span class=\"_ _0\"></span>l cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e for sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs918\">year w<span class=\"_ _0\"></span>as \u00a378 m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>on (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0 mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ion).<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc2 sc0 ls92 ws33 gs919\">Executi<span class=\"_ _0\"></span>ve share a<span class=\"_ _1\"></span>wards<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs91a\">Executiv<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>hare a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds, compri<span class=\"_ _1\"></span>sing bo<span class=\"_ _1\"></span>th Shar<span class=\"_ _1\"></span>e Opt<span class=\"_ _1\"></span>ions and<span class=\"_ _1\"></span> Condition<span class=\"_ _1\"></span>al A<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds, ar<span class=\"_ _1\"></span>e grant<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs91b\">sen<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t team<span class=\"_ _0\"></span>. Sh<span class=\"_ _0\"></span>are O<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s are g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted a<span class=\"_ _0\"></span>t an exer<span class=\"_ _0\"></span>cise p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce dete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs91c\">dat<span class=\"_ _1\"></span><span class=\"_ _350\">e </span><span class=\"_ _1\"></span>and become<span class=\"_ _1\"></span> pay<span class=\"_ _1\"></span>able on<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>se \u2013<span class=\"_ _1\"></span> follo<span class=\"_ _1\"></span>wing sa<span class=\"_ _1\"></span>tisfaction<span class=\"_ _1\"></span> of perf<span class=\"_ _1\"></span>ormance<span class=\"_ _1\"></span> crit<span class=\"_ _1\"></span>eria. Condi<span class=\"_ _1\"></span>tional<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs91d\">Awards e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>tle t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nt to re<span class=\"_ _0\"></span>ceive s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res at n<span class=\"_ _0\"></span>o cos<span class=\"_ _0\"></span>t foll<span class=\"_ _0\"></span>owi<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of bo<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e fol<span class=\"_ _0\"></span>lowi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls7c ws73 gs91e\">performance<span class=\"_ _1\"></span> crit<span class=\"_ _1\"></span>eria<span class=\"_ _1\"></span> and con<span class=\"_ _1\"></span>tinued emplo<span class=\"_ _1\"></span>yment<span class=\"_ _1\"></span> (Performance<span class=\"_ _1\"></span> Share<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>),<span class=\"_ _1\"></span> or just<span class=\"_ _1\"></span> conti<span class=\"_ _1\"></span>nued emplo<span class=\"_ _1\"></span>yment<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsb2 ws8a gs91f\">(T<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>-vested Shares).<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs920\">For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7 an<span class=\"_ _0\"></span>d May 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs921\">Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted ea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>are g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs922\"><span class=\"_ _350\">over th</span><span class=\"_ _0\"></span>ree yea<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>%)<span class=\"_ _1cf\"> </span><span class=\"ls11c ws10c\">&lt;6%<span class=\"_ _16a\"> </span>6%<span class=\"_ _168\"> </span></span><span class=\"lsa3\">B<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n 6% and 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _186\"> </span><span class=\"ls33 ws31\">\u22651<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs923\">Prop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of awa<span class=\"_ _0\"></span>rds ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g (<span class=\"_ _0\"></span>%)<span class=\"_ _d3\"> </span><span class=\"ls35 ws33\">Nil<span class=\"_ _9b\"> </span><span class=\"ls37 ws7b\">20%<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls35 wsc gs924\">Straigh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>-line be<span class=\"_ _1\"></span>tween<span class=\"_ _350\"> </span> </div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa3 ws0 gs925\">20<span class=\"_ _0\"></span>% a<span class=\"_ _0\"></span>nd 1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _16f\"> </span><span class=\"ls127 wsb1\">100%<span class=\"_ _350\"> </span></span></div>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d <span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum <span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span>ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h at a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual F<span class=\"_ _0\"></span>X r<span class=\"_ _0\"></span>ates (th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r CAG<span class=\"_ _0\"></span>R)<span class=\"_ _22b\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _123\"> </span><span class=\"ls6d ws64\">4%<span class=\"_ _123\"> </span><span class=\"ls28 ws25\">9%<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h at co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>t F<span class=\"_ _0\"></span>X rates (th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r CAG<span class=\"_ _0\"></span>R)<span class=\"_ _164\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _16a\"> </span><span class=\"ls6d ws64\">4%<span class=\"_ _e2\"> </span><span class=\"ls28 ws25\">9%<span class=\"_ _350\"> </span></span></span></span>Ne<span class=\"_ _0\"></span>t Revenu<span class=\"_ _0\"></span>e gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th (thre<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-year C<span class=\"_ _0\"></span>AG<span class=\"_ _0\"></span>R)<span class=\"_ _2f6\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _123\"> </span><span class=\"ls67 ws5e\">2%<span class=\"_ _16a\"> </span><span class=\"ls11c ws10c\">6%<span class=\"_ _350\"> </span></span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _22c\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _17f\"> </span><span class=\"ls101 ws40\">10.<span class=\"_ _0\"></span>8%<span class=\"_ _17f\"> </span><span class=\"ls2f ws87\">12<span class=\"_ _0\"></span>.8%<span class=\"_ _350\"> </span></span></span></span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>20<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d<span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum<span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span>ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Ne<span class=\"_ _0\"></span>t Revenu<span class=\"_ _0\"></span>e gr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>th (thre<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-year C<span class=\"_ _0\"></span>AG<span class=\"_ _0\"></span>R)<span class=\"_ _2f6\"> </span><span class=\"lsf1 ws73\">50%<span class=\"_ _1e2\"> </span><span class=\"ls11c ws10c\">1<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _a9\"> </span>4<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _22c\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _16e\"> </span>13.<span class=\"_ _0\"></span>5%<span class=\"_ _17f\"> </span><span class=\"ls12b wsdd\">14.8%<span class=\"_ _350\"> </span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual F<span class=\"_ _0\"></span>X r<span class=\"_ _0\"></span>ates (<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l yea<span class=\"_ _0\"></span>r)<span class=\"_ _1cf\"> </span><span class=\"ls80 ws8b\">12.<span class=\"_ _0\"></span>5%<span class=\"_ _16f\"> </span><span class=\"ls49 ws9\">283p<span class=\"_ _a9\"> </span><span class=\"ls4c wsc\">318p<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>t F<span class=\"_ _0\"></span>X rates (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _290\"> </span><span class=\"ls80 ws8b\">1<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5%<span class=\"_ _189\"> </span><span class=\"lsb9 wsb5\">3<span class=\"_ _0\"></span>04p<span class=\"_ _9f\"> </span><span class=\"ls6d ws64\">341<span class=\"_ _0\"></span>p<span class=\"_ _350\"> </span></span></span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>T<span class=\"_ _1\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 fo<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of I<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>N Ch<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive o<span class=\"_ _0\"></span>f ens<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>w tar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re no h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>or ea<span class=\"_ _1\"></span>sier t<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>hiev<span class=\"_ _1\"></span>e than<span class=\"_ _1\"></span> the or<span class=\"_ _1\"></span>iginal tar<span class=\"_ _1\"></span>gets<span class=\"_ _350\"> </span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>21<span class=\"_ _350\"> </span>1<span class=\"_ _350\"> </span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d<span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum<span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span>ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Like-fo<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>-l<span class=\"_ _0\"></span>ike Net R<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h (thre<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>year C<span class=\"_ _0\"></span>AGR)<span class=\"_ _2f7\"> </span><span class=\"lsf1 ws73\">50%<span class=\"_ _207\"> </span><span class=\"ls11c ws10c\">0<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _a9\"> </span>4<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _22c\"> </span><span class=\"ls80 ws8b\">2<span class=\"_ _0\"></span>5%<span class=\"_ _16e\"> </span><span class=\"ls12c ws118\">1<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>.7<span class=\"_ _0\"></span>%<span class=\"_ _16e\"> </span><span class=\"ls6d ws64\">1<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>4%<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual F<span class=\"_ _0\"></span>X r<span class=\"_ _0\"></span>ates (<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l yea<span class=\"_ _0\"></span>r)<span class=\"_ _1cf\"> </span><span class=\"ls80 ws8b\">12.<span class=\"_ _0\"></span>5%<span class=\"_ _16f\"> </span><span class=\"lsd ws7a\">28<span class=\"_ _0\"></span>9p<span class=\"_ _16f\"> </span><span class=\"lsda wsaa\">360p<span class=\"_ _350\"> </span></span></span></span>Adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>PS at co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>t F<span class=\"_ _0\"></span>X rates (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _290\"> </span><span class=\"ls80 ws8b\">1<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5%<span class=\"_ _16f\"> </span><span class=\"ls4c wsc\">308p<span class=\"_ _16f\"> </span></span>382p<span class=\"_ _350\"> </span></span>1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>T<span class=\"_ _1\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21 fo<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l of I<span class=\"_ _0\"></span>FC<span class=\"_ _0\"></span>N Ch<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>, w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h th<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive o<span class=\"_ _0\"></span>f ens<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>w tar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re no h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _350\"> </span>or ea<span class=\"_ _1\"></span>sier t<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>hiev<span class=\"_ _1\"></span>e than<span class=\"_ _1\"></span> the or<span class=\"_ _1\"></span>iginal tar<span class=\"_ _1\"></span>gets<span class=\"_ _350\"> </span>For aw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>:<span class=\"_ _350\"> </span>Weighting<span class=\"_ _350\"> </span>Threshol<span class=\"_ _1\"></span>d<span class=\"lsa ws0\"> </span>(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>% ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Maximum<span class=\"lsa ws0\"> </span>(1<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0% v<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g)<span class=\"_ _350\"> </span>Like-fo<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>-l<span class=\"_ _0\"></span>ike Net R<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h (thre<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>year C<span class=\"_ _0\"></span>AGR)<span class=\"_ _298\"> </span><span class=\"ls127 wsb1\">40%<span class=\"_ _e2\"> </span><span class=\"ls67 ws5e\">2%<span class=\"_ _42\"> </span><span class=\"ls80 ws8b\">5%<span class=\"_ _350\"> </span></span></span></span>Relat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> T<span class=\"_ _14\"></span>otal Shar<span class=\"_ _1\"></span>eholder Re<span class=\"_ _1\"></span>turn<span class=\"_ _2f8\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _182\"> </span><span class=\"lse9 ws2d\">Median<span class=\"_ _2b\"> </span><span class=\"ws73\">Upper quartile<span class=\"_ _350\"> </span></span></span></span>Retu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>n Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al E<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyed (<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r)<span class=\"_ _2f9\"> </span><span class=\"ls80 ws8b\">25%<span class=\"_ _16e\"> </span><span class=\"ls34 ws75\">13.2%<span class=\"_ _109\"> </span><span class=\"ls67 ws5e\">15.2%<span class=\"_ _350\"> </span></span></span></span>Perc<span class=\"_ _1\"></span>entage<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> net r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>enue fr<span class=\"_ _1\"></span>om mor<span class=\"_ _1\"></span>e sustai<span class=\"_ _1\"></span>nable products<span class=\"_ _210\"> </span><span class=\"ls80 ws8b\">5%<span class=\"_ _9b\"> </span><span class=\"ls128 wsb2\">30%<span class=\"_ _184\"> </span><span class=\"ls4c wsc\">33%<span class=\"_ _350\"> </span></span></span></span>Perc<span class=\"_ _1\"></span>entage reduction in Greenhouse<span class=\"_ _1\"></span> Gas (<span class=\"_ _1\"></span>GHG) emissions<span class=\"_ _350\"> </span><span class=\"_ _350\">in o</span><span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s<span class=\"_ _2fa\"> </span><span class=\"ls80 ws8b\">5%<span class=\"_ _9b\"> </span>6<span class=\"_ _0\"></span>5%<span class=\"_ _184\"> </span><span class=\"lsd ws7a\">69<span class=\"_ _0\"></span>%<span class=\"_ _350\"> </span></span></span>The c<span class=\"_ _0\"></span>ost i<span class=\"_ _0\"></span>s sp<span class=\"_ _0\"></span>read over t<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e Exe<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>tive Co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ers o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up Le<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>p T<span class=\"_ _1\"></span>eam<span class=\"_ _0\"></span>, vest<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns m<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t be m<span class=\"_ _0\"></span>et over th<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span><span class=\"_ _350\">d are n</span><span class=\"_ _0\"></span>ot retes<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d.<span class=\"_ _350\"> </span>For t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs of t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>or m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent tea<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>, for awa<span class=\"_ _0\"></span>rds g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>or to 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span> tar<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>n be rete<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d in yea<span class=\"_ _0\"></span>rs fo<span class=\"_ _0\"></span>ur o<span class=\"_ _0\"></span>r five of t<span class=\"_ _0\"></span>he sc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>me. I<span class=\"_ _0\"></span>f any t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>et ha<span class=\"_ _0\"></span>s not b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n met<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>ny rema<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _350\"> </span>sha<span class=\"_ _0\"></span>res o<span class=\"_ _0\"></span>r opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ich h<span class=\"_ _0\"></span>ave not ves<span class=\"_ _0\"></span>ted w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l la<span class=\"_ _0\"></span>pse. F<span class=\"_ _0\"></span>or awa<span class=\"_ _0\"></span>rds g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>n May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>her<span class=\"_ _0\"></span>eaf<span class=\"_ _0\"></span>ter,<span class=\"_ _350\"> </span>vest<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns m<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t be m<span class=\"_ _0\"></span>et over th<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-yea<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d ar<span class=\"_ _0\"></span>e not re<span class=\"_ _0\"></span>teste<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds<span class=\"_ _350\"> </span>Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent S<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YE S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es (offere<span class=\"_ _0\"></span>d to al<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>f wi<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>evan<span class=\"_ _0\"></span>t ge<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ic ar<span class=\"_ _0\"></span>ea)<span class=\"_ _350\"> </span>an<span class=\"_ _0\"></span>d a nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of S<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r Exe<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>tive S<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e Ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ip Po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy P<span class=\"_ _0\"></span>lan (S<span class=\"_ _0\"></span>OP<span class=\"_ _0\"></span>P) awa<span class=\"_ _0\"></span>rds<span class=\"_ _0\"></span>. Ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds have<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l li<span class=\"_ _0\"></span>ves of bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d eig<span class=\"_ _0\"></span>ht yea<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>y not s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to a<span class=\"_ _0\"></span>ny vest<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>a<span class=\"_ _350\"> </span>oth<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyee<span class=\"_ _0\"></span>\u2019s con<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t.<span class=\"_ _350\"> </span>In<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>ese ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l for de<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>refor<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>hav<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> been aggr<span class=\"_ _1\"></span>egat<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> the ta<span class=\"_ _1\"></span>bles f<span class=\"_ _1\"></span>ollo<span class=\"_ _1\"></span>wing.<span class=\"_ _350\"> </span>Summary of<span class=\"_ _1\"></span> shares<span class=\"_ _1\"></span> outstanding<span class=\"_ _350\"> </span>Al<span class=\"_ _0\"></span>l ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Exe<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re awa<span class=\"_ _0\"></span>rds as a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 a<span class=\"_ _0\"></span>re<span class=\"_ _350\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es fol<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>e the c<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ge for 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. The G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as use<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>Bl<span class=\"_ _0\"></span>ack-Scho<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to cal<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>late th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of on<span class=\"_ _0\"></span>e awa<span class=\"_ _0\"></span>rd on t<span class=\"_ _0\"></span>he da<span class=\"_ _0\"></span>te of th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nt of t<span class=\"_ _0\"></span>he awa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>A<span class=\"_ _1\"></span>ward<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t are<span class=\"_ _1\"></span> subject t<span class=\"_ _1\"></span>o T<span class=\"_ _14\"></span>otal<span class=\"_ _1\"></span> Shareholder<span class=\"_ _1\"></span> Ret<span class=\"_ _1\"></span>urn (TSR)<span class=\"_ _1\"></span> performance<span class=\"_ _1\"></span> condit<span class=\"_ _1\"></span>ions, ha<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> been v<span class=\"_ _1\"></span>alued<span class=\"_ _350\"> </span><span class=\"_ _350\">by a thi</span><span class=\"_ _0\"></span>rd-<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y spe<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>st u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e Mo<span class=\"_ _0\"></span>nte Ca<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>o mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l.<span class=\"_ _350\"> </span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed P<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span><div class=\"t m0 h6b ff4f fs7 fc2 sc0 ls30 ws0 gs927\">T<span class=\"_ _1\"></span>ab<span class=\"_ _0\"></span>le 1: Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls30 ws0 gs928\">The m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt awa<span class=\"_ _0\"></span>rds a<span class=\"_ _0\"></span>re sha<span class=\"_ _0\"></span>re op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al awa<span class=\"_ _0\"></span>rds<span class=\"_ _0\"></span>, d<span class=\"_ _0\"></span>etai<span class=\"_ _0\"></span>ls of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch have be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs929\">Black<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Scholes model<span class=\"_ _1\"></span> assump<span class=\"_ _1\"></span>tions<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls19f ws183 gs92a\">Awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _dd\"> </span><span class=\"lsa4 wsf5\">G<span class=\"_ _0\"></span>rant date<span class=\"_ _350\"> </span></span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws121 gs92b\">Exerci<span class=\"_ _0\"></span>se price <span class=\"ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa4 wsf5 gs92c\">at grant<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs92d\">\u00a3<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs92e\">Modified <span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls14 ws9 gs92f\">exercise price<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs930\">\u00a3<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs931\">Per<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>nce<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsf wse gs932\">period<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs933\">Share<span class=\"_ _1\"></span> price<span class=\"_ _1\"></span> on<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa4 wsf5 gs934\">grant date <span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs935\">\u00a3<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls4 ws4 gs936\">V<span class=\"_ _1\"></span>olatility <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs937\">%<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls4 ws2e gs938\">Dividend yield<span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs939\">%<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls199 ws17c gs93a\">Life <span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls12a wsb8 gs93b\">years<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs93c\">Risk<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>free <span class=\"_ _1\"></span><span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls134 ws89 gs93d\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rate<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs93e\">%<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls48 ws0 gs93f\">Fair v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f <span class=\"lsa\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws46 gs940\">one a<span class=\"_ _1\"></span>ward<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs941\">\u00a3<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls49 wsaa gs942\">Share options<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs943\">2013<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">3 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _2a1\"> </span><span class=\"ls137 ws126\">3<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>4<span class=\"_ _104\"> </span><span class=\"ls37 ws7b\">3<span class=\"_ _0\"></span>8.06<span class=\"_ _172\"> </span><span class=\"ls67 ws5e\">2013\u201315<span class=\"_ _104\"> </span></span></span>3<span class=\"_ _37\"></span>9.<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>6<span class=\"_ _2fb\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _171\"> </span><span class=\"ls12b wsdd\">4.3<span class=\"_ _1c3\"> </span></span></span></span><span class=\"lsa\">4<span class=\"_ _10e\"> </span><span class=\"ls125 ws114\">0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>61<span class=\"_ _158\"> </span><span class=\"ls4c wsc\">3.29<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs944\">2014<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">1<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _23b\"> </span><span class=\"ls113 ws101\">4<span class=\"_ _0\"></span>7.<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>3<span class=\"_ _132\"> </span><span class=\"ls35 ws33\">4<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>51<span class=\"_ _172\"> </span><span class=\"ls7d ws74\">20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>\u201316<span class=\"_ _104\"> </span><span class=\"lsd ws7a\">4<span class=\"_ _0\"></span>6.69<span class=\"_ _ad\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _164\"> </span><span class=\"ls12c ws118\">3.7<span class=\"_ _1d6\"> </span></span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _11a\"> </span><span class=\"ls13e ws12b\">0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>76<span class=\"_ _e1\"> </span><span class=\"ls12b wsdd\">3<span class=\"_ _0\"></span>.85<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls12b wsdd gs945\">2015<span class=\"_ _12b\"> </span><span class=\"ls30 ws0\">1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>14<span class=\"_ _2fc\"> </span><span class=\"lsa9 wsd9\">50<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>57<span class=\"_ _104\"> </span>50<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>57<span class=\"_ _1e2\"> </span><span class=\"ls67 ws5e\">2015\u20131<span class=\"_ _1\"></span>7<span class=\"_ _12a\"> </span><span class=\"lsd ws7a\">52.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _ad\"> </span><span class=\"ls33 ws31\">17<span class=\"_ _171\"> </span><span class=\"ls37 ws7b\">4.0<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _1af\"> </span><span class=\"ls35 ws33\">1<span class=\"_ _0\"></span>.03<span class=\"_ _bf\"> </span><span class=\"ls12b wsdd\">4.34<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs946\">2016<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">2 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5<span class=\"_ _121\"> </span><span class=\"ls4c wsc\">63.2<span class=\"_ _0\"></span>5<span class=\"_ _12a\"> </span>63<span class=\"_ _0\"></span>.25<span class=\"_ _172\"> </span><span class=\"ls7d ws74\">20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>\u20131<span class=\"_ _0\"></span>8<span class=\"_ _118\"> </span><span class=\"ls136 ws125\">6<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>5<span class=\"_ _ad\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _164\"> </span><span class=\"ls11c ws10c\">2.9<span class=\"_ _1d6\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _1af\"> </span><span class=\"ls87 wsdc\">1<span class=\"_ _0\"></span>.07<span class=\"_ _109\"> </span><span class=\"ls12c ws118\">6<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>5<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lsa9 wsd9 gs947\">20<span class=\"_ _0\"></span>17<span class=\"_ _1e0\"> </span><span class=\"ls30 ws0\">1 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>6<span class=\"_ _23f\"> </span><span class=\"ls113 ws101\">6<span class=\"_ _0\"></span>7.<span class=\"_ _37\"></span>6<span class=\"_ _4f\"></span>8<span class=\"_ _106\"> </span>6<span class=\"_ _0\"></span>7.<span class=\"_ _37\"></span>6<span class=\"_ _4f\"></span>8<span class=\"_ _16d\"> </span><span class=\"ls7d ws74\">20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7\u201319<span class=\"_ _104\"> </span><span class=\"ls49 ws9\">66.<span class=\"_ _0\"></span>28<span class=\"_ _2f5\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _171\"> </span><span class=\"ls37 ws7b\">3.0<span class=\"_ _40\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.4<span class=\"_ _0\"></span>6<span class=\"_ _bf\"> </span><span class=\"ls36 ws2e\">5.54<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs948\">2018<span class=\"_ _a6\"> </span><span class=\"ls7f wsd9\">3<span class=\"_ _0\"></span>0 N<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>17<span class=\"_ _1d1\"> </span><span class=\"ls11c ws10c\">6<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>9<span class=\"_ _104\"> </span>6<span class=\"_ _37\"></span>4.9<span class=\"_ _37\"></span>9<span class=\"_ _178\"> </span><span class=\"ls37 ws7b\">2018<span class=\"_ _0\"></span>\u201320<span class=\"_ _12a\"> </span><span class=\"ls12b wsdd\">64.86<span class=\"_ _2f5\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _171\"> </span><span class=\"lsda wsaa\">3.4<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _bf\"> </span><span class=\"ls101 ws40\">0.6<span class=\"_ _0\"></span>8<span class=\"_ _bf\"> </span><span class=\"lsf1 ws73\">5.58<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs949\">2019<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">1<span class=\"_ _37\"></span>0 May 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>9<span class=\"_ _117\"> </span><span class=\"ls101 ws40\">60.83<span class=\"_ _12a\"> </span>6<span class=\"_ _0\"></span>0.83<span class=\"_ _172\"> </span><span class=\"ls67 ws5e\">2019\u201321<span class=\"_ _106\"> </span><span class=\"ls125 ws114\">61<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _19b\"> </span><span class=\"ls37 ws7b\">20<span class=\"_ _171\"> </span><span class=\"ls12c ws118\">3<span class=\"_ _37\"></span>.7<span class=\"_ _40\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.<span class=\"_ _0\"></span>83<span class=\"_ _bf\"> </span>5.<span class=\"_ _0\"></span>89<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs94a\">2020<span class=\"_ _10c\"> </span><span class=\"wsaa\">1 Ma<span class=\"_ _1\"></span>y 2020<span class=\"_ _2fd\"> </span><span class=\"ls37 ws7b\">65.20<span class=\"_ _104\"> </span>65.20<span class=\"_ _183\"> </span>2020<span class=\"_ _0\"></span>\u201322<span class=\"_ _d9\"> </span><span class=\"ls12c ws118\">6<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>.70<span class=\"_ _ad\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _171\"> </span><span class=\"ls12b wsdd\">2.6<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.<span class=\"_ _0\"></span>55<span class=\"_ _11a\"> </span><span class=\"ls113 ws101\">7.<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>6<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls38 ws36 gs94b\">2021<span class=\"_ _bf\"> </span><span class=\"ls30 ws0\">28 May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _5a\"> </span><span class=\"ls12b wsdd\">64.67<span class=\"_ _12a\"> </span>64.67<span class=\"_ _186\"> </span><span class=\"ls7e ws9c\">202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>\u20132<span class=\"_ _0\"></span>3<span class=\"_ _210\"> </span><span class=\"ls4c wsc\">63.68<span class=\"_ _13c\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _13c\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _0\"></span>.1<span class=\"_ _1d6\"> </span></span></span></span></span></span><span class=\"lsa\">4<span class=\"_ _e1\"> </span><span class=\"ls37 ws7b\">0.<span class=\"_ _0\"></span>20<span class=\"_ _e1\"> </span><span class=\"ls113 ws101\">7.<span class=\"_ _4f\"></span>8<span class=\"_ _37\"></span>4<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls38 ws36 gs94c\">2022<span class=\"_ _29f\"> </span><span class=\"lse9 wsaa\">20 Ma<span class=\"_ _1\"></span>y 20<span class=\"_ _1\"></span>22<span class=\"_ _1d8\"> </span><span class=\"ls7b wsa8\">63<span class=\"_ _0\"></span>.32<span class=\"_ _104\"> </span>63<span class=\"_ _0\"></span>.32<span class=\"_ _178\"> </span><span class=\"ls125 ws114\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2-24<span class=\"_ _104\"> </span></span></span><span class=\"ws2d\">62<span class=\"_ _0\"></span>.42<span class=\"_ _2fe\"> </span>22<span class=\"_ _171\"> </span></span><span class=\"lsda\">2.2<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _1b3\"> </span><span class=\"ls4c wsc\">1.31<span class=\"_ _11a\"> </span><span class=\"ls113 ws101\">7.<span class=\"_ _37\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 lsda ws25 gs94d\">Co<span class=\"_ _1\"></span>nditi<span class=\"_ _1\"></span>onal<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>ward<span class=\"_ _1\"></span>s<span class=\"_ _350\"> </span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs94e\">2018<span class=\"_ _a6\"> </span><span class=\"ls7f wsd9\">3<span class=\"_ _0\"></span>0 N<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>17<span class=\"_ _173\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _178\"> </span><span class=\"ls37 ws7b\">2018<span class=\"_ _0\"></span>\u201320<span class=\"_ _12a\"> </span><span class=\"ls12b wsdd\">64.86<span class=\"_ _2f5\"> </span><span class=\"ls111 ws32\">18<span class=\"_ _171\"> </span><span class=\"lsda wsaa\">3.4<span class=\"_ _1c3\"> </span></span></span></span></span>4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.6<span class=\"_ _0\"></span>8<span class=\"_ _132\"> </span><span class=\"lsda wsaa\">56.<span class=\"_ _1\"></span>71<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs94f\">2019<span class=\"_ _a6\"> </span><span class=\"ls30 ws0\">1<span class=\"_ _37\"></span>0 May 2<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>9<span class=\"_ _244\"> </span><span class=\"lsa\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _172\"> </span><span class=\"ls67 ws5e\">2019\u201321<span class=\"_ _106\"> </span><span class=\"ls125 ws114\">61.<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>0<span class=\"_ _ad\"> </span><span class=\"ls36 ws2e\">19<span class=\"_ _2ff\"> </span><span class=\"ls12c ws118\">3<span class=\"_ _0\"></span>.7<span class=\"_ _1d6\"> </span></span></span></span></span>4<span class=\"_ _bf\"> </span><span class=\"ls101 ws40\">0.8<span class=\"_ _0\"></span>3<span class=\"_ _210\"> </span><span class=\"ls7e ws9c\">5<span class=\"_ _0\"></span>3.02<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 lse9 ws2d gs950\">2020<span class=\"_ _10c\"> </span><span class=\"wsaa\">1 Ma<span class=\"_ _1\"></span>y 2020<span class=\"_ _15b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _183\"> </span><span class=\"ls37 ws7b\">2020<span class=\"_ _0\"></span>\u201322<span class=\"_ _d9\"> </span><span class=\"ls12c ws118\">6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _ad\"> </span><span class=\"ls67 ws5e\">21<span class=\"_ _171\"> </span><span class=\"ls12b wsdd\">2.6<span class=\"_ _40\"> </span></span></span></span></span>4<span class=\"_ _e1\"> </span><span class=\"ls101 ws40\">0.55<span class=\"_ _190\"> </span><span class=\"ls137 ws126\">5<span class=\"_ _37\"></span>9.1<span class=\"_ _37\"></span>7<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls38 ws36 gs951\">2021<span class=\"_ _bf\"> </span><span class=\"ls30 ws0\">28 May 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _279\"> </span><span class=\"lsa\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _a9\"> </span><span class=\"ls8f ws83\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>-2<span class=\"_ _0\"></span>3<span class=\"_ _210\"> </span><span class=\"ls4c wsc\">63<span class=\"_ _0\"></span>.68<span class=\"_ _13c\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _13c\"> </span><span class=\"ls136 ws125\">2<span class=\"_ _0\"></span>.1<span class=\"_ _1d6\"> </span></span></span></span></span>4<span class=\"_ _e1\"> </span><span class=\"ls37 ws7b\">0.20<span class=\"_ _210\"> </span><span class=\"ls4c wsc\">58.65<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hb ff9 fs7 fc0 sc0 ls38 ws36 gs952\">2022<span class=\"_ _29f\"> </span><span class=\"lse9 wsaa\">20 Ma<span class=\"_ _1\"></span>y 20<span class=\"_ _1\"></span>22<span class=\"_ _2c4\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _178\"> </span><span class=\"ls125 ws114\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2-24<span class=\"_ _104\"> </span></span></span><span class=\"ws2d\">62<span class=\"_ _0\"></span>.42<span class=\"_ _13c\"> </span>22<span class=\"_ _2ff\"> </span></span><span class=\"lsda\">2.2<span class=\"_ _40\"> </span><span class=\"lsa ws0\">4<span class=\"_ _138\"> </span><span class=\"ls4c wsc\">1<span class=\"_ _0\"></span>.31<span class=\"_ _12a\"> </span><span class=\"ls37 ws7b\">43.6<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span></span></span></span></div><div class=\"t m0 h6b ff4f fs7 fc2 sc0 ls30 ws0 gs954\">T<span class=\"_ _1\"></span>ab<span class=\"_ _0\"></span>le 2: Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e awa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>s movem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1 an<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls19f ws183 gs955\">Awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa ws0 gs956\">Opti<span class=\"_ _0\"></span>ons<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls4 ws2e gs957\">outstanding at<span class=\"_ _1\"></span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls48 ws0 gs958\"><span class=\"_ _350\">1 Ja</span><span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs959\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs95a\">Granted/<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 lsa4 ws120 gs95b\">adjus<span class=\"_ _0\"></span>tments<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs95c\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs95d\">Lapsed<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs95e\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls14 ws15b gs95f\">Exercised/<span class=\"_ _0\"></span>vested<span class=\"_ _350\"> </span> </div><div class=\"t m0 h12 ff9 fsd fc2 sc0 ls49 ws9 gs960\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsbb wsb gs961\">Options<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls102 wsa gs962\">outstanding<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa3 ws115 gs963\"><span class=\"_ _350\">31 D</span><span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsbb wsb gs964\">2021<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls103 ws95 gs965\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls5f ws56 gs966\">Gra<span class=\"_ _0\"></span>nted/<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsbb wsb gs967\">adjustments<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls103 ws95 gs968\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs969\">Lapsed<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls103 ws95 gs96a\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls4 ws4 gs96b\">Exercised/<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls103 wsf0 gs96c\">ve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d numbe<span class=\"_ _1\"></span>r<span class=\"_ _350\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsbb wsb gs96d\">Options<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls102 wsa gs96e\">outstanding<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 lsa3 ws115 gs96f\"><span class=\"_ _350\">31 D</span><span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _350\"> </span> </div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls49 ws9 gs970\">2022<span class=\"lsa ws0\"> </span></div><div class=\"t m0 h22 ff1 fsd fc2 sc0 ls103 ws95 gs971\">number<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls49 wsaa gs972\">Share options<span class=\"_ _350\"> </span></div><div class=\"t m0 h1d ff1 fs13 fc0 sc0 lsa ws0 gs973\">1<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsd ws7a gs974\">2012<span class=\"_ _2c0\"> </span><span class=\"ls6d ws64\">1<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>1<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _123\"> </span><span class=\"lsa9 wsd9\">(2,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>)<span class=\"_ _2ab\"> </span></span></span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs975\">2013<span class=\"_ _162\"> </span><span class=\"ls181 ws15e\">2<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>7,<span class=\"_ _0\"></span>7<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>0<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _16d\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>7<span class=\"_ _0\"></span>9,<span class=\"_ _4f\"></span>3<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _21a\"> </span><span class=\"ff1 ls9e ws76\">168,40<span class=\"_ _1\"></span>7<span class=\"_ _40\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _16e\"> </span><span class=\"lsdf ws34\">(16<span class=\"_ _0\"></span>6,350)<span class=\"_ _116\"> </span><span class=\"ls33 ws31\">2<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>57<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs976\">2014<span class=\"_ _2b3\"> </span><span class=\"ls181 ws15e\">4<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>2<span class=\"_ _37\"></span>9<span class=\"_ _37\"></span>6<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _141\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _189\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>9,1<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>)<span class=\"_ _de\"> </span><span class=\"ff1 ls12b wsdd\">284<span class=\"_ _0\"></span>,810<span class=\"_ _1d6\"> </span></span></span></span><span class=\"ff1\">\u2013<span class=\"_ _16a\"> </span>(1<span class=\"_ _0\"></span>,02<span class=\"_ _0\"></span>9)<span class=\"_ _16f\"> </span><span class=\"lsa3 ws115\">(5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>2)<span class=\"_ _16e\"> </span><span class=\"ls110 wsff\">2<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>7,<span class=\"_ _37\"></span>3<span class=\"_ _4f\"></span>6<span class=\"_ _37\"></span>9<span class=\"_ _350\"> </span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls12b wsdd gs977\">2015<span class=\"_ _300\"> </span><span class=\"ls18e ws16b\">74<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>6<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _151\"> </span><span class=\"ls5d ws54\">(1<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>000<span class=\"_ _1\"></span>)<span class=\"_ _16c\"> </span>(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>000<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span><span class=\"ff1 ls85 ws79\">4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _116\"> </span><span class=\"ls17f ws15c\">(2,<span class=\"_ _1\"></span>000<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>8)<span class=\"_ _16e\"> </span><span class=\"ls12f ws11a\">3<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs978\">2016<span class=\"_ _2a4\"> </span><span class=\"ls127 wsb1\">1,<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>20,80<span class=\"_ _1\"></span>2<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16e\"> </span>(3<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>9)<span class=\"_ _17f\"> </span><span class=\"ls130 ws11b\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>9,<span class=\"_ _4f\"></span>8<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _de\"> </span><span class=\"ff1 ls67 ws5e\">56<span class=\"_ _1\"></span>7<span class=\"_ _14\"></span>,553<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1e2\"> </span><span class=\"ls118 ws108\">(<span class=\"_ _0\"></span>76<span class=\"_ _37\"></span>,9<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _189\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>9,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>6)<span class=\"_ _de\"> </span><span class=\"ls13d wse2\">431,325<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa9 wsd9 gs979\">20<span class=\"_ _0\"></span>17<span class=\"_ _2b3\"> </span><span class=\"ls30 ws88\">573<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>07<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _185\"> </span><span class=\"ls6d ws64\">(82<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>376)<span class=\"_ _dd\"> </span><span class=\"lsa3 ws115\">(8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0)<span class=\"_ _de\"> </span><span class=\"ff1 ls12e ws35\">490,<span class=\"_ _1\"></span>681<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _a9\"> </span><span class=\"ls5c ws86\">(96<span class=\"_ _1\"></span>,305)<span class=\"_ _ad\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _178\"> </span><span class=\"ls118 ws108\">3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>76<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs97a\">2018<span class=\"_ _55\"> </span><span class=\"ls28 ws25\">1,83<span class=\"_ _14\"></span>7<span class=\"_ _14\"></span>,<span class=\"_ _0\"></span>548<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _21a\"> </span><span class=\"ls49 ws9\">(839<span class=\"_ _14\"></span>,<span class=\"_ _0\"></span>095)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _189\"> </span><span class=\"ff1 ls36 ws2e\">9<span class=\"_ _0\"></span>98,45<span class=\"_ _0\"></span>3<span class=\"_ _1d6\"> </span></span><span class=\"ff1\">\u2013<span class=\"_ _9f\"> </span><span class=\"ls12e ws35\">(<span class=\"_ _1\"></span>86,068<span class=\"_ _1\"></span>)<span class=\"_ _ad\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _207\"> </span></span>912,385<span class=\"_ _350\"> </span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs97b\">2019<span class=\"_ _112\"> </span><span class=\"ls12b wsdd\">2,086,058<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _207\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,79<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _126\"> </span></span>\u2013<span class=\"_ _c3\"> </span><span class=\"ff1 lsb9 wsb5\">1,824,<span class=\"_ _0\"></span>262<span class=\"_ _12a\"> </span><span class=\"ls118 ws108\">8<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>76<span class=\"_ _17f\"> </span><span class=\"ls7b wsa8\">(73<span class=\"_ _0\"></span>3,733)<span class=\"_ _17f\"> </span></span></span></span><span class=\"ff1\">(<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>42)<span class=\"_ _c0\"> </span><span class=\"ls37 ws7b\">1,07<span class=\"_ _1\"></span>4,06<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs97c\">2020<span class=\"_ _28b\"> </span><span class=\"ls11b ws10b\">2,<span class=\"_ _37\"></span>595<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>52<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span></span>(<span class=\"_ _0\"></span>378<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>9)<span class=\"_ _126\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _c3\"> </span><span class=\"ff1 ls49 ws9\">2<span class=\"_ _0\"></span>,21<span class=\"_ _0\"></span>6,52<span class=\"_ _0\"></span>3<span class=\"_ _fd\"> </span><span class=\"ls9e ws76\">(<span class=\"_ _1\"></span>2,400<span class=\"_ _1\"></span>)<span class=\"_ _16c\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>9,<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _19d\"> </span><span class=\"ls127 wsb1\">1,86<span class=\"_ _0\"></span>4,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>07<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls38 ws36 gs97d\">2021<span class=\"_ _301\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16c\"> </span><span class=\"ls7c ws8a\">3,075,<span class=\"_ _0\"></span>575<span class=\"_ _16e\"> </span><span class=\"lse7 ws112\">(205,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6)<span class=\"_ _126\"> </span></span></span>\u2013<span class=\"_ _200\"> </span><span class=\"ff1 ls12f ws11a\">2<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _37\"></span>9<span class=\"_ _143\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _c8\"> </span><span class=\"ls118 ws108\">(4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>576<span class=\"_ _0\"></span>)<span class=\"_ _da\"> </span></span></span></span><span class=\"ff1\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls36 ws2e\">2,<span class=\"_ _0\"></span>423,353<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls38 ws36 gs97e\">2022<span class=\"_ _293\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _c3\"> </span><span class=\"ls9e ws76\">3,<span class=\"_ _1\"></span>104,3<span class=\"_ _1\"></span>25<span class=\"_ _d1\"> </span><span class=\"ls7b wsa8\">(2<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>5)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls67 ws5e\">2,855,820<span class=\"_ _350\"> </span></span></span></span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls37 ws34 gs97f\">Performance<span class=\"_ _1\"></span> shares<span class=\"_ _350\"> </span></div><div class=\"t m0 h1d ff1 fs13 fc0 sc0 lsa ws0 gs980\">1<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs981\">2016<span class=\"_ _162\"> </span><span class=\"ls2f ws87\">124,8<span class=\"_ _0\"></span>63<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _189\"> </span></span>(124<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span>63)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa9 wsd9 gs982\">20<span class=\"_ _0\"></span>17<span class=\"_ _24e\"> </span><span class=\"ls33 ws31\">175<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _11a\"> </span></span>(17<span class=\"_ _0\"></span>5)<span class=\"_ _126\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs983\">2018<span class=\"_ _14f\"> </span>835,82<span class=\"_ _0\"></span>3<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"lsda wsaa\">(389<span class=\"_ _14\"></span>,<span class=\"_ _0\"></span>368)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _de\"> </span><span class=\"ff1 ls36 ws2e\">4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6,455<span class=\"_ _d6\"> </span></span><span class=\"ff1\">\u2013<span class=\"_ _9b\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _126\"> </span></span>\u2013<span class=\"_ _189\"> </span><span class=\"ls37 ws7b\">4<span class=\"_ _0\"></span>02,<span class=\"_ _0\"></span>326<span class=\"_ _350\"> </span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs984\">2019<span class=\"_ _25d\"> </span><span class=\"ls130 ws11b\">1<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>6<span class=\"_ _d5\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"ls128 wsb2\">(1<span class=\"_ _1\"></span>75,064<span class=\"_ _1\"></span>)<span class=\"_ _189\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4)<span class=\"_ _16f\"> </span><span class=\"ff1 lsb9 wsb5\">827<span class=\"_ _14\"></span>,718<span class=\"_ _143\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,70<span class=\"_ _37\"></span>8<span class=\"_ _de\"> </span><span class=\"ls12f ws11a\">(<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>)<span class=\"_ _17f\"> </span><span class=\"ls38 ws36\">(172<span class=\"_ _0\"></span>,917<span class=\"_ _0\"></span>)<span class=\"_ _de\"> </span><span class=\"ls4c wsc\">296,168<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs985\">2020<span class=\"_ _55\"> </span><span class=\"ls4c wsc\">1,160,465<span class=\"_ _1d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsa3 ws115\">(1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>0)<span class=\"_ _126\"> </span></span>\u2013<span class=\"_ _207\"> </span><span class=\"ff1 ls12f ws11a\">9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>5<span class=\"_ _132\"> </span><span class=\"ls7f wsf2\">1<span class=\"_ _0\"></span>,70<span class=\"_ _0\"></span>0<span class=\"_ _178\"> </span><span class=\"ls30 ws88\">(<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>70)<span class=\"_ _da\"> </span></span></span></span><span class=\"ff1\">\u2013<span class=\"_ _9f\"> </span><span class=\"lsd ws7a\">81<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>275<span class=\"_ _350\"> </span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls38 ws36 gs986\">2021<span class=\"_ _301\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4c wsc\">1,3<span class=\"_ _0\"></span>48,016<span class=\"_ _fd\"> </span><span class=\"ls181 ws15e\">(<span class=\"_ _0\"></span>9<span class=\"_ _37\"></span>7,<span class=\"_ _0\"></span>7<span class=\"_ _4f\"></span>1<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>)<span class=\"_ _2ab\"> </span></span></span>\u2013<span class=\"_ _1d2\"> </span><span class=\"ff1 ls49 ws9\">1,<span class=\"_ _0\"></span>250,<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span>0<span class=\"_ _123\"> </span><span class=\"ls67 ws5e\">(1,200)<span class=\"_ _19d\"> </span></span></span><span class=\"ff1\">(21<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9)<span class=\"_ _da\"> </span>\u2013<span class=\"_ _17f\"> </span><span class=\"lsa3 ws115\">1<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0,<span class=\"_ _37\"></span>411<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls38 ws36 gs987\">2022<span class=\"_ _293\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls110 wsff\">1<span class=\"_ _37\"></span>,<span class=\"_ _4f\"></span>3<span class=\"_ _37\"></span>9<span class=\"_ _37\"></span>7,<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>8<span class=\"_ _4f\"></span>6<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">(120,539)<span class=\"_ _ad\"> </span></span></span>\u2013<span class=\"_ _16c\"> </span><span class=\"ls118 ws108\">1<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>47<span class=\"_ _350\"> </span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls36 ws35 gs988\">Time-<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> shar<span class=\"_ _1\"></span>es<span class=\"_ _350\"> </span></div><div class=\"t m0 h1d ff1 fs13 fc0 sc0 lsa ws0 gs989\">1<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs98a\">2016<span class=\"_ _302\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lsa9 wsd9 gs98b\">20<span class=\"_ _0\"></span>17<span class=\"_ _302\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _350\"> </span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs98c\">2018<span class=\"_ _2c0\"> </span><span class=\"ls12b wsdd\">14,036<span class=\"_ _e2\"> </span><span class=\"ls30 ws88\">1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>97<span class=\"_ _d6\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _9b\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>3)<span class=\"_ _16a\"> </span><span class=\"ff1 ls17f ws15c\">1,<span class=\"_ _1\"></span>000<span class=\"_ _40\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _123\"> </span></span>(1,<span class=\"_ _1\"></span>000<span class=\"_ _14\"></span>)<span class=\"_ _da\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _350\"> </span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs98d\">2019<span class=\"_ _303\"> </span><span class=\"ls85 ws79\">8<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _151\"> </span><span class=\"lsa9 wsd9\">(1<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4)<span class=\"_ _110\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _9f\"> </span></span>(3<span class=\"_ _0\"></span>1,<span class=\"_ _37\"></span>38<span class=\"_ _0\"></span>3)<span class=\"_ _1e2\"> </span><span class=\"ff1 ls110 wsff\">3<span class=\"_ _37\"></span>7,<span class=\"_ _4f\"></span>8<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>3<span class=\"_ _45\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _fd\"> </span><span class=\"lsa3 ws115\">(2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>0)<span class=\"_ _de\"> </span><span class=\"ls67 ws5e\">(30,553)<span class=\"_ _fd\"> </span><span class=\"ls17f ws15c\">5,<span class=\"_ _1\"></span>000<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse9 ws2d gs98e\">2020<span class=\"_ _300\"> </span><span class=\"ls2f ws87\">243,912<span class=\"_ _dd\"> </span><span class=\"ls181 ws15e\">7,<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>4<span class=\"_ _37\"></span>2<span class=\"_ _110\"> </span><span class=\"lse7 ws112\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>62)<span class=\"_ _16f\"> </span><span class=\"ls30 ws88\">(8<span class=\"_ _37\"></span>4,9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _189\"> </span><span class=\"ff1 ls49 ws9\">150,797<span class=\"_ _fd\"> </span><span class=\"ls7b wsa8\">(3,<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>5)<span class=\"_ _16f\"> </span><span class=\"ls135 ws124\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6)<span class=\"_ _172\"> </span><span class=\"lsb9 wsb5\">(71,713<span class=\"_ _1\"></span>)<span class=\"_ _a9\"> </span><span class=\"lsdf ws34\">63,663<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls38 ws36 gs98f\">2021<span class=\"_ _301\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _16d\"> </span><span class=\"ls12c ws118\">3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>7<span class=\"_ _9b\"> </span></span>(28<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>49)<span class=\"_ _16f\"> </span><span class=\"lse7 ws112\">(2<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>6)<span class=\"_ _17f\"> </span><span class=\"ff1 ls111 ws32\">338,7<span class=\"_ _1\"></span>52<span class=\"_ _1e0\"> </span><span class=\"lsa3 ws115\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0)<span class=\"_ _de\"> </span><span class=\"ls131 ws11c\">(<span class=\"_ _14\"></span>48,080<span class=\"_ _1\"></span>)<span class=\"_ _16e\"> </span><span class=\"ls26 ws23\">(4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>5<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _183\"> </span><span class=\"ls8e ws81\">2<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>0,1<span class=\"_ _37\"></span>37<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls38 ws36 gs990\">2022<span class=\"_ _293\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _d6\"> </span>\u2013<span class=\"_ _1d6\"> </span><span class=\"ff1\">\u2013<span class=\"_ _189\"> </span><span class=\"lsdf ws34\">384,<span class=\"_ _0\"></span>508<span class=\"_ _110\"> </span><span class=\"ls7c ws8a\">(35,<span class=\"_ _0\"></span>511)<span class=\"_ _189\"> </span><span class=\"ls131 ws11c\">(12,080<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span><span class=\"ls85 ws79\">33<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,9<span class=\"_ _37\"></span>17<span class=\"_ _350\"> </span></span></span></span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs991\">Ot<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e awa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls117 ws184 gs992\">U<span class=\"_ _37\"></span>K<span class=\"_ _0\"></span> S<span class=\"_ _37\"></span>AY<span class=\"_ _37\"></span>E<span class=\"_ _304\"> </span><span class=\"ls6d ws64\">73<span class=\"_ _0\"></span>8,<span class=\"_ _37\"></span>410<span class=\"_ _a9\"> </span><span class=\"ls2f ws87\">383,<span class=\"_ _0\"></span>424<span class=\"_ _183\"> </span><span class=\"ls128 wsb2\">(148,654)<span class=\"_ _c9\"> </span><span class=\"lsa9 wsd9\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>02,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3)<span class=\"_ _17f\"> </span><span class=\"ff1 ls49 ws9\">870,527<span class=\"_ _a9\"> </span><span class=\"ls12e ws35\">201,068<span class=\"_ _de\"> </span><span class=\"ls110 wsff\">(<span class=\"_ _37\"></span>1<span class=\"_ _37\"></span>2<span class=\"_ _0\"></span>7,<span class=\"_ _4f\"></span>4<span class=\"_ _37\"></span>2<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>)<span class=\"_ _d1\"> </span><span class=\"lsa ws0\">(1<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>59)<span class=\"_ _16e\"> </span><span class=\"ls127 wsb1\">841,808<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls117 ws184 gs993\">U<span class=\"_ _0\"></span>S<span class=\"_ _37\"></span> S<span class=\"_ _0\"></span>AY<span class=\"_ _37\"></span>E<span class=\"_ _304\"> </span><span class=\"ls7f wsf2\">672,9<span class=\"_ _37\"></span>95<span class=\"_ _1e2\"> </span><span class=\"ls130 ws11b\">4<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _141\"> </span><span class=\"ls85 ws79\">(<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,794<span class=\"_ _0\"></span>)<span class=\"_ _9f\"> </span><span class=\"ls18e ws16b\">(6<span class=\"_ _0\"></span>5<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>747<span class=\"_ _37\"></span>)<span class=\"_ _a9\"> </span><span class=\"ff1 ls8e ws81\">9<span class=\"_ _0\"></span>51<span class=\"_ _37\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _16d\"> </span><span class=\"lse9 ws2d\">223<span class=\"_ _0\"></span>,811<span class=\"_ _16e\"> </span><span class=\"lsa ws0\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _19d\"> </span><span class=\"lsdf ws34\">(243,691)<span class=\"_ _16c\"> </span><span class=\"ls192 ws172\">800,<span class=\"_ _1\"></span>444<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 ls7e ws18 gs994\">Oversea<span class=\"_ _1\"></span>s SA<span class=\"_ _14\"></span>YE<span class=\"_ _305\"> </span><span class=\"lsb9 wsb5\">2,302,103<span class=\"_ _9f\"> </span><span class=\"lsa ws0\">93<span class=\"_ _0\"></span>0,727<span class=\"_ _21a\"> </span><span class=\"ls118 ws108\">(67<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _d1\"> </span><span class=\"lse9 ws2d\">(482,826)<span class=\"_ _12\"> </span></span><span class=\"ff1\">2<span class=\"_ _37\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _37\"></span>4<span class=\"_ _9f\"> </span><span class=\"ls37 ws7b\">3<span class=\"_ _0\"></span>68,03<span class=\"_ _0\"></span>1<span class=\"_ _c9\"> </span><span class=\"lsdf ws34\">(260,638<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span><span class=\"ls8e ws81\">(3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _7b\"> </span><span class=\"ls127 wsb1\">1,87<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>953<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff9 fs7 fc0 sc0 lse7 ws112 gs995\">SOPP<span class=\"_ _2b9\"> </span><span class=\"ls12b wsdd\">156,0<span class=\"_ _0\"></span>00<span class=\"_ _fd\"> </span><span class=\"ls92 wsdb\">92,<span class=\"_ _0\"></span>80<span class=\"_ _37\"></span>0<span class=\"_ _177\"> </span><span class=\"ls112 ws100\">(33<span class=\"_ _1\"></span>,403<span class=\"_ _1\"></span>)<span class=\"_ _207\"> </span><span class=\"ls11b ws10b\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>597<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ff1 ls17f ws15c\">200<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>800<span class=\"_ _110\"> </span><span class=\"ls12f ws11a\">2<span class=\"_ _37\"></span>9,<span class=\"_ _0\"></span>6<span class=\"_ _37\"></span>0<span class=\"_ _37\"></span>0<span class=\"_ _177\"> </span><span class=\"ls118 ws108\">(<span class=\"_ _0\"></span>3<span class=\"_ _37\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>76)<span class=\"_ _de\"> </span><span class=\"ls5e ws55\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>62<span class=\"_ _37\"></span>4)<span class=\"_ _21a\"> </span><span class=\"ls9e ws76\">1<span class=\"_ _1\"></span>77<span class=\"_ _39\"></span>,400<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 hc ff1 fs7 fc0 sc0 ls2e ws0 gs996\">Weig<span class=\"_ _0\"></span>ht<span class=\"_ _0\"></span>ed aver<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ge exe<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>se p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ice (sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s)<span class=\"_ _8a\"> </span><span class=\"ff9 ls11c ws10c\">\u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.97<span class=\"_ _fd\"> </span><span class=\"ls12b wsdd\">\u00a36<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>7<span class=\"_ _1f3\"> </span><span class=\"ls49 ws9\">\u00a36<span class=\"_ _0\"></span>4.05<span class=\"_ _143\"> </span><span class=\"ls113 ws101\">\u00a3<span class=\"_ _0\"></span>4<span class=\"_ _37\"></span>7.<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>0<span class=\"_ _1f3\"> </span><span class=\"ff1 ls34 ws75\">\u00a362.<span class=\"_ _0\"></span>58<span class=\"_ _fd\"> </span><span class=\"lsb9 wsb5\">\u00a36<span class=\"_ _0\"></span>3.31<span class=\"_ _141\"> </span><span class=\"ls4c wsc\">\u00a363<span class=\"_ _0\"></span>.29<span class=\"_ _12d\"> </span><span class=\"ls19c ws180\">\u00a3<span class=\"_ _37\"></span>4<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>1<span class=\"_ _37\"></span>1<span class=\"_ _143\"> </span><span class=\"lsf1 ws73\">\u00a36<span class=\"_ _0\"></span>3.21<span class=\"_ _350\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h12 ff9 fsd fc0 sc0 ls48 ws0 gs997\">1<span class=\"_ _0\"></span>. <span class=\"_ _3b\"> </span>Gr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t da<span class=\"_ _0\"></span>te an<span class=\"_ _0\"></span>d exer<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>ice fo<span class=\"_ _0\"></span>r ea<span class=\"_ _0\"></span>ch of t<span class=\"_ _0\"></span>he aw<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>re sh<span class=\"_ _0\"></span>own i<span class=\"_ _0\"></span>n Table 1<span class=\"_ _350\"> </span></div>For o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s ou<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e year e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e weig<span class=\"_ _0\"></span>hte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual l<span class=\"_ _0\"></span>ife is 4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6 yea<span class=\"_ _0\"></span>rs<span class=\"_ _350\"> </span>(2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1: 4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8 yea<span class=\"_ _0\"></span>rs). Opti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 tha<span class=\"_ _0\"></span>t cou<span class=\"_ _0\"></span>ld have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n exercis<span class=\"_ _0\"></span>ed at t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span> <span class=\"_ _350\">date we</span><span class=\"_ _0\"></span>re 1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>07 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: 1<span class=\"_ _0\"></span>,94<span class=\"_ _0\"></span>6,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>41) w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>h a weig<span class=\"_ _0\"></span>hted ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge exer<span class=\"_ _0\"></span>cise p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce of \u00a3<span class=\"_ _0\"></span>57<span class=\"_ _1\"></span>.5<span class=\"_ _0\"></span>4 (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1: \u00a3<span class=\"_ _0\"></span>57<span class=\"_ _1\"></span>.0<span class=\"_ _0\"></span>3)<span class=\"_ _350\"> </span>.<span class=\"_ _350\"> </span>The a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns ma<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-ba<span class=\"_ _0\"></span>sed p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s cha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e, in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to th<span class=\"_ _0\"></span>e ach<span class=\"_ _0\"></span>ievem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _350\"> </span>of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce cr<span class=\"_ _0\"></span>iter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>, are b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors<span class=\"_ _0\"></span>\u2019 exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>ght of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s bus<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ess m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _350\"> </span>and re<span class=\"_ _1\"></span>levan<span class=\"_ _1\"></span>t published<span class=\"_ _1\"></span> targe<span class=\"_ _1\"></span>ts.<span class=\"_ _350\"> </span>Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e term<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, ear<span class=\"_ _0\"></span>ly exerc<span class=\"_ _0\"></span>ise m<span class=\"_ _0\"></span>ay on<span class=\"_ _0\"></span>ly be g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d in excep<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l circ<span class=\"_ _0\"></span>ums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d<span class=\"_ _350\"> </span>the<span class=\"_ _0\"></span>refo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of ea<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y exercis<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span>t in<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>d into t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>No m<span class=\"_ _0\"></span>ater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l mo<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons h<span class=\"_ _0\"></span>ave occu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on to th<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>outstanding a<span class=\"_ _1\"></span>wards.<span class=\"_ _350\"> </span>An es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>mate o<span class=\"_ _0\"></span>f fut<span class=\"_ _0\"></span>ure vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is ma<span class=\"_ _0\"></span>de w<span class=\"_ _0\"></span>ith r<span class=\"_ _0\"></span>efere<span class=\"_ _0\"></span>nce to h<span class=\"_ _0\"></span>isto<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l volat<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y over a si<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od to<span class=\"_ _350\"> </span>the perform<span class=\"_ _1\"></span>ance pe<span class=\"_ _1\"></span>riod or<span class=\"_ _1\"></span> the c<span class=\"_ _1\"></span>ontractual<span class=\"_ _1\"></span> life<span class=\"_ _1\"></span> as appr<span class=\"_ _1\"></span>opriat<span class=\"_ _1\"></span>e. Hist<span class=\"_ _1\"></span>orical v<span class=\"_ _1\"></span>olat<span class=\"_ _1\"></span>ility is<span class=\"_ _1\"></span> calculat<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ased on<span class=\"_ _1\"></span> the a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ard d<span class=\"_ _0\"></span>evia<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s da<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e movem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g an a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roxi<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n to<span class=\"_ _350\"> </span>the c<span class=\"_ _1\"></span>ontinuously<span class=\"_ _1\"></span> compounded<span class=\"_ _1\"></span> rat<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> ret<span class=\"_ _1\"></span>urn on<span class=\"_ _1\"></span> the sh<span class=\"_ _1\"></span>are.<span class=\"_ _350\"> </span>National<span class=\"_ _1\"></span> Insurance<span class=\"_ _1\"></span> cont<span class=\"_ _1\"></span>ributions<span class=\"_ _1\"></span> are p<span class=\"_ _1\"></span>ayable<span class=\"_ _1\"></span> in r<span class=\"_ _1\"></span>espect o<span class=\"_ _1\"></span>f certain<span class=\"_ _1\"></span> share-ba<span class=\"_ _1\"></span>sed pa<span class=\"_ _1\"></span>yment<span class=\"_ _1\"></span> transactions<span class=\"_ _1\"></span> and<span class=\"_ _350\"> </span>are treated as<span class=\"_ _1\"></span> cash-set<span class=\"_ _0\"></span>tled transa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>ns.<span class=\"_ _350\"> </span>The we<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hted ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge sh<span class=\"_ _0\"></span>are p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r was \u00a3<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9 (2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>: \u00a361<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>60)<span class=\"_ _0\"></span>.<span class=\"_ _350\"> </span>Options<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional<span class=\"_ _1\"></span> awar<span class=\"_ _1\"></span>ds gran<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> during the<span class=\"_ _1\"></span> year<span class=\"_ _350\"> </span>Opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l awa<span class=\"_ _0\"></span>rds g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h may ves<span class=\"_ _0\"></span>t or b<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>me exe<span class=\"_ _0\"></span>rcis<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le at<span class=\"_ _0\"></span> var<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>us date<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 an<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>28 a<span class=\"_ _0\"></span>re as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s:<span class=\"_ _350\"> </span>Pri<span class=\"_ _0\"></span>ce to b<span class=\"_ _0\"></span>e<span class=\"_ _350\"> </span>paid<span class=\"lsa ws0\"> </span>\u00a3<span class=\"_ _350\"> </span>Nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f<span class=\"_ _350\"> </span>shares<span class=\"_ _1\"></span> under<span class=\"_ _350\"> </span>option<span class=\"_ _350\"> </span>Executiv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional aw<span class=\"_ _1\"></span>ard schemes<span class=\"_ _350\"> </span>L<span class=\"_ _1\"></span>TIP \u2013 o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _243\"> </span><span class=\"ls7b wsa8\">63<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>32<span class=\"_ _20\"> </span><span class=\"lsdf ws34\">3,<span class=\"_ _1\"></span>104,325<span class=\"_ _350\"> </span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>res<span class=\"_ _22f\"> </span><span class=\"lsa\">\u2013<span class=\"_ _170\"> </span><span class=\"ls111 ws32\">1,397<span class=\"_ _39\"></span>,186<span class=\"_ _350\"> </span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e-ves<span class=\"_ _0\"></span>ted s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res<span class=\"_ _160\"> </span><span class=\"lsa\">\u2013<span class=\"_ _1ba\"> </span><span class=\"lsf1 ws73\">384<span class=\"_ _0\"></span>,508<span class=\"_ _350\"> </span></span></span>Group Senior<span class=\"_ _1\"></span> Executi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> Share<span class=\"_ _1\"></span> Ownership P<span class=\"_ _1\"></span>olicy Pl<span class=\"_ _1\"></span>an<span class=\"_ _14b\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _1d2\"> </span><span class=\"ls130 ws11b\">2<span class=\"_ _37\"></span>9,<span class=\"_ _37\"></span>6<span class=\"_ _37\"></span>0<span class=\"_ _4f\"></span>0<span class=\"_ _350\"> </span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _253\"> </span><span class=\"lsdf ws34\">4<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>915,6<span class=\"_ _1\"></span>19<span class=\"_ _350\"> </span></span>Savings<span class=\"_ _1\"></span>-related<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> schemes<span class=\"_ _350\"> </span>U<span class=\"_ _0\"></span>K Sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e<span class=\"_ _2d3\"> </span><span class=\"ls37 ws7b\">53.01<span class=\"_ _a1\"> </span>20<span class=\"_ _0\"></span>1,06<span class=\"_ _0\"></span>8<span class=\"_ _350\"> </span></span>US S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _2d3\"> </span><span class=\"ls37 ws7b\">53.0<span class=\"_ _0\"></span>1<span class=\"_ _c0\"> </span><span class=\"lse9 ws2d\">22<span class=\"_ _0\"></span>3,8<span class=\"_ _0\"></span>11<span class=\"_ _350\"> </span></span></span>Oversea<span class=\"_ _1\"></span>s Scheme<span class=\"_ _10d\"> </span><span class=\"ls37 ws7b\">53.01<span class=\"_ _1a5\"> </span><span class=\"ls35 ws33\">368<span class=\"_ _0\"></span>,031<span class=\"_ _350\"> </span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _257\"> </span><span class=\"ls85 ws79\">792<span class=\"_ _37\"></span>,9<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _350\"> </span></span>Options<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional<span class=\"_ _1\"></span> awar<span class=\"_ _1\"></span>ds outstanding<span class=\"_ _350\"> </span>Opt<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l awa<span class=\"_ _0\"></span>rds w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h have ves<span class=\"_ _0\"></span>ted or m<span class=\"_ _0\"></span>ay ves<span class=\"_ _0\"></span>t at var<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>us da<span class=\"_ _0\"></span>tes bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 an<span class=\"_ _0\"></span>d 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>9<span class=\"_ _350\"> </span>are a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows:<span class=\"_ _350\"> </span>Pri<span class=\"_ _0\"></span>ce to b<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>id \u00a3<span class=\"_ _350\"> </span>Nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span><span class=\"_ _350\">under </span><span class=\"_ _1\"></span>option<span class=\"_ _350\"> </span>From<span class=\"_ _106\"> </span><span class=\"ls17e ws15a\">To<span class=\"_ _110\"> </span><span class=\"ls7c ws8a\">2022<span class=\"_ _c7\"> </span>202<span class=\"_ _0\"></span>1<span class=\"_ _350\"> </span></span></span>Executiv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> and c<span class=\"_ _1\"></span>onditional aw<span class=\"_ _1\"></span>ard schemes<span class=\"_ _350\"> </span>L<span class=\"_ _1\"></span>TIP \u2013 o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"_ _152\"> </span><span class=\"ls37 ws7b\">38.06<span class=\"_ _de\"> </span><span class=\"ls11b ws10b\">78.0<span class=\"_ _37\"></span>0<span class=\"_ _9a\"> </span></span>1<span class=\"_ _0\"></span>0,5<span class=\"_ _0\"></span>45,<span class=\"_ _0\"></span>453<span class=\"_ _2b\"> </span><span class=\"ls130 ws11b\">9,<span class=\"_ _37\"></span>8<span class=\"_ _37\"></span>5<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _37\"></span>8<span class=\"_ _4f\"></span>4<span class=\"_ _350\"> </span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>res<span class=\"_ _306\"> </span><span class=\"lsa\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _1e1\"> </span><span class=\"ls36 ws2e\">3,<span class=\"_ _0\"></span>815,827<span class=\"_ _1fd\"> </span><span class=\"lsdf ws34\">3,<span class=\"_ _0\"></span>504,418<span class=\"_ _350\"> </span></span></span></span>L<span class=\"_ _1\"></span>TIP \u2013 t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e-ves<span class=\"_ _0\"></span>ted s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res<span class=\"_ _cf\"> </span><span class=\"lsa\">\u2013<span class=\"_ _bf\"> </span>\u2013<span class=\"_ _1d7\"> </span><span class=\"ls85 ws79\">6<span class=\"_ _0\"></span>55<span class=\"_ _37\"></span>,7<span class=\"_ _0\"></span>17<span class=\"_ _72\"> </span><span class=\"lsd ws7a\">52<span class=\"_ _0\"></span>8,<span class=\"_ _0\"></span>432<span class=\"_ _350\"> </span></span></span></span>Group Senior<span class=\"_ _1\"></span> Executi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> Share<span class=\"_ _1\"></span> Ownership P<span class=\"_ _1\"></span>olicy Pl<span class=\"_ _1\"></span>an<span class=\"_ _e1\"> </span><span class=\"lsa ws0\">\u2013<span class=\"_ _e1\"> </span>\u2013<span class=\"_ _95\"> </span><span class=\"ls112 ws100\">17<span class=\"_ _1\"></span>7<span class=\"_ _39\"></span>,400<span class=\"_ _1de\"> </span><span class=\"ls5d ws54\">200<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span>00<span class=\"_ _350\"> </span></span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _307\"> </span><span class=\"ls8e ws81\">1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _48\"> </span><span class=\"ls37 ws7b\">14,0<span class=\"_ _0\"></span>87<span class=\"_ _14\"></span>,03<span class=\"_ _0\"></span>4<span class=\"_ _350\"> </span></span></span>Savings<span class=\"_ _1\"></span>-related<span class=\"_ _1\"></span> share option<span class=\"_ _1\"></span> schemes<span class=\"_ _350\"> </span>U<span class=\"_ _0\"></span>K Sch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e<span class=\"_ _23c\"> </span><span class=\"ls12b wsdd\">44.<span class=\"_ _0\"></span>56<span class=\"_ _17f\"> </span><span class=\"lse9 ws2d\">62<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>4<span class=\"_ _a1\"> </span><span class=\"ls127 wsb1\">841,808<span class=\"_ _72\"> </span><span class=\"ls2e wsa7\">870,<span class=\"_ _37\"></span>527<span class=\"_ _350\"> </span></span></span></span></span>US S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me<span class=\"_ _147\"> </span><span class=\"ls12b wsdd\">44.56<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">62.4<span class=\"_ _0\"></span>4<span class=\"_ _17a\"> </span><span class=\"ls19b ws17e\">800<span class=\"_ _1\"></span>,444<span class=\"_ _182\"> </span><span class=\"ls12c ws118\">9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _37\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _350\"> </span></span></span></span></span>Oversea<span class=\"_ _1\"></span>s Scheme<span class=\"_ _242\"> </span><span class=\"ls12b wsdd\">4<span class=\"_ _0\"></span>4.56<span class=\"_ _16e\"> </span><span class=\"lse9 ws2d\">62.4<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span></span></span><span class=\"lsba\">1<span class=\"_ _0\"></span>,87<span class=\"_ _1\"></span>0,953<span class=\"_ _1fd\"> </span><span class=\"ls12b wsdd\">2,07<span class=\"_ _1\"></span>6,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>04<span class=\"_ _350\"> </span></span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _37\"></span>a<span class=\"_ _37\"></span>l<span class=\"_ _2d5\"> </span><span class=\"lsdf ws34\">3,513,205<span class=\"_ _2a\"> </span><span class=\"ls36 ws2e\">3,898,364<span class=\"_ _350\"> </span></span></span>2<span class=\"_ _0\"></span>5 Sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>Ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d Paym<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s <span class=\"ff8 ls92 wsdb\">continued<span class=\"_ _350\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "For options outstanding at the year end, the weighted average remaining contractual life is 4.56 years  (2021: 4.58 years). Options outstanding at 31 December 2022 that could have been exercised at that date were 1,631,807 (2021: 1,946,341) with a weighted average exercise price of \u00a357.54 (2021: \u00a357.03) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "The assumptions made in determining the share-based payments charge, in respect to the achievement  of performance criteria, are based on the Directors\u2019 expectations in light of the Group\u2019s business model  and relevant published targets. Under the terms of the schemes, early exercise may only be granted in exceptional circumstances and  therefore the effect of early exercise is not incorporated into the calculation. No material modifications have occurred requiring revision to the share-based payment charges for the  outstanding awards. An estimate of future volatility is made with reference to historical volatility over a similar time period to  the performance period or the contractual life as appropriate. Historical volatility is calculated based on the annualised standard deviation of the Group\u2019s daily share price movement, being an approximation to  the continuously compounded rate of return on the share. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "26 Other Reserves Attributable to owners of the parent Hedging  reserve \u00a3m Foreign  currency  translation  reserve \u00a3m Total other  reserves \u00a3m Balance at 1 January 2021 (19) (360) (379) Other comprehensive income/(expense) Gains on cash flow hedges, net of tax 30 \u2013 30 Net exchange losses on foreign currency translation, net of tax \u2013 (374) (374) Gains on net investment hedges, net of tax \u2013 84 84 Reclassification of foreign currency translation reserves on  disposal or liquidation of foreign operations, net of tax \u2013 (550) (550) Total other comprehensive income/(expense) for the year 30 (840) (810) Balance at 31 December 2021 11 (1,200) (1,189) Other comprehensive income/(expense) Gains on cash flow hedges, net of tax 2 \u2013 2 Net exchange gains on foreign currency translation, net of tax \u2013 1,064 1,064 Losses on net investment hedges, net of tax \u2013 (115) (115) Reclassification of foreign currency translation reserves on  disposal or liquidation of foreign operations net of tax \u2013 (56) (56) Total other comprehensive income for the year 2 893 895 Balance at 31 December 2022 13 (307) (294) The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments related to hedge transactions that are extant at year end. The foreign currency translation reserve contains the accumulated foreign exchange differences from the translation of the Financial Statements of the Group\u2019s foreign operations arising when the Group\u2019s entities are consolidated. The reserve also contains the translation of liabilities that hedge the Group\u2019s  net exposure in a foreign currency. During the year ended 31 December 2022, a net gain of \u00a356 million (2021: \u00a3550 million net gain) was  reclassified to the Income Statement from foreign currency reserves following the disposal or liquidation  of foreign operations, of which a net gain of \u00a369 million (2021: \u00a3766 million net gain) related to the  liquidation of subsidiaries (see Note 6 for further details) offset by a loss of \u00a313 million (2021: \u00a3216 million)  comprised of \u00a320 million (2021: \u00a3284 million) arising from the disposal of certain businesses (see Note 29), less related tax credits of \u00a37 million (2021: \u00a368 million) (see Note 7) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-485": {
   "value": "27 Related Party Transactions The Group has related party relationships with its Directors and key management personnel (Note 5). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "27 Related Party Transactions The Group has related party relationships with its Directors and key management personnel (Note 5). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-486": {
   "value": "28 Dividends 2022 \u00a3m 2021 \u00a3m Cash dividends on equity ordinary shares: 2021 Final paid: 1 0 1 .6p (2020: Final 1 0 1 . 6p) per share 726 725 2022 Interim paid: 73p (2021: Interim 73p) per share 523 521 Total dividends for the year 1,249 1,246 The Directors are proposing a final dividend in respect of the financial year ended 31 December 2022 of  11 0 . 3 pence per share which will absorb an estimated \u00a378 9 million of shareholders\u2019 funds. If approved by  shareholders it will be paid on 24 May 2023 to shareholders who are on the register on 11 April 2023, with  an ex-dividend date of 6 April 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "1.016",
   "decimals": 3,
   "dimensions": {
    "concept": "reckittbenckiser:FinalDividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-529": {
   "value": "1.016",
   "decimals": 3,
   "dimensions": {
    "concept": "reckittbenckiser:FinalDividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-528": {
   "value": "0.73",
   "decimals": 2,
   "dimensions": {
    "concept": "reckittbenckiser:InterimDividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-530": {
   "value": "0.73",
   "decimals": 2,
   "dimensions": {
    "concept": "reckittbenckiser:InterimDividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-531": {
   "value": "1.103",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-532": {
   "value": "789000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-487": {
   "value": "29 Acquisitions and Disposals During the year ended 31 December 2022, the Group completed several disposals. In each case, 100% of  the businesses were disposed, unless stated otherwise. In the year ended 31 December 2021, the Group  completed several business acquisitions and disposals. Acquisitions During 2022, the Group did not complete any acquisitions. On 12 July 2021, the Group acquired 100% of the equity interests in Lanai Holdings, owner of the Biofreeze  and TheraPearl brands, for cash consideration of $1,060 million (\u00a3766 million). Total identifiable net assets  of \u00a3495 million and goodwill of \u00a3271 million were recognised in 2021. Disposals The Group completed the disposals of Dermicool and E45 on 25 March 2022 and 1 April 2022, respectively,  with combined net cash proceeds of \u00a3243 million. The net assets disposed primarily comprised goodwill  and other intangible assets at a book value of \u00a3204 million. In addition, cumulative foreign exchange  losses of \u00a310 million have been reclassified to the Income Statement. The Group recognised a net pre-tax gain of \u00a314 million upon disposal of these brands, recorded within  net operating expenses in the Income Statement. Both Dermicool and E45 formed part of the Health operating segment. At 31 December 2021, \u00a3140 million of intangible assets (including \u00a328 million of  goodwill) associated with the sale of E45 were presented within assets held for sale. During 2021, the Group completed three disposals for a total consideration, net of disposal costs, of \u00a31,704 million, resulting in a total pre-tax loss on disposal of \u00a33,518 million reported within total net operating expenses: \u2013  On 9 September 2021, the Group completed the sale of IFCN China to Primavera Capital Group for total consideration, net of disposal costs, of \u00a31,436 million. The consideration was principally represented by cash of \u00a31,513 million and a 8% shareholding in the purchaser\u2019s acquisition entity. The net assets disposed primarily comprised goodwill and other intangible assets at a book value of \u00a34,276 million. On completion of the disposal, the Group recognised a pre-tax loss on disposal of \u00a33,284 million included within total net operating expenses. \u2013  The Group completed the disposals of the Scholl and EnfaBeb\u00e9 brands on 1 June 2021 and 1 November 2021, respectively, with combined net cash proceeds of \u00a3268 million. Other On 13 April 2022, the Group announced it had begun a process aimed at transferring ownership of its Russian business, which may include a transfer to a third party or to local employees. The net assets of the Russian business at 31 December 2022 were \u00a3230 million and on disposal, foreign exchange losses of \u00a3114 million would be recycled to the Income Statement. The Russian business contributed 2% to the Group\u2019s revenue in 2022 (2021: 2%). At 31 December 2022, the assets and liabilities had not met the criteria to be reclassified within assets held for sale. 29 Acquisitions and Disposals continued",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "Disposals The Group completed the disposals of Dermicool and E45 on 25 March 2022 and 1 April 2022, respectively,  with combined net cash proceeds of \u00a3243 million. The net assets disposed primarily comprised goodwill  and other intangible assets at a book value of \u00a3204 million. In addition, cumulative foreign exchange  losses of \u00a310 million have been reclassified to the Income Statement. The Group recognised a net pre-tax gain of \u00a314 million upon disposal of these brands, recorded within  net operating expenses in the Income Statement. Both Dermicool and E45 formed part of the Health operating segment. At 31 December 2021, \u00a3140 million of intangible assets (including \u00a328 million of  goodwill) associated with the sale of E45 were presented within assets held for sale. During 2021, the Group completed three disposals for a total consideration, net of disposal costs, of \u00a31,704 million, resulting in a total pre-tax loss on disposal of \u00a33,518 million reported within total net  operating expenses: \u2013  On 9 September 2021, the Group completed the sale of IFCN China to Primavera Capital Group for total  consideration, net of disposal costs, of \u00a31,436 million. The consideration was principally represented  by cash of \u00a31,513 million and a 8% shareholding in the purchaser\u2019s acquisition entity. The net assets  disposed primarily comprised goodwill and other intangible assets at a book value of \u00a34,276 million.  On completion of the disposal, the Group recognised a pre-tax loss on disposal of \u00a33,284 million  included within total net operating expenses. \u2013  The Group completed the disposals of the Scholl and EnfaBeb\u00e9 brands on 1 June 2021 and 1 November 2021, respectively, with combined net cash proceeds of \u00a3268 million. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "Other On 13 April 2022, the Group announced it had begun a process aimed at transferring ownership of its  Russian business, which may include a transfer to a third party or to local employees. The net assets of  the Russian business at 31 December 2022 were \u00a3230 million and on disposal, foreign exchange losses  of \u00a3114 million would be recycled to the Income Statement. The Russian business contributed 2% to  the Group\u2019s revenue in 2022 (2021: 2%). At 31 December 2022, the assets and liabilities had not met the  criteria to be reclassified within assets held for sale. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-488": {
   "value": "30 Discontinued Operations The loss from discontinued operations of \u00a37 million (2021: \u00a331 million income) relates to the Group\u2019s disposal of the RB Pharmaceuticals business (now Indivior plc). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-489": {
   "value": "31 Post Balance Sheet Events There have been no events subsequent to the Balance Sheet date which require disclosure. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-490": {
   "value": "103-105 Bath Road, Slough, Berkshire SL1 3UH, United Kingdom",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "United Kingdom",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "England and Wales",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "Public Limited Company",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:5493003JFSMOJG48V108",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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 }
}